AGP Executive Report

Rates Watch (Philippines): UOB expects the BSP to keep hiking, with a 25bp move to 4.75% on June 18, then another 25bp in Q3, as inflation cools but stays above target and core pressures persist. Remittances (Bangladesh): The UK overtook Saudi Arabia as Bangladesh’s top remittance source in May, with total inflows up 14.3% year-on-year to $3.43b. Tourism Policy (Sri Lanka): Sri Lanka waived tourist visa fees for 40 countries but left Bangladesh out, meaning Bangladeshi travellers still pay for a 30-day visa/ETA. Singapore Property & Retirement: A Singaporean says upgrading from HDB to a condo—after becoming debt-free—has delayed retirement plans due to the new financial burden. Maritime (Singapore route): Samudera Shipping said a chartered container vessel on the Singapore–Pasir Gudang service sank en route; crew were safe and a replacement vessel is being arranged. AI Infrastructure (Singapore-linked): Supabase raised a $500m Series F at a $10b valuation, with GIC leading—another signal of capital flowing into AI back-end infrastructure. Cyber/Internet: Cloudflare says automated “agentic” traffic has surpassed humans, with bots now driving 57.5% of web requests. Regional Business (Singapore ties): Singapore’s High Commissioner in Chennai met Tamil Nadu’s finance minister to push Singapore–Tamil Nadu economic collaboration.

Singapore Startup Scene: Singapore broke into the world’s top 10 startup ecosystems for the first time, ranking 10th globally in StartupBlink’s 2026 index, with standout strength in community activity and fintech and support from major corporates like Singtel and Carousell. Regional Mobility & EVs: Tesla expanded cross-border support for owners in Malaysia, Singapore and Thailand, adding regional service coverage and Supercharger access to make trips easier across markets. Aviation Costs: Airline executives at IATA’s Rio summit are bracing for margin pressure as Iran-linked fuel shocks and airspace disruptions collide with aircraft delivery delays, forcing carriers to keep older planes longer. Geopolitics Watch: China’s Xi Jinping is set for a rare visit to North Korea, aiming to deepen ties as Kim seeks economic lifelines amid closer Russia alignment. Local Philanthropy: The family of late Creative Technology founder Sim Wong Hoo donated $385,000 to the Straits Times School Pocket Money Fund, backing students from low-income families. Education & Fairness: India’s exam system faces renewed scrutiny after CUET-UG 2026 disruptions and technical failures, raising questions on reliability and transparency. Business & Trade: Argentina has applied to join the CPTPP, potentially bringing it into a major trade bloc that already includes Singapore and the UK, though accession could take years. Singapore Economy: Retail sales in Singapore rose 5.4% in April, extending momentum into the new quarter.

Aviation Fuel Pressure: Air New Zealand says hedging and fare hikes have only offset about 25% to 40% of higher jet fuel costs, with jet fuel prices pegged around US$150 a barrel (Singapore Jet Index) as it plans for elevated costs into FY2027. Singapore Online Harmony: Singapore ordered major platforms (YouTube, Facebook, X) to block 14 posts targeting the Indian community under the Online Criminal Harms Act, saying the content tries to inflame racial tensions and likely originated from China. Enterprise AI in Singapore: AI.cc reports 83% of enterprise AI proof-of-concepts fail to scale due to infrastructure bottlenecks, while multi-model verification cuts hallucination rates by 61% (from 8.3% to 3.2%) in legal, financial and healthcare deployments. Cybersecurity Watch: A Singapore-linked report says Creative’s Sound Blaster Katana V2X soundbar can be hijacked over Bluetooth from about 16 yards away, with Creative reportedly not treating it as a security risk. Local Business & Lifestyle: Singapore-based BMX launches safer semi-solid-state power banks (SolidSafe) with magnetic charging; and Wah Kee Big Prawn Noodles is set to reopen after a health-related closure. Markets & Macro: Bloomberg notes crude oil has stayed below US$100 a barrel despite the Strait of Hormuz shock, helped by workarounds, US exports and weaker Chinese demand.

Singapore Labour Rules: MOM and NTUC say employers can’t rebrand retrenchments as “new opportunities” by asking Singapore workers to reapply for jobs overseas—if a Singapore role is redundant, it’s still a retrenchment. Maritime Decarbonisation & Digitalisation: MPA and MSC signed an MoU to deepen collaboration on sustainable fuels, digital port operations, innovation and manpower development in Singapore. Corporate Deal: Givaudan will acquire a majority stake in Eurofragance to accelerate global expansion while keeping Eurofragance’s independent brand and entrepreneurial culture. AI Security Funding: Innefu Labs raised US$30m Series B led by Panthera Growth Partners, targeting international expansion and a future IPO. Telecom Enforcement: Police will charge four people over alleged fraudulently registering SIM cards used for impersonation scams, with penalties including fines, jail and caning for scam mules. Food & Consumer Pulse: Singapore restaurants keep churning—new registrations outpace closures—while diners increasingly respond to value promos like shareable meal deals. Regional Payments: India launched UPI-based QR payments in Cambodia, linking KHQR merchants to Indian UPI apps and reducing cash/card reliance.

Singtel’s People-First Push: Singtel swept the Employee Experience Awards 2026, taking Employee Experience Champion of the Year plus multiple gold and silver trophies, underscoring how HR and talent strategies are becoming a board-level business priority. Singapore Job Market Mood: Singaporeans are debating whether fresh graduates should lower salary expectations as companies get more cautious on pay rises, with recruiters still talking but some candidates reporting interviews that don’t convert to offers. AI and Trust in Finance: TrustPlus AI says financial institutions are moving beyond AI scoring into credit underwriting and risk monitoring workflows—aiming to speed decisions while keeping governance tight. Cross-Border Payments Race: GoTyme Bank and BPI are rolling out faster, app-based international transfers (powered by Wise and Visa Direct respectively), reflecting demand for transparent fees and real-time delivery. US Forced-Labour Tariffs: The US targets Cambodia and other ASEAN economies in a forced-labour probe, raising the risk of new trade costs for regional exporters including Singapore. Global Markets Jolt: Wall Street slid sharply as chip stocks tumbled and rate worries returned, dragging tech sentiment across Asia and Europe.

Data Centres & Funding: Singapore-headquartered DayOne Data Centres sealed its final Series C close, raising US$4.5b, with new backers including Indonesia Investment Authority and Achi Capital Partners, and plans to use the funds to expand capacity in Singapore, Malaysia and Indonesia. AI & Security Investing: Panthera Growth Partners (Singapore) put $30m into India’s Innefu Labs, backing its defence-focused AI and cybersecurity push, including preparations for a potential IPO. Wealth & Deals: Allianz Global Investors is in exclusive talks to buy UOB Asset Management in a deal that could value it up to S$600m, as UOB explores options for its asset management arm. Travel Insurance: Allianz Partners agreed to acquire a large portion of nib’s travel insurance portfolio across Australia and New Zealand, expanding its distribution reach. Singapore-Cambodia Ties: DPM Vongsey Vissoth met Singapore’s ambassador to Cambodia to reaffirm cooperation on trade, investment, energy, digital connectivity and talent. Markets & Macro: OCBC warned the Philippines’ trade deficit could widen as export growth cools while imports keep rising; Barclays now expects only one more BSP hike after May inflation eased. Shipping & Trade: Posidonia 2026 in Athens highlighted seafarer safety and decarbonisation as shipping’s defining priorities. Tech Policy Watch: China tightened rules on tech firms moving offices, data or staff abroad, with knock-on effects felt globally.

Energy Security & Trade: Trafigura warns the Middle East conflict has removed over 1.1 billion barrels of oil from global markets and says even a near-term peace deal won’t quickly restore supplies, with Strait of Hormuz shipping near zero. Singapore Markets & Policy: Singapore’s May PMI eased as demand softened and inflation pressures persisted, while foreign banks flag further rate-hike room amid rising Philippine inflation. AI & Digital Economy: Cloudflare says bot traffic has overtaken humans, with Singapore among the highest bot-traffic countries; Regula also flags deepfakes and AI agents as fast-growing identity threats, with Singapore the top concern market. Payments & Banking: Bank of America plans cross-border real-time payments next quarter, and BPI is rolling out simplified global money transfers and mobile cross-border transfers. Startups & Capital: Singapore startup exits slowed to just two acquisitions and one IPO in April–May, reflecting a tougher deal environment. Maritime Decarbonisation: SEA-LNG data shows methane decarbonisation momentum continues, with Singapore LNG bunkering up 48% in Q1 2026 and LNG-fuelled vessels dominating alternative-fuel orders. Aviation & Business Travel: Qantas is in talks for about 20 wide-body jets, while Singapore Airlines tightens business-class seat selection rules by fare type and KrisFlyer status. Local Business & Jobs: Johor’s IMAJ student aid eases higher-education costs, and Johor says premium wages for youth (RM4,000+) are rising under the Johor-Singapore Special Economic Zone push.

Singapore Economy: S&P Global’s May PMI for Singapore eased to 56.7 from 57.9 in April as demand softened, while inflation pressures stayed sticky and firms widened the gap between input and output prices—hinting at margin strain. Fraud & Enforcement: A Singapore court jailed a man for forging medical invoices to claim over S$12,000 from his insurer, underscoring how long-running fraud can slip through until checks tighten. Insurance Clarity: Etiqa Insurance Singapore said it does not market ILPs as “capital guaranteed” and warned against comparisons to CPF LIFE, after a Business Times report. Digital Payments & Cross-Border Rails: NTT Data and AXS inked an MoU to explore cross-border bill payments, starting with Singapore–Malaysia links. Labour & Automation: Grab plans a late-2026 pilot of delivery AI robots in Punggol to handle the first/last 100 metres, aiming to ease labour shortages without fully replacing drivers. Energy & Climate Finance: HSBC said it is “more ambitious” on net-zero by shifting focus to commercialising low-carbon financing, not just targets. Markets & Macro Risk: Oil prices rose on Iran peace worries, while Bitcoin slid to pre-Iran-conflict lows as Middle East tensions weighed on risk sentiment. Regional Business Outlook: Malaysia’s data-centre debate is heating up as officials argue the sector’s wider ecosystem benefits, while renewable projects face financing and tenure mismatches.

US Tariff Shock: The USTR has proposed new Section 301 tariffs of 10%–12.5% on imports from 60 economies over forced-labour enforcement failures, with Singapore among those flagged—raising fresh trade-cost risks for regional supply chains. Market Mood: Wall Street slid after renewed US-Iran conflict fears, dragging global stocks; Singapore’s STI still managed a modest rise, but risk appetite stayed fragile. Legal & Trade Links: Singapore and Malaysia deepened cross-border dispute resolution ties via new MOUs among SIAC, SIMC and AIAC—aimed at giving businesses faster, trusted pathways to settle disputes. Payments for AI Builders: Clink opened public access to its agentic payment and billing platform, letting AI products get paid by humans now and by authorised AI agents later across 135+ currencies. AI Workforce Push: YY Group, headquartered in Singapore, launched a humanoid robotics training lab and pilot deployments in Singapore retail and hospitality sites to scale “human-robot co-working.” Energy Contracting: Abu Dhabi’s EWEC awarded the Taweelah C power project contract to a Taqa-led consortium including Singapore’s Sembcorp, with a 2.6GW gas plant designed to support future carbon capture. Corporate Moves: Coupang jumped to No. 132 on the Fortune 500, citing AI-enabled logistics and expansion that includes Singapore operations.

US Trade & Tariffs: The US proposes new Section 301 tariffs tied to forced-labour imports, with at least 10% duties on goods from 60 economies and 12.5% on others, including India and Singapore, as Washington presses partners to tighten enforcement. Regional Security at Shangri-La: US Defence Secretary Pete Hegseth told the Singapore forum the Indo-Pacific is the world’s most “consequential” region and flagged burden-sharing with allies; meanwhile, China hit back at the Philippines after Manila’s defence chief said Beijing poses severe territorial and political threats. Investing in Singapore’s Future: Temasek chairman Teo Chee Hean said public-service instincts help navigate a “stark” new investment reality, while Singapore’s SIT named Heng Swee Keat its first chancellor. Energy & Shipping: TAQA-led firms won a 2.6GW Abu Dhabi IPP deal with Sembcorp; BHP and GCMD tested a cooking-oil and animal-fat biofuel blend for a ship bunkered in Singapore. Markets & Currencies: Oil rose on Middle East peace worries; Indonesia’s stocks slid to a five-year low and the rupiah hit another record low. Local Business & Finance: Holland & Barrett returns to Singapore via Guardian and DFI Retail Group; a corporate service provider linked to a S$3b money-laundering case admitted lying to IRAS.

ASEAN+3 Macro Outlook: AMRO lifted its 2026 inflation forecast for ASEAN+3 to 1.8% (from 1.4%) while keeping growth at 4.0%, citing prolonged West Asia disruption that is pushing up energy, commodity and logistics costs. Singapore Business & Finance: Singapore’s DBS is rolling out “tap-to-phone” contactless payments via its MAX app, as banks compete to make everyday payments more seamless for customers. EV & Industrial Policy: Asia’s EV race is accelerating, but the shift is increasingly driven by China’s domestic champions and industrial policy—not just Tesla—while charging build-out remains a bottleneck. Regional Markets: Wall Street closed Tuesday with modest gains, with the S&P 500 up slightly and the Dow outperforming. Music Industry: UMPG appointed Sunita Kaur as president for Asia, based in Singapore, to expand growth across the region’s digital music ecosystem. Singapore Economy Pulse: Singapore’s PMI inched up to 51 in May, supported by continued electronics sector growth. Trade & Deals: Argentina moved to formally apply to join the CPTPP, aiming to open new markets for its private sector; the bloc already includes Singapore. Aviation Disruption: Japan faced hundreds of flight cancellations due to tropical storm Jangmi, with Singapore Airlines among those rescheduling affected services. Food Safety: Singapore penalised eateries in over 230 rat-infestation cases in 2025, with authorities pushing for stronger prevention and monitoring. Wealth & Banking: EastWest and Visa launched an enhanced priority banking experience for wealthy clients, blending relationship management with Visa products and lifestyle perks. Tech & AI: Tencent shares jumped after reports it is testing an AI agent for WeChat, with a potential phased rollout after compliance steps. Local Careers: Invertis University’s 2026 placement season saw 650+ offers from major firms including Google, Amazon, Deloitte and IBM.

DBS Payments Push: DBS rolled out “tap-to-phone” card acceptance via its MAX app, turning Android smartphones into point-of-sale terminals to help merchants go cash-light faster. AI Finance Hub: Deputy PM Gan Kim Yong urged Singapore to strengthen its position as a trusted AI finance hub, highlighting talent as the next bottleneck. Markets & STI: SGX said the STI ended May up 3.3% (total return), with Sats and Venture leading gains as AI-linked demand and resilient growth supported a record high. Wealth Management Moves: Schroders appointed Sharon Sim as Head of Business Development, Asia, while Mapletree Investments reported FY2026 net profit up 25.7% on lower revaluation losses. Corporate Restructuring: Del Monte Pacific filed a US$1.2b recovery plan after a negative equity trigger tied to its US unit’s Chapter 11. Tech & Commerce: Google expanded virtual try-on across key APAC markets, aiming to make search more commerce-driven. AI Hardware: Nvidia unveiled new chips for “AI PCs” and a largest-ever AI supercomputing system for agentic workloads. Cross-border Trade Tech: A China-Singapore digital trade roadshow in Chongqing linked AEOTrade with IMDA’s TradeTrust for faster cross-border documents.

Maritime security: Singapore used the Shangri-La Dialogue to push new guiding principles for underwater infrastructure, warning that attacks or disruptions to subsea cables can ripple across global energy and telecom networks. Markets: Wall Street ended higher in a cautious start, with the Nasdaq Composite up 114 points as investors stayed selective. Tech & AI chips: Nvidia unveiled RTX Spark to bring AI PCs to Windows laptops and desktops later this year, while also expanding its humanoid robotics push via a platform built around Unitree hardware and Singapore-based Sharpa. Shipping decarbonisation: The Port of Long Beach approved a US$1m prize to spur commercial methanol bunkering, as ports race to build cleaner fuel supply. Singapore business & finance: DBS plans to open 18 new Asian wealth centres and expand its advisory push, betting on affluent demand. Regional policy shock: Malaysia will make affordable EVs under RM200,000 illegal to import from July 2026, effectively pushing buyers into higher-priced, higher-performance models. Corporate/legal: Seagate agreed to a US$175m settlement over claims it concealed sales to Huawei that allegedly breached US export controls.

DBS Wealth Expansion: DBS will open 18 new wealth centres across Asia by end-2027 and upgrade 36 more over 18 months, with Treasures footprint in Singapore set to grow 50%, as it pushes more adviser-led relationships despite clients still meeting face-to-face. AI & Banking Jobs: Singapore regulators are seeking clarity from Standard Chartered after it flagged plans to cut 7,000 jobs, with experts saying direct intervention is unlikely even as AI-driven layoffs raise concerns. Wealth & Cross-Border Legal Ties: Bhutan’s National Assembly endorsed a Bhutan–Singapore tax treaty to boost investor certainty for its Gelephu Mindfulness City, while MoESD signed with EtonHouse to launch Bhutan’s first international school. Regional Infrastructure Finance: ADB is preparing a US$4.5b financing package for Vietnam (2026-2029) spanning transport, energy, urban development and competitiveness reforms. Trade & Disruption Watch: Singapore’s energy trading hub is under strain as Middle East conflict threatens oil flows, pushing volatility and rerouting across Asia. Maritime Security Tech: The UK, US and Australia unveiled an AUKUS undersea drone project to protect cables and pipelines, targeting early operations next year. Singapore Legal Services: SIAC opened a Beijing representative office to deepen engagement with China’s arbitration users. Payments Momentum (India): UPI hit record May levels—₹29.90 lakh crore value and 23.2b transactions—driven by summer travel and IPL. Outbound Investment Controls (China): China issued sweeping rules tightening control over overseas deals involving tech, data and AI, including potential unwinding of completed transactions.

SME AI Push: Singapore opens inaugural SME AI Impact Awards (up to 30 firms) with IMDA and SBF, rewarding proprietary or off-the-shelf AI use that shows measurable results and workforce impact. Road Safety Sentencing: Singapore High Court sets a benchmark for people who drive after fully losing their licences—starting point of three weeks’ jail and a two-year driving ban. Shangri-La Dialogue Fallout: At SLD in Singapore, US Defence Secretary Pete Hegseth urged Asian allies to spend more on security, while China’s role and regional stability dominated debate. Undersea Security: AUKUS partners plan new unmanned undersea vehicles to protect cables and pipelines, targeting sabotage risks. US-China Chip Curbs: US Commerce moves to close a loophole that could let advanced Nvidia/AMD AI chips reach Chinese entities via third countries. Crypto Governance: Cardano Summit 2026 is cancelled after a treasury vote missed the supermajority threshold, despite separate sponsorship support.

Defence & Security: At Shangri-La Dialogue in Singapore, US Defence Secretary Pete Hegseth warned NATO and European partners that those not lifting defence spending will face a “clear shift in how we do business”, while also signalling the US is “more than capable” of restarting strikes on Iran if talks fail. Middle East Trade Routes: Qatar said permanent transit tolls in the Strait of Hormuz would inflate costs for global buyers, but temporary fees tied to mine-clearing are “negotiable”; meanwhile, Iran is pushing to formalise its authority over Hormuz shipping, raising uncertainty for energy flows. Regional Defence Deals: India’s Defence Secretary Rajesh Kumar Singh said the India-Vietnam BrahMos missile deal is already signed, with Indonesia’s pact in final stages—another boost to Indo-Pacific security ties. Undersea Infrastructure Protection: Singapore and Malaysia, with 15 other countries, launched GUIDE—guiding principles for defending critical underwater infrastructure—aimed at protecting cables and pipelines that underpin trade and connectivity. Singapore Business & Economy: Singapore’s PM Lawrence Wong met Qatar’s deputy PM and defence minister on regional security cooperation; locally, MOM said wage growth for Singapore workers slowed last year and is expected to stay moderate in 2026. Work & AI: An HR consultant said Singaporeans should expect retrenchment at least once as AI reshapes hiring, while another study highlighted how many still feel unconfident spotting AI scams.