Industry News

GrabInsure, the insurance division of Grab, has unveiled a new motor insurance product specifically designed to cater to the needs of private-hire vehicle (PHV) drivers in Singapore. This innovative insurance solution aims to provide more affordable and accessible coverage by leveraging historical data from the Grab platform to offer personalised pricing based on a driver’s track record.

The new product introduces several key features tailored to the unique challenges faced by PHV drivers, including credit-free accessibility, cashflow-friendly instalments, and performance-linked premiums. Drivers can now pay their insurance premiums directly through the Grab Driver App’s Wallet, eliminating the need for a credit card. This move is intended to enhance financial inclusion and ensure comprehensive coverage for all driver-partners.

Additionally, GrabInsure offers flexible instalment plans, allowing drivers to convert annual premiums into manageable micro-payments. This approach transforms insurance from a significant capital expense into a more affordable operational cost. By recognising and rewarding safer driving and excellent service, GrabInsure extends competitive premium rates to drivers with proven track records.

Iwan Juwono, Head of GrabInsure, stated, “With this launch, we are rethinking motor insurance from the ground up. By leveraging insights on a driver’s track record on Grab, we can offer more competitive pricing to reward safer driving and better service.”

The launch of this motor insurance product is part of GrabInsure’s broader commitment to making essential services like insurance simpler, more transparent, and more affordable for its driver-partner community.

Alpha Ladder Group has inaugurated its new Singapore headquarters, uniting its teams under one roof for the first time. This move, celebrated on 10 March 2026, signifies a pivotal moment for Asia’s Digital Green Transformation, as the group aims to enhance collaboration and innovation across its three verticals: Digital Financial Services, Sustainable Investment, and AI-Powered Green Technology.

The group, founded on the belief that financial infrastructure should be a hybrid of centralised and distributed systems, has rapidly expanded since its first subsidiary in 2016. Now serving institutional clients across Asia, the Middle East, Africa, and Latin America, Alpha Ladder Group has established itself as a key player in the financial sector.

The new headquarters in Singapore, a global hub for fintech and green innovation, aligns with the group’s ambitions. The Monetary Authority of Singapore’s supportive stance on digital assets and sustainable finance further bolsters this strategic choice. Dr Bo Bai, Executive Chairman and Co-Founder, remarked, “This office is the physical manifestation of what we have been building since 2016 — a living ecosystem where digital finance and green technology reinforce each other.”

MetaComp, a subsidiary of Alpha Ladder Group, recently closed its Pre-A+ funding round, raising $35m. This funding will accelerate its expansion and enhance its compliance and AI capabilities. Co-President Tin Pei Ling noted, “MetaComp’s fundraising reflects where the market is heading — compliant, hybrid infrastructure that bridges fiat and digital assets is no longer a niche proposition.”

As Alpha Ladder Group looks to the future, its Singapore headquarters will serve as the nerve centre for upcoming product launches and international expansions, reinforcing its commitment to sustainable innovation.

Rex International Holding Limited has announced a significant management change with the appointment of Per Lind as the new Chief Executive Officer (CEO), effective 19 March 2026. This follows the departure of Måns Lidgren, who has stepped down from the role for health reasons but will continue to serve as a Senior Adviser on a part-time basis to ensure a smooth transition.

Per Lind, who has been with Rex International since 2014 as Chief Financial Officer (CFO), brings extensive experience to his new role. He has been instrumental in overseeing the Group’s finance, legal, and administrative functions, and has played a key role in business development alongside the outgoing CEO. Lind’s previous positions include senior roles at Tangerine Time, AEP Investment Management, and 1st Software Corporation Ltd.

John d’Abo, Executive Chairman of Rex International Holding, expressed gratitude for Lidgren’s contributions, stating, “Måns had been instrumental in building Rex from a technology-based oil & gas company into a full-fledged oil & gas exploration & production company. We thank Måns for his contributions and look forward to continue working with him in his new capacity as Senior Adviser.”

Lind’s appointment is expected to bring continuity and stability to the company, leveraging his deep understanding of the Group’s operations and strategic direction. The company, which is listed on the Singapore Exchange, holds exploration and production licences in Norway, Germany, Oman, and Benin, and uses its proprietary Rex Virtual Drilling technology to de-risk its portfolio.

The Monetary Authority of Singapore (MAS) has announced the completion of phase two of Project MindForge, culminating in the release of an Artificial Intelligence (AI) Risk Management Toolkit for the financial sector. Developed in collaboration with 24 leading banks, insurance companies, and capital market firms, the toolkit offers resources to manage risks associated with traditional AI, generative AI, and emerging agentic AI technologies.

The toolkit includes an ‘AI Risk Management Operationalisation Handbook’, providing practical guidance on implementing AI risk management frameworks. It is supplemented by a collection of AI case studies, offering insights into the challenges and practices of using AI in various organisational contexts. The handbook is structured into four sections: scope and oversight, AI risk management, AI lifecycle management, and enablers, aligning with MAS’ proposed Guidelines on AI Risk Management.

Kenneth Gay, Chief FinTech Officer at MAS, stated, “The development of the MindForge AI Risk Management Toolkit marks a major step forward in our journey to ensure the responsible adoption of AI in finance.” He emphasised the importance of continuous engagement and strengthening AI governance across the industry.

The toolkit will be periodically updated to reflect the evolving use of AI in the industry. MAS plans to establish an AI risk management workgroup under the BuildFin.ai initiative to facilitate broader industry adoption of AI risk management practices. This initiative aims to develop implementation resources and build capabilities for managing risks from newer AI technologies.

The project has garnered support from industry leaders, with Sameer Gupta of DBS Bank highlighting the importance of governance as a strategic imperative to preserve customer trust. The initiative is seen as a benchmark for responsible AI adoption, not only in Singapore but across the region.

OCBC has unveiled Hari Raya e-packets on its app, allowing customers to send Duit Raya digitally for the first time. This initiative, available until 20 April 2026, aims to simplify the tradition of gifting cash in green packets during Hari Raya Aidilfitri by eliminating the need for physical cash or multiple ATM withdrawals.

The decision to introduce e-packets follows the success of OCBC’s Lunar New Year e-Ang Baos, which have been popular since 2021. Data from OCBC indicates a 10% increase in transactions during and after Hari Raya Puasa in 2024 and 2025, highlighting a demand for cash withdrawals and peer-to-peer transfers during the festive season. Notably, e-Ang Bao adoption among seniors aged 64 and above rose by 30% this year compared to 2025, with one in five gifting S$100.

Ng Lee Peng, OCBC’s Head of Digital Business Singapore, stated, “Our Hari Raya e-packets give customers a convenient and instant alternative to gifting cash, whilst still preserving the tradition of giving green packets.” She added that the success of e-Ang Baos inspired the extension of digital gifting to Hari Raya, with plans to expand to other festive celebrations.

Customers can select from three e-packet designs, two exclusive to the OCBC app. The process involves logging into the app, selecting “Pay & Transfer,” choosing a recipient, entering the amount, and selecting a design. A special message can also be shared with the e-packet.

Samsung Electronics Singapore has entered into a Memorandum of Understanding with Metro (Private) Limited to revolutionise the retail experience at Metro’s Paragon branch. This collaboration will see Metro utilising Samsung’s cutting-edge technologies, including large-format digital signage and integrated business solutions, to enhance its retail transformation efforts.

The highlight of this partnership is the newly opened SLEEPLAB at Metro Paragon, featuring a 60.72m U-shaped Samsung IEA Series commercial LED screen—the largest indoor deployment of its kind in Singapore. This immersive space is designed to engage shoppers with sensory experiences, showcasing how a perfect sleep environment can be achieved with the right bedding and technology.

Erwin Wuysang-Oei, CEO of Metro, expressed enthusiasm about the collaboration, stating, “Metro hopes to excite shoppers with our retail transformation efforts that are engaging, whilst helping shoppers uncover new brands to connect with.” Jeffrey Hahn, President of Samsung Electronics Singapore, added, “With SmartThings Pro and MagicINFO, the Metro team can lean on smart insights and manage connected devices easily and securely on our platform.”

The SLEEPLAB’s digital experiences are managed by Samsung’s SmartThings Pro and MagicINFO, enabling automatic adjustments based on preset routines. This initiative aims to achieve up to 30% energy savings for Metro. Additionally, shoppers will soon experience Samsung’s Galaxy Watch and Bespoke AirDresser, further integrating technology into the retail environment.

Metro’s partnership with Samsung marks a significant step in redefining the retail landscape, promising a more engaging and efficient shopping experience for customers.

Applied Angstrom Technology (AAT) has inaugurated the Atomic Precision Innovation Centre (APIC) in Singapore, a pioneering research and development facility designed to advance semiconductor manufacturing in the Angstrom Era. This strategic move addresses the growing demand for advanced logic and memory devices, crucial for AI data centres.

Located in Yishun Industrial Park, APIC is within close proximity to Singapore’s major semiconductor fabs, facilitating rapid technology development and agile production. The facility features a 2,000-square-foot Class 100 cleanroom and a larger 10,000-square-foot space, enabling the simultaneous development of multiple systems and an annual output of eight or more atomic-precision semiconductor systems.

AAT, led by founder and CEO Richard Yang, who has a history of innovation in Atomic Layer Etch (ALE) technology, is supported by Enterprise Singapore and backed by iGlobe Partners. Sioux Technologies collaborates with AAT on AI-native software development, enhancing the centre’s capabilities.

“By mastering precision at the atomic scale and AI-native design, and with APIC being close to major foundries, suppliers and research partners, we aim to bolster Singapore’s role in deep tech innovation,” Yang stated.

The centre’s establishment is expected to strengthen Singapore’s position as a key player in the global semiconductor supply chain, providing a collaborative environment for innovators to seize emerging opportunities in AI hardware. Ted Taylor, an adviser to AAT, highlighted Singapore’s skilled workforce and infrastructure as pivotal to expanding its role in the semiconductor industry.

APIC’s launch marks a significant step in supporting the region’s long-term competitiveness in AI hardware, with potential implications for the global AI race.

Seatrium Limited has announced a renewed multi-year agreement with Royal Caribbean Group, reinforcing a partnership that began in 2012. This collaboration highlights Seatrium’s prowess in cruise ship retrofit solutions, with the company set to handle statutory inspections, repairs, and upgrades for Royal Caribbean’s global fleet, including brands such as Celebrity Cruises and Silversea Cruises.

The agreement promises sustained workload visibility for Seatrium’s Singapore facilities. Work has already commenced, with Celebrity Solstice completing its upgrades at the Tuas Boulevard Yard in February 2026. Ovation of the Seas is slated for enhancements in March, followed by Silver Cloud later in the year.

Alvin Gan, Executive Vice President of Repairs & Upgrades at Seatrium, remarked, “This renewal underscores Royal Caribbean Group’s continued confidence in Seatrium’s strong track record – built over more than a decade of partnership – in delivering complex cruise ship projects with reliable execution, high quality and uncompromising safety.”

Brian Ostergaard Sorensen, Senior Vice President of Global Marine Operations at Royal Caribbean Group, added, “Seatrium has consistently demonstrated the engineering depth and operational discipline required for highly complex cruise ship drydock, upgrade and retrofit projects that are critical to our fleet.”

Seatrium, a leader in cruise vessel repairs and upgrades in Asia, has repaired over 430 vessels since 1978. The company remains committed to supporting the cruise industry’s evolving needs through innovation and excellence. This partnership not only bolsters Seatrium’s market leadership but also supports Singapore’s status as a leading cruise hub.

AIA Group Limited has announced its financial results for the year ending 31 December 2025, showcasing a robust performance despite challenging market conditions. AIA Singapore reported a 14% increase in Value of New Business (VONB), driven by strong growth across agency and partnership distribution channels.

The Annualised New Premium (ANP) for AIA Singapore rose by 23% to $1,128m, although the VONB margin slightly decreased to 47%. This shift is attributed to a strategic focus on unit-linked long-term savings products aimed at the wealth segment. Total Weighted Premium Income (TWPI) also grew by 16%, reflecting the company’s strong business expansion.

Wong Sze Keed, CEO of AIA Singapore, highlighted the company’s financial resilience and strategic core, stating, “Our growth across Value of New Business, Annualised New Premium, Total Weighted Premium Income, and Operating Profit After Tax highlights the strength of our strategic core.”

On a broader scale, AIA Group achieved a 15% increase in VONB to $5,516m, with an Operating Profit After Tax (OPAT) of $7,136m, marking a 12% rise per share. The group’s strategy of focusing on less capital-intensive products contributed to a 14% increase in net Free Surplus Generation (FSG) per share.

Looking ahead, AIA’s strategic initiatives, including the ‘Wealthbeing’ proposition for high-net-worth clients, position the company to continue capturing growth opportunities in Asia’s life and health insurance market. The company has also announced a new $1.7b share buy-back, reflecting its strong capital position and commitment to delivering shareholder value.

Zenlayer, a distributed cloud provider for artificial intelligence (AI), has unveiled its Fabric Port service in Singapore, aiming to streamline global digital infrastructure connectivity for enterprises. The service acts as a single entry point, allowing organisations to establish unlimited virtual connections to public cloud platforms, IP transit providers, internet exchanges, and data centres. This initiative is part of Zenlayer’s strategy to simplify and expand digital infrastructure globally.

The Fabric Port in Singapore offers on-demand access to Zenlayer’s extensive ecosystem of connectivity partners, supported by a global backbone that spans six continents. “Our goal is to remove the barriers that slow down global digital expansion,” said Joe Zhu, Founder and CEO of Zenlayer. By providing metro connectivity in Singapore at no extra cost, Zenlayer offers a cost-effective solution for scaling infrastructure.

This service is also integral to Zenlayer’s Fabric for AI, a connectivity architecture designed for distributed AI infrastructure. As organisations deploy AI agents across various regions, they require high-bandwidth, low-latency interconnections to manage inference traffic efficiently. The Fabric Port supports port speeds of up to 400 Gbps, facilitating effective data movement across global AI infrastructure.

Singapore, a crucial interconnection hub linking networks across Asia-Pacific, Europe, the Middle East, Africa, and the Americas, serves as the inaugural market for Fabric Port. This launch marks the beginning of Zenlayer’s broader plan to deploy this scalable entry point in major hubs worldwide.