Industry News

The Competition and Consumer Commission of Singapore (CCS) has approved Zuellig Pharma Holdings Pte Limited’s proposed acquisition of certain assets from Eli Lilly and Company. The decision, announced on 5 May 2026, follows an assessment that the transaction will not significantly reduce competition in Singapore’s market for erectile dysfunction (ED) medications.

CCS’s evaluation of the acquisition proposal and feedback from third parties concluded that the market would stay competitive. The commission noted that Cialis, a prescription medication for ED, is not essential for distributors aiming to sell other products. Furthermore, Zuellig Pharma will not have the ability to favour Cialis over other ED medications it distributes.

This clearance ensures that the acquisition will not disrupt the supply and distribution dynamics of ED medications in Singapore. The CCS’s decision reflects its commitment to maintaining a competitive market environment, allowing consumers to benefit from a variety of choices and competitive pricing.

Centurion Asset Management Pte. Ltd., the manager of Centurion Accommodation REIT (CAREIT), announced that its net property income for the first quarter of 2026 reached S$37.5m, surpassing the prospectus forecast by 2.4%. This performance was attributed to increased occupancy and rental rates, alongside favourable currency movements in the British pound and Australian dollar.

Gross revenue for the period from 1 January to 31 March 2026 was S$52.5m, exceeding expectations by 2.7%. The positive results were further bolstered by the progressive ramp-up of new capacity at Westlite Toh Guan and Westlite Mandai, which experienced strong leasing demand.

CAREIT’s strategic entry into the Sydney Purpose-Built Student Accommodation (PBSA) market through the acquisition of EPIISOD Macquarie Park also contributed significantly. This acquisition, supported by a two-year master lease, is expected to generate A$14.1m for the financial year 2026 and has increased the portfolio valuation by 16.5% to S$2.19b.

The portfolio’s performance highlights CAREIT’s robust market positioning and effective management strategies. With a portfolio occupancy rate of 94% for its Purpose-Built Worker Accommodation (PBWA) and 98.6% for its PBSA, CAREIT continues to demonstrate resilience and growth potential in the accommodation sector.

Looking ahead, CAREIT’s focus on expanding its portfolio and optimising asset performance is expected to sustain its growth trajectory, providing stable returns for investors.

Singapore’s retail sales are projected to grow by 2% in 2026, according to RHB Bank’s latest Global Economics and Market Strategy Report. The report, attributed to Barnabas Gan, Group Chief Economist and Head of Market Research at RHB Bank, highlights the sector’s resilience in the face of economic headwinds expected in the latter half of the year.

Retail sales in Singapore saw a 4.8% year-on-year increase in March, a slowdown from February’s 8.3% rise. When excluding motor vehicles, the growth was 3.3% year-on-year, down from February’s 11.3% expansion. This deceleration is attributed to several factors, including geopolitical uncertainties, rising cost pressures, and a softening labour market.

Gan emphasised the cautious outlook for Singapore’s retail climate, noting that these factors could weigh on sales growth as the year progresses. Despite these challenges, the retail sector is expected to maintain its momentum in the near term.

The report also mentioned an upgraded GDP forecast for the first quarter of 2026, now anticipated to grow by 5.3% year-on-year. This adjustment reflects a more optimistic view of Singapore’s economic performance in the early part of the year.

As the retail sector navigates these challenges, stakeholders will be closely monitoring economic indicators and adjusting strategies to sustain growth amidst a complex global landscape.

Trust Bank has announced that it reached profitability in March 2026, a little over three years since its inception. This achievement places Trust among the fastest digital banks worldwide to reach such a milestone. The bank attributes its success to a model grounded in rapid innovation, deep customer engagement, and sustainable, multi-product growth.

Key drivers of this success include strong customer engagement, an expanded product suite, and the use of AI and automation. Approximately 70% of Trust’s customers joined through referrals, with credit cards being used about 25 times a month. In 2025 alone, Trust disbursed over $900m in loans and saw more than 50,000 customers begin their investment journeys.

Trust has rapidly expanded its product offerings, creating an integrated ecosystem that covers saving, spending, budgeting, borrowing, insuring, and investing. This comprehensive range has helped Trust establish itself as a leading all-in-one digital bank in Singapore, with over 170,000 customers using it as their primary bank.

AI and automation have been pivotal in scaling operations sustainably. Since 2023, Trust’s customer base has grown by more than 1.5 times, and card transactions have increased by nearly 2.5 times, all whilst costs have declined. The bank’s AI chatbot now handles nearly 50% of customer interactions, enhancing efficiency and customer satisfaction.

CEO Dwaipayan Sadhu expressed gratitude for customer support, stating, “Profitability was never the end goal in itself. It’s the outcome of building a bank that customers genuinely use, trust and grow with.” Looking forward, Trust aims to continue innovating and expanding its product range to further integrate into customers’ financial journeys.

The Infocomm Media Development Authority (IMDA) and Tencent have launched “Beyond the Screen: Healthy Digital Play”, a campaign designed to promote healthy digital habits and strengthen real-world connections through gaming. The initiative, launched on 2 May 2026, is part of Singapore’s Digital for Life movement, focusing on safe and responsible digital engagement for youths, parents, and families.

The collaboration between IMDA and Tencent includes the development of educational content and practical tools to support healthy digital habits. Tencent will organise four community outreach events in Singapore, aiming to reach over 4,000 participants. Additionally, Tencent has pledged S$25,000 to the Digital for Life Fund, which will be matched by the government for a total of S$50,000.

Murphy Zhao, Country Manager of Tencent Singapore, emphasised the importance of digital spaces in young people’s lives, stating, “We want to play a constructive role by helping families build meaningful digital habits that extend beyond the screen.”

The launch event featured hands-on activities and a parenting talk, showcasing how gaming can support communication and teamwork at home. Insights from the Singapore launch will guide the campaign’s expansion across Southeast Asia later in 2026.

Joanna Lam, Cluster Director for Digital Readiness at IMDA, highlighted the significance of digital wellness, especially for children who are digital natives. She expressed gratitude for Tencent’s ongoing commitment to the Digital for Life cause.

The initiative aims to create a scalable digital wellbeing framework for Southeast Asia, equipping families with resources to build balanced digital routines and foster open communication.

A groundbreaking international initiative, Sustainable Water-based Cooling in Megacities (SWiM), has been launched to develop next-generation cooling solutions for urban environments. The collaboration involves Nanyang Technological University in Singapore, Aalborg University and Aarhus University in Denmark, with Grundfos as an industry partner. The project seeks to address the rising demand for cooling, which is expected to more than triple by 2050, by creating energy-efficient systems that could reduce energy use by up to 30%.

Grundfos, a leader in energy-efficient water solutions, will contribute its expertise to the project, which focuses on sustainable, water-based cooling systems powered by renewable energy. Bent Jensen, EVP and Divisional CEO of Commercial Building Services at Grundfos, stated, “At Grundfos it is part of our DNA to develop new and innovative solutions that can further the green energy transition and have a lasting, positive impact.”

The SWiM initiative is funded by a US$9.4m grant from the Grundfos Foundation and aligns with the climate goals of both Singapore and Denmark. Professor Madhavi Srinivasan, Executive Director of the Energy Research Institute at NTU, highlighted the importance of the collaboration, saying it will advance innovative water-based cooling solutions that support sustainable urban development.

The project invites additional industry partners to join, aiming to ensure the innovations are practical and scalable. The ambition is for half of the developed products to become viable market solutions, contributing significantly to reducing energy consumption and carbon emissions in major cities.

Retail trade and food and beverage (F&B) services in Singapore experienced notable growth in March 2026, according to the latest Retail Sales Index (RSI) and Food & Beverage Services Index (FSI) released by the Singapore Business Review. Retail sales surged by 4.8% compared to March 2025, whilst F&B services saw a 2.3% increase over the same period.

The total retail sales value for March 2026 was estimated at $4.7b, with online sales accounting for 15.7% of this figure. Excluding motor vehicles, the retail sales value stood at $3.8b, with 18.9% derived from online transactions. Notably, the Computer & Telecommunications Equipment sector led online sales, comprising 59.9% of its total sales.

Within the retail sector, industries such as Recreational Goods and Motor Vehicles, Parts & Accessories saw significant year-on-year growth of 13.1% and 12.9%, respectively. However, sectors like Food & Alcohol and Department Stores experienced declines of 6.0% and 5.7%.

In the F&B sector, Food Caterers recorded a robust 13.7% increase in sales. Fast Food Outlets, Restaurants, and Cafes also reported growth, with increases of 4.8%, 1.7%, and 1.1%, respectively. Conversely, Food Courts & Other Eating Places saw a 1.5% decline in turnover.

The indices, which have been re-based to the year 2025, reflect the ongoing changes in Singapore’s retail and F&B landscapes, highlighting the growing importance of online sales channels.

A recent report by General Assembly (GA) reveals that 95% of employers in Singapore are grappling with tech hiring challenges despite an expanding talent pool. The “State of Tech Talent 2026” report highlights a significant shift towards AI and data skills, with employers increasingly adopting flexible talent models and emphasising upskilling as a shared responsibility between organisations and employees.

The report, which includes a Singapore-focused snapshot for the first time, shows that whilst hiring pressures have slightly eased, the demand for AI and data capabilities continues to grow. Sima Sadaat, Country Manager for GA Singapore, noted, “The findings highlight a clear shift in how organisations and individuals are approaching AI skills, with growing recognition that upskilling must be a shared responsibility.”

AI skills are now seen as a shared mandate, with over 80% of employers believing organisations should take at least partial responsibility for workforce development. This expectation is higher in Singapore compared to the US and UK. The demand for tech talent remains particularly high in data analytics and data science roles, with 58% of employers citing these as the hardest to fill.

Despite the critical need for upskilling, cost remains a barrier, with 58% of organisations finding it challenging to scale training programmes. This has led to a shift towards in-house training, although external providers are seen as strategic partners in accelerating capability development.

As automation reshapes entry-level roles, Singapore employers are expanding their talent access through outsourcing and flexible workforce models. This trend is opening new pathways into tech careers, particularly for women, and reshaping early-career pathways with a focus on AI-adjacent and hybrid skill sets.

Kaspersky has revealed a dramatic 111% increase in spyware attacks on Singapore-based organisations in 2025, marking the highest surge in Southeast Asia. The cybersecurity firm detected 30,691 attacks in Singapore alone, contributing to a regional total of 818,939 incidents—an 18% rise from the previous year.

The alarming increase in spyware activity highlights a shift in cybercriminal tactics, with attackers now focusing on intelligence gathering rather than mere business disruption. Simon Tung, General Manager for ASEAN and Asia Emerging Countries at Kaspersky, noted, “We are seeing a rise in targeted intelligence gathering in SEA, turning corporate networks into rich hunting grounds for sensitive information.”

Spyware, which is secretly installed on computers to collect data, poses significant risks by enabling data breaches and compromising network performance. The Philippines and Malaysia also saw substantial increases in spyware attacks, with rises of 85% and 75%, respectively. In contrast, Thailand experienced a 53% decline.

A notable incident in March 2025, dubbed Operation ForumTroll, involved a cyberespionage campaign exploiting a Chrome vulnerability to infiltrate various sectors, including media and finance. Attackers used phishing emails to deploy spyware tools like LeetAgent and Dante, underscoring the sophisticated nature of modern cyber threats.

To combat these threats, Kaspersky advises organisations to keep software updated, secure remote desktop services, and utilise advanced security products. Regular data backups and staying informed about threat actor tactics are also recommended to mitigate risks.

SC Ventures, the fintech innovation and investment arm of Standard Chartered, has announced a strategic investment in GSR, a crypto capital markets and liquidity partner. This investment marks SC Ventures as the first external strategic shareholder in GSR since its inception in 2013. The collaboration aims to bridge traditional finance with the burgeoning crypto sector, focusing on expanding access to tokenisation and developing scalable market infrastructure to support institutional adoption of digital assets.

The partnership underscores a shared commitment to enhancing the role of digital assets in global finance. GSR, known for its advisory, liquidity, and asset management services, will leverage this investment to strengthen its position within the digital asset ecosystem. Xin Song, CEO of GSR, expressed enthusiasm about the partnership, stating, “Institutional digital asset markets are maturing rapidly, and the firms best positioned to lead will be those that combine deep capital markets expertise with trusted banking infrastructure.”

SC Ventures’ investment follows its previous strategic moves, including leading Keyrock’s Series C funding and investing in TruFin earlier this year. Alex Manson, CEO of SC Ventures, highlighted the importance of infrastructure in the digital asset evolution, noting that the investment in GSR aligns with their focus on building institutional ecosystems that enhance liquidity and market resilience.

This strategic partnership is set to contribute to a more regulated and globally integrated financial ecosystem, paving the way for the next phase of digital asset adoption.