Singapore business, finance and trade news, every Monday.
Waymo Gets a 2028 Slot on Singapore Roads
Alphabet's Waymo is going to start taking paid driverless rides in Singapore in 2028. That will make Singapore the first Asian market after Tokyo sometime next year (London is starting before the end of this year and Munich is expected in late 2027). A fleet of Jaguar I-PACE SUVs is due to arrive over the next few months, but trained specialists will be behind the wheel through 2027 in order to help train the Waymo software how to read monsoon downpours and understand local road geometry. Transport Minister Jeffrey Siow welcomed the company as the country's "newest autonomous vehicle operator," though Waymo still needs to clear a safety assessment before LTA will allow it to run paying passengers. Fleet size, service area and fares are all so far undecided (or at least remain undisclosed). Waymo raised $16 billion in February at a $126 billion valuation and currently runs about 4,000 vehicles in 15 US cities.
Read more: Reuters (Siow), Business Times (crash reduction stat), Waymo (autonomous mileage stats), Theverge (global rollout timeline)
Canada Eyed for Fuel as ME Keeps LNG Limited
Foreign Minister Vivian Balakrishnan says Singapore should expect more energy supply constraints from the Middle East, and that the closure of the Strait of Hormuz is a "major, major impediment" to LNG shipments from Qatar, one of SG’s main suppliers. Diversified sourcing has allowed the lights to stay on until now, and Balakrishnan recently used stops in Doha and Ottawa to source for options. He specifically talked up Canada as an energy "superpower" in addition to being a potential source of food, AI tie-ups, and digital payments deals. He and Canadian Foreign Minister Anita Anand agreed to a joint declaration toward an economic partnership framework, with formal deals expected "within the next two to three months."
Exports Jump 46% on AI Demand
Non-oil domestic exports rose 46.2% year-on-year in August, blowing past the 35.1% consensus estimate and extending July's revised 24.1% climb. AI-related demand did the heavy lifting for a second straight month, with electronics the top contributor, which was enough for OCBC to lift its full-year NODX forecast. Not everyone is fully sold on the pace holding, and several market watchers are flagging the risk that AI orders will normalize and that further US tariff moves will come before year-end.
Read more: Business Times
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SIA Goes Back to Madrid After 22 Years
Singapore Airlines will run more than 2,530 weekly passenger flights by March 2027, which is about 92% of the number of flights SIA and SilkAir were running in January 2020 before Covid hit. In the latest schedule, Europe will be getting the biggest lift, featuring 15-20% more weekly flights than last winter, a return to Madrid for the first time since 2004, and twice-daily Gatwick service for most of the season. Dubai and Riyadh rare also returning after a troubled 2026. Colombo, Johannesburg and Bali all take cuts. Skytrax recently named SIA World's Best Airline for the sixth time, ahead of Qatar Airways and Cathay Pacific.
Read more: Mainlymiles (route-by-route frequencies), Asianaviation (Skytrax award ceremony)
North-South Corridor Slips to 2029
The Land Transport Authority has delayed the North-South Corridor's viaduct opening from 2027 to 2029 and the tunnel section from 2029 to 2031 because of underground rock that is both harder and higher than surveys predicted. The Novena stretch is the worst of it. The tunnel runs within a metre of the currently-active North-South MRT line, and fractured rock with groundwater leaks forced LTA to abandon the normal method of tunnelling for a slower, section-by-section process that will allow the trains running overhead. LTA says it will only be able to calculate cost overruns after the project is finished, but the pain on local businesses who have been hampered by detours and construction hoarding is starting to bite.
Read more: Business Times (project background), The Independent Singapore (rock formation sites), The Independent Singapore (resident commute impact)
ASEAN Pulls Upgraded Pact Forward Six Months
The upgraded ATIGA, originally set to come into force on June 1, 2027, will now kick in by the end of 2026, ASEAN economic ministers agreed at their September 19 meeting in Manila. Deputy Prime Minister Gan Kim Yong, who chaired the talks as Trade Minister, said the bloc would remain united in its commitment to integrate more deeply as global trade remains shaky (our word, not his). The updated pact will tighten customs procedures and supply chain rules for cross-border products. The groundwork was also set for a review of the region's services trade rules, but no timeline was given for that.
Read more: Business Times
Sunway Plants a Hospital in the JS-SEZ
Sunway Medical Centre broke ground on an RM800 million (S$250 million, or about $195 million) hospital in Iskandar Puteri. Its the first major private hospital inside the Johor-Singapore Special Economic Zone. Johor investment committee chairman Lee Ting Han said its a "vote of confidence." While no opening date for the hospital was given, the start of work is timely is as work will come along with completion of the RTS Link, which will reduce the time for Woodlands-Johor Bahru crossing to/from Singapore to minutes, and with Singapore's ongoing review of its overseas MediSave scheme.
Read more: The Independent Singapore
Kusama Bag Sells for S$87K; Condos Get Nothing
A Louis Vuitton x Yayoi Kusama pumpkin bag that was seized in Singapore's S$3 billion ($2.35 billion) money laundering case sold for S$87,000 ($68,000) on Sunday night after a 30-minute bidding war. That’s more than five times its ~S$16,000 estimate. The sale closed the first tranche of 337 handbags and accessories, raking in more than a million Singapore dollars in total. A second Hotlotz auction of 286 fine jewellery pieces is running until September 27. The mood was different at the September 17 property auction, where 26 seized properties, including a S$6.78 million Wallich Residence unit on the 61st floor once owned by convicted launderer Zhang Ruijin, found no buyers (who were willing to bid above the reserve price).
Read more: CNA (all items sold), Business Times (S$2.1B seizure scope)
DBS Expands Vaults in Gold Hub Drive
DBS increased its bullion vaulting space in 2026 to handle incresing demand from private wealth and institutional clients. OCBC and Deutsche Bank are reportedly scouting for more room too. Singapore's private facilities are already able to store at least 2,200 tonnes (1,700 at Le Freeport and 500 at The Reserve), which might usefully be compared with Hong Kong's promise to reach 2,000 tonnes within three years. Part of the reason for the work on getting more space is that Le Freeport's basement, the preferred spot for its security and load-bearing capacity, is nearly full, and some banks may be shut out of it.
Read more: Business Times
Finish a Course, Get Six Months of AI
Connect by SWDA opened its doors on September 16, folding its old Careers Connect and Lifelong Learning Exploration Centre into a single hub to open Prime Minister Lawrence Wong's SkillsFuture Festival. The hook is that anyone 18 or older who enrols in and attends a course from a list of more than 200 (run by 30ish training providers), will get a “free” six-month subscription to ChatGPT Plus, Google AI Pro, Manus AI, Microsoft 365 Personal or Singtel AI Pass.
Read more: Business Times
Haze Returns to Central Singapore
Central Singapore's 24-hour PSI was an unhealthy 113 by 11pm Saturday, which was the second “unhealthy” reading in three days after Tuesday's island-wide choke. Other parts of Singapore remained in “moderate” territory. NEA is blaming dry conditions over Kalimantan and southern Sumatra, as smoke plumes make their was toward Singapore on east-southeast winds.
Read more: CNA
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