Industry News

UOB and JTC Corporation have signed an agreement at the ASEAN Conference 2026 to enhance industry ecosystems in Singapore. The collaboration will see UOB referring companies interested in establishing or expanding in Singapore to JTC, which will connect UOB with existing companies and partners in its estates. This initiative includes FIC Global, Inc, a Taiwan-listed tech firm planning facilities at JTC’s Woodlands North Coast and Woodlands Gateway.

The partnership aims to support companies by providing access to JTC estates, connecting them with ecosystem players, and offering banking solutions, credit facilities, and sustainable financing. UOB, through its UOB FinLab, will deliver programmes to help businesses remain competitive in AI, digitalisation, and sustainability. JTC will facilitate access to facilities for entrepreneurship initiatives and collaborate with UOB FinLab via its Industry Connect platform.

Christine Wong, Assistant CEO of JTC, expressed enthusiasm for the partnership, stating, “We are pleased to partner with UOB to support companies within JTC’s ecosystems, connecting them to enablers, and programmes that can accelerate growth and regional expansion.”

Frederick Chin, Head of Group Wholesale Banking and Markets at UOB, highlighted Singapore’s strategic position, saying, “Through this partnership, UOB can connect our regional and international clients to JTC’s ecosystem and industrial infrastructure, helping them establish a presence in Singapore and build regional operating models that leverage opportunities across ASEAN.”

The agreement underscores Singapore’s role as a hub for future economies, aiming to attract investments and support business growth in the region.

Demand-led rental inflation is significantly influencing Singapore’s Central Business District (CBD) office market, with vacancy rates for Grade A offices dropping to 5.6% in Q2 2026, according to Savills Singapore. This marks the lowest vacancy level since Q3 2022, driven by strong demand for premium office space and limited new developments.

The market’s resilience is evident as average rents rose by 2.8% quarter-on-quarter to a record S$10.42 per square foot, the strongest growth since Q4 2018. Grade AAA offices saw vacancy rates fall to 3.1%, the lowest since Q4 2013, highlighting the demand for high-quality office spaces. This has led to a two-tier leasing market, where premium buildings maintain high occupancy and command higher rents, whilst lower-quality buildings struggle to fill vacancies.

Savills has adjusted its 2026 rental growth forecast for CBD Grade A offices from 3%-5% to 5%, with a further 5%-7% increase projected for 2027. Alan Cheong, Executive Director of Research & Consultancy at Savills Singapore, noted, “Barring a significant deterioration in the political-economic sphere, even a marginal increase in office demand could result in disproportionately strong rental growth given the current supply constraints.”

Leasing activity has been buoyed by expansion demand from sectors such as technology, financial services, and hedge funds. The market also witnessed new entrants in the serviced office sector and expansion among smaller corporate service providers. As companies increasingly adopt five-day return-to-office policies, the pace of office space surrender has slowed, further supporting rental growth.

Seatrium Limited has announced a significant increase in net profit for the first half of 2026, reaching S$373m, a 158% rise compared to the same period last year. This growth, reported for the period ending 30 June 2026, is attributed to improved margins and disciplined execution, with net profit excluding divestment gains rising by 54%.

The company, led by CEO Chris Ong, has focused on structural cost optimisation and strategic project execution to enhance profitability amidst a volatile macroeconomic environment. Ong stated, “Our solid 1H2026 results reinforce the consistent progress we are making towards building a resilient and more profitable Seatrium.”

Seatrium’s net order book stands at S$13.3b, with over 95% comprising Series Build projects, ensuring greater execution certainty and supporting long-term margin expansion. The company is poised to capture more than S$32b in global opportunities over the next 24 months, spanning oil and gas, offshore wind, and conversions.

The Group’s revenue for 1H2026 increased by 4.7% to S$5.6b, supported by steady execution of its order book. Gross margin improved to 8.6%, driven by a higher mix of profitable projects and reduced overheads. Seatrium’s EBITDA, excluding divestment gains, rose 20% to S$479m.

Looking ahead, Seatrium aims to convert pipeline opportunities to grow its order book further, focusing on higher-quality projects and optimising its cost structure. The company expects its FY2026 net profit to be materially higher than FY2025, supported by ongoing margin improvements and strategic divestments.

Great Eastern Holdings Limited has announced robust financial results for the first half of 2026, ending 30 June. The Group’s core insurance business demonstrated significant growth, with a 15% year-on-year increase in Total Weighted New Sales (TWNS) and a 28% rise in New Business Embedded Value (NBEV). This growth was primarily driven by strong demand in Singapore and improved productivity across distribution channels.

The Group’s profit attributable to shareholders saw a remarkable 103% increase  year-on-year in the second quarter of 2026 and 43% increase year-on-year for the first half of 2026, reaching $849.5m. This surge was largely due to higher insurance operating profit and favourable investment performance in the second quarter. Greg Hingston, Group CEO, highlighted the company’s “prudent risk management, a well-diversified business portfolio, and disciplined operational execution” as key factors anchoring their strong fundamentals.

Additionally, Great Eastern’s insurance subsidiaries maintained strong Capital Adequacy Ratios, exceeding regulatory requirements. The Board of Directors declared an interim dividend of 35 pence per share, a 17% increase over the previous year’s final dividend, payable on 28 August 2026.

Founded in 1908, Great Eastern is a leading insurance provider in Singapore and Malaysia, with over S$123b in assets and more than 16 million policyholders. The company continues to expand its reach through various distribution channels, including a tied agency force, bancassurance, and digital partnerships. As a subsidiary of OCBC, Great Eastern benefits from the financial strength and stability of one of Southeast Asia’s largest financial services groups.

Singapore’s Gen Z investors are increasingly looking beyond local borders to build their wealth, according to the HSBC Global Affluent Investor Snapshot 2026. The report highlights that 55% of Gen Z investors in Singapore prefer international investment exposure, a figure that exceeds both the national and global averages for this demographic. Despite this global outlook, confidence in achieving financial objectives has declined, with medium-term confidence dropping from 73% to 48% year-on-year.

The report, which surveyed 9,993 affluent and high-net-worth investors across 10 global markets, including Singapore, reveals that whilst overall investor confidence remains high, significant planning gaps persist. Only 20% of Singapore’s affluent investors currently utilise retirement planning services, and a mere 9% engage in wealth transfer planning, despite these being top financial priorities.

Ashmita Acharya, Head of International Wealth and Premier Banking at HSBC Singapore, commented on the findings: “The findings suggest that Singapore’s affluent investors are well diversified and willing to broaden their horizons for the right opportunities. But whilst overall confidence is high, persistent planning gaps indicate that translating intentions into actionable plans remains a key challenge.”

The report underscores the need for more holistic and integrated wealth planning as portfolios become more complex and internationally connected. This approach is essential to meet specific goals whilst balancing risk across various markets, asset classes, and life stages. As younger investors drive future allocations into growth, digital, and alternative assets, the trend towards global investment exposure is expected to continue.

Proofpoint, a leader in cybersecurity, has unveiled its 2026 AI-Era Ransomware Report, highlighting that artificial intelligence is significantly enhancing the effectiveness of ransomware attacks. The study, which surveyed cybersecurity professionals across 12 countries, including Singapore, found that 68% of affected organisations in Singapore reported AI increased the effectiveness of these attacks.

The report reveals that AI is transforming ransomware from a simple encryption event into a complex, human-centric extortion campaign. In Singapore, 45% of respondents noted that employees did not suspect the attack due to its authenticity, whilst 48% attributed the incident to user interaction with malicious content. Email-based social engineering remains the primary entry point, with phishing emails accounting for 28% of initial attacks, followed by malicious links (53%) and attachments (38%).

A concerning trend is that 75% of Singaporean victims had sensitive data stolen, and half of the affected organisations paid a ransom. Alarmingly, 45% of those who paid faced a second extortion demand. “AI hasn’t fundamentally changed ransomware, but it has materially improved the attacks that lead to ransomware,” said Ryan Kalember, Chief Strategy Officer at Proofpoint.

The findings underscore the need for organisations to shift from treating ransomware as a mere malware problem to focusing on protecting people, identities, and trusted communications. As AI continues to make phishing and impersonation more convincing, proactive defence against these human-centric threats is crucial.

The Civil Aviation Authority of Singapore (CAAS) has awarded Thales a significant contract to develop the NexGen Air Traffic Management System (ATMS) and air traffic control radars, aiming to manage up to one million aircraft movements annually by 2030. This initiative is part of Singapore’s strategy to accommodate future air traffic growth with enhanced safety and efficiency.

The NexGen ATMS, powered by advanced artificial intelligence and cybersecurity technologies, will replace the existing LORADS III system. At its core is Thales’ TopSky – ATC One, which provides air traffic controllers with real-time decision-support tools and a user-friendly interface. The system’s AI-based TopSky – Sequencer optimises aircraft arrival and departure flows, reducing delays, fuel consumption, and carbon emissions.

Thales will also deploy two next-generation air traffic control radars, ensuring 24/7 aircraft detection capabilities, even in adverse weather conditions. This integration will enhance situational awareness, providing controllers with accurate and reliable data.

Pascale Sourisse, Senior Executive Vice-President of International Development at Thales, stated, “We are honoured to continue our long-standing partnership with CAAS on such an ambitious programme for Singapore. NexGen ATMS represents a new chapter in Singapore’s air traffic management.”

The project includes knowledge transfer initiatives, with CAAS officers joining the project office in France and other localisation efforts in Singapore. This development underscores Singapore’s commitment to investing in critical aviation infrastructure and Thales’ role in supporting future-ready air traffic management.

The Maritime and Port Authority of Singapore (MPA) has announced the issuance of eight new licences to supply liquefied natural gas (LNG) as a marine fuel, effective from 1 September 2026. This move aims to expand Singapore’s LNG bunkering capacity and support its development as a multi-fuel bunkering hub.

The licences have been awarded to Aramco Trading Singapore, Equatorial Marine Fuel Management Services, ExxonMobil Asia Pacific, PetroChina International (Singapore), Shell Eastern Trading, Sinopec Fuel Oil (Singapore), TotalEnergies Gas & Power Asia (TEGPA)-Sembcorp Fuels (Singapore) Joint Venture, and Vitol Bunkers (S). These companies were selected based on their supply capabilities, commercial plans, operational experience, and safety standards.

The evaluation process also considered the applicants’ ability to monitor and mitigate methane slip and support the supply of methane-based alternatives with lower greenhouse gas emissions, such as liquefied bio-methane and e-methane. The licences will be valid for five years, until 31 August 2031, provided the licensees continue to meet the relevant conditions.

In conjunction with the new licences, MPA and Enterprise Singapore will upgrade the existing Technical Reference for LNG Bunkering (TR56) into a Singapore Standard (SS) in August 2026. This upgrade aims to enhance safety requirements, bunkering procedures, and crew competencies, reinforcing Singapore’s position as a trusted bunkering hub.

The Maritime and Port Authority of Singapore (MPA) has successfully installed a solar energy generation system at Marina South Pier (MSP), marking a significant milestone in its sustainability efforts. This development coincides with the 20th anniversary of MSP, which has served as Singapore’s primary passenger ferry terminal since 2006.

The solarisation project involves the installation of 1,092 solar photovoltaic panels across approximately 3,200 square metres of rooftop and canopy space. This system is capable of generating up to 780,000 kWh of electricity annually, equivalent to the yearly consumption of about 180 four-room HDB flats. It is expected to meet a substantial portion of MSP’s electricity needs and support the charging requirements of electric harbour craft.

This initiative is part of MPA’s broader strategy to expand renewable energy use across its facilities. In addition to the solarisation of MSP, MPA is working on replacing diesel generators on Pulau Satumu, aiming for the island to be fully powered by renewable electricity by the end of 2027.

The project supports the GreenGov.SG sustainability movement, contributing to the reduction of greenhouse gas emissions from MPA’s shore-based operations. As MPA continues to champion maritime digitalisation and decarbonisation, this solarisation project represents a significant step towards a more sustainable future for Singapore’s maritime sector.

The Competition and Consumer Commission of Singapore (CCS) has successfully secured a commitment from DNA Brands Co Pte Ltd to refund up to $1m to consumers affected by unfair sales practices at its beauty and wellness outlets. This decision follows an investigation revealing that since 2023, staff at DNA Brands used pressure tactics to coerce consumers into unintended purchases.

DNA Brands, which operates under names such as The Mineral Boutique, Beautique, and Allura, was found to have staff who applied facial masks post-treatment to keep consumers in treatment rooms for sales pitches. Additionally, staff enquired about consumers’ credit cards under the guise of promotions, and in some cases, pressured elderly consumers to use their CPF savings for purchases.

Although DNA Brands’ directors were not found to have directed these practices, the company has taken steps to address the issue. Staff involved have been dismissed or suspended, and DNA Brands has committed to ceasing unfair practices and implementing stronger compliance measures. A 14-day refund policy will now be prominently displayed at all outlets.

The refund scheme, administered by the Consumers Association of Singapore (CASE), is available to consumers who experienced undue pressure at DNA Brands outlets from 1 January 2023 onwards. Eligible consumers can contact CASE to submit claims, with refunds varying based on individual circumstances.

Alvin Koh, Chief Executive of CCS, stated, “Consumers should never be made to feel trapped or pressured into spending money they did not intend to part with.” CCS will continue to monitor the situation and enforce actions against any future unfair practices.