Daily Update: KPMG Launches Trusted AI Hub in Singapore; Aspial Lifestyle Raises S$60M; Jardines Acquires I-MED in $2.4B Deal

KPMG LAUNCHES TRUSTED AI CENTRE OF EXCELLENCE TO STRENGTHEN SINGAPORE’S POSITION AS A GLOBALLY TRUSTED AI HUB

KPMG, said, it has launched the Trusted Artificial Intelligence Centre of Excellence (AI CoE). Supported by the Singapore Economic Development Board (EDB), the AI CoE is a dedicated capability hub designed to help organisations move beyond AI experimentation and embed AI as a trusted, enterprise-ready asset.

KPMG said that its 2025 Global CEO Outlook shows that more than seven in ten CEOs now rank AI as a top investment priority — yet for many, the gap between ambition and sustained enterprise impact remains wide. Governance, data readiness and workforce capability are the defining constraints of this next phase of adoption. Singapore-based businesses face a further dimension: as they expand regionally and globally, they need their AI systems to be trusted not just at home but across multiple jurisdictions — each with its own regulatory expectations and stakeholder standards.

Lee Sze Yeng, Managing Partner at KPMG in Singapore, said: “Across every sector, we are seeing the same pattern: organisations that moved fast on AI are now asking harder questions — where is the real value, are our people genuinely ready to work alongside AI, and can we stand behind the decisions our systems make? These are not technical questions. They are leadership questions. And for Singapore businesses with ambitions beyond our shores, there is an added dimension: the trust that matters to customers and regulators in the markets you are entering may be defined differently from what is required here. Through the KPMG Singapore Trusted AI Centre of Excellence, we are partnering with businesses to rigorously assess where they stand, close the gaps that matter, and build AI that is trusted not just locally but in the markets most critical to their growth. Trusted AI is not a constraint on ambition. Done well, it is the foundation for it.”

Jermaine Loy, Managing Director, Singapore Economic Development Board, said: “KPMG’s Trusted AI Centre of Excellence here in Singapore will enable businesses across diverse sectors – including financial services, healthcare, logistics and manufacturing – to scale use of AI with confidence, supported by robust governance frameworks and assurance capabilities. At the same time, this strengthens Singapore’s growing AI ecosystem by building enterprise capabilities and workforce readiness for AI adoption. We welcome KPMG Singapore’s efforts to work with EDB and the relevant agencies in advancing Singapore’s position as a globally trusted hub for AI deployment and innovation.”

The Trusted AI CoE is designed to function as a capability hub to support Singapore’s position as a trusted node in the global community — co-creating knowledge, accelerating innovation and strengthening Singapore’s AI ecosystem across the business community, academia and the public sector.

At its core is a team of AI/Software Engineers, Solution Architects, Data Analysts, Product Managers, Tech Business Analysts and Designers — 100 per cent Singapore-based and locally hired.

ASPIAL LIFESTYLE CLOSES S$60.0 MILLION PRIVATE PLACEMENT

Aspial Lifestyle Monday said it has raised S$60 million through a private placement route which saw subscription from institutional investors. This placement is the first part of a larger S$84.8 million equity fund raising.

The second part of the equity fund raising comprises a preferential offering of little over 61 million new shares at an issue price of S$0.402 per preferential offering share, to raise gross proceeds of approximately S$24.8 million

The net proceeds from the equity fund raising will be used to support business expansion, investments in pawnbroking and secured lending businesses, and if opportunities arise, strategic acquisitions, as well as general working capital requirements, Aspial said.

Aspial added the fund raise saw participation from new shareholders including Eastspring Investments Singapore, ICH Synergrowth Fund, JPMorgan Asset Management and Value Partners Hong Kong alongside other fund managers under the Monetary Authority of Singapore’s Equity Market Development Programme.

Aspial added that this private placement of little over 149 million new ordinary shares was fully subscribed at an issue price of S$0.402 per share, raising gross proceeds of approximately S$60 million.

The issue price represents a discount of approximately 8.1% to the volume weighted average price of S$0.4375 for trades done on the Singapore Exchange Securities Trading Limited on 13 May 2026, being the last full market day on which the Company’s shares were traded prior to the trading halt called by the Company on 14 May 2026.

The Private Placement Shares will be listed and traded on the SGX-ST from 9.00am on Monday, 25 May 2026. DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited, SAC Capital Private Limited and United Overseas Bank Limited acted as the Joint Placement Agents for the Private Placement.

JARDINE MATHESON TO ACQUIRE I-MED RADIOLOGY NETWORK FROM PERMIRA FOR $2.4 BILLION

Jardine Matheson Holdings said it has agreed to acquire a 100% interest in I-MED Radiology Network, a global player in diagnostic imaging and teleradiology based in Australia, from funds advised by Permira, for an enterprise value of AUD$3.4 billion (US$2.4 billion). The transaction also includes I-MED’s minority interest in Harrison.ai, a player developing radiology AI solutions, including CT brain and chest scans.

The acquisition will be funded through a combination of Jardines’ existing cash resources and debt facilities. The transaction is expected to be underlying earnings per share neutral in its first full year from closing and accretive thereafter. Jardines underlying EPS and dividend guidance for 2026 remain unchanged. The transaction remains subject to customary closing conditions including regulatory approvals, and is expected to complete later in 2026.

Jardine Matheson  said the enterprise value which implies an adjusted EBITDA multiple of approximately 11.5x based on projected adjusted EBITDA for the year ending June 2026 for the core business, excluding valuation of the stake held in Harrison.ai. The returns on capital are expected to exceed Jardines’ cost of capital and the transaction meets the financial hurdles set under Jardines’ capital allocation framework, it noted.  Over the 5-year period ending June 2025, I-MED delivered compound growth in revenues and adjusted EBITDA of 11% and 12%, respectively, Jardines highlighted.

I-MED operates a network of 215 diagnostic imaging clinics across metropolitan and regional communities in Australia and New Zealand and performs over 7 million patient procedures annually in clinics. 

Jardines said this investment in I-MED is consistent with Jardines’ capital allocation priorities to invest for control in assets and to expand Jardines into strong growth verticals such as healthcare diagnostics.