Industry News

EGP Energy Corporation Limited has lodged a preliminary prospectus with the Monetary Authority of Singapore (MAS) for its proposed initial public offering (IPO) on the Main Board of the Singapore Exchange Securities Trading Limited (SGX-ST). The company, which specialises in electrical infrastructure solutions, aims to list its ordinary shares, marking a significant step in its growth strategy.

United Overseas Bank Limited and UOB Kay Hian Private Limited have been appointed as the Joint Issue Managers, with UOB Kay Hian also serving as the Sole Bookrunner and Underwriter for the IPO. This strategic move is expected to enhance EGP Energy’s capital base and provide greater visibility in the market.

The prospectus, once registered by MAS, will be available for potential investors to review. Interested parties will be able to download it from the SGX-ST’s website and the MAS’ OPERA website. Additionally, physical copies can be requested from the offices of United Overseas Bank Limited and UOB Kay Hian Private Limited during office hours.

This listing is poised to offer investors an opportunity to participate in the growth of EGP Energy, as the company seeks to leverage the capital markets to expand its operations. The move underscores the company’s commitment to strengthening its market position and enhancing shareholder value. Further details will be disclosed in the final prospectus upon its registration.

Singapore’s Energy Market Authority (EMA) has announced that electricity tariffs for the third quarter of 2026 will rise by 17% compared to the previous quarter. This increase is attributed to the earlier surge in natural gas prices, a consequence of the ongoing conflict in the Middle East. The rise in tariffs, which excludes Goods and Services Tax (GST), surpasses the initial projections of 13–15% made by UOB Global Economics and Markets Research.

The electricity tariffs are composed of four main components: energy costs, network costs, market support services fee, and the market administration and power system operation fee. Energy costs, which include power generation and fuel costs, are the most significant factor. In Singapore, electricity is primarily generated using imported natural gas, which is linked to oil prices through commercial contracts.

Approximately 63% of Singaporean households are on regulated tariffs, whilst others are on fixed-price plans offered by electricity retailers. Following the escalation of the Middle East conflict in February, several retailers have increased prices on new contracts and withdrawn discounted plans.

Despite the unexpected rise in tariffs, UOB maintains its core inflation forecast for 2026 at 1.9%. However, a slight upward adjustment to the baseline projection has been made. With Brent crude oil prices recently easing to an average of US$76 per barrel, UOB anticipates a 7–8% reduction in electricity tariffs in the fourth quarter of 2026, assuming an average oil price of $80 per barrel.

Singapore’s trading landscape is evolving, with Plus500 data indicating a shift towards more experienced and strategic trading behaviours. The London Stock Exchange-listed fintech group, serving 33 million customers globally, has highlighted significant changes in Singapore’s trading patterns.

Oil Contracts for Difference (CFDs) have become the most traded instrument on Plus500’s platform in Singapore for 2026, a notable change from the previous year when they did not feature in the top 10. This shift suggests a growing interest in commodities, driven by geopolitical tensions and energy price volatility, as traders focus on specific market themes.

The data also reveals that traders aged 35 to 55 and above now account for approximately 65% of trading activity, up from 43.5% in 2020. This indicates a trend towards more experienced market participants driving trading activity, contrasting with global narratives of rising Gen Z participation.

Additionally, women traders in Singapore are increasingly engaging in complex trades, with Call & Put Options CFDs making up about 25% of their trades—nearly double that of their male counterparts. Women are also using risk-management tools in 63% of their trades, compared to 36% for men, suggesting a more disciplined approach to trading.

Dani Magner, Chief Growth Officer at Plus500, noted, “Singapore is standing out as a market where traders are not only highly engaged but also increasingly strategic in how they respond to market conditions.”

These findings underscore Singapore’s distinct position within Asia’s CFD landscape, marked by active, informed engagement with market opportunities. As Plus500 continues to expand its presence in Singapore, the company remains focused on helping traders navigate complex markets with clarity and confidence.

The Singapore Medical Device Venture Showcase, held on 29 June 2026, marked a significant step in enhancing Singapore’s role as a hub for medical technology ventures. The event saw the launch of Santé Accel Singapore, a new healthcare venture-building platform designed to support the growth of MedTech, Biotech, and HealthTech startups. This initiative, established by Santé Ventures in partnership with SG Growth Capital, aims to provide mentorship and access to global healthcare networks.

The showcase, co-organised by MedTech Catapult, the Agency for Science, Technology and Research (A*STAR), Enterprise Singapore, and the Singapore Economic Development Board, brought together global investors and innovators. It focused on translating innovation into clinically validated and commercially viable healthcare solutions, particularly through AI-enabled technologies.

Dr Tan See Leng, Singapore’s Minister-in-charge of Energy and Science & Technology, attended as Guest of Honour. The event highlighted the potential of over 25 MedTech startups, showcasing innovations in medical imaging, minimally invasive technologies, and AI-enabled care. These startups are advancing towards real-world applications, with some reaching first-in-human trials.

Industry leaders shared insights on navigating the journey from clinical development to global expansion. Irene Cheong of A*STAR emphasised Singapore’s strength in supporting MedTech innovation, whilst Wong Zeng Yi of EnterpriseSG highlighted the country’s robust R&D capabilities. Goh Wan Yee of EDB noted the sector’s growth, with over S$20 billion in high-value products manufactured for the global market in 2025.

The launch of Santé Accel Singapore underscores the continued confidence in Singapore’s healthcare ecosystem, reinforcing its position as a hub for healthcare innovation and venture creation.

As Singaporean companies push for productivity through artificial intelligence (AI), a new report by TELUS Health reveals that unsupportive workplace cultures and financial pressures are significantly impacting employee productivity. The Mental Health Index indicates that the national mental health score remains stagnant at 62.0, with productivity losses costing employers up to 65.2 days per worker each year.

The report highlights a disconnect between technological investments and employee wellbeing. Haider Amir, Director Asia at TELUS Health, emphasised, “When people’s mental health declines, their productivity declines with it.” The findings show that 41% of workers report their mental health negatively affects their work, with younger workers aged 20 to 29 recording the lowest mental health scores.

Financial insecurity is a major concern, with 23% of workers lacking emergency savings. This group scores significantly lower on the mental health index, underscoring the need for systemic support such as financial literacy and comprehensive benefits. Cost is the most cited barrier to accessing mental health support, affecting 54% of workers.

AI adoption is widespread, with 76% of workers using AI tools regularly. However, those whose employers discourage AI use report the lowest mental health scores. As Singapore accelerates AI integration, the report stresses the importance of managing its rollout to ensure workforce wellbeing.

The findings call for a balanced approach, where organisations support both technological advancements and employee mental health to achieve true productivity gains.

The Housing & Development Board (HDB) has announced the launch of a tender for an executive condominium (EC) at Admiralty Walk, which is expected to yield approximately 450 units. The tender is set to close on 17 December 2026. This site, located adjacent to Northoaks Primary School, is likely to attract families with schoolgoing children, although it is not in close proximity to Sembawang MRT station or major shopping centres.

Realion (OrangeTee & ETC) Group’s Deputy Group CEO, Justin Quek, highlighted that the site benefits from nearby amenities in existing HDB blocks, which will cater to the daily needs of future residents. Additionally, two Build-To-Order (BTO) projects launched in Sembawang in June 2026 are expected to introduce more facilities, including an eating house, minimart, shops, and preschools, enhancing convenience for the community.

This EC site is the second to be launched following the introduction of new cooling measures, which may influence developers’ assessments of demand, particularly from first-time buyers facing a longer Minimum Occupation Period (MOP). Quek noted that application rates for the recent BTO projects in Sembawang were not as strong as in other popular areas.

Realion anticipates up to three bidders for the site, with the highest bid price estimated between S$600 and S$700 per square foot per plot ratio (psf ppr). The outcome of this tender will be closely watched as developers continue to navigate the evolving property market landscape.

Singapore’s import and export price indices both experienced a decline in May 2026, according to the Department of Statistics, Ministry of Trade & Industry. The Import Price Index fell by 1.6% compared to April 2026, primarily driven by a 6.7% drop in oil prices. Meanwhile, the Export Price Index decreased by 0.8%, with oil prices falling by 5.8%.

Excluding oil, the indices showed a different trend. The Non-oil Import Price Index rose by 0.7%, whilst the Non-oil Export Price Index increased by 1.0%. These gains were attributed to higher prices in categories such as Machinery & Transport Equipment, Chemicals & Chemical Products, and Manufactured Goods.

Year-on-year, the Import Price Index rose by 19.1%, with the Oil Index surging by 76.9%. The Non-oil Index also saw a 4.6% increase. Similarly, the Export Price Index increased by 14.7% from May 2025, with the Oil Index up by 62.2% and the Non-oil Index by 4.7%.

The fluctuations in oil prices have been a significant factor in these changes. The Department of Statistics noted that the indices are essential indicators for tracking price trends of imported and exported goods in Singapore. As global oil prices continue to fluctuate, these indices will remain crucial for understanding Singapore’s trade dynamics.

Great Eastern Financial Advisers, a subsidiary of Great Eastern Holdings Limited, has received approval to offer advisory services on securities and structured deposits to accredited investors. This development, announced on 30 June 2026, marks a significant expansion of the firm’s wealth advisory capabilities, leveraging the Bank of Singapore’s platform for financial intermediaries.

The move allows Great Eastern Financial Advisers to provide a seamless wealth planning journey, eliminating traditional referral model frictions across insurance, investment, and bespoke wealth solutions. This follows the launch of Great Eastern Private in March, aimed at serving high-net-worth individuals and their families with tailored services at the Hewton Fair Suite, an exclusive space within the Great Eastern Centre.

Greg Hingston, Group CEO of Great Eastern and Chairman of Great Eastern Financial Advisers, stated, “The expansion marks a milestone in the advancement of our capabilities to provide end-to-end, best-of-breed Whole of Wealth solutions and experience.” Jesslyn Tan, CEO of Great Eastern Financial Advisers, added, “This expanded licensing signals to customers that our advisers are equipped with broader financial competencies that complement their strong insurance foundations.”

Great Eastern, established in 1908, is a leading insurance provider in Singapore and Malaysia, with over S$122b in assets. The company is a subsidiary of OCBC, Southeast Asia’s second-largest financial services group by assets. This expansion is expected to further solidify Great Eastern’s position as a comprehensive wealth advisory firm, enhancing its offerings to high-net-worth clients.

DBS has successfully executed its first synthetic securitisation transaction, marking a significant milestone as the first Singapore bank to do so. The transaction references a US$1b diversified portfolio of corporate loans, enhancing DBS’ ability to optimise capital and support client financing as it expands across the region.

Synthetic securitisations, or Significant Risk Transfer (SRT) transactions, are a strategic tool used by global banks for capital and risk management. This transaction allows investors to share in the credit risk of the referenced portfolio, thereby reducing the regulatory capital DBS must hold against these assets. Consequently, DBS can redirect this capital towards new lending and growth opportunities whilst retaining ownership and servicing of the underlying loans.

Despite DBS’ capital ratios exceeding regulatory requirements, this transaction strengthens its capacity to meet Asia’s growing demand for financing. It also lays the groundwork for future SRT transactions, further expanding DBS’ capital management capabilities.

Philip Fernandez, Group Corporate Treasurer at DBS, stated, “This debut transaction strengthens our ability to maintain strong capital and balance sheet discipline and prudently capture opportunities as we scale our franchise. We are also pleased to contribute to the continued development of Singapore’s financial markets by introducing globally established risk management solutions to the region.”

This initiative underscores DBS’ commitment to innovation in financial markets, building on its history of pioneering financial structures, including its role in Singapore’s covered bond market.

Igloo, a leading insurtech company in Southeast Asia, has announced the acquisition of Eazy Digital, a Singapore-based insurtech firm with operations in Thailand and Asia. This strategic move will see Eazy Digital’s client base and Thai team integrated into Igloo, with Eazy Digital’s founder, Harprem Doowa, assuming the role of Country Head of Igloo Thailand and Head of Tech Solutions APAC.

This acquisition marks Igloo’s second significant transaction in Thailand within a year, following a joint venture with JMT Network Services in 2025 to establish Thailand’s first digital insurer. The acquisition underscores Igloo’s commitment to expanding its footprint in Thailand, a priority growth market, and enhancing its insurance operating system to meet the region’s demand for scalable, tech-driven solutions.

Igloo operates across six Southeast Asian markets, processing over 100 million policies monthly through partnerships with more than 100 partners, including Chubb and MSIG. The company has raised over $100m to support its AI-native operating system, which facilitates the digitalisation and distribution of insurance products.

Eazy Digital, recognised as the Most Disruptive InsurTech in Thailand in 2024 and 2025, complements Igloo’s offerings by helping insurers digitise operations and improve sales productivity. The acquisition aims to address Thailand’s insurance sector’s protection gap by enabling faster product launches and broader distribution.

Raunak Mehta, Co-Founder and CEO of Igloo, stated, “Acquiring Eazy Digital gives partners across Asia immediate access to the full Igloo stack, and gives us the local presence, team, and leadership to serve this market at scale.” Harprem Doowa added, “This is an opportunity for Eazy to amplify our platform’s success with Igloo’s resources and reach.”