Industry News

The Monetary Authority of Singapore (MAS), in collaboration with leading financial institutions and FinTech companies, has released a white paper proposing a framework for safeguarding AI agents in the financial sector. The paper, titled “Safeguards for Agentic Finance at Runtime” (SAFR), was published on 3 July 2026 and is part of MAS’ BuildFin.ai initiative, which promotes responsible AI development in finance.

As AI agents increasingly perform tasks autonomously, the need for real-time safeguards is crucial to ensure their actions remain within set mandates and risk boundaries. The SAFR framework introduces governance checkpoints to verify and record AI actions before execution, ensuring compliance with predefined policies.

The framework builds on MAS’ Project Mindforge’s AI Risk Management toolkit, focusing on operationalising safeguards at the point of action. It outlines how policy-bound execution, real-time validation, auditability, and interoperability can be integrated into system operations, allowing financial institutions to deploy AI agents with greater trust.

Industry members have already applied the SAFR framework in various use cases, such as agent-assisted payments, wealth management, and client engagement. These applications demonstrate improved efficiency, reduced operational friction, and enhanced compliance and client interaction.

MAS invites interested industry partners to join the BuildFin.ai work group to further develop SAFR. The Future of Finance Institute will support the framework’s adoption through industry pilots and sandbox experimentation, facilitating the testing and deployment of SAFR-aligned solutions.

The Housing Development Board (HDB) resale market in June 2026 witnessed a record-breaking 188 flats sold for at least S$1m, according to the latest report by 99.co and SRX. Despite stable overall prices, the market experienced a slight 0.1% decrease in transaction volume from May 2026, with 2,137 flats changing hands.

The report highlights a divergence between stable prices and softer transaction volumes, suggesting a more balanced market phase. Chief Data & Analytics Officer at 99.co, Luqman Hakim, noted that whilst sellers are maintaining their asking prices, buyers are becoming more selective. This shift is attributed to some prospective buyers waiting for the June 2026 Build-To-Order (BTO) launch, weighing the benefits of shorter waiting times against potentially more affordable new flats.

Million-dollar flats now account for 8.8% of all resale transactions, with Bukit Merah and Toa Payoh each recording 28 such sales, followed by Queenstown with 23. The highest transacted price was S$1.65m for a 5-room flat at Skyterrace @ Dawson.

Looking ahead, the market is expected to see an increase in supply as over 13,000 HDB flats reach their five-year Minimum Occupation Period in 2026, up 93% from the previous year. This influx is anticipated to provide buyers with more options and negotiating leverage, potentially keeping the market balanced.

Acadian Asset Management, a leader in systematic and quantitative investing, has announced the expansion of its Asia-based team with three strategic appointments. This move underscores the firm’s commitment to the region, which has seen a significant increase in demand for systematic investment strategies. The company has appointed Sheauyien Wang as Director of Southeast Asia Sales, alongside Portfolio Manager Minhao Leong and trader Danny Ly, to bolster its Singapore-based operations.

The expansion comes as investors increasingly turn to Acadian’s systematic capabilities for stronger diversification and improved risk management. Kelly Young, CEO of Acadian, highlighted the attractiveness of a data-driven approach amid market volatility and benchmark concentration. “We are seeing investors adopt our systematic capabilities in increasingly innovative ways,” Young stated.

Wang, who previously held senior roles at Lombard Odier Investment Managers and State Street Global Advisors, will lead institutional business development across Southeast Asia. “I am delighted to join Acadian and work alongside such a talented and collaborative team,” Wang said, expressing enthusiasm for deepening relationships with investors in the region.

Leong and Ly bring extensive experience in systematic investing and equity trading, respectively. Their appointments are expected to enhance Acadian’s investment platform in Asia. Alex Voitenok, Deputy Chief Investment Officer, noted, “Minhao and Danny further enhance the depth of our investment platform in Asia.”

Acadian’s Singapore affiliate, established in 1999, plays a crucial role in the firm’s global operations, supporting portfolio management and client servicing. With $195b in assets under management as of March 2026, Acadian continues to serve institutional investors across Asia, reflecting its enduring commitment to the region.

Frasers Property Limited has announced the appointment of Tan Wee Hsien as the new Chief Executive Officer (CEO) of Frasers Property Singapore, effective 1 October 2026. Tan will take over from Soon Su Lin, who will transition to an advisory role within the company. This leadership change is part of a planned succession strategy to ensure continuity within the organisation.

Tan brings with him three decades of experience in the real estate sector across the Asia Pacific region. He is currently the CEO for Vietnam & International at CapitaLand Development. His previous roles include CEO of New Business and Strategic Planning at CapitaLand and CEO of MCL Land. Tan’s extensive background in real estate leadership is expected to bolster Frasers Property’s strategic direction and growth in Singapore.

Soon Su Lin, who has been with Frasers Property for over nine years, has significantly contributed to the company’s growth. Under her leadership, the Singapore business expanded its capital partnerships and joint ventures, leading to several successful projects. She will continue to serve as a director on the boards of One Bangkok Co., Ltd. and Frasers Centrepoint Asset Management Ltd.

Group Chief Executive Officer Panote Sirivadhanabhakdi expressed gratitude for Soon’s contributions, stating, “Su Lin has made an invaluable contribution to Frasers Property.” He also welcomed Tan, highlighting his deep regional experience and leadership skills.

Tan expressed his commitment to building on the company’s momentum, stating, “I am honoured to lead Frasers Property Singapore at this pivotal time for the business.” He aims to drive meaningful growth and shape the future of Singapore’s real estate landscape.

JTC has announced the launch of a new Purpose-Built Dormitory (PBD) site at Gali Batu, in collaboration with the Ministry of Manpower and the Ministry of National Development. The site, spanning 4.07 hectares, is set to provide accommodation for up to 10,000 individuals and includes 3,000 square metres of commercial space.

The Gali Batu site is available for tender, with a closing date set for 22 September 2026 at 11:00 am. The dormitory is zoned under C&CI (Commercial and Community Institution) and comes with a 30-year tenure. This development is part of Singapore’s ongoing efforts to enhance living conditions for workers by providing purpose-built accommodations.

Interested parties can purchase the Tender Packet for S$185.30, inclusive of GST, through the official government portal. This initiative underscores the government’s commitment to improving infrastructure for foreign workers, ensuring they have access to quality living spaces.

The strategic location and comprehensive facilities of the Gali Batu site are expected to attract significant interest from developers and investors. The project not only aims to address housing needs but also to integrate commercial facilities, enhancing the overall living experience for residents.

As Singapore continues to grow, such developments are crucial in supporting the workforce and maintaining the city-state’s reputation as a leading global hub. The successful tender of this site will mark another step forward in the nation’s urban planning and development strategy.

Enterprise Singapore and the Japan External Trade Organisation (JETRO) have renewed their Memorandum of Cooperation (MoC) for another three years, marking a significant step in deepening economic ties between Singapore and Japan. The signing took place at the JETRO Singapore 70th Anniversary Business Forum, with key figures such as Lee Chuan Teck, Chairman of Enterprise Singapore, and Ishiguro Norihiko, Chairman and CEO of JETRO, in attendance.

The renewed MoC introduces three key expansions: a sharper focus on digital and tech, and green transition and energy sectors; the addition of life sciences and healthcare as a priority sector; and broader support for high-growth SMEs and large corporates with strong technology and innovation capabilities. This expansion aims to foster collaboration in areas like AI, semiconductors, clean energy, digital health, and biotech.

Lee Chuan Teck highlighted the enduring economic partnership between the two nations, stating, “The renewal of our MoC today underscores both the strength of our ties and our shared ambition to foster stronger collaborations.” Susumu Kataoka, President of JETRO, echoed this sentiment, emphasising the long-standing partnership and shared ambition for future growth.

Japan remains a crucial economic partner for Singapore, ranking among the top 10 in trade and investment. In 2025, bilateral merchandise trade exceeded S$56b, and Japan was Singapore’s third-largest source of foreign direct investment. The renewed partnership is expected to further enhance economic cooperation and drive long-term competitiveness.

Timah Partners, a Singapore-based permanent capital firm, has announced the launch of its Specialised Waste Management Platform (SWP) alongside its first acquisition in the sector. This initiative is part of Timah’s broader strategy to consolidate and transform Singapore’s fragmented specialised waste management industry, which generates nearly S$400m annually.

The SWP will be guided by a senior advisory board, including former Senior Minister of State for Sustainability and the Environment, Dr Amy Khor, and former CEO of the Building and Construction Authority, Kelvin Wong. The board’s expertise spans policy, regulatory, and operational aspects crucial for the industry.

Timah’s first acquisition involves an established operator with over two decades of experience. This acquisition marks the beginning of Timah’s plan to scale through further acquisitions within the sector. The founder of the acquired business, seeking a succession solution, views Timah’s permanent ownership model as a suitable long-term home for his company.

Dennis Chua, Founder and CEO of Timah Partners, highlighted the importance of the industry, stating, “These are essential businesses that help keep Singapore clean and safe.” The firm aims to provide these small and owner-operated businesses with the resources and operational discipline they need.

Timah’s approach is supported by evergreen capital, having closed a US$50m Series A funding round in June 2025. The firm focuses on acquiring B2B SMEs with mission-critical business models, ensuring long-term stewardship rather than a buy-to-sell cycle.

Singaporeans are more likely to silently withdraw from brands rather than publicly criticise them, according to Ogilvy’s inaugural 2026 APAC Believability Index. The study, conducted with YouGov, found that 92% of Singapore consumers disengage quietly when they lose belief in a brand, with only 5.9% opting to post negative experiences on social media.

The report, unveiled at an event in Singapore, underscores a significant reputational blind spot for businesses. Whilst low complaint volumes might suggest customer satisfaction, the reality is that many consumers simply stop purchasing or switch to competitors. Richard Brett, President of PR & Influence at Ogilvy Asia Pacific, noted, “Believability has evolved from a PR challenge into a commercial imperative.”

Key findings from the report reveal that 42.1% of Singaporeans abandoned a brand in the past year due to unmet product or service promises, compared to 23.2% who left over poor business ethics. Additionally, 56.2% of respondents believe brands must actively correct mistakes to regain trust, outweighing the importance of public apologies.

The study also highlights generational differences in brand engagement. Millennials are the most commercially sensitive, with 68% ceasing engagement due to disbelief, whilst Baby Boomers rely more on institutional sources for credibility.

Ogilvy has responded by launching a Believability Diagnostic Tool to help businesses identify gaps between brand promises and customer experiences, aiming to address silent disengagement before it impacts performance.

SJ Group has bolstered its commitment to global climate and sustainability efforts with the appointment of Farah Naz, its Global Climate Advisory Director, to the Board of Directors of the World Green Building Council (WorldGBC). This marks the first time SJ Group has secured a leadership position on the Board, highlighting Singapore’s ongoing contribution to sustainable urban development worldwide.

Farah Naz, one of two leaders from Singapore’s Green Building Council network elected to the Board, brings 25 years of international experience across the UK, US, Southeast Asia, and the Middle East. Her work at SJ Group focuses on decarbonisation and climate resilience projects, aiding governments, cities, and investors in embedding climate action into infrastructure and investment portfolios.

The WorldGBC is a global network that collaborates with industry and governments to promote a sustainable and resilient built environment. Farah’s appointment strengthens SJ Group’s engagement with global industry platforms, supporting clients in navigating evolving climate and sustainability requirements.

Farah expressed her commitment to advancing sustainable solutions, stating, “It is an honour to serve on the WorldGBC Board at a time when the built environment must respond decisively to climate challenges.” She emphasised SJ Group’s focus on aligning policy, investment, design, and delivery to achieve sustainable, investable, and scalable outcomes.

Joining Farah on the Board is Hugh Lim, re-elected for a new term, reflecting Singapore’s growing prominence in global climate leadership. Yvonne Soh, CEO of the Singapore Green Building Council, noted the significance of having two leaders on the Board, underscoring Singapore’s systemic transformation and sustainable urban development approach.

Investment banking fees in Singapore have reached their highest level in four years, totalling US$418.4m in the first half of 2026, according to the London Stock Exchange Group’s (LSEG) Deals Intelligence team. This marks a 3.1% increase compared to the same period in 2025, highlighting Singapore’s growing prominence in the Asia Pacific region, where it accounted for 3% of total fees.

The report reveals that advisory fees from completed mergers and acquisitions (M&A) transactions rose to US$142.5m, an 8.5% increase from the previous year. However, equity capital markets underwriting fees saw a decline of 6.1%, totalling US$85.7m. Debt capital markets fees also fell by 30.2% to US$56.1m, whilst syndicated lending fees surged by 30.3% to US$134.2m.

DBS Group Holdings led the investment banking fee league table in Singapore, generating US$50.1m in fees, which represents a 12% share of the overall fee pool. In M&A, Singapore saw a significant increase, with transactions totalling US$77.4b, more than doubling from the previous year. Notably, outbound M&A reached a record US$37.6b, driven by Anthropic’s US$30b funding round led by GIC Pte Ltd.

Equity capital markets activity in Singapore also showed growth, with proceeds totalling US$3.6b, a 7.4% increase from 2025. The number of issues, however, decreased by 41.9%. Real estate issuers dominated the market, accounting for 85.6% of proceeds.

In the debt capital markets, primary bond offerings from Singapore-domiciled issuers reached US$20.6b, marking a 16.7% increase in proceeds compared to last year. The Financials sector led the issuance, capturing a 69.8% market share.

The report underscores Singapore’s robust performance in investment banking, with significant growth in M&A and debt capital markets, positioning the city-state as a key player in the region.