Industry News

Citibank Singapore has joined forces with Porsche Singapore to provide exclusive benefits to its high-net-worth clients. This collaboration, announced on 8 June, marks Citi as Porsche Singapore’s first banking partner to offer unique Porsche experiences, enhancing the premium client experience for Citigold Private Client customers.

The partnership offers two distinct Porsche experiences for clients celebrating their birthdays. The first is a full-day unsupervised test drive in a Porsche model of their choice, complete with Porsche’s signature delivery service, including a comprehensive vehicle handover and orientation in exclusive delivery bays. The second is an extended accompanied test drive, starting with a light breakfast at Porsche Studio Singapore, followed by a 60 to 90-minute guided drive with a Porsche product specialist.

Yeo Wenxian, Head of Wealth for Asia South at Citi and CEO of Citibank Singapore, expressed enthusiasm for the partnership, stating, “We are thrilled to partner with Porsche, a brand that deeply resonates with our clients’ aspirations.” He emphasised the alignment between Porsche’s legacy of performance and Citi’s commitment to exceptional financial guidance.

Andre Brand, General Manager of Porsche Singapore, highlighted the shared commitment to delivering meaningful, experience-led engagements. “At Porsche, we believe the essence of our brand is best understood from behind the wheel,” he said, noting the partnership’s focus on performance, precision, and quality.

This collaboration reflects a strategic move to enhance client engagement through unique, experience-driven offerings, setting a new standard for luxury client services in Singapore.

Clear Robotics, a Singapore-headquartered maritime technology company, has successfully raised $1.75m to develop the world’s largest fleet of zero-emission autonomous ships. This funding will enable the company to advance its mission of revolutionising maritime transport with environmentally friendly technology. The investment, announced on 8 June, marks a significant step towards sustainable shipping solutions.

The funding will be utilised to enhance the design and production of autonomous ships that operate without emissions, addressing the growing demand for sustainable maritime solutions. Clear Robotics is focused on reducing the environmental impact of shipping, a sector traditionally known for its high carbon emissions. The company plans to deploy these ships globally, contributing to cleaner oceans and reduced pollution.

Sidhant Gupta, the CEO of Clear Robotics stated, “This investment is a testament to our commitment to innovation and sustainability in the maritime industry. We are excited to lead the charge in creating a greener future for shipping.”

The initiative is expected to set a new standard in the industry, encouraging other companies to adopt similar technologies. By prioritising zero-emission solutions, Clear Robotics aims to not only reduce the carbon footprint of maritime transport but also inspire a shift towards more sustainable practices across the sector.

As the project progresses, the company anticipates further developments in autonomous technology, which could enhance efficiency and safety in maritime operations. The successful deployment of these ships could pave the way for widespread adoption of zero-emission vessels, significantly impacting the global shipping industry.

The Singapore International Water Week (SIWW) 2026 is set to convene from 15 to 18 June at the Sands Expo and Convention Centre, bringing together over 2,000 global leaders and experts to tackle pressing urban water and climate challenges. This biennial event, now in its 11th edition, will address issues such as ageing water systems, rising energy costs, and extreme flooding exacerbated by climate change and urbanisation.

SIWW2026 will focus on three key themes: municipal water solutions, coastal and flood resilience, and industrial water solutions. The event will feature more than 80 sessions, including high-level panels, roundtables, and workshops. Notably, Singapore’s Deputy Prime Minister will open the event, followed by the Lee Kuan Yew Water Prize 2026 Award Ceremony.

The event will also host a Ministerial Plenary, where Singapore’s Minister for Sustainability and the Environment will join international counterparts to discuss advancing the water and climate agenda. Highlights include the Water Leaders Summit and the Water Expo, which will feature over 500 international exhibitors.

Participants will include representatives from 55 utilities and 30 cities worldwide, as well as senior leaders from organisations like the Intergovernmental Panel on Climate Change and the World Bank Group. SIWW2026 aims to foster collaboration and innovation in water management, supporting Singapore’s strategic goals for sustainability and climate resilience.

Digital Edge has announced the acquisition of a fully powered land parcel in Ansan, South Korea, to develop SEL5, a 60 MW hyperscale data centre. This move is supported by a 90 MVA power agreement, one of the largest in Ansan, addressing the region’s power supply constraints. The site will feature a dual-feed power architecture with two independent 154 kV substations, ensuring high grid resilience and 99.999% availability for AI and cloud workloads.

The SEL5 facility is designed to support ultra-high-density workloads and advanced liquid cooling technologies. Its cooling architecture, including a chiller plant with integrated free cooling, aims to achieve a market-leading annualised Power Usage Effectiveness (PUE) below 1.25. John Freeman, CEO of Digital Edge, stated, “With SEL5, we have secured large-scale power in a highly constrained market and paired it with a resilient, scalable site capable of supporting next-generation hyperscale deployments.”

South Korea remains a key digital infrastructure market in Asia, driven by increasing cloud adoption and AI demand. The SEL5 site benefits from strong infrastructure fundamentals, including low-latency access to central Seoul, and is located within Ansan’s Sihwa National Industrial Complex, a hub for digital infrastructure and AI ecosystems.

This acquisition expands Digital Edge’s footprint in South Korea to five data centres across Seoul, Incheon, Ansan, and Busan. Headquartered in Singapore, Digital Edge, backed by Stonepeak, continues to empower businesses across Asia Pacific with sustainable and reliable digital infrastructure.

Singapore’s retail sales growth forecast for 2026 has been upgraded to 3% by RHB Bank, following an unexpected surge in April’s figures. Retail sales expanded by 5.4% year-on-year in April, surpassing Bloomberg’s anticipated 4.4% growth, and marking a 0.3% month-on-month increase. This brings the year-to-date growth to 4.3%.

Despite the positive revision, Barnabas Gan, Group Chief Economist and Head of Market Research at RHB Bank, cautions that the momentum is expected to slow in the latter half of the year. “We are cautious on discretionary demand, especially in department stores, recreational goods, watches and jewellery, and furniture and household equipment,” Gan noted. However, essential sales in food are likely to provide some support, whilst high fuel prices are expected to boost petrol services receipts nominally.

The report highlights the mixed outlook for different retail sectors, with discretionary spending facing challenges, whilst essential goods and services may offer stability. This nuanced view reflects broader economic trends and consumer behaviour in Singapore, as the nation navigates a complex economic landscape.

As the year progresses, the retail sector will be closely monitored for any shifts in consumer spending patterns, which could impact future forecasts and economic strategies.

AsiaPhos Limited has announced its intention to acquire a 51% shareholding in DC Alliance Pte. Ltd., which owns Pier Data Centre in Perth, Australia. This acquisition, valued at approximately S$7m, signifies a strategic pivot for AsiaPhos from commodity trading to digital infrastructure. The move is expected to bolster the company’s revenue through stable infrastructure-backed earnings.

The acquisition is contingent upon several conditions, including satisfactory due diligence and the execution of definitive agreements. AsiaPhos aims to expand the data centre’s existing IT capacity to 8 megawatts, anticipating a significant increase in revenue upon completion. The company is also collaborating with China Mobile International to explore joint opportunities in data centres and artificial intelligence computing services.

Pier Data Centre, a Tier III facility, offers expansion potential, which AsiaPhos plans to leverage. The acquisition aligns with the company’s strategy to diversify its business operations and tap into the growing demand for digital infrastructure. The proposed acquisition is subject to regulatory approvals, including those from the Australian Foreign Investment Review Board and the Singapore Exchange.

AsiaPhos has been granted a 90-day exclusivity period to conduct due diligence and finalise the acquisition terms. During this period, the vendors are restricted from engaging with other potential buyers. The acquisition is expected to position AsiaPhos as a significant player in the data centre sector, with future growth opportunities in digital infrastructure.

ASMPT, a leading provider of semiconductor and electronics manufacturing solutions, has announced a significant repeat order for eight Thermo-Compression Bonding (TCB) tools from a prominent global integrated device manufacturer. These tools will be instrumental in producing advanced client and datacentre CPUs, as the industry increasingly adopts chiplet-based architectures to meet the growing demands of heterogeneous computing.

The order underscores ASMPT’s leadership in TCB chip-to-wafer applications and highlights the strong relationship with its customer. Robin Ng, Group CEO of ASMPT, stated, “This latest achievement reinforces our established leadership in TCB chip-to-wafer applications and underscores the strength of our relationship with the customer and their confidence in ASMPT’s ability to support high-volume manufacturing.”

ASMPT’s continued momentum in TCB solutions aligns with advancements in other key growth areas, such as TCB for chip-to-substrate, high bandwidth memory, and photonics die bonders. These developments position ASMPT favourably as artificial intelligence ecosystem requirements evolve from training to inference.

Headquartered in Singapore, ASMPT is a global supplier of hardware and software solutions for semiconductor and electronics manufacturing. The company is listed on the Hong Kong Stock Exchange and is part of several key indices, including the HKEX Tech 100 Index and the Hang Seng Composite MidCap Index.

OCBC has announced the expansion of its gold services to include physical gold trading, allowing institutional clients and high-net-worth individuals from its subsidiary, Bank of Singapore, to buy, sell, and store gold in a secure vault in Singapore starting 10 June 2026. This move comes in response to a 50% increase in global demand for gold bars in Q1 2026, as reported by the World Gold Council.

The decision to offer physical gold trading is part of OCBC’s strategy to enhance its capabilities in the precious metals market. The bank aims to cater to clients’ growing preference for local transactions amid geopolitical tensions and economic uncertainties. Previously, Bank of Singapore clients had to transact with a US-based entity for physical gold.

OCBC will offer two sizes of gold bars: large bars weighing approximately 12.4kg and kilobars weighing 1kg. These bars are individually numbered and allocated to clients, providing more security compared to unallocated gold offerings. The expansion is part of OCBC’s broader strategy to strengthen its position as a trusted gold trading centre in Singapore.

Jason Moo, CEO of Bank of Singapore, highlighted the strategic importance of gold in wealth preservation, especially for ultra-high-net-worth clients. Kenneth Lai, Head of Global Markets at OCBC, noted that the new capabilities represent a significant expansion of the bank’s market-making abilities in precious metals. OCBC plans to extend these services to other client segments in the future.

NTT DATA, a global leader in AI and digital business services, has signed a Memorandum of Understanding (MOU) with AXS, Singapore’s leading payment solutions provider, to develop secure and seamless cross-border bill payment services. The partnership will initially focus on interoperability between Singapore and Malaysia, allowing users to pay bills through their domestic platforms.

The collaboration will see e-pay, a bill payment aggregator in Malaysia under NTT DATA Payment Services, serve as the access point for Malaysian billers. In Singapore, AXS will utilise its extensive biller network and digital platforms to facilitate payments. This initiative aims to address the growing demand for convenient cross-border bill payments, particularly for individuals managing expenses across borders.

Jeffrey Goh, Group CEO of AXS, stated, “This collaboration with NTT DATA marks another step in extending AXS’ payment connectivity beyond Singapore.” Masanori Kurihara, Head of Payment at NTT DATA, added, “By combining our strengths, we are creating new value that enhances convenience and improves everyday experiences.”

The MOU also outlines plans to expand the collaboration to additional markets, subject to regulatory approvals. Beyond bill payments, AXS and NTT DATA intend to explore further opportunities in payment-related services. This partnership reflects a long-term commitment to enhancing payment solutions across East and Southeast Asia.

UMS Integration Limited has signed a Memorandum of Understanding (MOU) to establish a joint-venture company in Vietnam, aiming to bolster its growth in the semiconductor and precision engineering sectors. The Singapore-based company intends to invest approximately $3.6m for a 51.6% stake in the new venture, which will consolidate three local precision engineering and metal plating firms.

The MOU, which is non-binding, was signed with Viet Nguyen Mechanical Precision Company Limited, Central Metal Mechanical Company Limited, and Global Metal Plating Company Limited. These companies will be restructured into a new entity, with UMS taking a majority stake. The investment will be funded through UMS’s internal resources and is part of its strategy to expand its manufacturing capabilities and tap into the booming semiconductor market.

UMS CEO Andy Luong highlighted the strategic benefits of the deal, stating, “This deal is both strategic and synergistic for UMS. We can gain from lower costs and better economies of scale in view of the strong growth in the global semiconductor industry.” He also noted that the investment would enhance UMS’s production facilities in Singapore and Malaysia, whilst broadening its geographical footprint to Vietnam.

Vietnam is positioning itself as a significant player in the global semiconductor industry, recently being removed from the US export control list, which could facilitate access to advanced chip-making technologies. The MOU is not expected to impact UMS’s financial results in the current year, but it marks a significant step in the company’s long-term growth strategy.