Industry News

Therme Group has commenced construction on Therme Singapore, a pioneering urban wellbeing destination set to open at Marina South in 2030. The groundbreaking ceremony, led by Minister Grace Fu, marks the start of a project that will span over 720,000 sq ft, integrating leisure, nature, and wellness into a single immersive experience.

The development will feature more than 20 indoor and outdoor pools, over 70 wellness treatment rooms, and expansive tropical landscapes. Designed for visitors of all ages, the centre will be divided into three zones: Play, Relax, and Restore, each offering unique attractions and amenities. The Play zone will include children’s pools and 18 water slides, whilst the Relax zone will offer thermal pools and therapeutic baths. The Restore zone will focus on saunas and massage treatments.

Therme Singapore is expected to create approximately 400 jobs, contributing to employment growth in tourism and related sectors. The project includes partnerships with local Institutes of Higher Learning to support workforce development through skills training and internships.

The development will also feature advanced technologies such as RFID wristbands for cashless payments and a robotic locker system. Sustainability measures, including solar panels and smart irrigation, will be implemented to reduce carbon emissions.

Robert Hanea, CEO of Therme Group, stated, “Therme Group’s vision is to create a new form of social infrastructure, where wellbeing is accessible, joyful, and integrated into everyday city life.” The project aims to enhance Singapore’s tourism and wellness sectors, offering a unique destination for both locals and visitors.

Singapore travellers have made travel a key focus in the first half of 2026, with Trip.com Group data revealing a double-digit year-on-year growth in outbound bookings. Popular destinations include cosmopolitan cities such as Shanghai, Tokyo, and Taipei, which have topped the list for flight bookings.

In June, short-haul destination bookings increased by 3% year-on-year, with Singaporeans planning their trips earlier. The average booking window has extended to 63 days, indicating growing confidence in travel planning. Additionally, mid-haul and long-haul bookings have each grown by 21% year-on-year, showcasing an interest in more extensive travel.

Family travel is on the rise, with hotel bookings involving children increasing by 11% year-on-year. A recent survey by Trip.com Group highlighted that family travel is the most appealing experience for Singaporeans, particularly among older Millennials aged 35 to 44. Attractions such as Universal Studios Singapore and Gardens by the Bay continue to see strong demand.

To enhance the summer holiday experience, the Hong Kong Tourism Board has partnered with Trip.com Group to offer promotions on attractions and transport. From 15 June to 31 August, travellers can enjoy discounts of up to 50% on bundled offers, including attraction tickets and transport deals.

This trend reflects a sustained demand for travel, with Singaporeans showing a preference for familiar destinations and family-friendly experiences. The collaboration with the Hong Kong Tourism Board further enriches the travel options available to Singaporeans this summer.

The tender for River Valley Green Parcel C has concluded with a record-breaking top bid of $750.57m, translating to $1,730 per square foot per plot ratio (psf ppr). This bid, submitted by a joint venture between Sunway MCL and CSC Land Group, surpassed expectations and marked a 21.8% increase over the previous high set by River Valley Green Parcel B earlier this year.

The competitive bidding saw four submissions, with the top bid narrowly outpacing the second-highest offer from China Overseas Land and Investment by 4.1%. The lowest bid, from Kingsford Group, was within a tight 6% margin of the top bid, indicating strong consensus on the site’s value.

River Valley Green Parcel C, the final plot in the precinct, benefits from its prime location near the Central Business District and Orchard Road, as well as its proximity to Great World MRT Station. The area is known for its upscale riverside charm and robust demand, supported by successful sales in previous launches such as River Green and River Modern, which have sold 94% and 93% of their units, respectively.

The new record land rate reflects not only the site’s desirability but also cheaper financing costs and a positive outlook from developers. The developer plans to launch the project at an average price of $3,400 to $3,500 psf, capitalising on the area’s established track record of strong demand and firm pricing.

Longbridge Group, a leading fintech company, has officially opened its new Singapore headquarters at Asia Square Tower 2 in the Marina Bay financial district. This marks the first of two offices the group plans to establish in Singapore, with the second set to open in Q4 2026. The move underscores Longbridge’s commitment to the region, as it becomes the first online brokerage to establish such a presence in the city-state.

The new office places Longbridge at the heart of Singapore’s financial district, a strategic location that aligns with the company’s ambition to deliver world-class fintech services across Asia. “Singapore is not a new market for us,” said Nowa Zhu, CEO and co-founder of Longbridge Group. “What’s new is that we can finally say come find us. Longbridge is now a more prominent presence in your city, and we’re here to stay.”

Longbridge Group operates across three core business segments: Securities, Technology, and AI. Through its retail brokerage platform, Longbridge, and its institutional trading solutions arm, LONGPORT Whale, the group serves a global clientele. The company also offers an AI-native financial infrastructure platform, LongbridgeAI, catering to investors, researchers, and developers worldwide.

The office opening was celebrated with a traditional lion dance and pineapple rolling ceremony, symbolising good fortune. Later this year, Longbridge will further cement its presence in Singapore with the opening of Longbridge Cafe, its first in Southeast Asia. This expansion reflects the group’s ongoing momentum in the fintech industry, as it continues to enhance its offerings and partnerships across the region.

The Competition and Consumer Commission of Singapore (CCS) has announced the introduction of its Fast Track Procedure Guidelines, effective from 1 July 2026. These guidelines aim to streamline the resolution of investigations into infringements of sections 34 or 47 of the Competition Act 2004, offering businesses a more efficient path to closure and potentially reducing penalties by up to 30%.

The Fast Track Procedure is designed to benefit both businesses and the CCS by reducing administrative costs and operational uncertainty. Businesses that opt for this procedure can expect a clearer and more expedient resolution process, allowing them to focus on their operations with reduced management time spent on addressing CCS findings. The guidelines also provide procedural efficiencies and resource savings for the CCS.

Key amendments in the guidelines include a revised Fast Track Discount of up to 30% and clearer guidance on submissions businesses may make on proposed infringement decisions. Businesses participating in the Fast Track Procedure must agree to the proposed financial penalty and other terms outlined in the Fast Track Agreement. Should a business appeal against the agreed penalty, the Fast Track Discount will be revoked, as the discount is contingent on procedural efficiencies.

The guidelines incorporate feedback from stakeholders and regulatory developments from other jurisdictions. The CCS has made available a summary of the public consultation feedback and its responses on its website. Following the implementation of these guidelines, the existing Fast Track Practice Statement will be revoked.

MoneyMax Financial Services Ltd. has announced that its Malaysian subsidiary, MoneyMax Treasure Sdn. Bhd., has received AA-(cg) and MARC-1(cg) ratings from MARC Ratings for its RM200m Tranche 1 issuance. This issuance is part of a larger commercial paper/medium term note (CP/MTN) programme valued at up to RM500m, established on 18 June 2026.

The ratings reflect the strength of MoneyMax’s business model and its disciplined risk management practices. Executive Chairman and CEO, Lim Yong Guan, stated, “The ratings provide an independent validation of the Group’s credit profile and enhance our ability to access diversified and competitive funding sources.”

The establishment of this programme is set to bolster MoneyMax’s financial flexibility, supporting its growth strategy across Singapore and Malaysia. With 124 outlets in operation, the Group plans to use the enhanced access to capital to expand its lending activities and optimise working capital management.

Kenanga Investment Bank Berhad has been appointed as the Principal Adviser, Lead Arranger, Lead Manager, and Facility Agent for the programme. The programme is jointly guaranteed by MoneyMax and its subsidiary, Cash Online Sdn Bhd.

MoneyMax, listed on the Singapore Exchange since 2013, is a leading financial services provider in Southeast Asia, offering a range of services including pawnbroking, secured financing, and luxury retail. The Group continues to innovate, having launched an e-commerce platform and mobile app, MoneyMax Online, in 2015.

Singapore’s rental market experienced a downturn in May 2026, with both condominium and Housing Development Board (HDB) rental prices and transaction volumes declining, according to the latest report by 99.co and SRX. The shift indicates a move towards a more balanced market, as an increasing supply of homes and cautious hiring trends ease the pressure on rental prices.

Condominium rental prices fell by 0.6% month-on-month, with the Core Central Region (CCR), Rest of Central Region (RCR), and Outside Central Region (OCR) seeing decreases of 0.4%, 0.6%, and 1% respectively. Despite this, year-on-year figures show a 1.9% increase in overall condo rental prices. Rental volumes also dropped by 9.8% from April, with 5,853 units rented in May. However, volumes were still 4.2% higher than the previous year and 7.4% above the five-year average for May.

In the HDB sector, rental prices decreased by 0.3% compared to April. Mature towns saw a 0.5% decline, whilst Non-Mature towns experienced a slight increase of 0.2%. Year-on-year, HDB rental prices rose by 1.1%. Rental volumes for HDB flats fell by 7.7% month-on-month, with 2,595 flats rented in May, slightly below the five-year average.

Luqman Hakim, Chief Data & Analytics Officer at 99.co, noted that the market is transitioning from a landlord-led environment to a more balanced one. He added that whilst rental demand remains supported by household formation and expatriate leasing, global economic uncertainties may moderate growth. As supply continues to expand, rental prices are expected to remain stable throughout 2026.

Calais Digital Assets, a Singapore-based quantitative investment fund, has become the first institutional client to utilise UBS uMINT as off-exchange settlement collateral in live trading. This groundbreaking transaction, executed via Bybit, ByCustody, and DigiFT, marks a significant advancement in the adoption of tokenised assets for institutional trading.

The deployment of UBS uMINT, a tokenised investment fund, allows Calais to maintain yield on its collateral whilst actively trading. This innovative approach enhances capital efficiency by enabling assets to generate returns instead of remaining idle. The transaction was facilitated through a three-layer infrastructure involving DigiFT, ByCustody, and Bybit, ensuring secure custody and seamless trading operations.

Lily Yan, CEO of Calais Digital Assets, emphasised the importance of capital efficiency in their operations, stating, “Deploying uMINT as OES collateral allows us to earn yield on assets that would otherwise be frozen as idle margin.” Henry Zhang, CEO of DigiFT, highlighted the significance of this development, noting that it validates the practical application of tokenised assets in institutional settings.

Bybit’s Global Head of RWA and TradFi, Yoyee Wang, remarked on the strategic alignment of this initiative with Bybit’s vision of smarter capital utilisation. The collaboration between these entities demonstrates the potential of tokenised assets to revolutionise institutional trading by integrating exchange, custody, and regulated distribution.

This milestone not only showcases the practical benefits of tokenised collateral but also signals a shift towards more efficient and secure trading practices in the financial industry.

The Singapore Institute of Technology (SIT) and BeeX, an autonomous underwater robotics company, have unveiled the Autonomous Marine Foundry (AMF) at SIT’s Punggol Campus. This initiative seeks to bolster Singapore’s maritime robotics capabilities through applied research, real-world testing, and talent development.

Located in the Punggol Digital District, the AMF will focus on developing maritime robotics solutions for underwater infrastructure inspection, environmental monitoring, and coastal protection. The collaboration combines SIT’s expertise in applied learning with BeeX’s proficiency in autonomous underwater vehicle technologies. This partnership aims to address operational and environmental challenges whilst supporting Singapore’s broader push in robotics innovation.

The AMF will also explore research opportunities in coastal resilience, utilising BeeX’s autonomous drones for monitoring coastal protection structures. This effort aligns with Singapore’s long-term goals in infrastructure protection amidst climate challenges.

A significant aspect of the collaboration is talent development. SIT students will engage in hands-on projects through the Integrated Work Study Programme, gaining experience in autonomous systems and robotics. Additionally, SIT and BeeX plan to co-develop workshops and hackathons to enhance the pipeline of robotics talent in Singapore.

Professor Susanna Leong of SIT highlighted the importance of integrating advanced maritime robotics into education, stating, “We are providing students with opportunities to work on emerging technologies.” Grace Chia, CEO of BeeX, added, “Together, we hope to contribute to a stronger ecosystem for maritime robotics innovation in Singapore and beyond.”

The AMF is expected to serve as a catalyst for future collaborations between industry, researchers, and government stakeholders, fostering innovation in maritime robotics.

Income Insurance Limited has announced the transfer of its digital insurance platform, HIVE, to Embed Financial Group Holdings Pte Ltd (EFGH), a digital financial infrastructure group based in Singapore. This strategic move, revealed on 18 June 2026, is set to position HIVE within a global embedded finance infrastructure, extending its distribution beyond Singapore and Southeast Asia.

HIVE, developed over five years by Income Insurance, serves as an API-first digital infrastructure that connects core systems to distribution channels. It enables the launch of innovative insurance solutions, such as stackable micro-insurance and subscription-based products, at speed and scale. The platform has been pivotal in forming partnerships with insurers and digital platforms across the region, addressing protection gaps in Southeast Asia.

Andrew Yeo, CEO of Income Insurance, stated, “We believe the time is right for HIVE’s next phase of growth within a global digital ecosystem platform player that is well placed to accelerate growth and expansion to further unlock its full potential.”

Dennis Ng, Executive Chairman of EFGH, highlighted the practical benefits of the acquisition, noting, ““Insurance works best when it is present at the right moment, not searched for after the fact. HIVE was built to make that possible. Bringing it into EFGH’s infrastructure gives us a platform capability that extends what we can offer across the markets and partnerships we are already building.”

Following the transfer, HIVE will integrate into EFGH’s technology stack, supporting enterprises in embedding financial services into customer journeys. The business transfer is expected to conclude in the third quarter of 2026, with Income Insurance continuing to use HIVE as a customer. Existing insurance policy terms for Income Insurance policyholders remain unchanged.