Industry News

PFPFA Pte Ltd has inaugurated the PFP Signature Centre at Ngee Ann City, a pioneering dedicated wealth centre in Singapore’s Orchard Road retail district. This new facility aims to provide individuals and families with a private space to engage in comprehensive discussions on wealth planning, protection, and legacy considerations.

The PFP Signature Centre is designed to cater to clients with complex financial planning needs, offering a private environment for exploring long-term strategies around wealth preservation, succession, and life planning. PFPFA operates on a multi-provider advisory platform, allowing advisers to collaborate with various insurers and financial institutions to offer tailored solutions based on client needs.

Recognised for its growth and service standards, PFPFA was recently named among the Financial Times High-Growth Companies Asia-Pacific 2026 and ranked in the Top 5 for Best Financial Services in Singapore at the Expat Living Readers’ Choice Awards 2026.

As a subsidiary of SingWealth Holdings, PFPFA integrates wealth advisory and estate planning services, providing clients with access to estate planning expertise through PFP Legacy. This approach extends discussions beyond financial protection to include wealth preservation and succession planning.

The launch of the PFP Signature Centre marks a significant milestone in PFPFA’s growth journey, now in its fifth year of operations. The firm has expanded its advisory capabilities and established a presence in Hong Kong and Malaysia through SingWealth Holdings. CEO Jeffrey Chow stated, “The PFP Signature Centre was created to provide a dedicated environment where these discussions can take place in a more considered and meaningful way.”

HSBC Life Singapore has launched the HSBC Life Prestige Circle, an enhanced proposition tailored for high-net-worth (HNW) and ultra-high-net-worth clients. This initiative aims to provide clients with access to exclusive services, including healthy longevity programmes, bespoke travel experiences, and specialised business insurance solutions. The offering is designed to meet the complex, cross-border, and multi-generational needs of these clients.

Research by HSBC Life indicates that 50% of HNW individuals in Singapore value added benefits such as health or lifestyle services, with 43% specifically seeking healthcare features. The Prestige Circle addresses these preferences by offering services that protect, optimise, and enrich clients’ time. This includes access to specialist advisory firms for wealth, estate planning, and global mobility, as well as concierge services through a partnership with Blue Sky Escapes for travel design and booking.

Additionally, clients can benefit from preventive health and wellness services through collaborations with Chi Longevity and Raffles Medical Group. These services are available at the HSBC Life Longevity Suite, located within Chi Longevity’s luxury clinics at Camden and the Four Seasons Hotel Singapore.

Harpreet Bindra, CEO of HSBC Life Singapore, stated, “High-net-worth clients today are increasingly looking beyond financial returns to how their wealth can support the way they live.” The Prestige Circle leverages HSBC Life’s network to offer privileges across advisory, wellness, and lifestyle sectors.

This launch builds on HSBC Life’s commitment to supporting complex wealth planning needs, having been recognised as the World’s Best Insurance Provider for Wealth Management by the Euromoney Private Banking Awards 2026.

Singapore has emerged as a significant player in New Zealand’s investment landscape, accounting for 23% of all cross-border investments, according to Cushman & Wakefield. This positions Singapore alongside Australia and Canada as one of New Zealand’s top three offshore capital sources. The influx of Singaporean capital is particularly evident in the Living sector, where institutional investors are driving growth in rental housing and purpose-built student accommodation.

The momentum of foreign investment in New Zealand remains strong, with foreign investors contributing to 60% of total transaction volumes last year. In the first quarter of 2026, investment volumes increased by 51% compared to the previous year, highlighting the growing confidence and liquidity in the market.

Singapore’s institutional investors are not only providing capital but also shaping the market’s future. GIC, in collaboration with Brookfield, has become the largest investor in New Zealand’s commercial real estate over the past five years. Additionally, Keppel’s significant stake in the Carlaw Park student accommodation project in Auckland underscores Singapore’s strategic involvement in New Zealand’s Living sector.

Conal Newland, International Director and Head of Living, APAC at Cushman & Wakefield, noted that New Zealand offers “favourable investor treatment, supportive tax settings, a currency advantage and comparatively lower debt costs” for Singapore-based capital. As the Living sector in New Zealand continues to institutionalise, Singapore investors are well-positioned to capitalise on emerging opportunities, driven by factors such as population growth and urbanisation.

With supportive policy settings and increasing global competition, Singapore’s role as a key contributor to New Zealand’s market development is expected to continue, reinforcing its position as a leading capital source.

Organisations across the Asia-Pacific (APAC) region are facing significant financial losses due to downtime incidents, with an average annual cost of US$300m, according to new research by Splunk and Oxford Economics. The study reveals that lost revenue alone accounts for US$104m of this impact, as businesses grapple with the challenges posed by AI risks and cloud complexity.

The research comes at a crucial time for Singapore, following the AI Verify Foundation’s initiative to enhance trusted AI deployment. Despite the rapid adoption of AI, many businesses express concerns about operational risks, including outages and unpredictable AI behaviour. Notably, 75.6% of surveyed organisations report that rising customer expectations for uninterrupted digital services have heightened the priority of reducing downtime.

Human error remains a prevalent cause of downtime, even as AI adoption increases. Alarmingly, 41.1% of organisations acknowledge that their AI usage has elevated the risk of downtime. Kamal Hathi, SVP and GM of Splunk, emphasised, “Downtime is inevitable; prolonged disruption is not. The most resilient organisations align technology with business outcomes.”

The study also highlights the broader impact of downtime, with financial and market erosion, customer churn, and escalating ransomware costs being significant concerns. The average cost of downtime has reached US$15,000 per minute, and organisations experience an average 3.4% drop in stock price following such incidents.

As businesses increasingly rely on AI for resilience, the need for robust governance and human oversight becomes paramount. The report underscores the importance of end-to-end visibility and proactive investment strategies to mitigate downtime risks.

Agilent Technologies has entered a two-year research collaboration with Singapore’s Nucleic Acid Therapeutics Initiative (NATi), hosted by the Agency for Science, Technology and Research (A*STAR), to advance research into complex oligonucleotide candidates. This collaboration seeks to expand the delivery of these therapies beyond liver tissues, potentially addressing cardiovascular-metabolic, rare, and infectious diseases.

The oligonucleotide therapeutics market, valued at over $7b(£5.4b) in 2025, is expected to grow to $18b (£13.9b) by 2030. This growth is driven by DNA- and RNA-based therapies, which face challenges in delivery beyond liver tissues. The partnership will focus on developing workflows to support ligand-conjugated strategies, enabling access to extrahepatic tissues and expanding the therapeutic market.

NATi’s expertise in nucleic acid and chemical modifications will be combined with Agilent’s advanced technologies, including the 1290 Infinity III Bio UHPLC system and Seahorse XF technologies. This collaboration aims to enhance the characterisation, purification, and quality assessment of lipid-modified oligonucleotides, crucial for efficient preclinical development.

Dr Mohamed ElSayed, Executive Director of NATi, stated, “Lipid-conjugated oligonucleotides represent a promising next frontier in nucleic acid therapeutics, particularly in expanding beyond hepatic delivery.” Bharat Bhardwaj, Vice President of APAC Sales at Agilent, added, “Our priority remains to help existing and new biopharma customers accelerate new discoveries through research advancement.”

The agreement includes training and access to Agilent’s Global Solution Development Centre in Singapore. Agilent’s long-term commitment to Singapore is evident in its investment in local scientific capabilities and talent development, reinforcing the country’s status as a biomedical innovation hub.

Global Healthcare Opportunities (GHO) and CBC Group have announced a definitive agreement to merge, creating the world’s largest dedicated healthcare investment firm with over US$21b in assets under management (AUM). This strategic alliance unites two leading healthcare investors, aiming to enhance global healthcare access and innovation.

The new firm will operate with more than 200 professionals across 13 offices in North America, Europe, and the Asia-Pacific region, which collectively account for 90% of global healthcare research and development spending. This extensive network is set to capitalise on high-growth, innovation-led opportunities in the world’s largest healthcare markets.

The merger will empower portfolio companies to scale internationally, offering investors access to private equity, private credit, and real estate assets focused on healthcare and life sciences. GHO’s North American and European portfolio will gain enhanced access to Asia-Pacific’s dynamic healthcare market, whilst CBC’s Asian portfolio will benefit from global market insights and execution support.

Mike Mortimer, Co-Chief Executive of the new firm, stated, “We are reinforcing our position as dedicated healthcare specialists, expanding our global reach, and empowering our portfolio companies to compete and win in an increasingly dynamic global healthcare market.”

The transaction is expected to close in early 2027, subject to customary conditions and regulatory approvals. Until then, GHO and CBC will continue to operate independently, focusing on their existing fund mandates. This merger marks a pivotal moment for both firms, aiming to accelerate patient access to affordable care and support innovation in addressing unmet medical needs globally.

Bizcap, a rapidly growing alternative lender, is celebrating its first year of operations by increasing its lending limit to $1m. This move aims to provide small and medium-sized enterprises (SMEs) in Singapore with faster and more flexible funding solutions. Since its launch in early 2025, Bizcap has experienced significant growth, driven by the demand for quick and responsive financial options from local businesses and brokers.

Joseph Lim, Bizcap’s Managing Partner for Asia, stated, “When we launched, we had a vision to become Singapore’s most open-minded lender, and I truly believe we’ve brought that vision to life over the past year.” The company has introduced four new funding products and facilitated over $40m in funding for Singapore SMEs. Additionally, Bizcap has built a network of more than 300 partners and expanded its local team from one to seven employees.

The company recently hosted a partner event in Singapore, attended by over 150 key partners, to celebrate its one-year milestone. During the event, Bizcap announced the launch of its Bizcap Frequent Funders (BFF) programme, a loyalty initiative offering tiered incentives to partners who reach funding milestones. The company also recognised high-performing partners who achieved Platinum Partner status in 2025.

Tony Truong, Bizcap’s Chief Credit Officer for APAC, emphasised the importance of the increased lending limit, stating, “By lifting our lending limit to $1m, we can now support larger deal sizes and help more businesses access the capital they require.” Looking ahead, Bizcap Singapore aims to facilitate over $100m in funding in the next 12 months as it continues to expand its presence in the local market.

Traveloka, Southeast Asia’s leading tech travel platform, has signed a Memorandum of Understanding (MoU) with Resorts World Sentosa (RWS), Singapore’s premier integrated resort, to enhance regional tourism connectivity. The collaboration, announced on 20 May 2026, is driven by Traveloka’s data indicating a surge in demand from Indonesian travellers for Singapore’s unique experiences.

The partnership will leverage Traveloka’s data intelligence and platform scale to provide RWS with direct access to millions of high-intent travellers from Indonesia and Southeast Asia. This initiative aims to streamline the process for tourists to discover, plan, and book luxurious stays, iconic dining, and world-class attractions at RWS through Traveloka’s seamless booking system.

Stefanus Syalom Hasudungan, Director of Commercial at Traveloka, and Jenny Wang, Acting Senior Vice President of Resort Sales & Marketing at RWS, were present at the MoU signing. The collaboration reflects a shared commitment to enhancing how travellers experience Singapore, thereby strengthening the region’s tourism sector.

This strategic move is expected to significantly boost the influx of tourists to Singapore, particularly from Indonesia, by offering a more integrated and user-friendly travel planning experience. As the demand for experience-led travel continues to grow, this partnership positions both Traveloka and RWS to capture a larger share of the Southeast Asian travel market.

Singapore’s retail sector has maintained a stable vacancy rate of 6.3% in the first quarter of 2026, according to Savills Research. Despite a decline in leasing demand and increased tenant turnover, the limited supply pipeline has supported occupancy, particularly for well-located retail properties.

Savills estimates that the supply of retail space will be approximately 427,000 square feet of net lettable area in 2026, slightly below the five-year average. New completions are expected to decrease further in 2027, with a significant increase anticipated from 2028 due to major redevelopment projects. This limited supply is projected to keep annual retail completions at an average of 270,000 square feet over the next two years.

The suburban retail market has shown resilience, with a net absorption of 140,000 square feet in the first quarter, supported by stable demand and limited new supply. Prime shopping areas continue to attract interest, with units like the one vacated by T2 Tea at 313@Somerset quickly re-leased to Goldheart.

However, smaller malls and less visible locations face challenges, with Bugis Street seeing only 20% of its second-floor shops in operation. Retail rental performance has softened, with average monthly rents in prime Orchard Area malls edging up 0.1% to S$23.60 per square foot, whilst suburban rents increased by 0.2% to S$14.90 per square foot.

Savills’ Executive Director, Sulian Tan-Wijaya, noted that retailers are focusing on malls with stable footfall and good accessibility. Looking ahead, landlords are expected to optimise tenant mixes and enhance experiential offerings to maintain traffic and sales, with rents for Orchard Road and suburban malls projected to rise by up to 2% this year.

Google and the Ministry of Digital Development and Information have announced an expanded collaboration through a new National AI Partnership. This initiative is part of Singapore’s National AI Strategy and seeks to leverage advanced AI to address societal issues, develop an AI-ready workforce, drive innovation, and ensure a secure digital ecosystem.

A significant aspect of the partnership is the introduction of “Triadic Care” in healthcare. Google DeepMind is exploring a collaboration with public health clusters on an AI co-clinician research initiative, which aims to integrate AI agents in patient care under the supervision of physicians. This could revolutionise healthcare delivery by enhancing patient support.

In the realm of scientific discovery, Google DeepMind is teaming up with the National Research Foundation to train local researchers on agentic AI tools. Additionally, Google and the Agency for Science, Technology and Research are working together to transform lab discoveries into valuable innovations in materials and life sciences.

The partnership also focuses on inclusivity, with Google DeepMind and SG Enable testing a new Gemma-powered running assistant for blind and low vision athletes. This initiative underscores the commitment to making technology accessible to all.

In education, Google is collaborating with the Ministry of Education to bolster AI capabilities in teaching and learning, which includes training and upskilling programmes for educators.

To ensure responsible AI deployment, Google, the Cyber Security Agency of Singapore, GovTech Singapore, and the Infocomm Media Development Authority have released a joint whitepaper with findings and recommendations from their AI Agents Sandbox. This sets security benchmarks for AI use in Singapore.

These initiatives highlight the potential of AI to drive societal progress and innovation in Singapore, with future implications for various sectors.