Industry News

KnowBe4, a leader in digital workforce security, is accelerating its expansion across Asia following a successful series of cloud email security launch events in Singapore, Hong Kong, and the Philippines. The company plans to continue its regional tour with an event in Malaysia this July, driven by increasing demand for solutions that counter sophisticated AI-driven cyberattacks.

The recent Singapore event highlighted the growing threat of hyper-personalised email attacks, which have evolved from mass spam due to the use of generative AI and stolen logins. According to KnowBe4, 95% of Chief Information Security Officers (CISOs) believe client and corporate data is at risk via email, and 93% of organisations have experienced outbound email data breaches.

The events showcased KnowBe4’s Collaboration Security capabilities, demonstrating how AI-powered behavioural detection and real-time user feedback can mitigate email risks without hindering productivity. Dr. Kawin Boonyapredee, CISO adviser at KnowBe4, emphasised the need for a fundamental shift in securing emails, stating, “We must move beyond outdated models and focus on protecting the entire modern workforce.”

KnowBe4’s expansion in Asia is supported by growing regional teams and an increasing customer base. The company is investing in local expertise to address regional threat patterns and regulatory requirements. With further executive engagements planned across Asia Pacific, KnowBe4 aims to transform the modern workforce into a resilient security layer.

Avnet, a leading global technology distributor and solutions provider, has inaugurated a new integration facility in Singapore to bolster supply chain resilience across the Asia-Pacific region. This facility, part of Avnet Integrated Solutions, aims to expand the company’s regional integration capabilities, supporting customers’ “China-plus-one” strategy by offering increased flexibility and supply chain options.

The Singapore site is Avnet’s sixth integration facility worldwide, joining others in the US, Mexico, Germany, and China. Located within Avnet’s existing Farnell Distribution Centre, the facility will support system server and rack build services, alongside international shipping. It is certified under Singapore Customs’ Secure Trade Partnership programme and is pursuing ISO 9001 certification.

Rebeca Obregon, President of Global Farnell and Integrated Solutions, stated, “The opening of our Singapore integration facility is a direct response to how our customers are rethinking their global supply chains.” She emphasised Singapore’s critical role in connecting regional and global operations, providing customers with greater flexibility and faster access to localised support.

Spanning approximately 670 square metres, the facility includes dedicated integration space, warehousing, a repair depot, and a first article lab. The design allows for future expansion to meet growing customer demand. This strategic investment in Singapore is part of Avnet’s commitment to helping customers manage risk, optimise cost structures, and accelerate time to market in an increasingly complex global market.

Arcc Spaces, known for its hospitality-led real estate approach, is set to open its fourth location at the Bank of Singapore Centre in June 2026. This new property, occupying 25,782 square feet across three floors, comes as Singapore faces a significant shortage in Grade-A office space, with completions for 2026–2027 expected to meet only a third of historical demand.

The new site aims to cater to multinational corporations (MNCs) and high-growth firms seeking flexible office solutions amidst tightening vacancy rates, which have dropped to 4.1%. Justin Chen, CEO of Arcc Spaces, highlighted the strategic advantage of their offering, stating, “This opening marks a bold new chapter where we move beyond the traditional lease to a ‘stay’ for your business.”

The design of the space prioritises human connection and comfort, featuring warm materials and biophilic elements with views of the Marina Bay skyline. This approach reflects a shift from traditional long-term leases to more flexible arrangements, allowing companies to adapt quickly to market changes without the burden of extended commitments.

Arcc Spaces’ expansion underscores its confidence in Singapore’s stability as a business hub, particularly as geopolitical tensions drive companies to seek secure locations. The new property is positioned to offer MNCs a prestigious CBD headquarters without the risks associated with long-term leases, aligning with the evolving needs of modern enterprises.

Rex International Holding Limited has announced the appointment of Mike Hopkinson as its new Chief Operating Officer, effective immediately. Hopkinson succeeds Svein Kjellesvik, who is retiring after serving as COO since October 2015. Hopkinson has been with Rex’s subsidiary, Masirah Oil Ltd, as General Manager since 2023, where he managed operations in the Yumna Field, Block 50 Oman.

Hopkinson’s extensive experience spans over three decades in the petroleum industry, covering various international locations including the UK North Sea, Gulf of Mexico, and several countries in Africa and Latin America. His career began in 1985 with Marathon Oil Company in Aberdeen, Scotland, and he has held significant roles in companies such as Kosmos Energy Inc. and Triton Energy Inc. His academic credentials include a Master of Science in Petroleum Engineering from Imperial College, UK, and a Bachelor of Science (Honours) in Engineering with Business Studies from the University of Portsmouth, UK.

Per Lind, CEO of Rex International Holding, expressed gratitude to Kjellesvik for his contributions and welcomed Hopkinson, stating, “With our continued focus on operations and the upcoming drilling programme in Oman, he is the most suitable candidate for the role of COO.”

Rex International Holding, listed on the Singapore Exchange, holds exploration and production licences in Norway, Germany, Oman, and Benin, with operatorship in Oman, Benin, and Germany. The company aims to leverage Hopkinson’s expertise to enhance its operational capabilities and strategic initiatives.

The luxury non-landed homes market in Singapore demonstrated resilience in the first quarter of 2026, with 79 units sold, marking a nearly 10% increase compared to the same period last year, according to Huttons Asia’s latest report. This growth comes despite escalating geopolitical tensions in the Middle East, which have inadvertently bolstered Singapore’s appeal as a global wealth management hub.

The total value of luxury non-landed homes sold reached $668.8m, reflecting a 4.7% increase from the previous quarter and a 9.4% rise year-on-year. Notably, there were 18 transactions valued at $10m or more, a significant 38.5% increase from the previous quarter.

Mark Yip, CEO of Huttons Asia, attributed this trend to ultra-high-net-worth individuals (UHNWIs) seeking stable environments to manage their wealth. “Singapore’s safe haven status, political stability, strong rule of law, competitive tax regime, and low corruption appealed strongly to these UHNWIs,” he stated.

The rental market for luxury non-landed homes also saw growth, with rents increasing by 1.6% compared to Q1 2025. An estimated 577 units were rented out, a 3.2% year-on-year increase.

However, the Good Class Bungalow (GCB) market experienced a slowdown, with a 63.3% decrease in total transacted value from the previous quarter, although it was 76.9% higher than the same period last year. The largest GCB transaction was a $92m sale on Nassim Road.

Looking ahead, Singapore’s strategic position as a wealth management hub is expected to attract more UHNWIs, potentially driving further growth in the luxury property market.

Coliwoo has announced a significant 17% increase in revenue for the first half of the financial year 2026, reaching S$26.9m. This growth is attributed to a robust average occupancy rate of 97% across its portfolio of 3,568 rooms in 28 properties. The company’s adjusted profit after tax and minority interests (PATMI) also rose by 14% to S$8.6m, following fair value changes and other adjustments.

The company is advancing its asset-light strategy by launching a S$218.5m portfolio sale of seven freehold living assets. This move aims to unlock liquidity for higher-yielding opportunities, allowing Coliwoo to focus on master leases and management contracts. Executive Chairman and CEO Kelvin Lim stated, “Our stellar 1HFY2026 operational performance validates the resilience of our co-living model.”

Coliwoo’s strategy is part of its broader goal to expand to 10,000 rooms by 2030. The company plans to reinvest proceeds from the asset sale into opportunities in Singapore and key regional markets where renting is prevalent. This approach is designed to keep the company agile and capital-efficient.

In addition to its financial performance, Coliwoo has declared an interim dividend of 1.0 Singapore cent. The company will present further insights into its performance and future direction at the upcoming results briefing on 22 May 2026 at the Ocean Financial Centre in Singapore.

UOB Group has announced a net profit of S$1.4b for the first quarter of 2026, marking a 2% increase from the previous quarter. However, this figure represents a 4% decline year on year, attributed to a softer operating environment compared to the robust performance in the same period last year.

The bank’s performance was bolstered by its Group Retail, Group Wholesale Banking, and Global Markets divisions, with notable contributions from current account savings account (CASA), wealth management, card billings, loan growth, and customer-related treasury income. Despite the pressure from a lower interest rate environment, UOB managed a healthy loan growth of 4%, which helped mitigate margin pressures.

Net fee income saw a 2% quarter-on-quarter increase to S$637m, driven by wealth and capital market activities. However, on a year-on-year basis, net fee income decreased by 8%, reflecting a more cautious market sentiment. Other non-interest income surged by 45% quarter on quarter to S$462m, benefiting from stronger customer treasury income and market volatility.

Credit costs remained stable at 26 basis points, with a non-performing loan ratio of 1.5%. UOB’s balance sheet continues to be robust, with a Common Equity Tier 1 ratio of 15.3%.

UOB’s CEO highlighted the group’s steady performance and strong asset quality, stating, “Whilst global uncertainty remains elevated, business activity held up across our key segments.” Looking forward, UOB aims to deepen relationships within its ASEAN customer base and strengthen ecosystem partnerships to support long-term growth.

Linklaters has successfully advised the Genting Group on the issuance of US$1.25b in dual-tranche subordinated perpetual securities, alongside a concurrent tender offer for US$1.5b of 4.25% Guaranteed Notes due 2027. The securities were issued by GOHL Capital Holdings Limited, a funding vehicle within Genting, and are guaranteed by Genting Overseas Holdings Limited.

This transaction is notable for incorporating a subordinated keepwell deed and a contingent put option provided by Genting Berhad, marking it as one of the first of its kind in the region. The issuance is also one of the largest perpetual securities offerings in recent years in the area.

Amit Singh, Head of South and Southeast Asia Capital Markets at Linklaters, led the team with partner Michele Discepola and managing associate Alwyn Loy. Singh remarked, “We are pleased to have supported the Genting Group on this significant capital markets transaction which required careful structuring to achieve the desired ratings and accounting outcomes.”

Linklaters, with over 50 years of experience in Asia, has a strong reputation in the region’s capital markets. The firm has been involved in numerous high-profile transactions, including PTTGC’s US$1.1b perpetual securities issuance, previously the largest in South and Southeast Asia.

This transaction underscores Linklaters’ ability to navigate complex financing structures and deliver tailored solutions in evolving market conditions, further solidifying its market-leading position in Southeast Asia.

Amazon Web Services (AWS) has announced a significant educational initiative at the AWS Summit Singapore, providing 1,000 complimentary Kiro credits to eligible learners from Singapore’s Institutes of Higher Learning (IHL). This initiative aims to equip students and adult learners, aged 18 and above, with advanced software skills, enabling them to develop AI-driven applications from concept to minimum viable product.

Kiro, AWS’s agentic development environment, requires users to define scope and success criteria in natural language, facilitating the creation of production-ready applications. Republic Polytechnic was the first to integrate Kiro into its curriculum, following a three-year memorandum of understanding with AWS. The Kiro credits initiative is complemented by the AWSome Lab, launching in July 2026, which connects SMEs with student-developed AI solutions, bridging academic learning with real-world applications.

In addition to the educational initiative, AWS unveiled findings from its commissioned research, “Unlocking Singapore’s AI Potential,” conducted by Strand Partners. The research surveyed 1,500 businesses across financial services, manufacturing, and healthcare sectors. It highlighted that whilst AI adoption is widespread, integration remains a challenge. For instance, 38% of SMEs in financial services cite internal approval as a bottleneck, whilst 37% in manufacturing struggle with systems integration.

The study also revealed that AI stewardship is not yet widespread, with many SMEs reliant on a few individuals for AI initiatives. Furthermore, whilst IT departments often lead AI projects, non-technical units are increasingly involved, though formal processes for handling AI outputs are lacking.

AWS’s initiatives and research underscore the need for structured AI education and integration strategies, paving the way for a more AI-mature Singapore.

MoneyMax Financial Services Ltd., a prominent financial services provider in Southeast Asia, has successfully transitioned to the Main Board of the Singapore Exchange Securities Trading Limited (SGX-ST). Trading commenced at 9:00 a.m. on 6 May 2026, marking a significant milestone in the company’s corporate journey. This move is expected to enhance MoneyMax’s corporate profile, boost market visibility, and provide broader access to capital markets.

To commemorate this achievement, MoneyMax has donated $100,000 to Community Chest Singapore, Jamiyah Singapore, and Singapore Thong Chai Medical Institution, demonstrating its commitment to community support. Dato’ Sri Dr. Lim Yong Guan, Executive Chairman and CEO of MoneyMax, expressed gratitude for the strong support from shareholders and the market’s confidence in the company’s fundamentals. He stated, “As we enter the next phase, we remain focused on executing our growth strategy and building a resilient, sustainable business that delivers long-term value for all stakeholders.”

The company has also attracted new institutional investors under the Monetary Authority of Singapore’s Equity Market Development Programme, including Fullerton Fund Management, Lion Global Investors Limited, and Eastspring Investments (Singapore) Limited. This participation underscores growing institutional interest and confidence in MoneyMax’s strategic direction and future prospects.

MoneyMax, which operates over 110 stores across Singapore and Malaysia, continues to innovate with services such as an e-commerce platform and mobile app, MoneyMax Online, and has expanded into automotive financial services and luxury retail.