AGP Executive Report

India Ties: Deputy Prime Minister Gan Kim Yong is visiting India to deepen economic links, with meetings in New Delhi and Chennai focused on trade and business opportunities. SME Tech: Singapore is offering up to 12,000 places in new AI programmes to help smaller firms automate work and improve operations. Energy and Supply Chains: Singapore and Brunei have agreed to strengthen supplies of food, fuel and medical goods during disruptions. Singapore startup NEU Battery Materials also raised US$7.6 million to scale lithium recycling. Investment: Data-centre developer DayOne secured US$3.7 billion in financing for its Malaysia expansion, while Revolut plans to invest nearly S$350 million in Singapore and create 300 jobs. Markets: A sharp chip-stock sell-off has raised fresh doubts about the scale and financing of the AI boom. Blackstone-backed AirTrunk has delayed its Singapore REIT IPO amid the market turmoil. Outlook: The IMF forecasts Singapore growth of 5% this year, while economists expect the Monetary Authority of Singapore to tighten policy again in October. Singapore ranked second in the 2026 Sustainable Trade Index.

Markets: Asian shares sank as chip losses and doubts over AI returns hit investor confidence ahead of US bank earnings. IPO Watch: Blackstone-backed AirTrunk has delayed plans for a S$1.5 billion data-centre REIT listing in Singapore until next year, as higher rates and market volatility cool demand. Supply Chains: Singapore and Brunei signed a pact to keep essential goods — including food, fuel and medical supplies — flowing during crises. Cybersecurity: Singapore’s new strategy will build the capacity to assess and adapt leading AI models for cyber defence, rather than develop its own for every use. Business Expansion: UK fintech Revolut plans to invest nearly S$350 million in Singapore and create 300 jobs, while a local startup raised US$7.6 million to recover lithium from EV batteries. Jobs: President Tharman warned AI is weakening demand for some entry-level roles, putting fresh graduates’ career prospects in focus.

Regional Trade: Singapore and Brunei signed an MoU to strengthen supply chains for food, fuel, crude oil and medical supplies. Bilateral goods trade reached S$2.32 billion in 2025. ASEAN Integration: PM Lawrence Wong said a more unified regional market is key to attracting investment and building deeper capital markets. AI and Jobs: The IMF warns AI could reshape 40% of global jobs, while Singapore leaders flag shrinking entry-level opportunities. DBS CEO Tan Su Shan says investors are demanding clearer returns and more discipline in AI financing. Investment: India’s finance minister used her Singapore visit to court global funds for infrastructure, semiconductors, renewables and financial services. Business Expansion: Revolut plans to invest nearly S$350 million in Singapore and create 300 jobs. ST Engineering’s new Changi facility could lift local widebody aircraft maintenance capacity by 40%. Markets and Policy: Singapore shares rose 0.3% as bank stocks rebounded. Economists expect MAS to tighten monetary policy again this month, though some see room for a pause.

AI and Jobs: TikTok CEO Chew Shou Zi urged businesses to prepare for cybersecurity risks from AI agents, while President Tharman warned that AI is already weakening demand for entry-level jobs in exposed sectors. Markets: SGX’s daily securities trading value rose 27% year on year in September to S$1.92 billion, led by stronger activity in financial, technology and healthcare shares. Healthcare Investment: Singapore plans to speed up drug reviews and clinical research, including halving approval times for selected lower-risk trials and creating a UK regulatory corridor for new therapies. Financial Regulation: MAS chief Chia Der Jiun cautioned that stablecoins may not be suitable for large wholesale settlements, as their ability to hold value at par depends on transparent, adequate reserves. Business Expansion: Revolut plans to invest nearly S$350 million in Singapore, open a new Collyer Quay office and add 300 local jobs. AI Financing: DBS CEO Tan Su Shan said investors are demanding stronger returns and more disciplined financing for AI projects as risks are repriced.

India-Singapore Ties: India’s Finance Minister Nirmala Sitharaman met Standard Chartered’s chief in Singapore to discuss trade finance, cross-border banking and treasury centres, after talks with Prime Minister Lawrence Wong on stronger investment links. F1 Business: Singapore’s Grand Prix weekend drew restaurant crowds despite the haze, while hotel rates surged; Verstappen claimed his first Singapore win. Banking: Singapore bank shares steadied after a sharp retreat, but analysts warn higher rates may squeeze DBS, OCBC and UOB margins. Aerospace Jobs: ST Engineering opened a new aircraft-maintenance hub, adding 40% to its widebody capacity and planning more than 500 local jobs. Monetary Outlook: Strong growth and rising inflation risks are fuelling expectations that Singapore may tighten monetary policy.

Haze and F1: Indonesian fires pushed Singapore’s air quality into the very unhealthy range, but the Grand Prix went ahead and businesses reported little impact on demand. Markets: Local bank shares steadied on Friday after a sharp weekly slide, as investors weighed profit-taking and softer earnings expectations. Corporate Governance: Mary Chia Holdings admitted it failed to disclose CPF arrears and court proceedings involving four subsidiaries after SGX queries. Energy Links: India and Singapore are exploring a 2,000MW power corridor through Myanmar, Thailand and Malaysia; the proposal still needs feasibility and commercial assessments. Investment Ties: India’s finance minister met Singapore leaders and investors, including GIC and Temasek, to discuss stronger economic links. Jobs and Finance: ST Engineering opened a new aircraft-maintenance hub in Singapore, with more than 500 jobs planned, while MAS issued AI risk-management rules for financial institutions.**

Investment Links: India’s Finance Minister Nirmala Sitharaman met GIC, Temasek and other investors in Singapore to discuss long-term investment in infrastructure, finance, healthcare and clean energy. Johor-Singapore Zone: Investors are awaiting the JS-SEZ master plan and tax incentives; JETCO says the RTS Link’s February 2027 start is unlikely to dent the zone’s investment appeal. Markets and Growth: Singapore bank shares have retreated from record highs as investors reassess lenders. Strong trade is expected to lift third-quarter GDP growth to 5.2%, while rising inflation risks have fuelled expectations of tighter monetary policy. AI and Finance: MAS has issued AI risk-management guidelines for financial institutions, keeping firms accountable for risks from third-party tools. Energy Security: Singapore is exploring a 2GW power link with India as it seeks to diversify supply and strengthen energy resilience. Haze and Business: Severe Indonesian haze blanketed Singapore during the Grand Prix, but businesses reported little impact on demand.

Monetary Policy: Singapore’s strong growth and rising inflation risks have raised expectations that MAS may tighten policy at its upcoming review. Bank Shares: Local lenders have slumped as higher bond yields fuel concerns about earnings; the three banks lost about US$27 billion in market value over three trading sessions. Financial-Sector AI: MAS has finalised AI risk-management rules for financial institutions, with separate guidance on AI agents due in 2027. Aviation: ST Engineering has opened a Singapore airframe maintenance hub, boosting widebody capacity by 40% as global demand grows. Regional Investment: India’s Finance Minister Nirmala Sitharaman met Singapore’s leaders to discuss investment and closer economic ties; Singapore is India’s largest source of foreign direct investment. Jobs: One in five retrenched resident PMETs remained unemployed two years later, while four in 10 who returned to work took a pay cut.

Energy Transition: Singapore received its first internationally certified bio-LNG cargo, as Shell and SLNG expand lower-carbon fuel options. Minister Tan See Leng said energy diversification is key to resilience and net-zero goals. Banking & Markets: DBS and UOB shares fell again after a record run, while OCBC held steady following a Citi downgrade. Rising global bond yields are adding pressure on the sector. Aviation & Industry: ST Engineering opened its S$170 million Changi Creek aircraft-maintenance hub, which will add widebody capacity, create about 500 jobs and test automation technologies. Regional Ties: India’s Finance Minister Nirmala Sitharaman met Singapore’s leaders to discuss investment and cooperation in areas including finance, semiconductors and energy. The two countries are also exploring a 2,000MW power link through Southeast Asia. Digital Finance: MAS has set out AI risk expectations for financial institutions, with further guidance on AI agents due in 2027. Telecoms: StarHub agreed to acquire MyRepublic’s mobile business, deepening its presence in Singapore’s competitive mobile market.

Monetary Policy: All 10 economists surveyed by Reuters expect MAS to tighten policy on Oct 14, with strong growth and risks from higher energy and food costs supporting another move. AI and Finance: MAS has issued new AI risk guidelines for financial institutions, which remain accountable for third-party tools; guidance on agentic AI is due in 2027. Business Expansion: Revolut plans to invest S$350 million in Singapore and grow its local workforce to 300, while StarHub is acquiring MyRepublic’s mobile business. Energy Infrastructure: SLNG has started building a third Jurong Island jetty, scheduled to open in 2028 and support rising LNG bunkering demand.

Markets: Singapore’s banks dragged the STI down 3.5% on Thursday as rising bond yields and inflation fears rattled investors. DBS, OCBC and UOB all fell sharply. AI & Finance: MAS issued new AI risk rules for financial institutions, with further guidance on autonomous AI agents due in 2027. IMF chief Kristalina Georgieva and President Tharman Shanmugaratnam also warned that heavy debt and borrowing costs could limit governments’ ability to respond to future shocks. Investment: Revolut plans to invest S$350 million in Singapore, open a Collyer Quay office and grow its local workforce to 300. Temasek plans to combine Azalea, SeaTown and Seviora Capital into one platform in 2027. Regional Ties: As Singapore prepares to chair Asean in 2027, PM Lawrence Wong said it will deepen ties with existing partners and build links with regions including Latin America, Africa and the Middle East. India and Singapore are also exploring a 2,000MW power link through Southeast Asia.

SME Innovation: Enterprise Singapore will invest up to S$120 million over five years to help small businesses develop and commercialise new products. Fintech Expansion: Revolut is committing nearly S$350 million to its Singapore business, opening a new office in 2027 and aiming to grow its local workforce beyond 300. AI and Jobs: UOB plans to hire 1,000 graduates in Singapore over the next year, even as AI takes on more routine entry-level tasks. AI Rules: MAS has issued risk-management guidelines for financial institutions using AI, stressing that firms remain accountable for third-party tools. Markets: Singapore bank shares slumped amid inflation and rate concerns, with OCBC shedding about S$8 billion in value. Regional Investment: Philippine President Ferdinand Marcos arrived in Singapore for talks with business leaders and to promote investment in digital technology, AI and advanced manufacturing. Economic Risks: IMF chief Kristalina Georgieva warned in Singapore that debt, energy shocks and AI-driven inequality threaten global growth.

Workforce Support: Singapore is reviewing stronger help for retrenched workers as layoffs rose to 4,500 in the second quarter. Crystal Jade has closed four outlets and issued about 120 termination notices; more than 400 job openings are being offered to affected staff. SME Innovation: Enterprise Singapore will invest S$120 million over five years to support innovation among small and medium-sized businesses. Markets and AI: OCBC shares fell nearly 6%, wiping about S$8 billion off its value, as analysts turned cautious on local banks. MAS has issued AI risk-management guidelines for financial institutions, while Temasek’s investment chief flagged AI-driven market reversals and inflation as risks for 2027. Economic Outlook: Singapore’s Q3 GDP growth is forecast at 5.2%, supported by strong trade, but job growth may slow as AI reshapes hiring. IMF chief Kristalina Georgieva warned in Singapore that energy shocks, AI investment and record debt are pulling the global economy in competing directions. Regional Ties: Singapore plans to deepen ASEAN integration and broaden partnerships beyond traditional dialogue partners when it chairs the bloc in 2027.

AI & Finance Regulation: MAS issued AI risk management guidelines for the financial sector, with phased expectations starting 7 Oct 2027, covering governance, life-cycle controls, data, transparency, fairness, third-party AI and testing. Responsible AI Trials: Singapore is running trials to understand how to implement AI agents responsibly, with Tan Kiat How saying safeguards must evolve for higher-risk uses. Workplace Pressure: Jobstreet found 63% of employees in Singapore feel “always-on” pressure, despite more flexibility—raising burnout and lowering satisfaction risks. Grid & Energy Policy: Jurong Island’s 200MW battery energy storage system won’t count toward required generation reserves because it can discharge for only about an hour; it’s for rapid grid stabilisation. Education Policy: No transition period for changes to Primary 1 registration from 2027, despite calls for more time from MPs. Economy Outlook: UOB expects Singapore Q3 GDP growth of 5.2% YoY, supported by stronger non-oil domestic exports and AI-related tailwinds. Regional Business Links: Philippines President Ferdinand Marcos Jr will visit Singapore Oct 7–11 to push investments, trade and nuclear energy ties ahead of Singapore’s 2027 ASEAN chairmanship. Payments & Fintech: BDO Unibank upgraded payments infrastructure with Finastra’s Global PAYplus to boost automation, resilience and interoperability. Data Centres: Digital Realty begins construction of KIX15 in Osaka (24MW) to expand high-density computing capacity, scheduled for Q4 2028. Commodities & Markets: Oil rose and stocks fell on renewed Hormuz supply worries; copper eased as a stronger US dollar and higher oil weighed on industrial metals.

Singapore-Philippines Ties: President Ferdinand Marcos Jr will visit Singapore from Oct 7-11, hosted by PM Lawrence Wong, with plans to deepen economic cooperation and attend the Singapore F1 Grand Prix. Payments & Fintech: Tribe Payments appointed Alex Lim as Head of Sales and Solutions for APAC, building on its Singapore office and push to expand issuer/acquirer processing for banks and fintechs. Digital Assets in Singapore: TOKEN2049 Singapore sold out for Oct 7-8 at Marina Bay Sands, drawing 25,000 attendees across 160 countries. Crypto Infrastructure Deal: BitGo expanded its strategic partnership with HashKey Cloud during TOKEN2049 week, extending services across staking, trading, custody and RWA tokenisation. Data Centres & IPOs: DayOne, a Singapore-based data centre operator, filed for a US IPO on Nasdaq, targeting an estimated valuation of about US$20b. Public Sector Integrity: Singapore police are investigating eight civil servants over property purchases near future MRT stations, following a review linked to rail-planning roles. AI & Financial Crime: Experts say AI should support human judgment in fraud and AML work, with trust in AI outputs still limited.

Singapore-Philippines Ties: President Ferdinand Marcos Jr will visit Singapore from Oct 7-11 to deepen economic engagement, with Prime Minister Lawrence Wong hosting him during the Singapore Grand Prix. Transport Disruption: For the North-South Corridor, the noisiest and dustiest structural works will finish by end-2027, with surface reinstatement from 2028 and extra focus on restoring access for affected businesses. Muslim Family Law Reform: Proposed AMLA changes would let Syariah Court skip a hakam for amicable divorces where parties agree, potentially cutting timelines by six months or more, plus wider powers on overseas divorce consequences and child-related orders. Energy Security Planning: EMA is studying a Pulau Tekong energy cluster on a 200ha reclaimed site, with a feasibility tender for hydrogen-ready gas plants and LNG/low-carbon options. Anti-Scam Deterrence: Shanmugam says new legislation will reinforce deterrent sentences for scam offenders, including youths. AI Finance & Markets: Banks are increasingly funding GPU-linked AI buildouts in Asia, while OKX launched an app converting 50+ local currencies into USD-backed stablecoins. Singapore Economy & Tech: IMDA says Singapore’s digital economy hit S$144.1b in 2025 and tech workforce rose to 222,200, with more postings demanding AI skills. Cyber & Compliance: South Korea’s FSS found 19 IPs tied to financial cyberattacks, including links to Singapore. Property & Capital Markets: OCBC initiated coverage on EGP Energy with a “buy” and S$1.05 target; private banks also improved onboarding speed, with nearly half of new PBIG accounts opened in under a month.