Industry News

IBM and StarHub have announced an expanded collaboration aimed at enhancing quantum-safe security capabilities to address emerging cryptographic threats. This initiative, which includes the use of IBM Guardian Cryptography Manager and IBM Quantum Safe Explorer, seeks to prepare StarHub for the risks posed by future quantum computers. Although mature quantum computers are not yet available, adversaries are already using “Harvest Now, Decrypt Later” tactics to intercept encrypted data, intending to decrypt it once quantum technology advances.

The collaboration focuses on establishing a crypto-agile foundation for StarHub, operating on Red Hat Enterprise Linux. This move is part of a broader effort to build security architectures that can adapt to evolving risks and post-quantum standards. StarHub’s Chief Technology Officer, Volkan Sevindik, emphasised the importance of crypto-agility in protecting sensitive data and maintaining trust, stating, “We are now advancing our quantum-safe readiness to prepare for increasingly complex security challenges.”

IBM’s support will help StarHub discover cryptographic dependencies, assess vulnerabilities, and prepare for migration to post-quantum cryptography standards. This collaboration reflects a growing industry focus on cybersecurity as a strategic imperative rather than just a compliance requirement. Catherine Lian, General Manager and Technology Leader at IBM ASEAN, highlighted the urgency of strengthening cybersecurity, noting, “The threat of ‘Harvest Now, Decrypt Later’ is a present-day reality for critical infrastructure.”

IBM’s quantum-safe technologies are based on algorithms recognised by the US National Institute of Standards and Technology. This partnership underscores the increasing importance of cybersecurity in the telecommunications sector, particularly in Singapore, where regulatory expectations continue to evolve.

Singapore-based, luxury villa specialist Elite Havens has announced the launch of Garden Atlas Bayview, a new ultra-luxury residential development on Phuket’s exclusive Cape Panwa peninsula. This boutique collection of 15 resort-style private villas is designed for discerning global homeowners seeking privacy, wellness, and long-term investment value. The first signature villa is expected to be completed by July 2026, with additional villas ready by the end of 2027.

Positioned above the tranquil bays of Ao Makham on Phuket’s sunrise coast, the development spans 16 rai of rare hillside coastal land. It combines modern contemporary architecture with expansive indoor-outdoor living spaces, panoramic sea views, rooftop gardens, and dramatic infinity pools. Each villa offers approximately 1,600 square metres of living space, catering to those seeking a yachting lifestyle and wellness-focused living.

Garden Atlas Bayview has already garnered significant attention within Thailand’s luxury real estate sector. Femke Beekers, Thailand Country Manager of Elite Havens, noted, “Today’s luxury traveller and property investor is looking beyond traditional holiday ownership. They want a fully immersive lifestyle experience that combines architectural beauty, privacy, wellness, personalised hospitality, and meaningful long-term value.”

The project arrives amid growing international demand for Phuket’s luxury property sector, particularly from affluent buyers seeking branded lifestyle residences with hospitality-driven services. Elite Havens will exclusively manage the development, leveraging its expertise in luxury villa management and concierge services.

A recent study by the Singapore Management University (SMU) Centre for Research on Successful Ageing (ROSA) has highlighted a concerning gap in the adoption of Lasting Power of Attorney (LPA) among Singaporeans. Although 69.2% of respondents are aware of the LPA, only 31.3% have actually made one, indicating a significant disparity between awareness and action.

The research underscores a critical issue as Singapore’s population ages, with many individuals potentially unprepared for cognitive decline or medical emergencies. The study revealed that over half of those without an LPA mistakenly believe their children would automatically have the legal authority to make decisions on their behalf if they lost mental capacity. This misconception could lead to complications in managing medical and financial matters during a crisis.

Professor Paulin Straughan from SMU emphasised the importance of having an LPA, stating, “Many Singaporeans assume their loved ones can automatically step in during a crisis to make decisions about medical treatment and financial matters, but without an LPA, the legal process may not be straightforward.”

The findings suggest a need for increased public education and support to encourage more Singaporeans to formalise their LPAs. As the nation continues to age, ensuring legal preparedness for potential health crises becomes increasingly vital. The study calls for stronger public support and initiatives to bridge the gap between awareness and action, ensuring that individuals are legally equipped to handle future challenges.

Singapore’s economy experienced a significant boost in the first quarter of 2026, with GDP growth revised to 6% year-on-year, up from the initial estimate of 4.6%. This revision, announced by UOB Global Economics and Markets Research, surpassed both Bloomberg’s consensus and UOB’s own expectations. The upward adjustment was attributed to robust performance across key sectors, particularly manufacturing, construction, and services, which benefited from sustained AI-related tailwinds.

The Ministry of Trade and Industry (MTI) has maintained its 2026 growth forecast range at 2.0% to 4.0%, citing the strong first-quarter performance and ongoing global AI capital spending as key drivers. The manufacturing sector, in particular, saw a notable increase, with growth revised to 7.9% from 5.0% in the advance estimates, reflecting a surge in electronics and precision engineering.

Despite the positive outlook, MTI acknowledged potential risks, including supply disruptions from the ongoing US–Israel–Iran conflict, which could impact energy and petrochemical inputs. These disruptions have already begun to exert inflationary pressures, potentially affecting real incomes and consumption.

Looking ahead, UOB has raised its 2026 GDP growth forecast to 3.2%, up from 2.5%, supported by continued AI-related growth in the electronics sector. However, the forecast remains subject to significant risks, particularly regarding the duration and impact of Middle East supply disruptions. The economic outlook for key markets such as China, the US, and the Eurozone remains cautious, with varying growth expectations influenced by external demand and inflationary pressures.

The Managing Director of the Monetary Authority of Singapore, Chia Der Jiun, delivered a speech at the UBS Asian Investment Conference, Singapore Wealth Edition, on 25 May 2026, highlighting the resilience of the global economy amidst recent energy shocks and the ongoing AI investment boom. Chia noted that despite a significant energy supply shock, with oil prices surging over 40% above pre-war levels, global markets have shown remarkable buoyancy.

Chia explained that the energy shock’s impact was mitigated by factors such as increased swing production from the US, strategic reserve releases, and demand moderation measures. However, he warned that these buffers are not sustainable in the long term, especially if tensions in the Strait of Hormuz persist.

The speech also touched on the positive momentum in global growth, driven largely by the AI boom. Chia highlighted that AI-related investments have significantly contributed to US GDP growth and stock market gains, with similar trends observed in Asia, particularly in Taiwan and Korea. He cautioned, however, about the sustainability of this boom, citing potential risks such as rising costs and regulatory interventions.

Chia emphasised Singapore’s position as a trusted financial centre, attributing its stability to a transparent legal framework and a pro-business environment. He underscored the importance of maintaining a skilled workforce and a balanced regulatory approach to ensure continued growth and resilience in the face of global uncertainties.

ETC has finalised a 15-year tenancy agreement with The Assembly Place for the dual-block development at 27 and 29 Lorong 22 Geylang. Acting as the exclusive marketing agent for the Char Yong (Dabu) Association, ETC facilitated the property’s positioning, tenant sourcing, and lease negotiations, with an option for a further five-year renewal.

The property, located in the Aljunied-Geylang precinct, spans approximately 26,889 square feet. It includes private residential walk-up flats at 27 Lorong 22 Geylang and the association premises for Char Yong (Dabu) Association at 29 Lorong 22 Geylang. Velinda Kwan, Co-Head of Business Space & Retail at ETC, highlighted the area’s potential as a co-living hub, citing its strong connectivity and unique cultural character.

The Assembly Place plans to introduce around 80 rooms as part of its flagship AI-powered co-living concept, featuring intelligent building management and personalised resident services. The property is set to be handed over on 1 June 2026, with operations expected to commence by October 2026.

The property’s strategic location near Aljunied MRT station and its proximity to various amenities enhance its appeal as a culturally rich city-fringe neighbourhood.

Private residential prices in Singapore have continued their upward trajectory in the first quarter of 2026, despite a significant 31.5% drop in new home sales, according to Savills’ latest Residential Sales Briefing. The decline in sales is attributed to a nearly 30% reduction in new launches, with only 1,844 units introduced to the market, resulting in 2,013 units sold.

The report highlights a divergence between transaction volumes and pricing, with non-landed home prices rising by 1.3% quarter-on-quarter (QoQ), contributing to a 3.4% year-on-year increase. The Outside Central Region (OCR) led the growth, with prices increasing by 2.2% QoQ, marking its sixth consecutive quarterly rise due to sustained demand for affordable housing.

Despite a slowdown in buyer activity among Singaporeans and permanent residents, foreign purchases saw a slight increase, albeit constrained by high stamp duties. Alan Cheong, Executive Director of Savills Research & Consultancy, noted, “The market is increasingly driven by selective demand, with well-positioned projects continuing to perform even as overall volumes ease.”

Looking forward, the market’s performance will hinge on upcoming launches and the appeal of individual projects. Developments in areas with limited recent supply are expected to benefit from pent-up demand. Savills maintains its forecast for a 3% growth in private residential prices for 2026, underpinned by expectations of long-term capital appreciation despite geopolitical and economic uncertainties.

AIA Group’s Rethink Healthy Study has uncovered that Singaporeans are more likely than their Asian counterparts to equate personal worth with financial success. The study highlights that 98% of Singaporeans feel socially impacted by stereotypes, despite a lower personal agreement with traditional beliefs compared to the rest of Asia.

The study reveals that financial status is uniquely tied to personal identity and masculinity in Singapore, creating an “identity strain.” Many Singaporeans feel pressured by the notion that “wealth determines a person’s worth” and “a man’s worth depends on his financial success.” Irma Hadikusuma, Chief Marketing & Healthcare Officer at AIA Singapore, noted, “When financial success becomes a measure of personal worth, people can become overly focused on finances at the expense of other important areas of life.”

Key findings show that 71.1% of Singaporeans are less likely to discuss issues, 60.3% hide their struggles, 64.8% engage in health-damaging behaviours, and 63.3% doubt expert guidance. This indicates a high level of “social self-censorship” due to stereotype pressure.

Encouragingly, Singaporeans are moving away from rigid physical health stereotypes, with lower agreement on beliefs like “only intense workouts are effective.” This shift aligns with AIA’s ‘Rethink Healthy’ campaign, which aims to redefine health perceptions.

The study, conducted across several Asian countries, analysed over 100 million pieces of online content and surveyed 2,100 respondents to understand the stereotypes shaping health today.

Singapore’s Ministry of Trade and Industry (MTI) has upheld its GDP growth forecast for 2026 at 2.0% to 4.0%, despite significant global uncertainties stemming from the US-Israel-Iran conflict. The announcement follows a strong economic performance in the first quarter of 2026, where the economy expanded by 6.0% year-on-year.

The first quarter’s growth was largely driven by the wholesale trade, manufacturing, and finance and insurance sectors. Notably, the machinery, equipment and supplies segment benefited from robust demand for AI-related products, whilst the electronics and precision engineering clusters also saw substantial growth. However, the conflict has led to higher prices and shortages in crude oil, adversely affecting the fuels and chemicals segment.

The global economic outlook has deteriorated since February, with disruptions in energy supply and increased inflationary pressures. These factors are expected to dampen consumption and tighten financial conditions worldwide. Despite these challenges, AI-related demand continues to bolster regional economies, providing some optimism for the year ahead.

MTI noted that whilst the outlook for sectors reliant on natural gas and crude oil has weakened, sustained AI-related capital spending is expected to drive growth in electronics and precision engineering. The information and communications sector is also projected to grow steadily due to ongoing demand for digital solutions.

Domestically, the construction sector is supported by public works, and the real estate sector benefits from new private residential launches. However, consumer sentiment remains a concern, potentially impacting retail and food and beverage services.

MTI will closely monitor developments and adjust the GDP forecast if necessary, acknowledging the heightened downside risks to Singapore’s economic outlook.

CIMB Singapore’s InsureXpo 2026 concluded successfully at Suntec Convention Centre, drawing over 3,000 attendees—a 40% increase from the previous year. The event, themed “Money Gym,” brought together Singapore’s insurance ecosystem, including major insurers like Singlife and AIA, to enhance financial fitness among residents.

A joint study by CIMB Singapore and Nanyang Technological University unveiled a shift in Singaporeans’ financial independence goals. The “Attitudes and Beliefs towards Financial Independence Report” surveyed over 1,000 residents aged 18 to 60, revealing that 56.3% now aim to accumulate over S$1m, up from 52.3% in 2025. Additionally, 35.8% see S$1-2.5m as the ideal range for financial independence. Retirement timelines have also accelerated, with many now targeting their 40s, and Gen Z aiming for even earlier.

Despite the ambition, confidence varies. Whilst 78% believe financial independence is achievable, 36% describe themselves as only “moderately confident,” and 34.6% report frequent anxiety about their financial future. Generational differences are evident, with Gen Z experiencing the highest anxiety at 41.2%, whilst Millennials show the most confidence at 51.8%.

Barriers such as high living costs and low income hinder progress, with only 46.4% having started retirement planning. The report highlights the need for integrated financial advice and action, with those seeking professional guidance experiencing lower anxiety and higher confidence. Raymond Tan of CIMB Singapore emphasised the importance of choice in achieving financial independence, stating, “Financial confidence doesn’t come from chance; it comes from choice.”

The findings underscore the ongoing journey towards financial independence, with CIMB Singapore committed to supporting residents through integrated financial services.