Industry News

M-DAQ Global, a Singapore-based fintech specialising in foreign exchange and cross-border payment solutions, has announced a strategic integration with METech, the majority shareholder of PayME, a licensed payments service provider in Vietnam. This move allows M-DAQ to establish its own regulated payments infrastructure in Vietnam, enabling direct processing of collections and payments in Vietnamese Dong (VND), thus reducing reliance on third-party partners.

The integration is part of M-DAQ’s broader strategy to create a unified ASEAN Payments Hub, enhancing its ability to provide efficient cross-border payment flows. By combining METech’s local market expertise and regulatory knowledge with M-DAQ’s regional infrastructure, the partnership aims to strengthen cross-border payment capabilities within ASEAN and beyond.

Vietnam, one of ASEAN’s fastest-growing economies, presents significant opportunities for cross-border commerce. The country’s digital economy is projected to reach $72.1b by 2025, accounting for over 14% of its GDP. The government aims to increase this to 30% by 2030. M-DAQ’s integration with METech positions it to tap into this growth, leveraging Vietnam’s expanding digital and e-commerce markets.

Tan Choon Seng, Group CEO of M-DAQ Global, stated, “Vietnam is one of ASEAN’s most dynamic growth markets and a key pillar for the region’s digital transformation. We are proud to mark M-DAQ’s first direct presence in the country through this integration, advancing our ASEAN-focused strategy.”

With this integration, M-DAQ now holds five regulated licences across four key ASEAN markets, furthering its ambition to build a comprehensive payments footprint across the region’s economic corridors.

Jensen Hughes, a global leader in fire, life safety, and risk-based engineering, has announced the acquisition of HiLT Pte Ltd, a prominent fire protection engineering firm in Singapore. This strategic move aims to bolster Jensen Hughes’ presence in the Asia-Pacific region and enhance its capabilities in sectors such as transportation, energy storage systems, and large-scale commercial developments.

Founded in 2002, HiLT is renowned for its expertise in performance-based design and specialised fire protection systems, including energy storage and water mist systems. The firm also excels in structural fire engineering for steel and mass engineered timber buildings and is actively involved in emerging fire safety trends like battery energy storage systems and synthetic fluorine-free foam.

Raj Arora, CEO of Jensen Hughes, expressed enthusiasm about the acquisition, stating, “Their strong technical capabilities, established presence in Southeast Asia, and forward-thinking approach to complex fire and life safety challenges align closely with our strategic priorities.” The integration process is already underway, with leadership from both companies ensuring a smooth transition for employees and clients.

Victor Ho, Founder and Director of HiLT, remarked, “Joining Jensen Hughes marks an exciting new chapter for HiLT. By combining HiLT’s expertise with Jensen Hughes’ global platform, we’re even better positioned to deliver innovative, high-quality solutions.”

This acquisition, backed by Gryphon Investors, further solidifies Jensen Hughes’ ability to provide locally informed expertise supported by global resources, advancing its mission to make the world safe, secure, and resilient.

The Singapore High Court has reinstated the Competition and Consumer Commission of Singapore’s (CCS) finding that two warehouse operators, CNL Logistic Solutions Pte Ltd and Gilmon Transportation & Warehousing Pte Ltd, infringed the Competition Act 2004 by exchanging pricing intentions. This decision overturns a previous ruling by the Competition Appeal Board (CAB) and highlights the importance of independent pricing strategies in business.

CNL and Gilmon, operating at Keppel Distripark, were found to have communicated with other warehouse operators in June 2017 about imposing an “FTZ Surcharge” at a uniform rate. This information was then used in customer negotiations, leading to a collective imposition of the surcharge. CCS’s investigation resulted in financial penalties totalling S$2.8m for the involved parties.

The CAB had initially allowed an appeal by CNL and Gilmon in July 2025, citing insufficient consideration of their market share. However, the High Court’s recent decision on 30 June 2026 rejected this argument, affirming that the exchange of pricing strategies was not a mere casual conversation but a deliberate act to influence market conditions.

CCS Chief Executive Alvin Koh emphasised the ruling as a crucial reminder for businesses to independently determine their pricing. “Businesses should not coordinate with competitors or exchange confidential information about future prices or pricing intentions,” he stated.

The judgement serves as a warning that even companies with smaller market shares can face significant penalties for anti-competitive conduct. Businesses are advised to ensure their employees understand the legal boundaries of information exchange with competitors.

United Overseas Bank (UOB) and Avid Sports Singapore (ANTA) have signed a Memorandum of Understanding (MOU) to collaborate on enhancing customer engagement across the ASEAN region. This partnership combines UOB’s extensive network with ANTA’s diverse sports brand portfolio, including ANTA, DESCENTE, FILA, Salomon, and Wilson, to deliver integrated value to customers, partners, and businesses.

The collaboration will provide UOB’s Emerging Affluent and Affluent segments with preferential benefits through lifestyle offerings and targeted engagement strategies. Customers can expect exclusive offers, limited-edition releases, and curated brand experiences. From 10 July to 31 August 2026, UOB cardholders will enjoy a 5% discount and double reward points with ASCEND+ across participating ANTA brands in Singapore.

ANTA will utilise UOB’s regional platforms to increase awareness and engagement in markets such as Singapore, Malaysia, Thailand, Indonesia, and Vietnam. The partnership aims to promote a healthier lifestyle by enhancing sports engagement and customer experiences.

Additionally, UOB and ANTA will explore community engagement and talent development opportunities. ANTA will support UOB’s annual Heartbeat Run by producing 9,000 event T-shirts. The partnership also includes potential youth-focused collaborations, such as sponsorships and development initiatives, and future talent development opportunities for tertiary students.

Wee Ee Cheong, Deputy Chairman and CEO of UOB, expressed enthusiasm for the partnership, stating, “This reflects what we are already seeing in customer behaviour – a growing preference for quality products and experiences that fit their evolving lifestyles.” The collaboration is set to unlock new opportunities and foster sustainable growth across the region.

Choco Up, a leading growth financing platform in Asia, has launched its new Accounts Payable (AP) Financing solution, offering small and medium-sized enterprises (SMEs) up to S$2m to pay suppliers upfront. This initiative aims to address the cash flow challenges SMEs face due to increasingly lengthy payment cycles, as announced at a recent broker event on 2 July.

The AP Financing solution is part of Choco Up’s expanded financing suite, complementing its enhanced Accounts Receivable (AR) Financing, previously known as invoice financing. This integrated Supply Chain Financing solution supports businesses throughout the entire working capital cycle. With supplier payment terms often set at 30 days and customer payments extending to 60, 90, or even 120 days, SMEs face a cash flow gap that can hinder procurement, payroll, and expansion efforts.

Industries such as manufacturing, logistics, and healthcare, which require significant upfront resources, stand to benefit significantly from this offering. Percy Hung, CEO and Founder of Choco Up, highlighted the importance of this solution, stating, “Our Supply Chain Financing solution helps bridge this gap, enabling them to preserve liquidity, sustain growth investment, and strengthen supplier relationships.”

The financing suite, powered by artificial intelligence, streamlines the application and underwriting process, enhancing credit decision accuracy and reducing turnaround times. As payment cycles continue to lengthen, Choco Up’s unified AR and AP financing suite aims to help SMEs unlock growth opportunities whilst maintaining cash flow stability.

Singapore’s real estate investment market demonstrated resilience in the first half of 2026, with total sales reaching S$31.1b, according to Knight Frank Singapore’s latest report. Despite a 6.2% decline in Q2, the market maintained strong momentum, driven by favourable interest rates and a continued preference for assets offering recurring income.

The commercial sector led the charge, contributing S$8.0b in Q2, bolstered by significant transactions such as CapitaLand Integrated Commercial Trust’s (CICT) acquisition of The Paragon for S$3.9b and the sale of Asia Square Tower 2 to IOI Marina View for S$2.5b. These deals highlight sustained demand for prime office assets, which remain attractive due to limited supply in the Central Business District.

Meanwhile, the residential sector saw a 12.2% increase in investment sales, totalling S$5.3b. Public land sales were pivotal, with five private residential sites and one executive condominium site fetching S$3.2b. Developers showed discernment in their acquisitions, focusing on preferred parcels.

Conversely, the industrial sector experienced a significant slowdown, with sales plummeting 80.8% to S$643.7m. However, notable transactions included CapitaLand Ascendas REIT’s purchase of Hup Hin Building for S$133.9m.

The hospitality sector recorded S$1.2 billion in sales, with the Crowne Plaza Changi Airport’s S$500m sale leading the transactions. Limited investible stock in this sector continues to drive investor interest.

Looking ahead, Knight Frank anticipates that investment activity will remain active in the latter half of 2026, with a focus on high-quality assets. The firm projects total investment sales for the year to reach around S$40b, mirroring 2025 levels.

Singapore’s retail sector experienced a 2.3% month-on-month decline in May, according to UOB Global Economics and Markets Research. This downturn, following a 0.4% increase in April, highlights consumer caution, especially in purchasing pricier goods. The drop was evident across nine out of 14 retail subcategories, with significant decreases in wearing apparel and footwear, motor vehicles, and food and alcohol.

Despite the overall decline, some categories bucked the trend. Sales of recreational goods surged by 11.6% ahead of the school holidays, whilst furniture and household equipment, optical goods and books, and computer and telecommunications equipment saw moderate increases. Year-on-year, retail sales still grew by 3.0% in May, albeit slower than the 5.4% growth in April.

Looking ahead, retail sales are expected to maintain positive growth throughout 2026. Concerns over consumer sentiment and discretionary spending, previously affected by high energy and transportation costs, are easing. This is partly due to the anticipated reduction in Middle East conflict intensity and the resumption of energy flows through the Strait of Hormuz. Government initiatives, such as the latest tranche of CDC vouchers, are also expected to bolster domestic spending.

UOB has revised Singapore’s 2026 GDP growth forecast upwards to 4% from 3.2%, reflecting improved economic prospects. However, external uncertainties may continue to restrain non-essential spending.

A recent study by StarHub and YouGov has revealed that 70% of Singaporeans turn to screens as a means of escaping daily pressures, with over 80% feeling mentally drained from prolonged screen time. In response, StarHub has launched “The Power of Pause,” a new chapter in its Digital Wellbeing initiative, aimed at fostering healthier digital habits.

StarHub’s initiative encourages individuals to reflect on their digital habits and make conscious decisions about when to engage with screens and when to disconnect. Tan Toi Chia, Chief of People, Organisation and Communications at StarHub, emphasised the importance of balancing screen time with real-life interactions, stating, “Choosing to pause creates opportunities to strengthen the connection between individuals, families, and communities.”

The Power of Pause will be active throughout the year, featuring a refreshed Digital Balanced Media Index (BMI) microsite, corporate partnerships, creator collaborations, and community events. The initiative will culminate in the StarHub 5G Wellness Festival in September 2026.

The updated Digital BMI platform offers personalised recommendations and resources from partners such as the Infocomm Media Development Authority (IMDA), National Library Board (NLB), and digital mental health platform ThoughtFull. These efforts support the national Digital for Life movement, aiming to enhance digital literacy and wellbeing across Singapore.

By addressing the mental strain associated with excessive screen use, StarHub’s initiative seeks to promote a more balanced and intentional approach to digital engagement, ultimately fostering stronger community ties and personal wellbeing.

Zurich Insurance has announced its role as a Corporate Champion in the 2026 Global FinTech Hackcelerator, organised by the Monetary Authority of Singapore (MAS) in collaboration with the Global Finance & Technology Network. The initiative, part of the Singapore FinTech Festival, aims to develop AI-enabled solutions to help Small and Medium-sized Enterprises (SMEs) better understand and manage their risks.

The Hackcelerator, now in its 11th edition, invites global innovators to tackle challenges within the financial services industry. Zurich’s contribution focuses on closing the protection gap faced by SMEs, who often remain underinsured against risks such as cyber-attacks, supply-chain disruptions, and asset damage. As these businesses evolve, their risk profiles change, potentially widening coverage gaps.

Zurich is urging innovators to leverage AI to provide SMEs with a real-time view of their risk exposure and existing coverage, identify potential gaps, and guide them towards appropriate protection as they grow. Matthew Reilly, Chief Operating Officer, Asia Pacific, Zurich Insurance, stated, “SMEs are the backbone of economies across Asia Pacific, yet many remain exposed to increasingly complex and interconnected risks.”

Up to 20 finalists will be shortlisted across three problem statements, each receiving a S$20,000 stipend. They will work with Corporate Champions and industry mentors to refine their solutions, presenting them at Demo Day on 18 November 2026. Each Corporate Champion may select a finalist for a potential pilot, subject to mutual interest.

This collaboration underscores Zurich’s commitment to making insurance more accessible and relevant to SMEs, enhancing their resilience in an ever-evolving risk landscape.

H2G Green Limited, through its subsidiary GasHubunited Utility Private Limited, has successfully completed the construction of a liquefied natural gas (LNG) storage and regasification facility at Rolls-Royce’s Seletar Campus in Singapore. The facility is now operational, with GasHub commencing the supply of LNG and providing operations and maintenance services to meet the campus’s long-term energy requirements.

The completion of this facility marks a significant step in Rolls-Royce’s efforts to enhance its energy infrastructure at the Seletar Campus. The LNG facility will play a crucial role in ensuring a reliable and efficient energy supply, aligning with the company’s sustainability goals.

GasHub’s involvement in the project highlights its expertise in LNG solutions, as well as its commitment to supporting industrial energy needs. The company is responsible for the ongoing operations and maintenance of the facility, ensuring its smooth functioning and reliability.

This development is part of a broader trend towards the adoption of LNG as a cleaner energy source in industrial applications. By integrating LNG into its energy mix, Rolls-Royce aims to reduce its carbon footprint and enhance energy efficiency at its Singapore campus.

The successful completion and operation of the LNG facility at the Seletar Campus underscore the growing importance of sustainable energy solutions in industrial settings. As companies continue to seek ways to minimise environmental impact, projects like this are expected to become increasingly common.