This week, your power bill's about to sting a little more, and car buyers aren't catching a break either. Meanwhile, the taps at the till didn't ring up quite as loudly as expected last month. The world's wealthy have once again voted Singapore their priciest playground, and a homegrown travel rewards platform just launched a new “miles-upfront” membership that lets members fly now and earn their miles back later. Here's everything worth knowing from the past week in Singapore finance—from utility bills to air miles.
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Electricity tariffs hit a record high—retailers are rolling out discounts to win you over
Singapore households are bracing for their priciest power bills yet, after electricity tariffs surged 17% for the July to September period, hitting a record high of $0.3478 per kWh (inclusive of GST). The good news? Retailers have wasted no time rolling out fixed-price plans to lure new customers, with some offering rates as much as 20% below the new regulated tariff.
Don't expect an all-out price war, though. Analysts told The Business Times that with the ongoing Middle East conflict still rattling energy markets, retailers are staying cautious about how exposed they get to future price swings. Lessons from the 2021 global gas crisis—when several retailers folded under volatile wholesale prices—are still fresh, and stronger regulatory safeguards today make a repeat exit wave less likely.
Here's how the numbers stack up this quarter:
- New regulated tariff: $0.3478 per kWh (GST inclusive)—a 17% jump and a record high
- Retailer discounts: up to 20% below the regulated tariff on select fixed-price plans
- Typical contract length: 12 to 24 months
If you're weighing whether to lock in a fixed-price plan, MoneySmart's guide on switching electricity providers breaks down how to decide.
COE prices climb across the board, with Cat A hitting a fresh record
Car buyers just got hit with more bad news: COE premiums rose across the board at the 8 July 2026 tender exercise, with the Category A certificate—covering smaller cars and EVs—climbing 4.2% to a fresh record of $129,000, breaching the previous high of $128,105 set in October 2025.
It wasn't just Cat A. Category B, for larger and more powerful cars, jumped 6% to $130,889, overtaking Cat A for now. The Open category (Cat E), often used by motor traders for flexibility since certificates are transferable, edged up 0.6% to $129,801. Commercial vehicle premiums (Cat C) rose 2.1% to a fresh record of $95,000, while motorcycle COEs (Cat D) climbed further past the five-digit mark—the 3rd time this has happened in 2026.
If you're trying to make sense of how the COE system works and what it means for your next car purchase, MoneySmart's guide to Singapore's COE system breaks it down.
Retail sales grew 3% in May, but fell short of forecasts
Singapore's retail sales rose 3% year-on-year in May, extending April's 5.4% growth, according to data from the Singapore Department of Statistics. That's a slower pace than economists expected—a Bloomberg poll of private-sector economists had forecast median growth of 6.5%.
Excluding motor vehicles, retail sales grew 3.7% year-on-year, moderating from April's 4.5% expansion. On a month-on-month, seasonally adjusted basis, sales actually slipped 2.3%, reversing April's 0.3% gain, suggesting momentum may be cooling heading into the middle of the year.
Recreational goods, watches and jewellery, and petrol service stations led the gains, while department stores, food and alcohol, and motor vehicles dragged on the overall figure. Total retail sales for the month came in at $4.5 billion.
F&B services were flat year-on-year overall, with fast-food outlets and restaurants posting gains while cafes and food courts saw declines.
Singapore is still the world's priciest city for the rich, 4th year running
Singapore has topped a global ranking of the most expensive cities for the wealthy for the 4th year running, according to the Julius Baer Global Wealth and Lifestyle Report 2026, released on 7 July 2026. The report tracks the price of a basket of 20 luxury goods and services across 25 cities worldwide, from private school fees to residential property.
Singapore's position is driven largely by sky-high prices for residential property and cars—the two most heavily weighted items on the index—alongside the strength of the Singapore dollar against the US dollar. The Republic remains the world's most expensive place to buy a car, and ranks third for residential property, though it fell from 3rd to 23rd for healthcare costs year-on-year.
- 1st place: Singapore (4th consecutive year)
- 2nd place: Zurich, up from 5th in 2025, driven by a stronger Swiss franc
- 3rd place: Monaco, a new entry, propelled by a stronger euro
- 4th place: Hong Kong, pushed down from 3rd
Rising gold prices—more than double what they were in 2024—also pushed up the cost of luxury jewellery and watches globally, though demand from wealthy consumers has stayed resilient.
ALSO READ: Is Living in Singapore Expensive? Here’s The Cost of Living in Singapore (2026)
HeyMax lets you fly now, earn your miles later with new membership
Singapore-born travel rewards platform HeyMax has officially launched HeyMax First, a membership it's billing as the world's first "miles-upfront" programme. Instead of the usual years-long grind of saving miles before booking a dream trip, members get access to up to 1,000,000 Max Miles upfront, then earn them back over time through everyday spending. First-year membership fees are waived for everyone who signs up during the launch period.
Here's how it works:
- Join for free (first-year fees waived at launch)
- Draw down the miles you need for your trip, paying a fully reclaimable access fee to unlock them
- Transfer miles 1:1 to 20+ airline and hotel loyalty programmes, covering 70+ airlines
- Earn the miles back at your own pace through everyday spending—no deadline, no penalty
HeyMax was founded in 2023 by 4 former Meta engineers and closed a US$11 million Series A in January 2026 led by Peak XV Partners. The company has since expanded into Hong Kong, with Japan, Taiwan and Australia targeted by the end of 2026.
ALSO READ: How to Stack Spends and Get More Miles on Your Credit Card (2026)
HeyMax teams up with Japan Airlines for 1:1 miles transfers
HeyMax has added Japan Airlines as a transfer partner, letting members convert Max Miles into JAL Mileage Bank miles at a 1:1 ratio, with no fees and a minimum transfer of 1,000 miles. JAL becomes HeyMax's first Japanese carrier transfer partner, opening up a network of 395 airports across 68 countries and regions.
David B. Wang, Head of Loyalty Partnerships at HeyMax, said the addition gives members who regularly fly to and through Japan another way to turn everyday spending into premium travel. Hidetaka Fukushima of Japan Airlines said the airline is looking forward to extending its hospitality to HeyMax's customer base.
- Transfer ratio: 1:1, no fees
- Minimum transfer: 1,000 miles
- Network unlocked: 395 airports across 68 countries and regions
The tie-up adds to a growing list of ways everyday spending in Singapore can be converted into premium travel—if you're building a stack of rewards, MoneySmart's guide to the best air miles credit card options in Singapore is a good place to start optimising your everyday spend.
That's it for this week! Stay tuned for next week's What's Happening This Week to keep up with the latest in finance, business, and beyond.
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