Industry News

Price Forbes Singapore has announced the appointment of four senior executives to its newly established treaty reinsurance team. Bruce Ford, Goh Thian Leong, Mark Foster, and Florence Lam Puoy Yin join the team, reporting to Dick Heath, managing director of reinsurance and wholesale. This move follows Heath’s recent hire and aims to bolster Price Forbes’ reinsurance and wholesale capabilities in the region.

Bruce Ford, appointed as chief commercial officer, brings extensive experience from his previous roles, including regional head of treaty at Allied World Re and Australian CEO at St Paul Re. Goh Thian Leong, with five decades in the industry, takes on the role of head of speciality. He previously played a pivotal role at Arthur J Gallagher in establishing its treaty division.

Mark Foster, the new head of treaty, has over 40 years of experience, including two decades in Singapore, and has held senior roles at Cooper Gay and Asia Re. Florence Lam Puoy Yin, joining as director of speciality, has more than 45 years of experience and was formerly with Arthur J Gallagher.

Philip Johnson, CEO of Price Forbes Asia Pacific, expressed enthusiasm about the appointments, stating, “We’ve assembled a market-leading team with exceptional expertise.” Chris Bonard, president of Price Forbes Re, added that the new hires solidify the company’s position as a leading reinsurance broker in Asia.

These strategic appointments are part of Price Forbes’ ongoing efforts to expand its presence and capabilities in the Asia Pacific region, aiming to provide enhanced services to its clients.

Singapore Airlines (SIA) Group has announced its operating results for February 2026, revealing a 3.8% year-on-year increase in passenger traffic. This growth was slightly below the 4.9% rise in passenger capacity. The Group’s passenger load factor stood at 85.6%, with SIA and its low-cost subsidiary, Scoot, achieving monthly load factors of 84.9% and 88.1%, respectively.

The combined passenger carriage for the Group increased by 7.2% year-on-year, reaching 3.3 million passengers. This surge was largely attributed to the shift of the Lunar New Year period from January in 2025 to February in 2026, boosting holiday travel demand.

In the cargo sector, SIA Group reported an 8.8% increase in cargo loads, despite a 0.5% decrease in capacity. The cargo load factor improved by 4.8 percentage points, reaching 56.7%. This growth was driven by heightened demand ahead of the Lunar New Year celebrations.

Scoot, the budget arm of SIA, expanded its network by launching new services to Medan, Indonesia, during the month. By the end of February 2026, the Group’s passenger network encompassed 136 destinations across 37 countries and territories, with SIA serving 78 destinations and Scoot covering 82. The cargo network included 140 destinations in 38 countries and territories.

These results highlight the SIA Group’s continued recovery and expansion efforts, as it adapts to shifting travel patterns and demand.

AI-driven job creation is outpacing job losses globally, according to a new report by Snowflake and Omdia by Informa TechTarget. The study, which surveyed 2,050 business and technology leaders across 10 countries, including Singapore, reveals that 77% of organisations report AI-driven job creation, whilst 46% report job losses. However, only 33% of Singaporean professionals have quantified returns on AI investments, significantly lower than the global average of 49%.

The report highlights that Singaporean organisations are struggling to identify specific AI use cases, with 32% citing this as a top challenge, compared to 19% globally. This difficulty is reflected in the cautious budget allocations for AI, with Singaporean respondents estimating only 15% of their tech budgets will be allocated to generative AI over the next year, the lowest globally.

Jenny Koh, Country Manager for Snowflake in Singapore, noted, “The recurring challenge is not a lack of vision, but the need for a trusted data foundation to power it.” The report suggests that whilst Singapore matches the global average in AI activity, its application across departments is narrower, impacting operational efficiency and cost reduction gains.

Globally, AI is seen as a driver of job growth, particularly in technical roles such as IT operations, cybersecurity, and software development. The report underscores the importance of data readiness and governance as key factors in effectively scaling AI initiatives. As organisations continue to embed AI into core operations, the potential for positive workforce impacts and operational efficiencies remains significant.

February 2026 witnessed a significant drop in property launches in Singapore, with only 15 units introduced to the market. This represents a 98.1% decrease from the previous month and a 99.1% decline compared to February 2025, marking the lowest number of units launched since data collection began in 2007. The Chinese New Year, which fell in the middle of the week, was a major factor as developers opted to delay new launches.

Despite the limited launches, 246 units were sold in February 2026, a 47.2% decrease from January and an 84.6% decline from the same period last year. Mark Yip, CEO of Huttons Asia, noted that the underlying demand for properties remains robust. “Many buyers with school-going children did not travel overseas, allowing them to visit show galleries on weekdays,” he explained.

The Rest of Central Region (RCR) accounted for over 41% of sales, followed by the Outside Central Region (OCR) at 32.5%, and the Core Central Region (CCR) at 25.6%. Newport Residences, launched in January 2026, was a top choice in the CCR, with a median price of $3,059 per square foot (psf).

Looking ahead, March 2026 is expected to see a surge in sales, potentially exceeding 1,000 units, with two major project launches. River Modern, which sold 410 units on its launch weekend, and Pinery Residences in Tampines are anticipated to attract both owner-occupiers and investors. Despite potential cost pressures from geopolitical tensions, developers are likely to continue with project launches, with transaction volumes estimated between 8,000 and 10,000 units for 2026.

MyRepublic and Singapore Polytechnic have entered into a strategic collaboration to advance applied artificial intelligence (AI) innovation through a newly established automation sandbox. The partnership, formalised with a Memorandum of Understanding (MoU), aims to provide students and faculty with hands-on experience in developing AI workflows and deploying large language model applications.

The sandbox, powered by MyRepublic’s AI Automation Box, offers a secure environment for experimentation and prototyping. This initiative will not only focus on infrastructure but also on co-developing AI training programmes, consultancy engagements, and industry attachment opportunities. Lawrence Chan, Chief AI Officer at MyRepublic, emphasised the importance of this collaboration, stating, “We are providing industry-grade AI automation capabilities that empower educators and students to move beyond experimentation into deployment.”

Georgina Phua, Deputy Principal (Development) at Singapore Polytechnic, highlighted the institution’s commitment to technology adoption, noting, “Real impact comes when teams have the skills, confidence, and hands-on experience to apply AI meaningfully.”

This partnership is set to accelerate AI adoption and strengthen industry-academia collaboration, positioning Singapore as a leader in applied AI capability development. Both organisations aim to drive innovation that results in measurable industry impact, supporting enterprises in exploring and building agentic workflows.

MyRepublic, known for redefining broadband and mobile connectivity, and Singapore Polytechnic, a leading educational institution, are poised to make significant contributions to the future of AI in Singapore through this collaboration.

The Urban Redevelopment Authority (URA) has announced the release of the Town Hall Link site in Jurong Lake District under the Reserve List of the government land sales (GLS) programme for the first half of 2026. This site, previously part of a larger master developer plot, has been divided into separate parcels to potentially accommodate 1,200 new private homes and 84,000 square metres of commercial space, including offices and retail.

Located near the Jurong East MRT interchange and the future Jurong Lake District station, the site offers excellent connectivity with four MRT lines. The area is already home to amenities such as IMM Building, Westgate mall, and Ng Teng Fong General Hospital, making it an attractive proposition for developers.

Wong Siew Ying, Head of Research and Content at PropNex, noted that whilst developers might be interested in the site, they may delay triggering it due to uncertainties in the Middle East affecting global markets. However, the site’s strong location, potential for growth, and limited housing supply in the area could drive interest.

The previous master developer site tender in 2024 did not result in an award due to low bids, attributed to market caution and high development costs. The division of the site into smaller parcels and government involvement in infrastructure may now reduce risks and encourage developer interest. The potential land cost is estimated to exceed $1.8b, suggesting that developers may form partnerships to manage financial commitments.

Scenic Group has announced the expansion of its Asia Pacific (APAC) team, based in Singapore, as part of its strategy to tap into the growing demand for luxury cruising in the region. The move underscores the company’s commitment to its global expansion strategy and long-term growth across APAC markets.

The Singapore office plays a crucial role in Scenic Group’s plan to cater to high-net-worth individuals and the burgeoning luxury cruise market in Asia Pacific. This expansion builds on the company’s established presence in Australia, New Zealand, the United States, the United Kingdom, Canada, and Europe, the Middle East, and Africa (EMEA).

Leading the APAC team is Anthony Laver, General Manager Sales and Marketing APAC, based in Sydney, Australia. The team includes Quoc Huy To, Director of Finance Asia; Lim Yee Sher, Marketing and Partner Services Manager; Ally Grueter, Senior Sales Manager Charters and Partnerships; Dominic Tan, Regional Sales and Marketing Manager; and Sophia Lam and Jessie Tan, both Luxury Cruises Sales Managers.

Anthony Laver stated, “To support the strong demand for Luxury Scenic and Emerald Ocean and River Cruises, together with the significant growth in joint programmes with our valued travel partners, Scenic Group has expanded the Asia Pacific regional team.”

The team collectively brings over 60 years of industry expertise in luxury travel, including cruises and land journeys. Scenic Group continues to invest in marketing resources, cruise ship capacity, and partnerships, reinforcing its commitment to delivering high-quality services and experiences.

As Scenic Group celebrates 40 years of innovation, it plans to further enhance its ultraluxury offerings with new ships and itineraries, including the launch of Scenic Ikon in 2028 and Emerald Astra in 2026.

A recent survey by ServiceNow has highlighted a significant gap between customer service preferences and business strategies in Singapore. Despite substantial investments in digital channels, 80% of Singaporean customers still prefer phone support when interacting with organisations. However, only 9% of businesses plan to prioritise phone channels over the next three years.

The survey, conducted by ThoughtLab, involved 1,485 Singaporeans and revealed that customers spend more time resolving issues via phone than any other channel. CK Tan, APJ Innovation Officer at ServiceNow, emphasised the need for businesses to offer “fast, effective, and empathetic support” to meet customer expectations.

The findings indicate that 52% of customers would switch brands after a poor experience, and 31% of organisations have reported revenue loss due to inadequate service. Despite these insights, many companies are set to focus on digital-only channels like self-service portals and chatbots, potentially neglecting customer preferences.

The survey also found that empathy is crucial in customer interactions. Whilst only 28% of executives acknowledged empathy as a challenge, 48% of customers cited it as a top frustration. This disconnect could lead to increased customer churn and financial losses.

ServiceNow’s research underscores the importance of aligning digital investments with customer needs, especially as Singaporean businesses continue to invest in AI and digital transformation under the national $37b Research, Innovation, and Enterprise plan. Tan noted that whilst AI offers opportunities to enhance customer experiences, it is essential for organisations to unify systems and data to truly understand and meet customer needs.

Peak Energy has expanded its solar capacity in Singapore by acquiring a 10MW portfolio from Maiora Renewable Energy. This acquisition aligns with Singapore’s upgraded 2030 solar target and addresses the increasing demand for stable, locally-sourced renewable energy amidst global fuel market volatility. The move strengthens Peak Energy’s position as a leading corporate and industrial rooftop solar platform in the region.

The acquisition comes at a time when Singapore’s reliance on imported natural gas has highlighted the need for energy security. By increasing locally-generated power capacity, Peak Energy aims to provide corporate electricity buyers with greater cost visibility and stability. Gavin Adda, CEO of Peak Energy, stated, “With Stonepeak’s backing, we combine operating assets with newly developed ones to offer corporates offsite PPAs on consistent terms from a bankable counterparty.”

Maiora Renewable Energy, which has operated in Singapore for over a decade, sees this transition as a strategic move to focus on expanding its renewable energy platform in Taiwan and the Philippines. Marzio Keiling, Managing Partner of Maiora, emphasised the importance of finding a partner with financial strength and long-term commitment.

Peak Energy is currently in discussions with Singapore-based industrial and commercial players for long-term virtual power purchase agreements (VPPAs), providing a strong basis for price stability. As geopolitical uncertainties and potential changes to the GHG Protocol Scope 2 Guidance influence corporate renewable procurement strategies, many companies are prioritising local renewable energy options. Peak Energy’s domestic portfolios offer a scalable solution for companies seeking affordable, low-carbon electricity with clear delivery timelines.

The Briefcase Index has published its 2026 ranking of the most employable degrees in Singapore, highlighting healthcare, education, and professional programmes as leading fields for fresh graduates. The rankings are based on data from the 2025 Joint Autonomous Universities Graduate Employment Survey, released by the Ministry of Education on 5 March 2026.

The survey assessed undergraduate programmes across Singapore’s autonomous universities, including the National University of Singapore (NUS), Nanyang Technological University (NTU), and Singapore Management University (SMU), among others. The aim was to identify degrees with the strongest immediate job-market outcomes for graduates.

A spokesperson from Briefcase Index stated, “For students and families, employability is one of the clearest indicators of how well a degree translates into career outcomes. For employers and education-focused organisations, these rankings indicate which programmes are producing talent aligned with workforce demand.”

The top-ranked degree is the Arts and Science programmes in an Academic Discipline and in Education from the National Institute of Education (NIE), achieving a 100% full-time permanent employment rate. Other high-ranking degrees include NTU Medicine, NUS Dentistry, and NUS Medicine. SIT’s Physiotherapy (Honours) and Occupational Therapy (Honours) also featured prominently, with employment rates of 99% and 98%, respectively.

These rankings provide valuable insights for prospective students and their families as they navigate university admissions, offering a clearer picture of which degrees offer the best employment prospects in Singapore’s competitive job market.