Industry News

Singapore’s developers are embracing artificial intelligence (AI) at an impressive rate, with 96% already integrating AI tools into their workflows, according to a new survey by Twilio. However, the research highlights significant challenges in moving beyond initial experimentation due to fragmented tools, siloed data, and a lack of strategic direction.

The survey, conducted among 196 developers and technology leaders at API Days Singapore, reveals that nearly half of the respondents experience friction from constant context-switching between disjointed tools. This issue is compounded by poor integration and incompatible systems, which hinder the productivity gains AI promises.

A significant finding is that fewer than 30% of organisations have a clear strategic vision for AI deployment. This lack of direction results in data silos and fragmented decision-making, with 41% of founders and start-up leaders operating without a formal AI adoption framework. Consequently, many AI projects remain stuck in ‘pilot purgatory’, unable to scale into full production.

The survey also indicates a shift towards more complex AI applications, with nearly 40% of respondents building autonomous agents and 25% integrating Voice AI. However, Michelle Duke, Senior Developer Evangelist at Twilio, warns that “running next-generation models on fragmented legacy architecture is becoming a liability,” emphasising the need for a unified infrastructure to unlock AI’s full potential.

As Singapore’s developers push the boundaries of AI, the challenge lies not in adoption but in orchestrating these tools effectively across the business landscape.

Strategic Marine, a prominent Singapore-based shipbuilder, has secured a significant contract with Mainprize Offshore for the construction of two 33-metre Supa Swath crew transfer vessels (CTVs). This order, announced on 19 May 2026, marks the third such collaboration between the two companies, bringing the total number of Supa Swath vessels delivered and on order to 10.

The new vessels, designed by Walker Marine Design, are an upgrade from the previous 26-metre model. They feature an extended waterline length of 30 metres, a broader 13-metre beam, and increased fuel capacity exceeding 63,800 litres. These enhancements allow for longer operational endurance and increased passenger capacity, accommodating up to 39 personnel compared to the previous 27.

Bob Mainprize, Managing Director of Mainprize Offshore, expressed confidence in the partnership, stating, “The Supa Swath design continues to perform well in the field, especially in terms of stability, safety and crew comfort, which are critical to our operations.” The vessels are powered by two Caterpillar C32B engines, enabling speeds of up to 30 knots whilst maintaining fuel efficiency and reducing emissions.

Strategic Marine’s CEO, Chan Eng Yew, highlighted the significance of the order as an endorsement of their capability to meet evolving offshore operational needs. The first two units are scheduled for delivery in Q3 2027, expanding Mainprize Offshore’s fleet to 21 vessels, supporting offshore wind operations across Europe and Asia.

April 2026 witnessed a notable rise in new home sales in Singapore, driven by strong demand in the suburbs, according to Realion (OrangeTee & ETC) Group. Despite ongoing conflicts in the Middle East, sales momentum remained robust, with the number of new home sales, excluding executive condominiums (ECs), climbing to 1,548 units. This marks a 19.1% increase from March’s 1,300 units, as reported by the Urban Redevelopment Authority (URA).

The surge in sales was largely attributed to the launch of two major projects: Tengah Garden Residences and Vela Bay. Tengah Garden Residences, the first private residential project in Tengah, sold 99.1% of its 863 units within the launch month. The development’s appeal was bolstered by its proximity to the upcoming Hong Kah MRT station and the promise of future capital and rental appreciation. Vela Bay also performed well, selling 71.8% of its 515 units, with many units offering sea views and easy access to Bayshore MRT Station.

The Outside Central Region (OCR) dominated sales, accounting for 87.7% of the total units sold, followed by the Rest of Central Region (RCR) and Core Central Region (CCR). In the luxury market, 26 non-landed homes were sold for between S$5m and S$10m, whilst three ultra-luxury condos exceeded S$10m.

Looking forward, potential interest rate hikes due to Middle East tensions may influence buyer behaviour. However, with mortgage rates still low compared to previous peaks, housing remains affordable for first-time buyers and HDB upgraders. Upcoming launches like Dunearn House and Lentor Gardens Residences are expected to sustain market interest.

Condo rental prices in Singapore reached a new peak in April 2026, according to the latest report by 99.co and SRX. The increase was driven by steady demand and limited new private housing supply, with prices rising 0.3% month-on-month. The Core Central Region (CCR) and Outside Central Region (OCR) saw the most significant gains, with increases of 1.4% and 0.7%, respectively.

The report highlights that rental volumes also rose by 1.6% from March, with 6,491 units rented in April. This marks a 6.5% increase year-on-year and is 6.8% above the five-year average for April. Luqman Hakim, Chief Data & Analytics Officer at 99.co, noted that despite elevated prices, tenants are actively securing homes, particularly in the CCR and OCR.

In the HDB rental market, prices edged up by 0.1% month-on-month, with Mature towns experiencing a 0.4% increase. However, Non-Mature towns saw a slight decline of 0.2%. Executive flats recorded the highest increase at 2.5%. Year-on-year, HDB rental prices rose by 1.3%, with a 5.2% increase in rental volumes from March.

The report suggests that whilst macroeconomic uncertainties and softer expatriate hiring could impact future demand, the limited supply of completed private homes is likely to sustain condo rents in the near term. Meanwhile, the HDB market remains attractive due to its relative affordability, although transaction volumes are below historical norms.

YY Group Holding Limited, an AI-native workforce management platform, has announced the initial deployment of its OpenClaw Agentic AI across three hotel clients in Southeast Asia. The rollout, which began on 20 May 2026, marks a significant step in integrating advanced AI solutions into the hospitality sector.

OpenClaw, part of the YY Circle platform, is designed to enhance operational efficiency and service delivery. Currently, two of the five planned client-facing workflows are operational, with a broader rollout expected throughout the second half of 2026. This phased approach aims to ensure a smooth transition and maximise the benefits of AI integration.

The internal deployment of OpenClaw is anticipated to significantly improve operating leverage for YY Group. The company, listed on NASDAQ as YYGH, operates across Asia and beyond, providing integrated facility management services. The introduction of OpenClaw is part of its strategy to leverage AI for better resource management and service optimisation.

YY Group’s spokesperson highlighted the potential of OpenClaw to transform hotel operations, stating, “The initial production rollout live across three hotel clients in Southeast Asia with two of five planned client-facing workflows operational; broader rollout phased through the second half of 2026.”

As the hospitality industry increasingly turns to technology for competitive advantage, YY Group’s initiative underscores the growing role of AI in enhancing customer experiences and operational efficiencies. The success of this deployment could set a precedent for further AI applications in the sector.

Otis Worldwide Corporation has announced the appointment of Ong Chew Seng as the new Managing Director for its Singapore operations, effective 1 May 2026. Chew Seng will oversee Otis’ business activities in Singapore, emphasising customer service, maintenance, and modernisation to address the needs of the country’s ageing infrastructure.

Chew Seng brings over 28 years of experience in the building industry, with 18 years specifically in the lift and escalator sector. His previous roles include senior leadership positions in service, modernisation, and new equipment businesses. Most recently, he served as Otis Singapore’s Head of Service.

Nico Lopez, President of Otis Asia Pacific, remarked on Chew Seng’s appointment, stating, “Chew Seng’s deep industry expertise, strong leadership capabilities and proven track record make him well positioned to lead our Singapore organisation as we continue our strong growth momentum.”

In his new role, Chew Seng will also champion innovation through IoT-enabled predictive maintenance solutions, such as Otis ONE™, to enhance service delivery. He is committed to upholding Otis’ core values of safety, ethics, and quality, ensuring that the Singapore team delivers world-class service and reliability.

Chew Seng holds a Master of Building Science from the National University of Singapore, a Master of Finance from the Royal Melbourne Institute of Technology, and a Bachelor of Engineering from Nanyang Technological University. His extensive background and leadership skills are expected to drive Otis Singapore’s growth and service excellence.

Singlife has introduced the Singlife Heritage Income, a new insurance savings plan aimed at helping individuals preserve and distribute their wealth across generations. This plan, available in both Singapore Dollars (SGD) and United States Dollars (USD), caters to both local and offshore customers seeking structured wealth transfer options whilst maintaining an income stream during retirement.

The plan addresses the growing demand for legacy planning solutions, offering policyholders the ability to receive payouts for up to 150 years. Helen Shen, Group Head of Products at Singlife, highlighted that “four in 10 surveyed want to enjoy their retirement and still be able to leave something for their family as a legacy.” The plan allows for lifelong income whilst preserving wealth for future generations.

Singlife Heritage Income includes features such as the ability to change the life assured multiple times, appoint a secondary life assured, and divide policies into sub-policies for seamless wealth transfer. Policyholders can expect a Yearly Income payout with a Guaranteed Cash Benefit of 3.8% of the sum assured, alongside potential non-guaranteed Cash Bonuses of up to 6.6% annually.

The launch follows the February release of Singlife Legacy Indexed Income, further strengthening Singlife’s suite of wealth and legacy solutions for Asia’s affluent market. With options for monthly or yearly income, loyalty bonuses, and coverage for death and terminal illness, the plan offers flexibility and security in uncertain economic times.

DBS Group Research has introduced a new report, “The Trusted AI Financial Hub: How AI and Trust are Reshaping Global Financial Competition,” which explores how artificial intelligence (AI) and trust are transforming global financial centres. The report introduces the Global AI Financial Hub Index (GAIFHI), a framework assessing 15 major financial hubs worldwide based on AI integration, governance, digital infrastructure, talent, and market outcomes.

The report highlights Singapore’s potential as a leading AI financial hub, supported by its Economic Strategy Review (ESR) and the “Champions of AI” initiative. DBS projects that Singapore’s total factor productivity growth could increase by 0.3 to 0.5 percentage points, potentially raising the country’s nominal GDP to USD 1.4t by 2040. This growth is attributed to enhanced productivity, which could lead to better-quality jobs and increased wage growth.

Singapore is identified as the open-market hub closest to achieving full AI integration, thanks to its regulatory coherence and digital identity infrastructure. In contrast, New York leads in AI capability but faces challenges due to governance fragmentation. London is rapidly repositioning with a principles-based AI governance approach, whilst San Francisco excels in AI talent and innovation.

The report underscores that financial leadership in the AI era will depend on a hub’s ability to combine AI capability with trusted governance, making AI-driven decisions as reliable as human-supervised ones. This shift reflects a broader trend where Asian financial centres are gaining influence in digital infrastructure and AI deployment, challenging traditional hubs’ dominance.

Bloomberg and the Singapore Exchange (SGX) have announced a partnership to increase awareness and accessibility of Singapore’s equity market. This collaboration will see the implementation of joint initiatives designed to support SGX-listed companies in engaging with the global investor community.

The partnership aims to drive awareness of best practices and amplify key research on SGX-listed companies. This effort aligns with the Monetary Authority of Singapore’s Equities Market Review Group’s objectives to boost investor interest and participation in Singapore’s capital markets.

Bloomberg will enhance the reach of research content produced under the Grant for Equity Market Singapore (GEMS) scheme by making it more accessible on the Bloomberg Terminal. This will provide global investors with a deeper understanding of SGX-listed companies and upcoming initial public offerings.

Additionally, Bloomberg will leverage its expertise in data and technology to develop best-practice frameworks and training opportunities for SGX-listed companies. Focus areas include high-quality datasets, corporate disclosures, and investor relations insights.

The collaboration will culminate in joint outreach efforts, including training sessions and C-suite roundtables, to further elevate the visibility of Singapore capital markets globally. Michael Syn, President of SGX Group, stated, “Our collaboration with Bloomberg advances SGX’s Value Unlock initiative by helping more Singapore-listed companies better articulate their strategy, performance, and long-term potential.”

The Singapore equity market has seen significant growth, with Q1 2026 daily turnover reaching a 19-year high of S$2.1b, supported by increased retail participation. The Straits Times Index also set a new high in February, outperforming regional and global benchmarks with a 95% total return over five years.

The Monetary Authority of Singapore (MAS) has revoked the Major Payment Institution Licence of Bsquared Technology Pte Ltd (BSQ), effective from 14 May 2026. This decision bars BSQ from providing digital payment token services in Singapore under the Payment Services Act 2019.

MAS’s inspection of BSQ in 2025 revealed significant regulatory breaches, including inadequate risk management practices and conflict of interest policies. Additionally, BSQ failed to comply with MAS’s Guidelines on Outsourcing in its dealings with related entities. The company also provided false or misleading information to MAS on several occasions, from its licence application through to the inspection period.

Despite these breaches, BSQ’s licensed activities were limited, and the company has assured MAS that there are no outstanding customer funds or assets. BSQ is required to submit a closure certificate from its auditors, confirming that all customer funds have been properly disbursed and that provisions for unforeseen liabilities are in place.

MAS is currently reviewing the responsibilities of BSQ’s key officers, emphasising that entities failing to meet regulatory standards or providing inaccurate information will face repercussions.