Industry News

Amai Proteins has announced that its flagship sweet protein, sweelin®, has been approved by the Singapore Food Agency (SFA) for use as a sweetening agent in food and beverage products. This approval follows the product’s recognition as Generally Recognised As Safe (GRAS) by the US Food and Drug Administration, marking a significant step in Amai’s expansion into the Asian market.

sweelin® is a next-generation sweet protein designed to significantly reduce sugar content whilst replacing conventional sweeteners. It offers a clean taste, strong formulation performance, and competitive pricing, making it an attractive alternative for food and beverage manufacturers. The protein can also be labelled as “Serendipity Berry Sweet Protein” in the US, aligning with consumer demand for clean-label and GLP-1-friendly products.

Singapore’s approval of sweelin® underscores the country’s position as a leader in food technology innovation. The nation has initiatives such as the “30 by 30” programme, which aims to produce 30% of its nutritional needs locally by 2030, highlighting its commitment to advanced and sustainable food technologies.

Amai Proteins’ CEO expressed enthusiasm about the approval, stating, “This achievement reinforces the growing global regulatory momentum for sweelin®.” The approval not only expands Amai’s regulatory footprint into Asia but also supports Singapore’s goals in food technology and sustainability.

Jobstreet by SEEK’s latest Salary Pulse: Singapore 2026 report highlights a significant gap between perceived fairness and satisfaction with pay among Singaporean workers. Whilst nearly three-quarters of employees believe their compensation is fair, only 37% express genuine contentment with their earnings, placing Singapore among the least satisfied markets in the Asia Pacific region.

The report, conducted with research agency Nature, surveyed 1,008 employed Singaporeans aged 18 to 64. It reveals that younger workers, particularly Gen Z and millennials, are more likely to reassess their career paths if salary expectations are unmet. Specifically, 29% of Gen Z and 25% of millennials would consider changing roles if a pay rise falls short, compared to 20% of Gen X and 13% of baby boomers.

Transparency in salary discussions is increasingly important, with 77% of workers desiring internal disclosure of salary ranges. Despite this, only 7% feel “extremely comfortable” asking for a pay rise, with women and entry-level workers feeling the most uneasy. Jaslyn Koh, Head of Remuneration and Benefits, Asia, SEEK, noted, “Dissatisfaction is no longer driven purely by salary. Many workers feel they are working harder but not seeing meaningful movement in return.”

The report suggests that improving pay satisfaction requires deliberate action from both employers and employees. Employers should focus on transparency, progression pathways, and recognition frameworks, whilst employees need to prepare for evidence-based salary discussions. The findings underscore the importance of aligning expectations around pay, progression, and opportunity from the outset.

Skylink Holdings has announced a robust financial performance for the year ending 31 March 2026, with a 34.1% increase in revenue, primarily driven by its Commercial Vehicle Leasing and Engineering sectors. Pre-tax operating profit and net profit are up by 64.3% and 61.7% to S$4.7m and S$4.43m, respectively. The company, which completed a reverse takeover of Sincap Group Limited in September 2025, reported a revenue of S$35.36m, up from S$26.37m the previous year.

The Commercial Vehicle Leasing segment saw a 37.8% rise in revenue, attributed to an expanded fleet and longer-term contracts. Meanwhile, the Engineering segment experienced a 54.3% increase, bolstered by new contracts with SBS Transit Ltd. and F&N Foods. Despite a slight 4.5% dip in the Credit segment’s revenue, the company maintained a healthy loan book of S$66.24m.

Gross profit rose by 45.9% to S$9.91m, with margins improving to 28.0%, despite higher depreciation costs due to increased Certificate of Entitlement (COE) prices. Skylink’s net operating cash flow reached S$11.97m, highlighting its cash-generative business model.

The company has proposed a dividend of 0.55 Singapore cents per share, representing over 30% of its net profit, aligning with its commitment to shareholder returns. CEO Wesley Shen noted the company’s strategic positioning to enhance revenue visibility and strengthen its market position as a leading mobility solutions provider in Singapore.

ISDN Holdings Limited has announced the launch of a high-speed laser marker by its subsidiary, IDI Dynamics, designed to enhance semiconductor chip packaging. The new marker, which offers a 2.5 times increase in marking speed and occupies 22% less space, aims to improve productivity for Outsourced Semiconductor Assembly and Test (OSAT) manufacturers.

The laser marker has already been deployed in six OSAT facilities across Asia. It benefits from advanced technology developed in collaboration with a leading Singaporean research institution and ISDN’s extensive experience in automation engineering for the semiconductor sector. Chris Chan, Managing Director of IDI Dynamics, stated, “Our new Laser Marking platform is already delivering this value proposition of the 6 units at launch.”

The innovation addresses the semiconductor industry’s pressing need for efficient use of cleanroom space, driven by the rising demand for chips due to AI adoption and the high costs of constructing new facilities. The marker also meets increasing traceability requirements in automotive and industrial electronics, offering a two-year software customisation and support programme.

Teo Cher Koon, Managing Director and President of ISDN Holdings, highlighted the significance of the launch, noting that it exemplifies ISDN’s comprehensive approach to technology and its commitment to advancing semiconductor manufacturing. The laser marker is part of ISDN’s broader strategy to provide cutting-edge solutions in the fast-growing semiconductor market.

RHB Bank has announced that it is maintaining its 2026 GDP growth projection for Singapore at 3.0%, despite ongoing global uncertainties. This decision comes as the bank assesses the balance of risks to be broadly even at this stage. The Monetary Authority of Singapore (MAS) is expected to keep its policy settings unchanged in July, although further tightening may occur later in the year if Middle East tensions continue to elevate global energy prices.

Singapore’s economy showed resilience in the first quarter of 2026, with the final GDP figures revealing a 6.0% year-on-year increase, surpassing the flash estimates of 4.6% and accelerating from a 5.7% rise in the fourth quarter of 2025. This robust performance was noted by Barnabas Gan, Group Chief Economist and Head of Market Research at RHB Bank, who highlighted the country’s economic strength amidst challenging global conditions.

The report underscores the cautious optimism held by RHB Bank, as it navigates the complexities of the global economic landscape. The potential for policy adjustments by the MAS later in the year remains contingent on external factors, particularly the impact of geopolitical tensions on energy prices.

Looking ahead, RHB Bank’s stance reflects a balanced view of the risks and opportunities facing Singapore’s economy. The bank’s previous report, released on 18 May, upgraded the full-year Non-Oil Domestic Exports (NODX) forecast to 7.5%, further indicating confidence in the nation’s economic prospects.

CoWorkSpace has launched a new serviced office at 6 Raffles Quay, Singapore, offering over 50 private suites designed for startups, SMEs, and established corporations. As office rents in Singapore’s Central Business District (CBD) rise for the fifth consecutive quarter, CoWorkSpace aims to provide members with stable pricing, shielding them from the rent increases typically passed on by flexible office operators.

Located on the 16th floor of the office tower, CoWorkSpace’s facility is directly linked to Raffles Place and Downtown MRT stations via sheltered walkways, ensuring convenient access regardless of weather conditions. The owner-operated model of CoWorkSpace distinguishes it from other industry players, offering medium to long-term price stability and reducing risks such as sudden closures or forced relocations.

The office is configured mainly as private suites, eschewing hotdesks and virtual office memberships. Each suite is equipped with electronic height-adjustable desks, modern office chairs, and pedestal cabinets. Shared amenities include a business lounge, high-speed internet, meeting rooms, and printing facilities. An in-house IT team manages the network and infrastructure, ensuring prompt responses to IT-related issues.

CoWorkSpace’s strategic location and comprehensive facilities cater to industries such as shipping, financial services, and technology, providing a prestigious business address and flexible membership options. This development is set to appeal to businesses seeking stability and privacy in a competitive rental market.

SATS Ltd has announced a record net profit of S$285.2m for the financial year ending 31 March 2026, marking a 17% increase from the previous year. The company reported a 9% rise in revenue to S$6.35b, driven by growth across all business segments, despite challenges posed by the Middle East conflict.

The company’s earnings before interest, tax, depreciation, and amortisation (EBITDA) grew by 10.6% to S$1.15b, with the EBITDA margin expanding from 17.8% to 18.1%. SATS also reported a free cash flow of S$215.8m, although this was slightly down from the previous year due to increased capital expenditure on facility expansions.

Kerry Mok, President and CEO of SATS, highlighted the company’s resilience amidst a challenging year. “We delivered record full-year revenue, underpinned by the strength of our platform and consistent execution across our network,” Mok stated. He acknowledged the impact of the Middle East conflict on industry performance but emphasised the company’s efforts to maintain cargo flows by leveraging its extensive network.

In response to the strong financial performance, SATS has proposed a final dividend of 5.0 cents per share, a 43% increase from the previous year, bringing the total full-year dividend to 7.0 cents per share. This proposal will be presented for approval at the Annual General Meeting on 17 July 2026.

Looking ahead, SATS plans to continue expanding its network and investing in infrastructure and technology to sustain long-term growth. Mok expressed confidence in the company’s ability to deliver value for shareholders, citing a strong pipeline of opportunities and a broader network as key factors for future success.

KPMG has unveiled its Trusted Artificial Intelligence Centre of Excellence (AI CoE) in Singapore, a move supported by the Singapore Economic Development Board (EDB) to bolster the nation’s position as a globally trusted AI hub. The centre aims to help organisations transition from AI experimentation to embedding AI as a reliable enterprise asset.

The launch also introduced KPMG’s Trusted AI Assurance, a structured approach that provides businesses with a comprehensive assessment of their AI systems. This initiative is designed to address the trust deficit in AI deployment, offering a clear path for businesses to scale AI confidently. The assurance is tailored to each organisation’s sector and growth ambitions, ensuring AI systems are trustworthy and compliant with various regulatory standards.

Lee Sze Yeng, Managing Partner at KPMG in Singapore, highlighted the importance of trust in AI, stating, “Through the KPMG Singapore Trusted AI Centre of Excellence, we are partnering with businesses to rigorously assess where they stand, close the gaps that matter, and build AI that is trusted not just locally but in the markets most critical to their growth.”

Jermaine Loy, Managing Director of EDB, noted that the centre would enable businesses across sectors like financial services, healthcare, and logistics to scale AI use with confidence. The initiative is expected to strengthen Singapore’s AI ecosystem by enhancing enterprise capabilities and workforce readiness.

The Trusted AI Assurance aligns with global standards, including the EU AI Act and Singapore’s Model AI Governance Framework, ensuring that AI solutions developed in Singapore are credible worldwide. This strategic move is set to provide Singaporean businesses with the clarity and confidence needed to expand their AI ambitions internationally.

Boustead Singapore Limited, a global infrastructure-related engineering and technology group, has announced a significant increase in its financial performance for the fiscal year ending 31 March 2026. The company’s net profit soared by 145% to S$232.6m, largely attributed to the sale of assets to UI Boustead REIT and a reversal of a S$7m liability related to a landowner fee.

The Group’s revenue rose by 18% to S$624.4m, with notable contributions from the Real Estate Solutions Division and the Energy Engineering Division. Despite the overall revenue growth, the gross profit saw an 8% decline to S$215.6m, reflecting lower margins in some divisions.

Boustead’s engineering order backlog stands at approximately S$840m, with S$94m from the Energy Engineering Division and S$746m from the Real Estate Solutions Division. The Board has proposed a final ordinary dividend of 4.0 cents per share and a special dividend of 4.5 cents per share, bringing the total dividend for FY2026 to 10.0 cents per share, up from 7.5 cents in FY2025.

Chairman and Group CEO Wong Fong Fui remarked on the Group’s resilience amid geopolitical tensions, stating, “The Group has remained resolute in strengthening value and delivering a respectable set of results for FY2026.” Looking ahead, Boustead aims to leverage its diverse business pillars to navigate industry-specific challenges and sustain growth.

The Private Banking Industry Group (PBIG) has announced plans to enhance client onboarding processes, aiming to reduce account opening times to within one month by the end of 2026. Currently, the industry median stands at five to six weeks, with longer durations for complex cases. This initiative is part of Singapore’s ongoing efforts to bolster its status as a global wealth management centre.

PBIG has released a set of Process Enhancement Tips to address common challenges in client onboarding. These tips, along with future initiatives, are designed to improve the efficiency and effectiveness of account opening whilst maintaining regulatory standards. The Account Opening Working Group, established in mid-2025 and co-chaired by the Monetary Authority of Singapore (MAS), is spearheading these efforts.

Gillian Tan, Assistant Managing Director of MAS and co-chair of PBIG, emphasised the importance of efficient account opening in serving clients’ needs without compromising asset protection. “MAS will continue to encourage the industry to adopt risk-proportionate approaches,” she stated.

Shee Tse Koon, Group Executive at DBS and co-chair of PBIG, highlighted the commitment to enhancing Singapore’s competitiveness as a private banking hub. “By streamlining processes and embracing technology, we are improving client experience and reinforcing the sector’s efficiency,” he said.

Lee Lung Nien, co-chair of the Account Opening Working Group, noted the balance between faster onboarding and robust risk management. The group’s tips offer practical solutions to address bottlenecks and leverage technology, reinforcing Singapore’s position as a trusted wealth management hub.