AGP Executive Report

Trade & Finance: Hong Kong’s carried-interest tax break for hedge funds, private credit and digital-asset funds is set to reshape hiring and deal structures, with the bill already triggering a hiring surge and contract rewrites as managers position for retroactive benefits. Cross-border Trade Tech: Vietnam and Singapore are advancing Verifiable Credentials for cross-border trade, with a Proof of Concept applying them to letters of credit to cut verification costs and speed up bank-to-bank checks. Energy & Industry: Bangladesh ordered shops and markets to shut by 8pm to curb electricity use amid a severe gas shortage and blackouts; separately, the government approved two LNG cargo purchases from BP Singapore to protect gas supply. Markets Watch (SG): Koh Brothers Eco Engineering flagged up to S$57.6m in potential liabilities from three legal disputes ahead of a proposed SGX mainboard move; Singapore Airlines reported July passenger traffic up 2.6% y/y. AI & Infrastructure: Data centre growth in Southeast Asia is increasingly constrained by power availability and quality, with site selection now starting from grid capacity and resilience. Regional Business: Lenskart’s IPO momentum continues as the eyewear retailer posts a sharp profit jump and expands store footprint, including in Singapore. Remittances: Philippines cash remittances rose to US$3.04b in June, but growth slowed to a four-year low as Middle East-linked price pressures squeeze migrant sending capacity.

Singapore-China Nuclear Cooperation: MTI and China Atomic Energy Authority signed an MoU on peaceful nuclear technology, covering safety assessments, manpower training, safeguards and security, and feeding into Singapore’s 2027 IAEA infrastructure review. Construction Waste Crackdown: Singapore halts exports of construction and demolition waste to Malaysia after allegations of illegal disposal in Pontian, with investigations opened into Singapore parties. Data Centres & Power Demand: A market outlook pegs the data centre power market at US$50.51b by 2030 (7.5% CAGR), with Asia Pacific flagged as the fastest-growing region. AI Infrastructure Finance: VivoPower approved a new AI infrastructure platform headquartered in Singapore to hold a non-Nordic data centre portfolio, targeting a pre-IPO round and listings in London and Abu Dhabi. Semiconductors Watch: SK Hynix’s US-listed shares jumped about 4% as AI memory demand optimism returned. Maritime/Logistics Signal: DHL says Asia-Europe air freight demand is shifting toward higher-value cargo tied to AI infrastructure and advanced manufacturing. Local Business & Tourism: Singapore will formalise extended 4am liquor trading hours along Boat Quay/Clarke Quay after a year-long pilot, alongside more nightlife use approvals. Energy Prices: Fuel price rollbacks in the Philippines end this week, with diesel and gasoline set to rise.

Singapore Trade & AI Demand: Singapore’s non-oil domestic exports rose 24.2% in July, driven by a surge in electronics and AI-related products, with electronic NODX up 112% year on year. Green Data Centres (Cross-Border): STT GDC secured up to US$1.37bn green financing for its STT Johor data centre campus, backed by UOB and other major lenders, as renewable power and efficiency targets are highlighted. Job Market Pressure for Graduates: About 1 in 5 fresh university graduates in Singapore were still job-seeking as of June, even as overall unemployment stayed at 2% in Q1—signalling cautious hiring amid AI adoption. Workplace & Relocation Reality: A new wave of APAC office relocations is pushing firms to manage disruption better, with clearer internal communication becoming a key differentiator. Travel Tech & Partnerships: Agoda launched an updated Partner Portal for property operations and renewed a three-year MOU with Singapore Tourism Board, expanding data, tech and AI-powered travel innovation. Energy & Shipping Risk: Oil held near recent highs as Strait of Hormuz tanker traffic slowed after attacks and US-Iran peace hopes dimmed. Regional Security Signals: Trump ordered the Pentagon to “substantially” reduce South Korea-U.S. military exercises, a move seen as aimed at North Korea. Health Tech Trial: Shuwen Biotech started an international PRE-CERCA study evaluating its CercaTest RED urine test for predicting preeclampsia, including Singapore hospitals.

AI Finance Shift: A new wave of fintech is moving from convenience to “intelligence-led” services, using consented transaction data plus AI to expand credit, insurance and wealth—raising the bar for how banks and merchants protect customers. Singapore Trade Integrity: MTI says firms transshipping through Singapore must accurately declare origin after a US claim of a “Great Transshipment Scam,” stressing Singapore’s zero tolerance for fraud. Data Centres on AI Demand: Singapore DC S-Reits report solid occupancy and higher distributions as AI and cloud drive structural demand, while the region races to secure power and capacity. AI Infrastructure Race: Anthropic, Macquarie and GIC are backing a US data-centre platform, underscoring that AI competition is increasingly about financing and building compute. Regional AI Power Question: Southeast Asia is becoming indispensable to AI, but the big issue is how much power it can actually gain from hosting the infrastructure. Logistics Expansion: Cosco Shipping International eyes more investment in Malaysia, Indonesia and Vietnam while strengthening its Singapore base as supply chains get more complex. Aviation Shock Impact: Middle East airlines are still absorbing war-driven losses, with capacity and schedules only gradually returning. Local Sports: FC Jurong begin their AFC Women’s Champions League campaign, bringing Singapore women’s football to continental competition.

Cybersecurity & Trust: ChainDrop worm reportedly poisoned 444 npm packages, stealing npm tokens and republishing infected archives—another reminder that open-source supply chains need stronger safeguards than code review alone. Local Mobility & Services: ComfortDelGro says it’s reshaping beyond taxis by growing its private-hire driver network to cut waiting times and support a profit turnaround. Digital Safety on Devices: Google is rolling out mandatory developer verification for sideloaded Android apps on certified devices, with enforcement starting in Singapore and other high-scam markets. Green Data Centres: STT GDC secured up to US$1.37bn in green financing for the STT Johor datacentre campus in Iskandar Puteri, targeting up to 166MW IT load. Public Health & Environment: NEA rebutted claims about Beverage Container Return Scheme refunds, clarifying that one machine transaction can cover multiple containers. Startup & Capital Flows: Southeast Asia startup funding fell 83.5% in July, while Greater China hit a 28-month high boosted by major megadeals. Industry & Infrastructure: A sheltered linkway is planned to connect Tanjong Pagar Community Club to Tanjong Pagar MRT, improving pedestrian access in the CBD.

Singapore-India ties: President Tharman congratulated India on its 80th Independence Day, pointing to the Comprehensive Strategic Partnership and cooperation in skills, digitalisation, sustainability and advanced manufacturing. Regional tourism push: Sabah reported a 20.5% rise in Singaporean arrivals in Jan–May, crediting joint promotion efforts including Experience Sabah 2.0 at Marina Square. Professional services reform (India): NITI Aayog floated changes to licensing, qualification recognition, mobility and cross-border arrangements for law, accounting, architecture, engineering and healthcare—aimed at easing market entry and practice across states and countries. Engineering exports boom (India): NITI Aayog said engineering services exports jumped nearly eightfold in a decade to about US$13.77b, while calling for a stronger regulatory framework for engineers. Cybersecurity (macOS): Netherlands’ NCSC warned macOS Screen Sharing flaws are being actively exploited to install Monero miners; only specific patches or disabling Screen Sharing were effective. Infrastructure & logistics (shipping): Firms transshipping through Singapore must declare the true country of origin of goods, under MTI rules. Sports & community: Singapore opened “The Bricks” in Brickland-Tengah, adding the city’s only dedicated BMX track under the Sport-in-Precinct push.

Markets & AI-linked growth: Singapore’s stock rally stays on track as a “Goldilocks” mix of steady growth, tech export strength and productivity keeps inflation in check, with fund managers pointing to wealth management and AI infrastructure as further inflow drivers. Shipping & logistics: Drewry’s intra-Asia container rates rose 6% to a six-week high, with Middle East tensions and China congestion (including typhoon disruptions) lifting lanes such as Shanghai–Singapore. Trade connectivity: China–ASEAN freight links are running daily again, and ASEAN trade hit a record first-seven-month total, underscoring the region’s push to deepen intermediate-goods supply chains. Port tech demo: A Singapore drone logistics firm flew a full terminal-to-mainland cargo drone route in a demonstration over Singapore waters, aiming to show safe handling for dangerous-goods samples. Digital government ties: Singapore and Vietnam plan deeper cooperation on digital government, smart cities, national data centres and potential links between VNeID and Singpass. Cyber/fintech: Airwallex and Affirm expand BNPL at checkout across 35 countries, while Singapore also warned of fake crypto job scams after $11.8m losses. Corporate finance: Davis Commodities said Nasdaq declined review and will proceed with delisting steps. Sports & consumer impact: FAS and People’s Association urged fans to use official watch parties for the Singapore–Thailand Asean Championship semis and warned against ticket scalping.

AI in Education: NTU will stop using its AI detector from 2027, calling current automated tools “fundamentally unreliable” and not suitable for judging misconduct. Maritime & Energy: Singapore’s marine fuel sales rose 1.3% month-on-month to 4.7m tonnes in July, though still down 3.8% year-on-year; Hormuz shipping remains in focus after attacks and counter-statements. Shipping & Trade Risks: The US flags Singapore among countries in a “shadow transshipment network” accused of helping China evade tariffs, spotlighting free-zone and logistics routes. Local Infrastructure: MRT reliability hit a new milestone in July, with nine months without major delays (excluding TEL). Corporate & Finance: Straits Trading narrowed its H1 net loss to S$11.1m as resources improved; ThaiBev lifted nine-month EBITDA 7.2% to US$1.5b despite revenue softness. Telecom/Connectivity: Keppel obtained an IMDA FBO licence for the Kruger Cable System, a key step toward landing rights and a potential end-2026 investment decision. Media/Entertainment Investment: Panorama Studios invested in Rocket Reels to scale India’s original short-form OTT storytelling.

Insurance & Cyber Risk: Allianz Insurance Singapore won three Asia Consumer Insurance Awards 2026, including Best EV Insurer and for Allianz Cyber Protect, as scam losses hit S$913.1m in 2025. Tourism Tech: Agoda and Singapore Tourism Board renewed a three-year MOU to deepen data, tech and AI-powered travel recommendations, plus sector capability-building. AI for Hiring: Moka AI says its Moka Eva cut per-store time-to-hire from 15.4 to 3.8 days at a 20,000-location chain, cutting cost per application by 60%. Digital Transformation: IMDA positions “digital leadership” at the centre of Singapore’s transformation agenda, spanning innovation, regulation, research and capability building. Energy Security Angle: A commentary argues “energy efficiency is the first fuel” and urges stronger preparedness amid geopolitical-driven energy shocks. Agri-Food & Downstreaming: Olam logged a near sixfold H1 profit jump on asset sales and restructuring gains, while First Resources posted a 57.4% H1 net profit rise and declared a S$0.08 dividend. Property Services Reform: CEA will require property agents to complete at least three transactions in three years (or pass a refresher exam) from Jan 1, 2027, and will collect commission data monthly. Singapore in Regional Talent Flows: A report says China’s top STEM talent is increasingly looking to Singapore as Western study options tighten.

Maritime Decarbonisation: Accelleron says its renewed Singapore service hub is expanding to support maritime decarbonisation, while a new report argues ports can break the green-fuel “deadlock” by aggregating cross-sector demand for hydrogen-derived fuels like e-ammonia and e-methanol. Shipping Rates: Maersk raised full-year guidance again as resilient container demand and port congestion lifted profits, with berth delays in Shanghai cited as a key driver. Port Congestion & Logistics: Drewry reports intra-Asia rates stabilising after weeks of decline, as China port delays and bunker price rebounds support freight pricing; Singapore-based Pacific International Lines also plans to strengthen its Indonesia–Thailand–Straits feeder links. Medtech Compliance: HPO.TECH, a hyperbaric chamber maker, completed its early transition from EU MDD to the stricter EU MDR, aiming to stay ahead of the 2027–2028 legacy certificate runway. AI & Enterprise Scaling: Jeen warns that most enterprise AI pilots fail to deliver measurable returns without a governed operating layer, urging leaders to apply “reality checks” before scaling. Singapore Tech/Industry: Microsoft is reportedly retreating in China, with at least 15 offices and joint ventures shut in recent years amid geopolitical and regulatory pressure.

Agri-Food & Capital: Walmart, PepsiCo, Nestlé and Microsoft have joined Singapore’s Asia-Pacific Agri-Food Summit 2026 speaker lineup, as the event (with a pre-summit Investment Forum on 26 Oct and main summit 27-29 Oct) pushes agri-food resilience, innovation and regional investment. Retail Pressure in HDB Towns: Provision shops in Singapore’s heartlands are shutting at pace, with owners citing thin margins, rent pressure and online delivery/minimart competition. Enterprise AI in Service Ops: Sobot says its upgraded AI Agents shift from answering questions to getting results via continuous reasoning and action loops. Telecom Earnings Watch: Singtel Q1 net profit fell 72% to S$818m, while StarHub H1 net profit jumped to S$258.1m on a one-off Ensign gain. Semiconductor Demand: AEM shares surged after H1 profit rose 10x on stronger AI chip test-equipment orders. Identity & Kids Online: Jumio’s study finds 84% of Singapore consumers think age-gated content can harm minors, urging stronger age assurance. Industrial Real Estate: Savills reports industrial leasing volume down 4.6% YoY despite manufacturing growth, with demand skewing to modern, efficient spaces. Cyber Security Governance: Singapore’s cyber chief David Koh argues traditional defence is too slow for AI-driven attacks, pushing identity governance to the forefront. Maritime & Trade Costs: Panama Canal wait times are rising again, with a Singapore-flagged vessel reportedly paying up to US$4m to skip the queue.

AI Collections in Finance: Singapore-headquartered AI Rudder is partnering with Philippines’ South Asialink Finance to deploy an AI Voice Agent for high-volume, two-way voice payment reminders and follow-ups, aiming to lift collections efficiency while freeing staff for higher-value conversations. Semiconductor Ops at SEMICON Taiwan: Critical Manufacturing will showcase its MES-to-AI industrial operations platform with ASMPT, targeting “factory of the future” visibility and control for increasingly complex chip production. Singapore Market Outlook: JPMorgan raised its Straits Times Index bull-case target to 7,000 points, citing stronger 2026 growth (AI-linked investment) and improving valuations. Crypto Tax Compliance: Singapore published final rules requiring crypto exchanges and brokers to report detailed user transaction data to IRAS from Jan 2027 (with existing users given until end-2027). Shipping Through Suez: Maersk and Hapag-Lloyd are resuming Suez Canal routing for service AE19 after security evaluations, improving transit efficiency versus the Cape route. Logistics & Trade Signals: DealStreetAsia says Philippines M&A deal flow collapsed to one deal in Q2 as foreign capital retreats, while deal activity remains concentrated in Singapore, Malaysia and Indonesia.

AI & Jobs Policy: MTI says AI workplace policy should drive job transformation and training, not displacement, arguing task-level automation can shift workers into complementary roles. Singapore Trade & Electronics: Enterprise Singapore reports 2Q 2026 non-oil domestic exports up 27.4% y/y, led by electronics (up 88.1%) as AI demand lifts integrated circuits, PCs and disk media; it upgrades 2026 NODX growth to 14.0–16.0%. Biosurveillance Research: Singapore expands biosurveillance research under its One Health approach, studying zoonotic risks in dense urban ecosystems, including pathogen links from urban birds. Data Centres & Risk: Allianz warns the AI-driven data centre boom will reshape construction, operational, climate and insurance risks as global investment targets exceed US$1tn. Cross-border Tourism: JETCO Connect 2.0 invites Johor–Singapore tourism stakeholders to co-develop packages for the Singapore market. Health Tech: EBR Systems reports momentum in US Wise leadless pacemaker implants, while margins remain under pressure. Consumer Tech Launch: Toshiba unveils its NaturePURE Series refrigerators in Singapore with larger capacity plus air purification features. Air Connectivity Study: MTI economists say non-stop flights to under-connected emerging markets could add about $200m in annual FDI. Security Robotics: SUPCON and Certis sign to move security robots from trials into connected frontline workflows.

AI & Economy: Singapore lifted its 2026 GDP growth forecast to 4.5%–5.5% on stronger AI-driven demand, with manufacturing and finance/insurance among the beneficiaries. AI Infrastructure: Cloudera says most enterprises have delayed AI projects due to data governance and compliance gaps, pointing to a “Great AI Re-Architecture” toward hybrid data setups. Data Centres & Compute: Anthropic is partnering with Macquarie and GIC to build an AI-optimised data centre campus, underscoring the race for power-hungry capacity. Shipping & Trade: Sea reported Q2 earnings up 10.6% as Shopee hit new highs in GMV and revenue, while logistics costs and credit provisions rose. Regional Industry Watch: Johor ordered closures over alleged illegal waste dumping tied to Singapore construction waste, with claims of open burning and air pollution near a gas pipeline. Fintech Skills: An ADB/GFI report flags fintech talent gaps across ASEAN—especially AI and cybersecurity—despite rising digital payments. Corporate Moves: Entra Law added an M&A director from ADTLaw, expanding its cross-border deal capability. Sustainability in Aviation: EcoCeres, CNAF and SF Group plan SAF supply for SF Airlines, linking Singapore-linked aviation sustainability to regional fuel demand.

Singapore Economy Boost: MTI lifted Singapore’s 2026 GDP growth forecast to 4.5%–5.5% after Q2 growth hit 5.9%, with AI-driven demand powering electronics and precision engineering. AI Infrastructure Push: Anthropic, Macquarie and GIC formed Theseus Infrastructure to build AI data centres, with an initial focus on the US and funding support from the Singapore wealth fund. Trade Momentum: EnterpriseSG upgraded 2026 non-oil domestic exports growth to 14%–16% after a 27.4% Q2 surge, led by electronics exports. Defence & Engineering Watch: ST Engineering shares slid up to 4.7% after Q2 order wins fell 38.3% year-on-year to S$2.9b. Healthcare Supply Chain: SATO supplied RFID labels and readers for Singapore’s next-gen blood supply management system to improve tracking and ordering across hospitals. Regional Retail Expansion: Paris Baguette opened its first Laos store, expanding its Southeast Asia footprint to seven markets. Blue Carbon Deal: Rubicon Carbon and Indonesia agreed to co-finance blue carbon projects, including mangrove restoration on Java’s northern coast. Crypto Policy Shift: Thailand introduced 0% capital gains tax on crypto trading via SEC-licensed platforms for 2025–2029. Vietnam Market Moves: Vietnam fined Grab US$52,000 over consumer data and disclosure failures, while it seeks international backing to scale its low-emission “One Million Hectares” low-emission rice programme.

AI Infrastructure & Finance: Anthropic, Macquarie Asset Management and GIC are setting up Theseus Infrastructure to develop and lease AI data centers at scale, with Anthropic covering electricity price hikes. Digital Payments: China’s PBOC says it will “steadily develop” the digital yuan in its 2026-2030 reform plan, including cross-border RMB use and offshore market building. Logistics & Trade: CargoPoint opens an Almaty office to expand its Truck+Air China-Europe network, aiming to cut transit times by at least two days. Shipping & Energy Supply Chains: Minsheng Financial Leasing expands Shell-backed MR tanker newbuilds to 11 ships at Guangzhou Shipyard, boosting long-term capacity for Shell Tankers. Air Travel Tech: Navan upgrades Singapore Airlines NDC access to a direct connection, with 70% of SIA bookings now via NDC. Cybercrime Watch: ASEAN moves to clamp down on cyberscam cartels as threats escalate, including Myanmar’s death penalty for scam operators. Industry Tech for SMEs: ThinkPalm and Singapore Polytechnic partner on AI-driven IIoT sustainability measurement for local SMEs and start-ups. Crypto Markets: BitFuFu will report Q2 results on Aug 17 as output cools, while Bitdeer says Q2 Bitcoin production jumped 377% on expanded self-mining capacity. Property & Sustainability: Singapore’s adaptive reuse debate returns: it works only when conversion feasibility and economics line up.