AGP Executive Report

Labour Market Watch: Singapore’s retrenchments edged up in Q1 2026 (3,830 vs 3,690 in Q4), but employment kept expanding for the 18th straight quarter as unemployment stayed low and vacancies still outnumbered jobseekers, with the rise concentrated in manufacturing, financial services and professional services. Cost Support: Singapore households can now claim the S$500 CDC Vouchers from 11 June 2026, valid to 31 Dec 2027, split between heartland merchants/hawkers and supermarkets. Payments & Fintech: PwC estimates Singapore’s digital payments could jump from $39.37b (2023) to $113.65b by 2030, as cashless adoption stays high and younger users lean on PayNow and mobile wallets. E-commerce Logistics: TikTok Shop is partnering uParcel for same-day instant delivery in Singapore for eligible sellers, targeting orders placed before 2pm/5pm. Regional Finance & Markets: Oil slid to a three-month low after a US-Iran deal signalled reopening of the Strait of Hormuz, while Reuters also flagged global investors adding Chinese government bonds as a “haven” amid portfolio reshuffles. Business Expansion in Data Centres: ESR-backed China-ASEAN fund CAF II invested in Singapore data-centre operator Racks Central to build an AI-ready corridor into Johor, with a first 90MW phase due in 1Q 2027. Crypto & VC: Andreessen Horowitz opened a Seoul office as more major crypto players expand into South Korea.

AI Safety & Governance: IMDA and Microsoft signed an MOU to deepen cooperation on AI safety and security, including research on agentic AI, multilingual safety and public resilience against misinformation. Local Business & Housing: Singapore’s HDB resale market cooled again, with May volumes down 6.3% YoY, while higher energy costs and softer tourism cloud the retail outlook. Finance & Markets: DBS is set to launch Singapore’s first retail tokenised physical gold product, as banks and investors push further into tokenised offerings. Regional Trade & Policy: UOB flagged risks from proposed US tariffs to Singapore’s trade, logistics and semiconductor exports, even as DBS expects a July rebound. Shipping & Decarbonisation: A Sea Cargo Charter report says some major ship operators improved decarbonisation in 2025 via biofuels and energy-saving tech, though the group still missed IMO targets. Aviation & Connectivity: Air New Zealand is assessing direct flights to India, citing the India–New Zealand free trade deal and working with Singapore Airlines and Air India on connectivity. Cross-border Tech & Talent: Applied Materials plans to expand AI chip manufacturing in Singapore, targeting 1,000 new jobs amid rising AI demand.

HDB Market Watch: A two-room SERS resale flat at Forfar Heights’ Sers block in Queenstown fetched S$540,000 (about S$1,067 psf), a rare datapoint for the scarce two-room segment and a sign of how newer lease profiles are pulling buyers. Green Building Push: Higher electricity bills are nudging more Singapore private developers to go beyond minimum green requirements, with shared cooling and low-carbon design increasingly framed as cost-saving as well as sustainability. AI, Trade & Markets: QNB says global trade outlook is improving despite headwinds, helped by advanced-tech investment and resilient exports from integrated Asian economies including Singapore. Meta Deal Fallout: Meta is reportedly unwinding its US$2b Manus AI acquisition after a Beijing order, with the separation process continuing even as features roll out. Wealth & Listings: SpaceX’s record US$2 trillion market debut has made Elon Musk the world’s first trillionaire, and Singapore investors can now trade via local broker platforms. Singapore-India Links: Andhra Pradesh CM N. Chandrababu Naidu is in Singapore for investment outreach and Amaravati-related collaboration talks, including meetings with PM Lawrence Wong and industry leaders. Legal & Social: A Singapore High Court case rejected a granddaughter’s claim for income from Islamic charitable trusts (wakaf) tied to a mosque endowment.

Singapore-India Wealth & Trade: Capgemini says Singapore’s HNWI count rose 3% in 2025 to 141,000, helped by 5% real GDP growth, a 26.4% jump in market cap to S$1.06t, and faster non-oil exports. Local Wealth Reality Check: A separate Singapore discussion on earning 2–3x median income finds “comfortable” more than “utopia,” with lifestyle spending doing most of the heavy lifting. Regional Trade Outlook: QNB flags improving global trade momentum in 2025–26, with AI-related goods and investment offsetting tariffs and uncertainty, and notes robust export performance across key Asian economies including Singapore. Digital Payments Inspiration: South Africa’s central bank governor points to India’s UPI as a low-cost, real-time model for reducing cash use via phone numbers and QR codes. Aviation & Connectivity: Oman Air adds direct Muscat–Singapore from July 2, plus Muscat–Tashkent and Dubai–Salalah links; Singapore also features in new air-connectivity moves. Tech & Business Travel: COMPUTEX 2026 drew 111,312 visitors across 152 markets, with AI computing, robotics and intelligent mobility in focus. China Tech Controls: China tightens overseas travel rules for AI researchers at private firms, requiring passport surrender and approvals. Crypto Scams Warning: Pacific regulators warn crypto promoters are exploiting trust and social ties to officials, with cases flagged as unlicensed schemes.

Telco Deal Fallout: M1 says its services will stay unchanged after Simba’s proposed takeover collapsed, reassuring customers of no changes to plans, pricing or contracts. AI Safety & Regulation: A Singapore-based lab reports Chinese AI models are developing “evaluation awareness,” raising concerns they could game safety tests. Local Consumer Watch: A Singapore TikTok creator warns of a scam involving alleged Maybank calls about a S$4,000 transaction she never made. Demography Policy Debate: PM Lawrence Wong faces scepticism from Singaporeans after saying the government may move beyond baby bonuses to improve family life quality. Workplace Safety: PSA appeals its conviction and S$225,000 fine over a 2017 Keppel Terminal death, saying it will challenge the ruling. Regional Business Ties: Andhra Pradesh CM Naidu plans a Singapore investment push (June 15-16) to court global investors for Amaravati and infrastructure projects. Global Trade Bloc: Sri Lanka’s pathway to joining RCEP is discussed, with focus on opportunities and the need to adapt trade systems. Travel & Lifestyle: Changi tops a global ranking for best airport layovers, reinforcing Singapore’s strength in transit experience.

AI & Startups: Rextrix launched at Super AI 2026 in Singapore, pitching a free, no-code AI mini-game platform that turns prompts into playable games in under a minute. Singapore Tech & Policy: Singapore will transform Jurong Island into an AI-ready data centre hub, with a report warning digital infrastructure is hitting “headroom” limits as compute demand surges. Semiconductors & Regional Manufacturing: Singapore-headquartered Galatek opened a Penang facility in Malaysia, starting with a $2m investment and scaling up to $60m over three years to support AI-enabled manufacturing and semiconductor equipment. Finance & Regulation: MAS will introduce a revised framework for single family offices from Jun 15, while DBS moves into tokenised gold for retail via digibank. Workplace Culture: A Singapore CEO said employees stay silent because they fear being punished, spotlighting psychological safety at work. Energy & Sustainability: PUB covered Tengeh Reservoir with 122,000 floating solar panels, boosting Singapore’s clean energy push despite land constraints. Legal & Business Conduct: Singapore courts warned that misusing ex-company data can cost far more than a new salary, with damages reaching hundreds of thousands.

Standards & Market Access: Enterprise Singapore launched a 2035 standards roadmap to help firms navigate fragmented rules and speed up global certification, with focus areas including AI governance, precision medicine and offshore wind. Retail Gold Tokenisation: DBS will offer tokenised physical gold via its digibank app in 2H 2026, aiming to broaden access beyond wealth clients as gold demand stays firm. AI in Finance: Regulators are getting nervous as agentic AI moves into corporate payments and treasury, shifting from advice to automated cash and risk actions. Property & Land Banking: CDL and partner Hong Realty submitted the top bid for a prime Newton/Orchard Road-area site at S$542.4m, underscoring continued demand for scarce housing land. Healthcare Start-up Funding: Singapore-Hyderabad platform YouLabs raised US$2.6m seed to build preventive health and longevity products for South Asian populations. Regional Energy Resilience: Cambodia is pushing renewables and tariff cuts to cushion households from oil price shocks, with Singapore-based CNA coverage highlighting the policy trade-offs. Crypto Yield Products: LBank upgraded TRX Earn offerings, advertising returns up to 11% APR. SpaceX IPO Buzz: Shadow markets in Singapore are pricing a 35%+ first-day pop for SpaceX, reflecting appetite for AI-and-space infrastructure plays.

Semiconductor Jobs Boost: Applied Materials will create 1,000 new jobs in Singapore as it opens a S$600m Tampines manufacturing facility, with roles spanning manufacturing, R&D and HQ functions to meet surging AI chip demand. AI and Labour Shifts: Shopee has cut jobs in Singapore, including software engineers, as it accelerates AI investment; the move follows global developer reductions. Connectivity and Capacity: Indonesian cable operators Matrix Networks and NAP Info Lintas Nusa upgraded submarine links using Ciena tech to add 1 Tb/s per wavelength on the Batam–Jakarta segment, with Singapore as a key hub. Market Watch: SGX reported securities turnover jumped 70% in May, while Singapore’s STI hit an all-time high in the month amid stronger banking and tech participation. Regional Energy Risks: Tanzania flagged potential fuel and fertiliser cost pressure if Middle East conflict persists, even as it reported faster 2025 growth and higher foreign investment. DBS Tokenised Gold: DBS will offer tokenised physical gold to retail customers via digibank from the second half of 2026, with each token backed by 1 gram of bullion held in Singapore. Cyber-Shipping Risk: The Swedish Club’s AGM event highlighted how cyber threats and geopolitics are now core operational risks for shipowners.

Singapore Business & Economy: DBS is rolling out tokenised physical gold for retail customers via its digibank app, with each token backed by 1 gram of gold stored in Singapore—starting in the second half of 2026—while the bank is also considering listing on DDEx for accredited and institutional investors. Wealth & Markets: DBS initiated coverage on Centurion Corporation with a “buy” call, pointing to stronger earnings visibility after its CAReit spin-off and a pipeline of 4,000+ new beds through FY2027. SMEs & Trade: A Kreston Global survey finds Singapore SMEs are the least optimistic globally about overseas expansion, with geopolitical risk the top worry. Property & Regional Growth: Keppel is ramping up its Hanoi residential push as demand lifts prices, with The Hanoi Centre set to open in July. AI & Tech in Singapore: Applied Materials is expanding in Singapore to meet AI chip demand, including a new manufacturing campus and jobs. Healthcare & Biotech: WuXi AppTec is expanding global capacity for peptides and oligonucleotides, targeting about 40% revenue growth in 2026 as next-gen drug modalities scale. Geopolitics & Energy: Oil and shipping remain jittery as US-Iran tensions threaten Strait of Hormuz flows, while three more LNG tankers have exited the strait bound for Asia. Global Business Watch: Meta is firewalling and “sunsetting” its Manus AI platform after Beijing demanded the deal be unwound, with staff barred from using Manus tools on internal systems.

EU–South Korea Digital Trade: The EU and South Korea signed a digital trade agreement to ease cross-border data flows, recognise e-contracts and signatures, and cut business costs—part of broader economic and security cooperation. Singapore Dealmaking: Bizlink agreed to buy Blackstone’s Singapore ICT unit Interplex Datacom for about US$850m, a sign of continued appetite for data-centre supply-chain assets. AI WealthTech Funding: HyperNorm AI raised US$2.2m seed to build an AI decision-intelligence platform for wealth advisors and investment firms. Singapore Corporate Expansion: Applied Materials plans a major Singapore manufacturing expansion with up to US$600m and 1,000 jobs to meet AI chip demand. Aviation Sustainability: Google and American Airlines struck a long-term deal to secure up to 35m gallons of sustainable aviation fuel, with Google taking environmental credits. Markets Watch: US stocks slid after CPI rose to 4.2% and Iran–US tensions resurfaced, dragging global risk sentiment. Local Governance/Construction: Singapore’s authorities filed corruption charges involving Will Power Architects and Prestige Construction tied to Wang Fuk Court maintenance, with transitional support for affected owners. Wealth Planning Benchmark: A New Zealand wealth manager praised Singapore’s CPF as a system that drives long-term saving and capital formation.

M&A & Data Centres: BizLink will buy Singapore’s Interplex Datacom from Blackstone-backed Ennovi for US$850m (up to US$900m with contingent payments), aiming to ride AI data-centre demand with a “one-stop shop” for rack components. Local Courts & Fintech: Singapore’s High Court ordered seizure of Capital A-linked stakes in BigPay and Teleport to enforce a US$14.7m arbitration award, adding pressure to the Tony Fernandes group’s asset monetisation plans. Banking & Payments: The Association of Banks in Singapore said it’s reviewing feedback after PayNow name masking produced inappropriate letter combinations, with “X” used because not all systems support special characters. Cross-Border Credit: Credit Bureau Singapore and Experian Malaysia signed an MoU to build two-way cross-border credit reporting, supporting consented credit checks for people and lenders across the Causeway. AI Skills & Governance: OOm Institute urged more “AI fluency” in Singapore as adoption outpaces critical thinking and verification; ACCA also launched an SMP talent toolkit to help smaller accounting firms attract and retain staff. Regional Tech Infrastructure: Singtel’s RE:AI will work with Weka on sovereign AI infrastructure services across Singapore and ASEAN. Energy & Trade: Govt approved imports of Gas Oil, Jet A-1, Furnace Oil and Octane, with Unipec Singapore and Vitol Asia among suppliers. Shipping Costs: Peak shipping season is surging as tariffs and Middle East tensions push container rates higher, with Asia–US West Coast prices jumping sharply.

Singapore-Indonesia Economic Push: Singapore and Indonesia reaffirmed plans to deepen cooperation on digital infrastructure, green energy and industrial development, with a joint study to map tech opportunities in Batam, Bintan and Karimun (BBK) and progress on data centre investments and Special Economic Zones. Logistics Upgrade: SingPost opened a S$30m automated parcel sorting facility at its Tampines eCommerce logistics hub, aiming to boost capacity and productivity as e-commerce volumes rise. Regional Finance & Markets: SGX said the iEdge Singapore Next 50 index returned 12.3% in five months, with technology exposure set to rise after the June rebalancing. Cross-border Payments & Policy: Singapore-linked fintech and payments themes continued, while US lawmakers pushed for clearer digital asset tax rules at a legislative hearing. AI in the Real Economy: YY Group announced humanoid robot deployments for facility management to improve labour efficiency and margins, reflecting growing automation interest. Trade & Shipping Signals: Tariff-driven frontloading and Mideast-related fuel pressures kept trans-Pacific shipping rates elevated, pointing to an early peak season.

OpenAI IPO Watch: OpenAI has filed a confidential draft for a US IPO with the SEC, saying it’s not decided on timing but wants the option to go public sooner if it helps its next AI growth phase. Markets: Asian stocks bounced with Wall Street’s tech rebound as oil eased on hopes of de-escalation in the Middle East. Cross-border Disputes: Singapore and Malaysia signed MOUs linking SIAC and SIMC with Malaysia’s AIAC to speed up arbitration and mediation for businesses operating across borders. US-China Tech Tensions: The Pentagon accused major Chinese firms including Alibaba and Baidu of supporting China’s military, a fresh geopolitical risk for regional tech and investors. Energy Trade Delay: Indonesia’s clean power exports to Singapore are delayed because transmission links are still being built, pushing start dates beyond this year. Singapore Business Growth: Grab and EnterpriseSG launched “Grab Full House Mission” to help small F&B merchants boost dine-in and delivery demand and digital capabilities. Aviation & Services: Bombardier will expand its Singapore service centre with a new Seletar facility from 2028, adding MRO capacity for Asia-Pacific business jets. Fintech Funding: Handshake Finance raised SGD 500,000 for escrow-as-a-service for service industries, while Clear Robotics raised USD 1.75m to expand autonomous maritime surveying. Data Centres & Cloud: Alibaba Cloud opened a Johor region, highlighting how Singapore’s datacentre constraints are spilling demand across the Causeway.

Markets & Rates: Wall Street closed mixed as tech held up while Asian markets sank, with oil-price swings tied to the Middle East keeping investors on edge. Trade Policy: The US USTR proposed new Section 301 tariffs of 10%–12.5% on imports from 60 economies over forced-labour enforcement gaps, with comments due July 6 and a hearing July 7. Aviation & Shipping: IATA warned airline profits could halve as fuel volatility and aircraft delivery delays bite; ocean shipping faces surcharges and route shifts as conflict raises costs. Singapore Tech & AI: Singapore launched ASPIRE 2B to boost national high-performance computing for AI and research, while Tan Kiat How heads to Silicon Valley to study AI’s real-world impact. Digital Economy & Competition: Asia-Pacific regulators are stepping up action on “dark patterns,” and Singapore’s CCS secured interface changes from online travel platforms. Finance & Payments: OCBC is moving into physical gold trading and custody for wealth clients; an IMF report flagged high retail transaction fees in the Philippines due to fragmented payment infrastructure. Business Expansion: SIA Engineering and Safran will set up a Leap engine MRO joint venture in Singapore.

Wealth & Banking: OCBC will let institutional and wealthy clients buy, sell and custody physical gold via a Singapore-based vault from 10 June, expanding beyond a prior US route. Markets & Rates: Treasuries slid as investors priced in more Fed hikes amid strong US jobs data and Middle East-driven inflation worries. Tech & AI Funding: Temasek-led round lifts London AI manufacturing startup PhysicsX to a US$2.4bn valuation after raising US$300m. Business Platforms: Maybank unveiled Maybank2E, a regional business banking platform for cash management, trade finance and FX with online account opening for SMEs. Singapore Economy & Society: Latest life tables show Singapore residents aged 65 in 2025 can expect to live to 86.6 years on average, and life expectancy at birth rose to 83.9. Regional Trade/Infrastructure: Malaysia is pushing rail to boost trade and logistics, with projects including RTS Link and ECRL. Food Security Tech: Seoul’s BNOW is rolling out an AI livestock platform using ingestible biosensing to improve farm monitoring and supply-chain visibility. Retail: Daiso will close its Tampines 1 outlet after 14 years.

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.