Industry News

DBS has announced a significant expansion of its wealth management services, with plans to open 18 new wealth centres across Asia by the end of 2027. The bank will also upgrade 36 existing centres over the next 18 months, enhancing its presence in Singapore, Hong Kong, mainland China, India, Indonesia, and Taiwan. This move aims to cater to the growing demand for wealth management among affluent clients seeking closer relationships with their banks.

The expansion represents DBS’s largest physical growth in its wealth franchise to date. Sanjoy Sen, Group Head of Consumer Banking at DBS, highlighted the importance of personal relationships in banking, stating, “What clients tell us, more than anything else, is that the relationship they want with their bank should feel personal, familiar and close to home.”

The new wealth centres will be designed to support clients’ entire wealth journey, offering services from portfolio advisory to sophisticated wealth solutions. They will also provide spaces for relationship managers to engage in meaningful conversations with clients, focusing on long-term wealth planning and multi-generational discussions.

DBS’s decision comes as Asia’s affluent wealth pool is projected to reach $4.7t by 2026. Despite the rise of digital platforms, many clients still value face-to-face interactions, with surveys indicating that nearly half of respondents in Hong Kong and Singapore prefer in-person meetings with their relationship managers.

The first of the new wealth centres is expected to open in the third quarter of 2026, with further details on market-specific launches to be announced in the coming months.

OCBC has announced a strategic partnership with the Singapore Chinese Chamber of Commerce & Industry (SCCCI) and the China Chamber of Commerce for Import and Export of Machinery and Electronic Products (CCCME) to accelerate cross-border trade, investment, and financial flows between Greater China and ASEAN. This collaboration, signed on 28 May 2026 at the Conference on International Industrial Cooperation, aligns with OCBC’s corporate strategy, The Next Frontier, which focuses on capturing ASEAN-Greater China trade and investment flows.

The partnership leverages CCCME’s network of over 10,000 Chinese enterprises, SCCCI’s regional business connections, and OCBC’s strong ASEAN presence and financial capabilities. In 2025, OCBC supported a 50% increase in new Chinese companies establishing a presence in ASEAN, highlighting the growing momentum in intra-Asia flows.

The collaboration aims to support SMEs and mid-sized corporates in accessing cross-border opportunities, focusing on sectors such as green development, digitalisation, and advanced manufacturing. A joint coordination group will be established to ensure sustained momentum and tangible outcomes.

Roy Tan, Head of Enterprise Banking International at OCBC, stated, “Partnering with CCCME and SCCCI enables us to deliver a more targeted and holistic proposition that addresses market access, business matching, and providing on-ground ecosystem support combined with integrated financing solutions.”

Additionally, the Singapore Investment Guide 2026/2027 was unveiled at the conference. Developed by SCCCI with contributions from OCBC, the guide aims to simplify the market entry process for foreign companies in Singapore and ASEAN, amidst Singapore’s strengthening as a global innovation hub and China’s increasing openness.

UOB Deputy Chairman and CEO Wee Ee Cheong met with Vietnam President To Lam on 30 May 2026 during the Shangri-La Dialogue in Singapore. The meeting focused on UOB’s long-term commitment to Vietnam’s economic growth and regional integration. UOB, which has operated in Vietnam for over 30 years, is the only Singaporean bank with a subsidiary in the country, boasting five branches in Ho Chi Minh City and Hanoi.

UOB Vietnam, with a charter capital exceeding S$500m, is the second largest foreign-owned bank in Vietnam. The bank’s acquisition of Citi Vietnam’s consumer banking business in July 2025 has significantly expanded its customer base. UOB has been instrumental in promoting Foreign Direct Investments (FDI) into Vietnam, supporting over 400 companies with projected investments of about S$9b since 2020, creating more than 60,000 jobs.

The bank is also constructing a new headquarters in Ho Chi Minh City, with a groundbreaking ceremony planned for July 2026. Additionally, UOB is considering involvement in the Vietnam International Financial Centre, which aims to enhance capital flows from Singapore and ASEAN into Vietnam.

Wee Ee Cheong stated, “Vietnam is a key market in UOB’s ASEAN strategy and is one of Southeast Asia’s most dynamic and resilient economies. We see tremendous opportunities in Vietnam’s continued transformation and its growing role as a key hub in ASEAN.”

UOB’s initiatives underscore its commitment to facilitating cross-border trade, supporting FDI flows, and empowering local enterprises in Vietnam.

Grab has announced updates to its Cross-Border SG-JB (Beta) pilot, which has completed over 1,000 rides since its launch on 4 May 2026. The service, connecting Singapore with areas in Malaysia such as Johor Bahru and Iskandar Puteri, now features a shortened advance booking window and streamlined return bookings. Passengers can book rides just six hours in advance, down from the previous 12-hour requirement. Additionally, an automated notification will prompt passengers to book their return journey immediately after securing their initial ride.

Alvin Wee, Senior Director of Transport & Country Operations at Grab Singapore, expressed gratitude to passengers and taxi driver-partners for their feedback, which has been instrumental in shaping these updates. “With the June holidays coming, we expect an increase in Singapore-Malaysia trips among families and friends, and we look forward to supporting such travel needs,” he said.

To encourage more commuters to try the service during the upcoming school holidays, Grab is increasing its cross-border ride discount to up to 30% from 29 May to 28 June 2026, up from the initial 20% discount offered earlier in May. As the first platform to receive the Cross-Border Ride-Hail Service Operator Licence under the enhanced Cross-Border Taxi Scheme, Grab aims to refine its operations and deliver a reliable service by working closely with regulators, taxi driver-partners, and passengers.

Singapore’s import prices experienced a slight decline of 0.3% in April 2026, contrasting with a significant 17.1% increase in March, according to the Department of Statistics. This decrease was primarily driven by a 2.6% drop in oil prices, following a substantial 78.9% surge the previous month. In contrast, the non-oil import index saw a modest rise of 0.8%, attributed to higher prices in machinery, transport equipment, and chemicals.

Meanwhile, export prices in Singapore rose by 3% in April, building on an 11.9% increase in March. The oil export index increased by 7.5%, albeit at a slower pace than the 60.1% rise in March. The non-oil export index also grew by 1.5%, largely due to higher prices in chemicals, machinery, and manufactured goods.

Year-on-year, the import price index showed an 18.4% increase, with oil prices up by 72.6% and non-oil prices by 3.6%. The export price index rose by 13.3% compared to April 2025, with oil and non-oil indices increasing by 67.2% and 1.9%, respectively.

These fluctuations in import and export prices reflect ongoing changes in global commodity markets, impacting Singapore’s trade dynamics. The data provides valuable insights into the economic conditions affecting Singapore’s importers and exporters, highlighting the influence of oil prices and other key commodities on trade indices.

Pokémon Centre Singapore is set to reopen on 1 July 2026 at Jewel Changi Airport, following extensive renovations. This marks the first major overhaul of a Pokémon Centre outside Japan, aiming to better serve the growing Pokémon community in Singapore and the region. The revamped store will feature interior designs inspired by Singapore’s cultural identity, a new symbol Pokémon, and exclusive Singapore-themed merchandise.

The Legendary Pokémon Solgaleo has been chosen as the new symbol for the store, prominently displayed on the store’s logo and façade. Shunsuke Sasaki, Managing Director of Pokémon Singapore, expressed excitement about the reopening, stating, “We hope to inspire even greater love for Pokémon and encourage fans to visit Pokémon Centre Singapore to fully immerse themselves in the experience with this renewed store.”

The store’s interior design incorporates elements of Singapore’s cultural heritage, offering a familiar yet unique experience for local fans and visitors. A dedicated event space at the rear of the store will host video game, trading card game, and app gaming events, further establishing the centre as a hub for Pokémon enthusiasts worldwide.

To celebrate the reopening, a range of commemorative merchandise will be available, including plush toys of Solgaleo and Pikachu, and items inspired by the iconic kopi cup. The first wave of 12 products will launch on the reopening day, with additional items debuting in August.

To manage the expected demand, admission during the first five days will be regulated through advance reservations and same-day queue entry tickets. For more details, fans are encouraged to follow the official Pokémon Centre Singapore Instagram page.

Singaporeans are increasingly turning to artificial intelligence (AI) for both everyday tasks and significant life events, yet many lack confidence in identifying AI-generated scams, according to a new study by TrendLife, the consumer business unit of Trend Micro Incorporated. The study, “Digital Life and AI Experiences,” highlights a growing gap between AI adoption and preparedness against AI-enabled threats.

The research surveyed over 500 Singaporeans and found that nearly 70% use AI tools during major life events, significantly above the global average. However, fewer than 20% feel very confident in spotting AI-generated scams or deepfakes. This confidence gap is concerning, especially as AI-enabled scams, such as deepfake Zoom impersonations of senior government officials, have resulted in losses of at least S$4.9m.

Despite high awareness of the risks associated with sharing personal information with AI tools, many Singaporeans do not feel adequately prepared to respond to AI-enabled threats. Ashley Millar, Consumer Education Director at TrendLife, emphasised the importance of ingraining safety in every AI interaction, stating, “Our findings show that whilst many recognise the need to better protect themselves in an AI-driven digital world, they do not feel adequately prepared to do so.”

The study also revealed that Singaporeans use AI tools at higher rates than other surveyed markets for tasks such as writing emails, travel planning, and online shopping. However, significant life events like big-ticket purchases and job searches are perceived as particularly vulnerable to scams and identity theft.

To combat these risks, the study suggests practical steps such as creating a family anti-scam playbook and using AI-powered tools to enhance digital protection. As AI continues to integrate into daily life, awareness and preparedness remain crucial for navigating its challenges safely.

Seatrium Limited has announced its financial results for the first quarter of 2026, revealing a robust net order book of S$15.5b across 24 projects, with deliveries scheduled through 2033. The company, which specialises in offshore, marine, and energy sectors, has successfully delivered two major projects: the Trailing Suction Hopper Dredger Frederick Paup and the Wind Turbine Installation Vessel Maersk Viridis.

The company is on track for margin improvements, driven by a better project mix and reduced overheads. The completion of non-core asset divestments is expected to unlock over S$50m in annual operational cost savings and more than S$330m in cash. CEO Chris Ong stated, “We continued to carry the momentum gained in FY2025 into the new financial year with steady project execution and margin improvements.”

Seatrium’s financial health remains strong, bolstered by a S$3b Multicurrency Debt Issuance Programme, which includes a successful issuance of S$400M in senior unsecured notes. This move aims to diversify funding sources and extend maturities.

The company has secured its eighth Floating Storage and Regasification Unit (FSRU) conversion project, LNGT Karadeniz, marking the first of three such projects from a previous letter of intent. Seatrium’s pipeline opportunities exceed S$28b over the next 24 months, spanning oil and gas, offshore wind, and conversions.

Looking ahead, Seatrium aims to convert pipeline opportunities into order book growth, focusing on high-quality projects and strengthening its margin profile for long-term resilience.

FairPrice Group (FPG) has announced an extension and expansion of its price freeze initiative, locking prices on over 500 essential items from 1 June to 31 August 2026. This move, marking the third extension since April, aims to support Singaporean households facing ongoing global economic uncertainties and supply chain disruptions.

The initiative covers a wide range of daily essentials, including rice, cooking oil, eggs, vegetables, fresh and frozen protein, milk, and senior and baby care products. This expansion follows an earlier price freeze on 300 items in May and initially started with 100 essentials in April.

Group CEO Vipul Chawla stated, “Our rapid response in April proved that freezing prices works to protect household budgets. However, dealing with prolonged global uncertainties requires a deeper, more sustained commitment.” He emphasised the importance of keeping daily necessities affordable for all Singaporeans.

Ng Chee Meng, Secretary-General of NTUC, highlighted the significance of this initiative, noting, “For many of our workers and families, the rising cost of living is a real concern. NTUC and FairPrice Group hear their worries and are taking action to help them further.”

This price freeze is part of a broader support ecosystem by FPG, which includes discounts for CHAS cardholders, a BestSellers for Less campaign, and distribution of festive care packs. Looking ahead, FPG plans to introduce tailored support initiatives for seniors and vulnerable communities, ensuring that assistance reaches those who need it most.

Sanli Environmental Limited has reported a 31.3% increase in net profit for the financial year ending 31 March 2026, despite a decline in revenue. The company’s net profit rose to S$2.3m, whilst revenue fell by 11.4% to S$139.6m due to extended project timelines in its Engineering, Procurement, and Construction (EPC) segment. The EPC segment remains the largest contributor to the group’s revenue, generating S$95.3m.

Sanli’s gross profit margin improved from 9.3% in FY2025 to 11.1% in FY2026, attributed to cost efficiencies and savings in raw material costs within the EPC segment. The company also reported a strengthened balance sheet, with a net asset value per share of 18.27 Singapore cents as of 31 March 2026.

The group has an order book valued at S$748.1m with a focus on timely project execution for both private and public sector clients, including PUB and LTA. Sanli’s Emerging Business Segments saw significant growth in chemical manufacturing, with sales of magnesium hydroxide slurry exceeding 1,000 tonnes, up from less than 200 tonnes in the previous year.

Sanli’s CEO, Sim Hock Heng, highlighted the company’s commitment to improving operating margins and exploring new opportunities within the environmental industry. The company has proposed a final dividend of 0.189 Singapore cents per share, representing approximately 30% of the net profit attributable to shareholders.