Industry News

Prime Minister and Minister for Finance Lawrence Wong delivered Singapore’s National Day Rally (NDR) 2026 on 23 August, unveiling a comprehensive strategy to bolster the nation’s economic and social framework amidst global uncertainties. The rally, themed “A Changed World. A Stronger Singapore,” emphasised the need for technological adoption, family support, and long-term infrastructure development.

The NDR 2026 highlighted the importance of technology in overcoming demographic challenges. The government plans to integrate artificial intelligence (AI) and automation into various sectors, including healthcare and transport, whilst ensuring workforce transition and public safety. “AI agents” could revolutionise small businesses by handling marketing and operations, reducing manpower needs.

Family support policies will now extend throughout the child-raising years, with increased childcare leave and financial incentives such as a S$10,000 Baby Gift and annual Child Credits. These measures aim to alleviate the cost of raising children, although their impact on fertility rates remains uncertain.

Infrastructure plans include merging islands south of Jurong Island for strategic uses and integrating Sentosa and Pulau Brani for tourism. These projects, spanning decades, aim to enhance industrial land, energy security, and coastal resilience.

The rally underscored Singapore’s commitment to remaining open and globally connected, despite rising compliance costs due to geopolitical tensions. Singapore’s strong institutions and legal framework are expected to reinforce its role as a trusted trade intermediary. The upcoming Budget 2027 will provide further details on the fiscal implications of these initiatives.

Visa has announced its participation in Project Bloom, a Monetary Authority of Singapore (MAS) initiative aimed at integrating traditional payment systems with stablecoin-based payment rails. Partnering with Singapore-founded fintech Nium, Visa will pilot stablecoin settlements in Singapore, exploring how regulated stablecoins can facilitate seven-day-a-week payment settlements, including weekends and public holidays.

Currently, payment settlements are restricted to business days, causing delays in fund access for financial institutions. This pilot seeks to address these delays by leveraging stablecoins backed by major currencies such as the US dollar and euro. The initiative aims to improve efficiency and provide faster access to funds for participating institutions.

Adeline Kim, Visa’s Group Country Manager for Regional Southeast Asia, stated, “Through BLOOM and our pilot with Nium in Singapore, we are exploring how stablecoins can complement existing payment infrastructure, enabling greater flexibility in settlement whilst preserving the security, resilience and compliance standards that underpin global commerce.”

Nium, which recently launched domestic card issuance in the US, is expanding its platform that issues over 41 million card credentials annually across various markets. Amaresh Mohan, Chief Risk and Compliance Officer at Nium, remarked, “This pilot with Visa under BLOOM is a meaningful step in our partnership to shape the next phase of payments in the region.”

As a leading financial hub, Singapore continues to play a pivotal role in advancing digital finance. Initiatives like BLOOM are crucial in establishing a more connected and trusted financial ecosystem, fostering innovation without compromising trust.

Singapore’s residential property market showed signs of recovery in Q2 2026, with new home sales increasing by 6.4% quarter-on-quarter (QoQ) to 2,141 units, according to Savills’ latest report. This follows a significant 31.5% decline in the previous quarter. The secondary market also experienced a resurgence, with sales up 17.9% QoQ to 4,007 units, driven by limited new launches.

The report highlights a contraction in the number of units launched for the third consecutive quarter, falling 3.3% QoQ to 1,783 units. Despite this, the demand for resale properties surged as prospective buyers turned to the secondary market. Alan Cheong of Savills noted, “Despite some moderation in market exuberance, the overall health of the private residential market remains robust.”

Luxury non-landed private residential prices continued their upward trend, rising for the seventh consecutive quarter by a modest 0.1% QoQ. However, foreign purchases saw a decline, dropping 27% QoQ to 65 units, marking the lowest quarterly volume since Q2 2025.

The report also detailed strong performances in specific projects. Tengah Garden Residences, located in the Outside Central Region (OCR), sold nearly all its units during its launch weekend, with Singaporeans making up 90% of the buyers. Meanwhile, Hudson Place Residences in the Rest of Central Region (RCR) sold 213 of its 327 units, benefiting from its strategic location near major employment hubs.

Looking ahead, Savills maintains its forecast for a 3% year-on-year increase in private residential prices for 2026, despite the current moderation in growth.

RHB has maintained its full-year forecast for Singapore’s headline and core inflation at 2.5% and 2.0%, respectively, for 2026. This comes amidst a manageable year-to-date headline Consumer Price Index (CPI) of 1.7% and a core CPI of 1.5%. However, the financial institution warns of emerging inflationary pressures in the second half of 2026 (2H26), driven by persistent domestic cost pressures and increasing imported costs.

July’s core inflation in Singapore rose to 2.0% year-on-year, up from 1.6% in June, indicating potential upside risks. Headline inflation also increased to 2.2% year-on-year in July, slightly below RHB’s projection of 2.3% and Bloomberg’s consensus estimate of 2.4%.

RHB expects the Monetary Authority of Singapore (MAS) to respond by tightening monetary policy further in 2H26. The Singapore Dollar Nominal Effective Exchange Rate (S$NEER) appreciation gradient is anticipated to rise to 1.50%, with a possibility of further steepening to 1.75% by the end of the year.

Barnabas Gan, RHB’s Group Chief Economist and Head of Market Research, noted the importance of monitoring these inflationary trends closely. The adjustments in monetary policy are seen as necessary to manage the emerging risks and maintain economic stability in Singapore. As the year progresses, the focus will remain on how these pressures evolve and the subsequent actions by MAS.

DBS has reported a near-threefold increase in millennial affluent clients transitioning to its DBS Treasures service in the first half of 2026. This surge reflects a growing trend among younger Singaporeans in their 30s and early 40s who are prioritising wealth advice and investment strategies earlier in their financial journeys.

The bank revealed that seven out of 10 clients who advanced to DBS Treasures during this period began as retail customers with DBS. This longstanding relationship has allowed the bank to better understand and support the evolving needs of its clients. Andrew Bok, Head of DBS Treasures Singapore, noted, “Starting earlier and staying invested over the long run gives them more time and more options.”

The overall number of DBS retail customers progressing to Treasures rose by 180% year-on-year, with their investment balances growing nearly sixfold. This trend is not limited to millennials, indicating a broader shift in how Singaporeans are managing their financial futures.

In response to this demand, DBS plans to expand its advisory workforce and physical network significantly. By the end of 2028, the bank aims to hire over 600 additional relationship managers, frontline advisers, and platform engineers. Furthermore, DBS will open 18 new wealth centres and upgrade 36 existing ones across the region by the end of 2027, increasing its wealth-centre footprint in Singapore by 50%.

These centres are designed to facilitate in-depth client conversations, underscoring the importance of human advice despite the rise of digital wealth-management services. Enhanced by AI-enabled tools, DBS aims to streamline processes, such as reducing onboarding times for new clients by 50%, ensuring that personal relationships remain central to its service.

Dexcom, a leader in glucose biosensing, and Health2Sync, a prominent digital chronic disease healthcare platform, have announced a partnership to improve diabetes management in Australia and Singapore. This collaboration seeks to provide more connected healthcare solutions for individuals living with diabetes and their healthcare providers.

The partnership marks a significant step in expanding digital health solutions across the Asia-Pacific region. Both organisations are committed to offering smarter, more connected approaches for managing diabetes, a chronic condition affecting millions. Health2Sync, which supports approximately 1.7 million users, has established a robust presence in multiple Asian markets, aiding diabetes patients and their healthcare teams in managing long-term care through digital technology.

Dexcom’s continuous glucose monitoring (CGM) technology offers a straightforward method for individuals with diabetes to manage their glucose levels confidently. The collaboration reflects the increasing demand for connected healthcare technologies that support care coordination, simplify clinical workflows, and enable personalised approaches for chronic conditions.

Further details of the partnership are expected to be revealed in the coming months, highlighting the ongoing commitment of both companies to advance healthcare management in the region.

Treasure International Holdings Pte. Ltd., a subsidiary of OUE Limited, has announced a proposal to privatise OUE Healthcare Limited through a scheme of arrangement. The offer, set at S$0.050 per share, represents a 28.2% premium over the last transacted price of S$0.039 per share on 21 August 2026. This move aims to provide shareholders with an opportunity to realise their investment in cash amidst low trading liquidity.

The proposed scheme offers significant premiums over historical market prices, including a 37.5% premium over the one-month volume-weighted average price (VWAP) and a 51.1% premium over the 12-month VWAP. Additionally, the offer exceeds the latest unaudited net asset value per share of S$0.0488 as of 30 June 2026.

OUE Healthcare’s shares have experienced low trading liquidity, with an average daily trading volume of just 0.05% of total issued shares over the past year. The privatisation is expected to provide greater flexibility for management to focus on long-term strategies without the constraints of public market expectations.

The scheme requires approval from a majority of shareholders representing at least 75% in value of the shares present and voting at the scheme meeting. Regulatory and court approvals are also necessary. If successful, OUE Healthcare will be delisted from the Singapore Exchange.

Maybank Securities Pte. Ltd. is advising Treasure International on the acquisition. Shareholders are advised to await the scheme document for further details and recommendations.

Maybank and the Singapore Manufacturing Federation (SMF) have signed a Memorandum of Understanding (MOU) to expand access to the Johor-Singapore Special Economic Zone (JS-SEZ) and foster growth for manufacturers across Singapore, Malaysia, and ASEAN. The agreement was witnessed by Johor’s Chief Minister, Dato’ Onn Hafiz Ghazi, during a dialogue event co-organised by Maybank and SMF.

The partnership aims to leverage Maybank’s regional banking network and SMF’s extensive ecosystem to facilitate investment and expansion opportunities. Maybank is set to support businesses with approximately RM22b (S$6.9b) in financing, focusing on digital infrastructure, manufacturing, and small and medium enterprises (SMEs).

Dato’ Onn Hafiz Ghazi highlighted the JS-SEZ’s success in attracting RM126.9b (S$40b) in foreign direct investments since its inception. He emphasised the importance of strategic partnerships in driving long-term economic growth and job creation. The JS-SEZ Masterplan aims to expedite investment approvals and develop high-value industries.

Lennon Tan, President of SMF, noted the significance of manufacturing to Singapore’s GDP and employment, stressing the need for companies to expand beyond local borders. The JS-SEZ offers a “twinning model” for businesses to maintain headquarters in Singapore whilst utilising Malaysia’s resources.

Alvin Lee, CEO of Maybank Singapore, expressed confidence in the partnership’s potential to support SMEs and align with Maybank’s ROAR30 strategy, which targets RM300b (S$94b) in sustainable finance across ASEAN. The collaboration is expected to enhance the competitiveness of Singapore’s manufacturing sector and contribute to the country’s Manufacturing 2030 vision.

CBRE has announced the sale of seven adjoining freehold two-storey conservation shophouses located at the intersection of Joo Chiat Road and East Coast Road in Singapore. The sale, conducted via an Expression of Interest exercise, will close on 24 September 2026 at 12pm.

The properties, which include 452 to 464 Joo Chiat Road, cover a combined land area of approximately 8,442 sq ft with an existing gross floor area of 15,056 sq ft. Under the Master Plan 2025, the site is zoned for commercial use with a plot ratio of 3.0, allowing for a maximum gross floor area of 25,326 sq ft. There is potential for a five-storey rear extension, subject to approval from relevant authorities.

The guide price is set at S$100m, equating to about S$3,948 per sq ft based on the maximum allowable gross floor area. The property is available to both local and foreign buyers without the need for Additional Buyer’s Stamp Duty or Seller’s Stamp Duty.

The shophouses are fully tenanted by reputable businesses, including Encore Muay Thai and Little Gryphons Montessori, providing immediate rental income. Joshua Giam, Director of Capital Markets at CBRE, highlighted the asset’s potential for rental and capital appreciation, stating, “The row of seven shophouses at 452–464 Joo Chiat Road represents a rare trophy asset in one of Singapore’s most sought-after lifestyle destinations.”

Located near key amenities and transport links, the property is an eight-minute walk from Marine Parade MRT station and a 15-minute drive from the Central Business District.

Singapore’s Consumer Price Index (CPI) for July 2026 recorded a 2.2% increase compared to the same month last year, according to the latest data. However, the index saw a 0.2% decline from June 2026. This fluctuation highlights the ongoing shifts in consumer prices across various sectors.

The CPI, which uses 2024 as its base year, reflects changes in the cost of a basket of goods and services. Notably, the transport sector experienced a significant year-on-year increase of 7.9%, driven by a rise in private transport costs. Meanwhile, the food sector also saw a 2.2% increase, with fish and other seafood prices surging by 6.9%.

Conversely, the information and communication sector witnessed a notable decline, with a 4.0% year-on-year decrease. This drop was primarily due to a reduction in the cost of information and communication services.

The Monetary Authority of Singapore’s (MAS) core inflation measure, which excludes accommodation and private road transport costs, rose by 2.0% year-on-year. This indicates underlying inflationary pressures in the economy.

The data underscores the varied impact of inflation across different sectors, affecting consumer spending and economic planning. As Singapore navigates these economic changes, the CPI will continue to be a crucial indicator for policymakers and businesses alike.