AGP Executive Report

Data Centres & AI Infrastructure: Singapore data centre operators are being pushed to improve cooling efficiency as AI, cloud and HPC drive power demand, with humidity and sensor/telemetry quality emerging as key constraints. IPO Pipeline Watch: SGX’s IPO market is seeing renewed interest, but recent S$3b proceeds are raising questions on whether the listing pipeline can stay broad and consistent beyond big REIT and data centre deals. Local Resistance to Build-Outs: A global study flags rising community pushback against data centres over noise, traffic and energy/water use, with projects increasingly delayed or cancelled. Onchain Trading Meets Mainstream: TradingView added real-time Hyperliquid and Trade[XYZ] data, expanding 24/7 charting for onchain perpetuals and spot markets—coming right after MAS put Hyperliquid on its investor alert list. Travel Sustainability Deal: WTTC and UNEP signed an MoU to help travel firms shift toward a more sustainable, circular and resilient tourism model, including plastics and food-waste programmes. Regional Commerce Tech: Vynn Capital backed Philippine commerce platform Etaily to expand AI-enabled marketplace, retail media and fulfilment capabilities across Malaysia, Singapore and Indonesia.

Cross-border Payments: Việt Nam and Singapore launched a cross-border QR payment service via NAPAS, Liquid Group and VietinBank, letting Singapore visitors pay at VietQRGlobal points across Việt Nam with real-time currency conversion. Regional Trade & Standards: Indonesia’s deposit insurer LPS urged ASEAN to adopt mutual recognition for halal certification so firms avoid costly re-certification when selling across borders, citing Singapore, Malaysia and Thailand as having similar concerns. Digital Infrastructure: A Microsoft-led consortium plans the 3,600km I-2SEA undersea cable linking India, Malaysia and Singapore to support AI, cloud and hyperscale data centre demand. Capital Markets & Crypto Rails: Standard Chartered and Circle launched bank-led USDC minting/redemption access for eligible institutions via DIFC, aiming to simplify onboarding without direct Circle accounts. Energy & Shipping: Strait of Hormuz traffic is gradually rebounding after US-Iran stand-downs, easing shipping costs as transit volumes rise. Singapore Business & Tech: Abaxx Exchange hit record trading activity, while Withings rolled out the BodyFit smart scale promising high-precision body-fat analysis. Real Economy: Malaysia reiterated JS-SEZ is on track despite a delayed master plan launch, stressing investor readiness and policy alignment.

Singapore Policy & Cybersecurity: Singpass is adding passkeys to strengthen protection against phishing scams, as Singapore continues tightening digital identity safeguards. AI Governance & Power Use: The UN and ITU are convening an “AI for Good” commission in Geneva next week, with Singapore among the listed policymakers and Big Tech leaders—amid rising scrutiny over AI’s energy and data-centre footprint. Data Centres & Capital Markets: Singapore’s BDx Data Centers says an IPO is “on the table” to fund Asia expansion, as AI-driven demand pushes more operators to seek growth capital. Shipping & Energy Security: Strait of Hormuz traffic has surged again with US support, but security fears and fee demands remain—an issue that keeps rerouting costs and schedules relevant for regional logistics hubs like Singapore. Regional Trade & Connectivity: Etihad launched its inaugural Abu Dhabi–Dhaka service, boosting passenger and cargo links for Bangladesh’s garment and textile supply chains. Maritime Engineering: Singapore-headquartered Marunda, a defence engineering firm, highlights its Indo-Pacific repair and maintenance footprint after securing US Navy contracts. Fintech/Onchain Finance: Robinhood unveiled its own blockchain and new tokenised stock and DeFi products, signalling a push toward AI-powered, onchain market access.

Strait of Hormuz Disruption: Iran and Oman are pushing ahead with plans to collect transit fees for ships using the Strait of Hormuz, despite US objections, keeping shipping and energy risk front and centre for Asia-linked trade. Energy Costs in Singapore: Singapore’s EMA raised electricity and gas tariffs for July to September 2026, citing higher imported natural gas prices and urging households to conserve energy. AI + Data Centre Governance: Singapore is moving to regulate major data centres and cloud service providers, while UN experts warn AI is advancing faster than governance capacity. Finance & Payments: NPCI partnered with HSBC India and J.P. Morgan Payments to enable real-time FX settlement for overseas UPI transactions, supporting cross-border QR payments that already include Singapore. Markets & Capital: SGX saw a fresh IPO flurry with two firms filing preliminary prospectuses, and BDx Data Centers said an IPO is “among its options” as AI demand drives expansion. Industry Projects: Penguin Shipyard delivered the first composite superstructure for Singapore Navy’s new MRCV, while Meranti Green Steel appointed L&T for FEED on its Oman green iron project. Regional Business: Indonesia reported a Q1 trade surplus and foreign investment resilience, even as rolling blackouts raised concerns about power supply reliability.

Strait of Hormuz Watch: After the June 25 attack on Singapore-flagged Ever Lovely, the US and Iran agreed to stand down and resume talks in Doha, while shipping keeps moving via Omani/IMO and a looser Iranian route—though AIS gaps still cloud traffic counts. Energy Costs for Households: Singapore’s electricity and gas tariffs are set to rise from July to September, with EMA urging shoppers to compare regulated versus fixed-price plans as Middle East-linked fuel costs bite. SAF Command Philosophy: Defence Minister Chan Chun Sing stressed that mission orders must explain intent, not just instructions—backed by a growing defence volunteer network. AI in Everyday Apps: Singapore startup Acti launched an agentic keyboard for iOS/Android that can act across apps, aiming to solve fragmented user context. Digital Assets Expansion: Sygnum said its EU push is accelerating via a CASP authorisation for Sygnum Europe, leveraging its Singapore and Switzerland banking platform. AI Infrastructure in the Region: Indonesia’s Batam is pitching itself as an AI hub with Firmus, Nvidia and DayOne’s planned DSX AI Factory. Tech & Law: Titanium Law Chambers added shipping and family-law directors Gerald Yee and Michelle Woodworth. Data Centres in Singapore’s Orbit: A “hyperscale” data centre proposal in Australia’s Northern Territory highlights how AI demand is pressuring traditional hubs like Singapore.

AI in Enterprise: Standard Chartered’s former global head of AI enablement, David Hardoon, has joined Accenture as Southeast Asia head of advanced AI, signalling demand for AI governance and deployment skills. Regional Infrastructure & Governance: Malaysia’s Johor mega-projects need tighter state–federal alignment, with coordination required for rail, roads, borders and immigration. Shipping & Energy Security: Shell warns Strait of Hormuz disruptions could keep global LNG trade flat in 2026 if normal flows don’t resume soon, while LNG demand is still forecast to surge by 65% by 2050. Maritime Risk Watch: A Singapore-flagged MV Ever Lovely was hit near Hormuz; all 40 Filipino seafarers on two attacked ships were reported safe, with minor bridge damage. Port & Trade Flows: Adani Ports says MSC will buy a 49% stake in Vizhinjam for $1.4b, aiming to shift more cargo handling to India and reduce reliance on hubs like Singapore. Singapore Finance & Legal: Singapore’s court awarded over $3m to Terraform UST collapse victims in a second tranche of a representative fraud action. Singtel Leadership: Singtel CEO Yuen Kuan Moon’s FY2026 pay fell 17% to $6.8m after major network outages. Marine Fuel Testing: VPS opened a marine fuel testing lab in Shanghai to speed bunker fuel quality checks across Asia-Pacific, including methanol. Payments Expansion: Malaysian fintech Paydibs plans to roll out across Thailand, Indonesia and the Philippines by year-end, then expand further across South Asia. Corporate Dining Pivot: WhyQ says it hit baseline profitability in Singapore in Q2 2025 and now runs a B2B corporate dining model with a ~S$5m annualised revenue run rate.

Maritime Risk Watch: Singapore-flagged MV Ever Lovely suffered minor bridge damage after an “unidentified object” hit it in the Strait of Hormuz; all 21 Filipino crew were unhurt and the ship is expected to arrive in Singapore on July 5, underscoring how fragile shipping security remains despite US-Iran talks. Cross-Border Finance: JPMorgan’s Kinexys blockchain now settles 24/7 cross-border payments in eight currencies, adding AUD, HKD, JPY, CNY and SGD, with cumulative transactions topping $4T—another signal that Singapore’s payments ecosystem will keep getting more tokenised. Aviation & Travel Links: Malaysia Airlines and Singapore Airlines launched joint fare products on the Singapore–Kuala Lumpur route, with plans for deeper network integration. Energy & Shipping Costs: LNG bunker prices in Rotterdam fell to $853/mt as Hormuz traffic eased, while Singapore LNG bunker prices rose amid regional tension and demand. Industry Expansion: Orient Futures Singapore received Overseas Intermediary status from Guangzhou Futures Exchange, giving direct access to China futures ahead of lithium carbonate futures opening to overseas participants on July 3.

Aviation & Energy: KBR will license its PureSAF technology and provide FEED for Keppel and Aster’s proposed SAF plant on Jurong Island, targeting up to 100,000 tonnes of SAF annually, as Singapore pushes to decarbonise aviation. Fintech & Regulation: MAS has opened the 2026 Global Fintech Hackcelerator and SFF Fintech Excellence Awards, with AI-focused challenge areas spanning credit, fraud risk and SME risk management. Data Centres & AI Infrastructure: AirTrunk is nearing a confidential Singapore REIT IPO filing, aiming to raise over $1B as hyperscale demand keeps climbing. Shipping & Geopolitics: Strait of Hormuz tensions remain a live risk for regional trade; Singapore-flagged shipping incidents and the latest US-Iran “stand down” decision keep logistics firms on alert. Workforce & Business Costs: British American Tobacco plans major job cuts and outsourcing tied to AI-driven streamlining, underscoring cost pressure across global services. Local Industry Tech: Aurora Mobile launched “Silent Auth” passwordless identity verification across 36 countries, aiming to lift conversion while meeting higher-security requirements. Manufacturing & Jobs: Singapore’s manufacturing output rose in May, with electronics and AI-related demand continuing to drive activity.

Gulf Shipping Shock: Iran and the US agreed to halt hostilities and renew talks over the Strait of Hormuz, after fresh strikes threatened a fragile interim peace deal—raising new uncertainty for energy shipping and regional trade. Energy Costs at Home: Singapore households brace for a sharp electricity tariff rise in Q3 as EMA links higher regulated rates to fuel-price pressure from the Iran conflict; school bus operators also get a temporary fuel surcharge cap of up to 20% for July and August. AI Infrastructure Push: Firmus Technologies, backed by Nvidia, plans a 360MW AI data centre “Nvidia DSX AI Factory” in Batam with DayOne, targeting Q1 2027 and large chip access plus multi-year offtake. Food Manufacturing Expansion: Killiney Group steps up food manufacturing for retail and eyes its first Japan outlet in Tokyo. Labour Market Reality: Singaporeans debate degree value as retrenchment incidence rises among degree holders, with MOM data showing higher retrenchment rates for educated workers. Maritime Security Cooperation: ReCAAP ISC and the Philippine Coast Guard meet Singapore and other focal points to strengthen anti-piracy and sea-robbery coordination. Regional Investment: ADB backs a Seraya Partners infrastructure fund with equity for energy transition and digital infrastructure across Southeast Asia, including Philippines, Indonesia, Malaysia, Thailand and Vietnam.

Gulf Shipping Shock: The US and Iran traded fresh strikes after a drone attack on the Panama-flagged tanker Kiku near the Strait of Hormuz, with Washington saying it hit 10 Iranian military sites while Iran claimed it struck eight US-linked infrastructures in Kuwait and Bahrain—raising fears the fragile ceasefire roadmap will unravel. Workplace Safety Crackdown: Singapore toughened enforcement after 21 workplace deaths this year, lifting fines, extending stop-work shutdowns to at least eight weeks, and restricting firms from hiring new migrant workers in serious cases. Aviation & Cargo Deal: SAL Logistics will provide ground handling and air cargo services for Singapore Airlines at King Khalid International Airport in Riyadh under a renewable agreement. Job Market Pressure: Singapore graduates are increasingly turning to half-pay traineeships as AI adoption and hiring caution reshape entry-level prospects. AI Supply-Chain Diplomacy: Pax Silica Summit talks in Washington pushed secure AI supply chains, with the UAE and partners aligning on trusted cross-border deployment. Regional Security: South Korea and Japan reaffirmed denuclearisation goals and will resume joint search-and-rescue drills, deepening defence cooperation with US backing.

Shipping Security & Energy Risks: The Strait of Hormuz stayed tense as the US carried out fresh strikes on Iranian military surveillance, communications, air defence, drone storage and mine-laying sites after Iran-linked attacks on commercial shipping, including a drone strike on the Panama-flagged tanker Kiku carrying over 2 million barrels of crude oil bound for Singapore; the US said Iran had a chance to honour the ceasefire but didn’t. Regional Fallout: Bahrain reported Iranian drone attacks on its territory amid condemnation from Gulf allies, while shipping traffic through the chokepoint remained below normal as risk levels were raised. Singapore Finance Watch: MAS placed Hyperliquid on its Investor Alert List, flagging the platform as unlicensed in Singapore and reminding users that MAS protections don’t apply. Local Industry Talent: BGMEA and AUW hosted a talent development event for Bangladesh’s ready-made garment sector, with a focus on female leadership and industry-academia recruitment. Aviation & Travel Demand: Singapore-linked long-haul planning continues to draw attention as airlines map ultra-long routes, including A350 and A380 schedules for 2026. Creative Industries: Singapore’s animated feature “The Violinist” won the Cristal Award at Annecy, boosting the city-state’s animation and co-production profile.

AI & Supply Chains: The US-led Pax Silica push added momentum as the Philippines joined 34 economies in backing a “pro-growth, pro-innovation” AI regulatory and secure supply-chain declaration, with Singapore among signatories. Energy & Shipping Risk: Brent slid over 4% and WTI about 3% as US-Iran strikes flared after a drone hit the Singapore-flagged cargo ship Ever Lovely near the Strait of Hormuz; US forces targeted Iranian missile/drone storage and coastal radar sites, while Iran and Bahrain traded accusations of ceasefire violations. Local Industry Pulse: Singapore’s bus services spotlighted workforce-first operations, with Acting Transport Minister Jeffrey Siow citing Tower Transit’s 10-year growth and stressing service quality depends on workers. Aviation & Travel: Singapore Airlines has started building a larger SilverKris Lounge at Melbourne Airport, aiming to lift premium traveller experience later this year. Construction/Logistics Watch: Adani Airport Holdings has begun airport-city construction around multiple Indian airports after approvals, signalling continued infrastructure-led growth.

Middle East Shipping Shock: The US launched airstrikes on Iran after a drone attack hit the Singapore-flagged cargo ship M/V Ever Lovely near the Strait of Hormuz, targeting missile/drone storage and coastal radar sites; CENTCOM called it a ceasefire violation and said it will keep coordinating safe passage as the UN paused evacuation/escort plans. Aviation Safety Watch: EASA ordered urgent inspections of 16 Airbus A380s over wing crack concerns, a reminder that fleet risk management can quickly ripple into airline schedules and passenger demand. Singapore Finance & Insurance: MAS is set to consult on a new Protected Cell Company framework for insurance, while the week also saw renewed focus on how AI shows up in insurance discovery and how disaster losses keep exposing protection gaps. AI & Enterprise Growth: Helport AI reported higher H1 FY2026 revenue on rising enterprise AI adoption, and WeRide confirmed AGM resolutions as robotaxi deployment expands. Regional STI Push: Malaysia urged ASEAN to build a more integrated, mission-oriented science, tech and innovation ecosystem, with Singapore named among key bilateral discussions.

Shipping & Energy Geopolitics: Singapore-registered Ever Lovely suffered minor bridge damage after a projectile hit it near Oman as it left the Strait of Hormuz; MPA says all 21 crew are safe and the ship completed transit, while Iran reiterates route control and the IMO pauses escort/evacuation efforts—oil prices slid ~2% as supply worries eased. Regulation & Fintech: MAS added Hyperliquid to its Investor Alert List for operating without a Singapore licence/authorisation, warning users that regulatory protections may not apply. Trade & Industry: CPTPP members will hold preliminary talks to add Indonesia, the Philippines and the UAE, with accession requiring all current members’ consent; separately, Malaysia seized AI chips worth about $13m at KL airport, citing export-control circumvention. Local Business & Work: NTUC/partners will place about 400 abandoned migrant workers into new jobs after unpaid-wage complaints tied to KPA Engineering and SK Industries. Energy Transition Finance: GuarantCo backed Vietnam’s first certified green C&I solar bond for Verdant Energy, supporting 58MW of projects. AI & Manufacturing: MetaOptics began shipping metalens evaluation units for 5G smartphone and AI smart glasses to Europe, Japan and the Philippines. Workspace Expansion: Smartworks proposed to acquire Workstudio Spaces to expand its Singapore footprint.

Maritime Security Shock: The UN’s IMO paused its Strait of Hormuz evacuation/escort effort after a cargo ship reported a suspected attack near Oman; multiple reports identified the Singapore-flagged Ever Lovely as hit by a projectile, with a drone also suspected, raising fresh uncertainty for shipping and energy flows. Insurance & Risk Policy: Singapore is set to consult on a protected cell company framework to expand risk-transfer capacity and make captive insurance and insurance-linked securities easier to structure. AI Infrastructure Funding: Netris raised US$15m Series A led by a16z to expand AI network automation for GPU infrastructure, citing rapid ARR growth and deployments across 35+ production AI clusters. Regional Finance Hiring: IQ-EQ appointed Wyn James as Head of Asset Owners for APAC, signalling deeper focus on sovereign wealth funds, pensions, insurers and family offices, with base in Singapore. Energy Markets Watch: Oil prices swung after the Hormuz incident, with WTI rebounding near US$72 as markets weighed supply-route disruption risk. Singapore Industry Pulse: Singapore is due to release May industrial production figures, a key read on Asia-Pacific momentum. Haze Alert: SIIA warned of a high risk of severe haze in Singapore and parts of Southeast Asia in 2H 2026, driven by El Niño and biofuel-linked deforestation. Property Industry Note: OrangeTee & Tie registered former PLB vice-president Grayce Tan, marking her return to real estate after a public controversy.

IMD Competitiveness: Singapore reclaimed the No.1 spot in IMD’s 2026 World Competitiveness Rankings, ahead of Hong Kong and Switzerland, with the report pointing to stronger institutional efficiency and adaptive capacity. Offshore Energy: Murphy Oil says its Lac Da Vang “Golden Camel” project offshore Vietnam remains on track for first production in Q4, with the Vietnam-bound FSO christened and sailaway certified for July. AI & Identity Infrastructure: Presight announced Cohort II of its AI Accelerator programme, while Jumio expanded global digital ID acceptance to 60+ countries—both signals of faster enterprise rollout of AI and compliant onboarding. Payments Funding: Airwallex raised US$320m in Series H, valuing it at US$11b, to push “agentic” finance and expand regulatory reach. Singapore Policy/Workforce: MOM set up the new Skills and Workforce Development Agency on 1 July 2026, merging SSG and WSG, with Lim Sim Seng to chair. Cross-border Enforcement: LTA caught seven drivers running illegal cross-border ride-hailing and impounded vehicles, warning commuters to use licensed services. Trade & Logistics (Agri): India’s first commercial sea shipment of premium Banganapalle mangoes to Singapore arrived after APEDA facilitation, highlighting lower-cost export logistics. Cybersecurity: ExtraHop’s report warns AI agents and GenAI apps are now top cyber targets as SOCs remain reactive.