Fire at National Gallery, MAS Secures $510M for Green Projects as DPM Warns on Tariff Arbitrage

- National Gallery fire contained; partial reopening planned - MAS’s Green Investments Partnership first close reaches $510 million - DPM Gan cautions firms on US tariff transshipment penalties

Lead A fire broke out this morning at the National Gallery Singapore, prompting a temporary closure, while the Monetary Authority of Singapore secured $510 million for regional green infrastructure and Deputy Prime Minister Gan Kim Yong urged companies to avoid tariff arbitrage pitfalls today.

Nut Graf The trio of developments underscores Singapore’s simultaneous focus on public safety, sustainable finance and trade compliance. Rapid containment of the gallery blaze averted damage to irreplaceable artworks, MAS’s funding milestone bolsters Asia’s energy transition, and DPM Gan’s warning seeks to shield exporters from hefty US penalties.

Gallery Fire Contained, Partial Reopening Set Fire erupted at about 9:05 AM in a first-storey electrical control panel at the National Gallery’s former City Hall Wing. The museum’s emergency response team doused flames before SCDF arrival; no injuries were reported. After safety checks, the City Hall Wing and Padang Atrium will reopen at noon, while the Supreme Court Wing remains closed until Sept 10.

Green Investments Partnership Hits First Close MAS announced that its Green Investments Partnership (GIP) under the FAST-P initiative secured $510 million from global and regional investors to finance renewable energy, EV infrastructure and other sustainable projects in Southeast and South Asia. Backers include Export Finance Australia, IFC, HSBC and Temasek, with Pentagreen Capital as fund manager.

DPM Gan Alerts Firms on Tariff Transshipment Rules At a Singapore Business Federation event, DPM Gan cautioned firms that US authorities are scrutinizing transshipments to enforce origin rules and impose up to 40 percent penalties for deliberate circumvention. He urged companies to consult the SBF for guidance and adapt operations ahead of tightened enforcement.

Additional Details

  • The gallery fire did not harm any artworks and was traced to an electrical fault; an investigation is underway.

  • GIP’s capital will target a pipeline of green infrastructure transactions, marking the first fund under FAST-P to reach first close.

  • DPM Gan noted that despite Singapore’s 10 percent tariff advantage, knock-on effects from higher tariffs on key trading partners could slow export demand.

  • Sources: Asian News Network; TechNode Global; The Business Times