Industry News

Mercer has announced that average employee salaries in Singapore are projected to increase by 4% in 2026, maintaining a steady pace similar to the previous year. This forecast comes from Mercer’s Total Remuneration Survey 2026, which examines trends across nearly 1,157 companies in Singapore.

Nearly 98% of companies in Singapore plan to implement salary increases next year. The sectors benefiting most are those leveraging Singapore’s strategic strengths, such as Logistics, Shipping, Aerospace, High-Tech Manufacturing, and Consumer Goods, with salary hikes ranging from 4.9% to 5.5%. The high-tech sector, despite challenges in commoditised IT roles, is experiencing strong wage growth in specialised areas like cloud computing and cybersecurity due to skill shortages and digital transformation investments.

Eugene Chong, Head of Career Products at Mercer Singapore, highlighted the importance of considering broader economic factors when determining salary adjustments. “Merit increases must also reflect the broader cost-of-living dynamics, as rising living expenses directly impact employee financial well-being,” Chong stated.

Looking forward, most sectors anticipate moderate growth, with increases ranging from 3.2% to 4.5%. The focus remains on roles that enhance Singapore’s position as a strategic regional hub, with key positions in Risk Management and IT augmentation playing crucial roles in navigating economic challenges.

As companies approach talent and salary review cycles, Mercer advises considering segmented budgets for critical talent to bolster attraction and retention efforts.

Global technology consultancy Thoughtworks has revealed a significant shift in how enterprises utilise artificial intelligence (AI), moving from cost-cutting to driving growth and innovation. According to their recent survey of 7,000 IT decision-makers, C-suite leaders, and consumers across seven countries, 77% of business leaders have transitioned their AI strategies towards growth. Notably, nearly half anticipate more than a 15% revenue increase from AI within the next 10 years.

The study highlights that AI is increasingly seen as a top-line growth engine. Agentic AI, which refers to AI systems capable of autonomous decision-making, is now a top focus for 35% of organisations globally, with Singapore and India leading the charge.

In Singapore, the rapid adoption of AI is creating a unique environment of ‘AI FOMO’ (fear of missing out), with 66% of leaders feeling pressured to adopt AI quickly. However, this ambition is hindered by a significant skills shortage, cited by 21% of leaders as the primary barrier to scaling AI initiatives.

Rachel Laycock, chief technology officer at Thoughtworks, noted, “This marks a structural shift in how organisations plan for growth. Leaders are no longer asking how efficient they can become. They are asking how expansive they can be.”

Despite the business optimism, consumer scepticism remains, with 21% globally believing AI will not impact their lives in the next five years. However, 72% report that AI is already adding value to their work or personal lives.

The findings also challenge fears of AI-induced job loss, with 84% of business leaders stating that AI is augmenting talent rather than replacing it. India leads in AI-driven job creation, with 57.1% of organisations reporting a net increase in roles through human-AI collaboration.

As AI continues to reshape industries, the focus on growth and innovation is expected to drive further advancements and opportunities in the coming years.

Investment banking fees in Singapore reached an impressive US$864.6m in 2025, marking a 28.9% increase from the previous year, according to the latest report by the London Stock Exchange Group (LSEG). This surge represents the highest annual total since 2021, driven by significant growth in advisory and equity capital markets fees.

Advisory fees from completed mergers and acquisitions (M&A) transactions rose to US$265.1m, a 55.3% increase compared to 2024. Equity capital markets underwriting fees more than doubled to US$210.9m, reaching a four-year high. Debt capital markets fees also saw a notable rise of 55.9%, totalling US$155.2m, the highest since records began. However, syndicated lending fees experienced a decline of 24.1%, dropping to US$233.4m.

DBS Group Holdings emerged as the top fee earner in Singapore’s investment banking league table for 2025, securing US$72.9m and an 8.4% share of the total fee pool. The report also highlighted a decrease in M&A activity, with deals involving Singapore totalling US$70.4b, a 9.1% drop from the previous year. Despite this, the Energy & Power sector saw a doubling in value, capturing 17.4% of the market share.

Looking ahead, the investment banking sector in Singapore is poised for further growth, with continued interest in high-value sectors such as Energy & Power and Real Estate. The report underscores the dynamic nature of Singapore’s financial landscape and its resilience in the face of global economic challenges.

Global law firm Norton Rose Fulbright has bolstered its aviation practice with the appointment of Leo Fattorini as Head of Aircraft Finance for Asia and the Middle East, based in Singapore. Joining him are five other legal professionals, including counsel Chris Healy and senior associate Adam Smart, who will initially operate from Singapore and Hong Kong, enhancing the firm’s presence in the Asia-Pacific and Middle East markets.

Fattorini, previously leading Bird & Bird’s global aviation practice, brings extensive experience in aircraft finance and leasing, recognised by Chambers Global. His decade-long tenure in Singapore has fostered strong regional connections, particularly in India, where he has facilitated over 250 aircraft deliveries. His insights into airline operations and strategy, gained from a senior role at a major UK airline, are expected to further strengthen Norton Rose Fulbright’s global aviation services.

Duncan Batchelor, Global Head of Aviation at Norton Rose Fulbright, expressed enthusiasm about the new appointments, stating, “Leo’s vast experience—spanning private practice, in-house airline counsel, and international aircraft transactions—makes him the perfect fit for our firm.” Yu-En Ong, Head of Singapore, highlighted the significance of Fattorini’s arrival, noting his commercial acumen and leadership as valuable assets to clients.

Fattorini himself is eager to leverage Norton Rose Fulbright’s global platform, saying, “The firm’s international reach and collaborative culture make it an ideal environment to continue supporting clients across Asia-Pacific and the Middle East.”

Norton Rose Fulbright’s aviation team collaborates with airlines, banks, lessors, and regulatory bodies, offering comprehensive legal services, including financing, leasing, and restructuring. The firm’s strategic expansion aims to deliver market-leading aviation finance advice across key global hubs.

A recent survey conducted by Reeracoen and Rakuten Insight has revealed that 76% of employers in Singapore are now prioritising evidence of skills over traditional qualifications during the hiring process. This shift reflects a growing trend amongst companies to focus on practical abilities rather than solely relying on academic credentials.

The survey, which gathered responses from a diverse range of industries, highlights a significant change in recruitment strategies. Employers are increasingly seeking candidates who can demonstrate their skills through practical evidence, such as portfolios or project work, rather than just listing qualifications on their CVs. This approach aims to ensure that new hires can effectively contribute to the company from the outset.

According to the survey, 60% of respondents indicated that they have already implemented skills assessments as part of their recruitment process. This trend is particularly prevalent in sectors such as technology and creative industries, where practical skills are often more indicative of a candidate’s potential success.

As the demand for skills evidence continues to rise, companies may increasingly adopt this approach, potentially reshaping the landscape of recruitment and employment practices in the future.

Chintai, a Singapore-regulated blockchain infrastructure provider, has partnered with the Maluku Archipelago Joint Venture (MAJV) to launch one of the world’s largest regulated nature-based asset tokenisation projects. The initiative, valued at an estimated $28b, aims to sustainably develop the Maluku and North Maluku provinces of Indonesia over a 60-year period. This project will integrate ecological preservation, technological innovation, and community-driven economics.

The Maluku project spans 1,400 islands and approximately 710,000 square kilometres, focusing on sectors such as forestry, mining, fisheries, and marine ecosystems. The tokenisation effort will be linked to the total value of the resource and development rights vested with MAJV. The Nature-Based Asset token, designated under the ticker MLKU, will be structured as a treasury-backed digital asset with a total supply of 1 billion tokens.

Initially, the token issue is escrowed but is expected to be offered through a private placement to institutional investors, with broader offerings subject to regulatory requirements. Chintai will provide the regulated tokenisation infrastructure, on-chain governance systems, and security token risk frameworks for the project.

Barclay Knapp, CEO of MAJV, expressed enthusiasm for the partnership, stating, “Our mission is to preserve the natural beauty and ecological resources of the province whilst using modern digital finance and tokenisation techniques.”

This collaboration not only aims to set a new benchmark in the digital asset sector but also reinforces Singapore’s position in regulated digital assets.

8×8, Inc., a global leader in business communications, has announced the acquisition of Maven Lab, a Singapore-based company specialising in mobile marketing and enterprise messaging. This strategic move aims to enhance 8×8’s capabilities in delivering end-to-end customer engagement across the Asia-Pacific (APAC) region. The acquisition is set to bolster 8×8’s APAC-native messaging and automation capabilities, supporting enterprises and public-sector organisations in managing secure, high-volume communications.

Maven Lab’s integration into 8×8 will see the incorporation of Moobidesk, Maven Lab’s cloud-based customer engagement platform, into the 8×8 Platform for Customer Experience (CX). This integration promises a more scalable and unified platform, improving enterprise messaging performance and supporting a wider range of customer interaction channels. Sylvain Chaperon, General Manager, CPaaS at 8×8, stated, “Maven Lab brings deep experience delivering packaged, outcome-oriented messaging solutions that customers can deploy quickly.”

The collaboration will focus on enhancing engagement capabilities in the region, including smarter automation and support for emerging channels. Hiew Wee Soon, Co-Founder and CEO at Maven Lab, remarked, “Joining forces with 8×8 is a step-change for what our customers can do next.”

Maven Lab’s platforms are already trusted by organisations in healthcare, media, and transport, delivering millions of customer engagements annually. With 8×8’s global scale and compliance standards, customers are expected to benefit from improved data protection and security, supporting more sophisticated automation and omnichannel communication experiences across APAC.

KPMG in Singapore and the Singapore Institute of Directors (SID) have unveiled their strategic recommendations for Singapore’s Budget 2026, focusing on enhancing the nation’s role as a global hub. The proposal, titled “Prospering in a New Global Landscape,” is informed by a survey of over 1,000 professionals and business owners, highlighting the challenges they face and the support they seek from the upcoming budget.

The recommendations are centred around three key areas. Firstly, the concept of a “new global order” emphasises resilience as a growth strategy. This includes initiatives like a unified digital platform for Free Trade Agreement management and the implementation of progressive carbon taxes to bolster economic linkages.

Secondly, the “Intelligent Age” focuses on fostering an ecosystem of Trusted AI. This involves co-funded sector-specific data pools and a regional “Trusted AI” mark to ensure ethical governance and innovation. The aim is to address accountability and ethical deployment concerns in the rapidly evolving technological landscape.

Lastly, the “Next-gen talent” strategy seeks to empower future leaders with cross-domain skills. This includes introducing a dedicated work-pass category for “master trainers” and mentors, alongside job transformation roadmaps with co-funded training. A dedicated fund is also proposed to advance social impact reporting and enhance Environmental, Social, and Governance (ESG) competencies.

These strategies are designed to position Singapore as a trusted connector and aggregator of global flows, ensuring its long-term prosperity amidst evolving global geopolitics and economic shifts. The proposal reflects a proactive approach to maintaining Singapore’s competitive edge in the global arena.

Fullerton Health has announced the acquisition of The ENT Clinic, one of Singapore’s largest otolaryngology practices, as part of its strategy to enhance its speciality care capabilities. Founded by Dr Jeeve Kanagalingam in 2015, The ENT Clinic has expanded from a single doctor to a network of five specialists across three key medical hubs in Singapore: Camden, Novena, and Gleneagles Tanglin.

The acquisition is set to bolster Fullerton Health’s presence in the ENT field, a priority area due to high referral volumes and synergy with the Group’s existing services, including diagnostic imaging and primary care. “We are delighted to welcome The ENT Clinic into the Fullerton Health family,” said Margareta Laminto, Managing Director, Specialist & RadLink, and Group Chief Sustainability Officer of Fullerton Health. She highlighted the acquisition’s role in expanding clinical service capabilities and enhancing coordinated care delivery.

The ENT Clinic will continue to operate under its current brand, maintaining its trusted relationships with patients and referring physicians. Kanagalingam expressed enthusiasm about the partnership, noting, “Joining Fullerton Health marks an exciting new chapter for The ENT Clinic. We see strong synergies in partnering with a well-established healthcare organisation.”

This move allows Fullerton Health to deliver integrated, patient-centric healthcare across Southeast Asia, with The ENT Clinic benefiting from the Group’s extensive network and operational expertise. The collaboration aims to unlock new growth opportunities and expand service offerings in ENT care.

PropNex, one of Singapore’s largest real estate agency, has reported its recommendations for the upcoming Singapore Budget 2026, focusing on market stability, housing affordability, and urban renewal. The agency suggests recalibrating policies to address challenges faced by buyers and homeowners, without compromising affordability or sustainability.

Among the key proposals is the reduction of the additional buyer’s stamp duty (ABSD) for foreigners purchasing high-value non-landed private homes in the Core Central Region (CCR). Kelvin Fong, CEO of PropNex, highlighted the resilience of the Singapore property market, stating, “The healthy home sales and moderate price growth in the past year have showcased both the resilience and discipline in the Singapore property market.”

PropNex recommends lowering the ABSD rate for foreigners to 30% for properties priced at $10m and above, aiming to stimulate sales in the ultra-luxury segment without affecting local buyers. Additionally, the agency suggests reducing the en bloc sale consent threshold to 70% for developments over 40 years old, facilitating urban renewal and optimising land use.

The agency also proposes extending the ABSD remission deadline for large-scale housing projects to seven years, providing developers more time to market units and undertake ambitious projects. Lastly, PropNex advocates raising the mortgage servicing ratio from 30% to 40% for new executive condominium buyers, reflecting rising property prices and ensuring financial prudence.

These recommendations, if adopted, could enhance market dynamics and support Singapore’s urban development goals, offering a balanced approach to property market challenges.