Industry News

OCBC has announced that its Indonesian subsidiary, PT Bank OCBC NISP Tbk, has entered into an agreement to acquire the retail banking and wealth management operations of PT Bank HSBC Indonesia. This acquisition, finalised on 4 May 2026, involves the transfer of assets and liabilities from HSBC’s International Wealth and Premier Banking (IWPB) division in Indonesia. The transaction is expected to be completed by the second quarter of 2027.

The acquisition will significantly enhance OCBC Indonesia’s wealth management business by adding 336,000 customers and increasing its assets under management (AUM) by 25%. The total AUM to be transferred amounts to S$6.6b, comprising S$4.3b in investments and S$2.3b in customer deposits. Additionally, a retail loan book of S$0.3b will be included in the transfer.

The strategic acquisition aligns with OCBC’s Next Frontier Strategy, aimed at expanding its presence in Southeast Asia’s largest economy. Group CEO Tan Teck Long stated, “This acquisition in Indonesia fits well into our Next Frontier strategy under the Franchise Shift of building up our Indonesia franchise.”

The transaction is internally funded and will not materially impact OCBC’s net tangible assets, earnings per share, or capital. OCBC Indonesia plans to work closely with HSBC Indonesia to ensure a smooth transition for customers and employees. Further details will be announced as the completion date approaches.

RINA, a global leader in ship classification and consulting engineering, is expanding its Singapore Open Innovation Hub with support from the Singapore Economic Development Board (EDB). The initiative seeks to accelerate innovation in the maritime and energy sectors by translating applied research into practical solutions.

The Singapore Open Innovation Hub will focus on three key areas: integrated digital twin technologies, decarbonisation solutions, and AI-enabled learning platforms. These efforts aim to optimise performance, reduce emissions, and enhance workforce skills. The hub will facilitate applied research, industry pilots, and large-scale deployments, fostering new capabilities and services within the maritime and energy value chains.

Imran Ibrahim, Director of the Open Innovation Hub Singapore at RINA, emphasised the hub’s role as a catalyst for operational value, stating, “We are building an ecosystem that connects digitalisation, decarbonisation and workforce development.” The hub plans to create 13 new specialist roles over the next three years to support its initiatives.

Soo Haw Yun, Vice President Global Enterprise Division at EDB, highlighted Singapore’s position as a leading maritime hub, noting, “Companies like RINA can access a strong base of research and scientific capabilities here to co-develop, test and scale new solutions.”

This expansion is part of RINA’s global network of Open Innovation Hubs, reinforcing its commitment to sustainable, technology-driven solutions worldwide.

Blueport Acquisition Ltd, a special purpose acquisition company, and SingAuto Inc, a leader in green cold-chain logistics technology, have announced a definitive business combination agreement. This merger will result in a newly formed holding company listed on The Nasdaq Stock Market. The transaction, subject to regulatory and shareholder approvals, is expected to close by the end of 2026.

SingAuto, headquartered in Singapore, specialises in designing and manufacturing smart commercial electric vehicles (CEVs) for cold-chain logistics. Their flagship product, the S1, is a new energy refrigerated vehicle that enhances delivery efficiency for various goods, including pharmaceuticals. SingAuto’s innovative approach combines technology and artificial intelligence to revolutionise the logistics industry.

The merger will see Blueport merge with NeoCryo Inc, a wholly-owned subsidiary, followed by NeoCryo’s merger with SingAuto. Upon completion, SingAuto shareholders will receive approximately 120 million ordinary shares of the new public company, valued at $12b.

Yuqiang Liu, CEO of SingAuto, expressed enthusiasm for the merger, stating it will “strengthen our market presence and allow us to accelerate our business plan and growth.” William Rosenstadt, CEO of Blueport, highlighted SingAuto’s unique position in the market, noting its potential benefits as a public company.

The merger has been unanimously approved by both companies’ boards and awaits further regulatory review. Upon completion, Liu is expected to continue leading the newly formed public company.

The Monetary Authority of Singapore (MAS) has announced a collaboration with the banking industry, the Government Technology Agency of Singapore, and the Singapore Police Force to combat financial crime using artificial intelligence and machine learning (AI/ML). This initiative, revealed on 4 May 2026, aims to enhance scam detection capabilities across the sector.

MAS is conducting a Proof-of-Value (POV) to explore AI/ML techniques for pre-emptive scam detection. By integrating data from five banks, the POV seeks to develop robust AI/ML models to identify high-risk transactions and accounts. This proactive approach could significantly reduce customer losses by enabling timely intervention.

To ensure data security, MAS has established a secure data sharing environment governed by strict policies. The framework ensures that customer information remains confidential, with cryptographic techniques protecting data. Bank account numbers will be hashed, allowing only the contributing bank to identify them. Data access is restricted to authorised personnel, and all data will be deleted at the end of the POV.

This initiative sets the stage for deeper industry collaboration, enhancing individual financial institutions’ efforts to prevent financial crime. Depending on the POV’s success, MAS may expand the AI/ML models’ scope, incorporating broader datasets and more use cases to strengthen the financial system’s defences against criminal activities.

Dmall Inc, a leading provider of digital retail solutions, has successfully implemented its AI-driven retail platform across 87 Cold Storage stores in Singapore. This collaboration marks a significant milestone in the digital transformation of Southeast Asia’s retail sector. The project, completed in just seven months, integrates multiple systems into a unified platform, enhancing supply chain, merchandising, and store operations.

The platform’s deployment has already shown promising results, with Cold Storage Singapore’s Managing Director, Lim Boon Chiong, noting improvements in product availability and replenishment. “The transition was completed with minimal disruption to our operations,” he stated, highlighting the enhanced visibility across the supply chain and store network. This has led to more consistent store execution and a reliable customer experience.

Dmall’s platform is designed to address the operational complexities faced by retailers in Southeast Asia, a region known for its dynamic yet challenging retail market. By integrating AI-driven capabilities, Dmall aims to help retailers build more adaptive and efficient operations. Zhongwei Ren, Partner and Chief Strategy Officer of Dmall, emphasised the importance of operational integration and AI in creating scalable retail solutions.

Looking ahead, Dmall and Cold Storage Singapore plan to extend their partnership to include fuel and convenience store formats by June 2026. This expansion reflects their shared commitment to enhancing operational value across various retail formats. Founded in 2015, Dmall continues to advance retail technology, serving nearly 600 clients across 11 countries and regions.

Lum Chang Creations (LCC) has announced its intention to transfer its listing to the Singapore Exchange Securities Trading Limited (SGX-ST) Mainboard. This strategic move is designed to elevate the company’s corporate profile and broaden its investor base. Shareholders will vote on this proposal, along with other key resolutions, at an upcoming Extraordinary General Meeting (EGM).

The company reported a remarkable 104% increase in net profit for the first half of 2026, reaching S$11.0m. This performance underscores LCC’s growth trajectory and operational maturity. Additionally, the company boasts a robust order book valued at S$132.0m as of 31 December 2025, ensuring revenue visibility for the financial years 2026 and 2027.

LCC’s Managing Director, Lim Thiam Hooi, stated, “Our proposed transfer to the Mainboard represents a pivotal milestone, reflecting the significant growth and operational maturity we have achieved since our listing.” He emphasised that the Mainboard listing will enhance the company’s access to institutional investors and equity markets, supporting its urban revitalisation strategy and regional expansion plans.

The company was recently included in the MSCI Global Micro Cap Indexes – Singapore Index, further highlighting its growing prominence. The proposed transfer and other resolutions will be discussed at the EGM, with details available on the company’s website.

Singapore’s manufacturing sector is maintaining a positive outlook for the period from April to September 2026, despite ongoing geopolitical and economic uncertainties, including tensions in the Middle East. According to the Singapore Economic Development Board, a net weighted balance of 17% of manufacturing firms expect improved business conditions compared to the first quarter of 2026.

The precision engineering sector leads this optimism, with a net weighted balance of 51% of firms expressing confidence, driven by strong global demand for semiconductor equipment related to artificial intelligence (AI). Similarly, the electronics cluster anticipates a positive outlook, with a net weighted balance of 42% of firms buoyed by sustained AI-related demand.

In contrast, the chemicals sector is less optimistic, with a net weighted balance of 53% of firms expecting a downturn due to disruptions in feedstock supply from the Middle East. The transport engineering cluster, however, remains hopeful, with 8% of firms predicting positive prospects, particularly in the aerospace segment, which continues to see demand for maintenance, repair, and overhaul services.

Looking ahead to the second quarter of 2026, a net weighted balance of 20% of manufacturing firms project increased output. The precision engineering, electronics, and transport engineering clusters are expected to drive this growth. Meanwhile, the chemicals and biomedical manufacturing clusters anticipate a decline in production.

Employment levels are expected to remain stable, with 78% of firms planning no changes. However, the chemicals and biomedical clusters may see a reduction in hiring. Despite challenges, 66% of manufacturers plan to invest in plant and machinery over the next year, focusing on replacing worn-out equipment and expanding production capacity.

Singapore and the Philippines have signed a landmark Implementation Agreement on carbon credits collaboration, marking the Philippines’ first such agreement under Article 6 of the Paris Agreement. The signing occurred during ASEAN Climate Week in Manila, with Singapore’s Minister for Sustainability and the Environment, Grace Fu, and the Philippines’ Department of Environment and Natural Resources Secretary, Juan Miguel T. Cuna, formalising the partnership.

The agreement establishes a legally binding framework for generating and transferring carbon credits from projects aligned with Article 6. This framework will enable project developers to create high-quality carbon credit projects, with details on authorisation processes and eligible methodologies to be released soon.

Grace Fu highlighted the significance of the agreement, stating, “This Agreement will deepen collaboration between our two countries, channel climate finance towards impactful projects in the Philippines and unlock new opportunities in carbon markets for businesses and local communities.” Juan Miguel T. Cuna echoed this sentiment, noting that the agreement reflects a shared ambition for climate cooperation.

The collaboration aims to advance both nations’ climate goals by financing projects that unlock additional mitigation potential in the Philippines. These projects are expected to promote sustainable development and provide tangible benefits to local communities, including job creation, enhanced energy security, and reduced environmental pollution.

Under the agreement, Singapore commits to channelling 5% of proceeds from authorised carbon credits towards climate adaptation measures in the Philippines. Additionally, 2% of the carbon credits will be cancelled at first issuance, contributing to a net reduction of global emissions.

Ascend Asia Financial Services Group has announced the addition of three new member firms—Infinity Financial Advisory, SG Alliance, and PromiseLand Financial Advisory—expanding its network to over 2,000 financial consultants. This strategic move aims to strengthen the financial advisory industry in Singapore by offering consumers greater choice and value.

The acquisitions, facilitated through Ascend Asia Singapore Advisory, have received regulatory approval from the Monetary Authority of Singapore. Tomas Urbanec, CEO of Ascend Asia, expressed enthusiasm about the expansion, stating, “We are pleased to welcome Infinity FA, SG Alliance, and PromiseLand to Ascend Asia, a much-anticipated milestone that expands our financial advisory network.”

Each firm will continue to operate under its own brand, ensuring no disruption to existing client relationships. The integration aims to leverage Ascend Asia’s strategic expertise and industry network to enhance the value propositions of its member firms. Urbanec highlighted the group’s commitment to “uplift Singapore’s financial advisory industry and empower financial consultants to deliver greater value and long-term benefits to consumers.”

Infinity FA’s CEO, Poh Choon Kia, noted the significance of this partnership, emphasising the opportunity to enhance fintech capabilities and professional development. Similarly, SG Alliance’s CEO, Caster Ong, and PromiseLand’s Managing Director, David Choo, expressed optimism about the potential for growth and improved client services.

Established by global investment firm KKR, Ascend Asia continues to invest in professional development and technology to support its member firms. The group aims to provide comprehensive solutions and tools, enabling financial consultants to offer personalised advice and empower clients to make informed decisions.

Singapore Airlines (SIA) is set to revolutionise its in-flight Wi-Fi experience by partnering with Starlink, a satellite broadband service, beginning in the first quarter of 2027. This collaboration will see the introduction of Starlink’s low Earth orbit (LEO) satellite-based broadband across SIA’s Airbus A350-900 long-haul, A350-900 ultra-long-range, and A380 aircraft.

The integration of Starlink’s technology promises faster and more seamless connectivity for passengers across all cabin classes. This enhanced service will support activities such as video streaming, social media sharing, gaming, and the transfer of large files, ensuring passengers remain connected from take-off to landing.

SIA’s Senior Vice President of Customer Experience, Yeoh Phee Teik, emphasised the importance of connectivity in modern travel, stating, “Fast, seamless connectivity is, today, an essential part of the travel experience. Starlink will take this to the next level by delivering next-generation high-speed connectivity.”

The rollout is expected to be completed by the end of 2029, with all customers on Starlink-enabled aircraft continuing to enjoy SIA’s unlimited complimentary Wi-Fi. This includes passengers in Suites, First Class, Business Class, and KrisFlyer members in Premium Economy and Economy Class.

Jason Fritch, Vice President of Starlink Enterprise Sales at SpaceX, expressed enthusiasm about the partnership, noting that Starlink aims to redefine connectivity for both leisure and business travellers, making flights more enjoyable and connected.

This strategic move by SIA underscores its commitment to enhancing passenger experience through cutting-edge technology, setting a new standard for in-flight connectivity.