Industry News

Singapore’s non-oil domestic exports (NODX) experienced a remarkable 38.4% increase in May 2026 compared to the same period last year, according to Enterprise Singapore. This growth extends the 24.4% rise seen in April, driven primarily by a surge in electronic exports, which benefited from robust demand for artificial intelligence (AI) related products.

Electronic NODX soared by 94.8% in May, with integrated circuits (ICs), disk media products, and personal computers (PCs) leading the charge. Non-electronic exports also contributed to the growth, expanding by 17.7% during the same period. Pharmaceuticals, specialised machinery, and non-monetary gold were the top performers in this category.

The rise in exports was not limited to electronics. Non-oil re-exports (NORX) also saw a significant increase of 33.6% in May, following a 29.6% rise in April. This growth was again driven by electronics, with non-electronics also showing positive trends.

Singapore’s total merchandise trade grew by 39.7% in May, continuing the 33.0% expansion from the previous month. Both exports and imports contributed to this growth, with non-oil and oil exports rising by 34.9% and 43.1%, respectively.

The US, Taiwan, and China were among the top markets for Singapore’s exports, with notable increases in demand for electronics and pharmaceuticals. In particular, exports to Taiwan surged by 135.2%, whilst those to the US and China grew by 80.9% and 31.0%, respectively.

This robust performance in Singapore’s trade sector highlights the country’s strong position in the global market, particularly in the electronics and pharmaceutical industries. As AI-related demand continues to grow, Singapore’s export figures are likely to remain buoyant in the coming months.

A recent report by Sinch reveals that 82% of Singapore enterprises have rolled back or shut down AI customer communication agents after deployment, despite leading the Asia-Pacific (APAC) region in AI deployment rates. The study, titled “The AI Production Paradox,” highlights the challenges faced by organisations in maintaining AI performance and reliability post-deployment.

The report indicates that whilst APAC is the most advanced region globally for AI customer communications, it also experiences the highest rate of post-deployment failures. In Singapore, 44% of enterprises cited support team overload as the primary consequence of AI failure. This is significant given that one in three APAC enterprises sends over 100 million messages monthly, making any AI failure potentially impactful on customer satisfaction and brand trust.

Despite these challenges, AI remains a priority for Singapore businesses. The report notes that 40% of enterprises plan to increase their AI investment by more than 25% this year, with 75% prioritising trust, security, and compliance. However, only 7% of Singapore organisations feel their current communications provider fully meets their needs, prompting 91% to evaluate new providers.

Wendy Johnstone, Executive Vice President, APAC at Sinch, commented on the findings: “Our findings reveal that while Singapore is a market that is leading the region on deployment, local business leaders are also approaching AI very deliberately. They are purposefully channelling resources toward reliability rather than rapid expansion, aligning with sustained government-led efforts to promote reliable and responsible AI deployment. ”

The study underscores the importance of robust communications infrastructure, with 82% of Singapore organisations rating it as essential. As enterprises plan AI deployment across an average of 3.1 channels, the need for a reliable communications partner becomes critical.

Singaporean travellers are already planning their trips for the World Cup 2026, with a marked preference for major gateway cities like Vancouver, New York, Toronto, and San Francisco, according to Trip.com data. The tournament, spanning from 11 June to 19 July, sees Singaporeans booking flights and accommodations well in advance, particularly for the Knockout Rounds.

The data reveals that Singaporeans are booking their flights for July an average of 104 days ahead, compared to 85 days for June. This early planning is indicative of a strategic approach to securing travel arrangements for the later stages of the tournament. Vancouver remains the top choice for both the Group Stage and Knockout Rounds, followed by other major cities.

Interestingly, the idea of a cross-continental football road trip does not appeal to most Singaporeans. Around 66% of Group Stage travellers and 64% of Knockout Round travellers are opting for itineraries focused on host cities, prioritising convenience and efficiency over extensive travel.

Accommodation choices also reflect a balance between comfort and value, with four-star hotels making up 56-58% of bookings. However, there is a noticeable increase in demand for five-star hotels during the Knockout Rounds, rising from 8.4% to 13.7%.

Beyond football, Singaporean fans are incorporating visits to iconic attractions such as Universal Studios Hollywood and the Empire State Building into their itineraries, suggesting a blend of sport and leisure in their travel plans.

Elite UK REIT has successfully closed its private placement, raising £7.4m through the issuance of 25 million units at £0.296 each. The placement, managed by Elite UK REIT Management Pte. Ltd. and underwritten by Maybank Securities Pte. Ltd. and RHB Bank Berhad, concluded on 16 June 2026 with significant interest from institutional investors, long-only funds, and high net worth individuals.

The private placement units were priced at a 13.12% discount to the volume weighted average price of £0.3407 per unit on the Singapore Exchange (SGX-ST) from the previous trading day. This strategic pricing was determined through a book-building process, ensuring the placement’s success and oversubscription.

The trading of these units on the SGX-ST is anticipated to begin at 9:00 a.m. Singapore time on 25 June 2026. This development marks a significant milestone for Elite UK REIT, enhancing its capital base and investor profile.

The successful completion of this private placement underscores the confidence investors have in Elite UK REIT’s management and future prospects, setting the stage for continued expansion and value creation.

100×100, a Singapore-based climate company builder, has announced the launch of its second fund, targeting US$100m to establish 50 new climate companies across Southeast Asia and India. The firm, formerly known as Wavemaker Impact, will focus on high-emissions sectors such as energy, agriculture, manufacturing, and digital infrastructure.

The launch of Fund II follows the success of 100×100’s initial fund, which reached its US$60m hard cap in 2023. The first fund co-founded 27 companies across eight countries, with many generating revenue within six months. Notable successes include Rize, which achieved US$11m in revenue in 2025 with a 550% year-on-year growth, and Helios, a solar company in the Philippines, which has grown over 70% month-on-month.

The firm’s unique approach involves building companies from scratch with experienced entrepreneurs, aiming to capture economic advantages whilst reducing emissions. “We believe that solving the world’s most pressing emissions challenges also represents a significant economic opportunity,” said Marie Cheong, Founding Partner of 100×100.

Fund II is backed by prominent investors, including the Singapore Economic Development Board, Grantham Foundation for Climate, and British International Investment. The fund is led by six partners with extensive experience in venture creation and climate technology.

100×100’s strategy aims to address the gap in climate capital in Southeast Asia and India, regions that account for a significant share of global emissions. By focusing on these markets, 100×100 seeks to build companies that can significantly reduce emissions and offer compelling investment opportunities.

Accrelist Ltd., a Singapore-based investment holding company, has appointed Derek Cheong Sheng Ze as its Chief Executive Officer, effective 16 June 2026. Cheong, known for his experience in building consumer-facing businesses in Malaysia, will lead the company’s strategic expansion into the Xiamen aesthetic clinic market in China.

Cheong’s first initiative involves a non-binding agreement to acquire a 51% stake in a target company that will establish or acquire aesthetic clinics in Xiamen. This move will see Accrelist’s A.M Aesthetics brand licenced to the venture on a royalty-free basis, enhancing the brand’s presence in China without incurring upfront costs.

The expansion into Xiamen is part of Accrelist’s broader strategy to focus on the rapidly growing aesthetics retail sector across Southeast Asia and Greater China. The company aims to leverage its A.M Aesthetics brand to capture a significant share of this market. Cheong stated, “The Xiamen collaboration is a deliberate first step: a derisked, strategic venture in a high-growth market, with a clear runway to scale.”

Accrelist will continue to evaluate its other holdings, including its stakes in Jubilee Industries and MClean Technologies, to ensure optimal capital allocation. Any significant developments will be communicated through market announcements.

Cheong’s appointment and the strategic entry into Xiamen mark a pivotal moment for Accrelist as it seeks to strengthen its position in the aesthetics industry, promising potential growth and value for shareholders.

Choco Up, a leading growth financing platform in Asia, has announced a strategic partnership with AlteriQ Global, a private credit investment company, through a US$15m credit facility. This collaboration aims to expand access to growth capital for approximately 500 small and medium-sized enterprises (SMEs) in Singapore. The first drawdown of the facility has already been completed.

The announcement comes ahead of United Nations Micro, Small and Medium-sized Enterprises (MSME) Day on 27 June, highlighting the significance of SMEs in economic growth and innovation. Despite a cautious operating environment, many Singaporean SMEs continue to prioritise growth, focusing on revenue expansion, technology adoption, and overseas expansion. This trend is supported by Singapore’s ongoing efforts towards enterprise transformation and digitalisation.

Percy Hung, CEO and Founder of Choco Up, noted the resilience and ambition of Singapore SMEs, stating, “Financing applications from Singapore SMEs increased by 85% year-on-year, with AI and technology-related investments becoming increasingly common use cases.” This partnership is expected to bolster Choco Up’s ability to provide timely financing solutions, enabling entrepreneurs to seize opportunities with confidence.

Since its inception, Choco Up has disbursed over S$100m to local businesses, reflecting growing confidence in alternative financing models. Zhi Yong Heng, Managing Director of AlteriQ Global, expressed optimism about the partnership, emphasising the importance of aligning capital with SMEs’ growth journeys.

Together, AlteriQ Global and Choco Up aim to broaden access to capital, supporting SMEs in enhancing competitiveness and seizing new opportunities.

Boustead Singapore Limited has announced that its subsidiary, Esri Australia, has renewed a significant enterprise agreement worth approximately S$60m with an Australian federal government department. This renewal marks the largest contract by value for Boustead’s Geospatial Division, reflecting a strong mutual commitment to advancing geospatial capabilities.

The contract renewal will enable tens of thousands of Australian government employees to access cutting-edge Geographic Information System (GIS) technology, specifically the Esri ArcGIS platform. This system facilitates enhanced information sharing and collaboration across government, private sector, and community groups, crucial for disaster preparedness and urban planning.

Brett Bundock, Managing Director of Boustead Geospatial Division, stated, “This renewed enterprise agreement reflects significant mutual investment and a long-term commitment to capability development.” He emphasised the growing importance of geospatial intelligence in decision-making processes.

The contract is expected to positively impact Boustead’s profitability and earnings per share for the financial year ending 31 March 2027. However, it is not anticipated to materially affect the net tangible asset value per share for the same period.

Boustead’s Geospatial Division is the exclusive distributor of Esri ArcGIS in several Asia Pacific countries, including Singapore and Australia. This renewal builds on the division’s momentum, providing a robust platform for future collaboration and capability enhancement.

The Monetary Authority of Singapore (MAS) has announced amendments to the Singapore Code on Take-Overs and Mergers, effective from 16 July 2026. The revisions, advised by the Securities Industry Council (SIC), are designed to protect the competitive process of take-over and merger transactions, improve the certainty and timeliness of schemes of arrangement, and enhance disclosures to investors and shareholders.

Key changes to the Code include strengthening Rule 13 to reduce anti-competitive effects of deal protection measures. This involves capping break fees at 1% of the offeree company’s value and requiring explanations from the offeree board and its financial adviser on why such fees are in shareholders’ best interests. Additionally, guidance will be provided on when exclusivity arrangements may be deemed anti-competitive.

For schemes of arrangement, a meeting to approve the scheme must occur within six months of its announcement, and both the offeror and offeree company must expedite the process once shareholder approval is obtained. Offeror statements are also addressed, with restrictions on increasing or extending offers after certain statements are made, and conditions for indicative offer prices.

To enhance shareholder decision-making, offeree companies must obtain independent advice on proposed frustrating actions and disclose expected cash proceeds from asset sales competing with share offers.

The MAS encourages parties with questions regarding the revised rules to consult the SIC before the implementation date.

TAAG and AMPOWER have announced a strategic partnership to bolster the advanced manufacturing sector in ASEAN, particularly in Singapore and Malaysia. This collaboration combines TAAG’s industrialisation expertise with AMPOWER’s market intelligence to support manufacturers and investors in transitioning to high-value production using additive manufacturing (AM).

The alliance comes as Singapore and Malaysia’s manufacturing sectors shift from cost-competitive production to advanced manufacturing, with AM playing a pivotal role. Daniel Johns, founder of TAAG, highlighted the region’s manufacturing ambition, stating, “ASEAN’s manufacturers are asking the right questions about AM technology and business development.”

AMPOWER, founded in 2017 in Hamburg, has established itself as a leader in AM market intelligence, providing insights to OEMs, investors, and policy bodies. The firm, co-founded by Dr. Maximilian Munsch, offers comprehensive market data and strategic advisory services. “TAAG’s strength is building the business to win within the market,” Munsch noted, emphasising the complementary nature of the partnership.

TAAG, with its roots in regulated aerospace AM production, offers a structured programme for commercial and operational transformation. Its Xchange programme is expanding across Singapore and the Asia-Pacific region, providing forums for senior AM executives.

The partnership aims to bridge the gap between market navigation and competitive production, offering tailored solutions for AM service providers, investors, and industrial OEMs. Operating globally, the collaboration promises to deliver a connected offer from market intelligence to production-scale delivery, with no territorial restrictions.