Industry News

AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Ratings of “aa-” (Superior) for the life and health insurance subsidiaries of Manulife Financial Corporation (MFC). The ratings, which remain stable, reflect the company’s very strong balance sheet, strong operating performance, and favourable business profile.

MFC’s balance sheet strength is highlighted by its robust risk-adjusted capital position, as measured by the Life Insurance Capital Adequacy Test and Best’s Capital Adequacy Ratio. The company has strategically used debt and other financing channels whilst maintaining moderate financial leverage. Over recent years, MFC has derisked its business by reinsuring billions in low return-on-equity and non-core business lines, particularly in long-term care insurance.

The company’s stable earnings are supported by a diverse business model, including a wide range of insurance and wealth management products, and a strong market presence across Asia, Canada, and the US. AM Best also noted MFC’s very strong enterprise risk management, which supports its overall business strategy.

Despite these strengths, MFC still faces exposure to non-core business lines, including long-term care and universal life with secondary guarantees. However, AM Best acknowledges MFC’s prudent management of these areas through loss prevention, policy conversion, and conservative reserving practices.

Looking ahead, MFC’s strategic initiatives, such as the implementation of generative artificial intelligence and its entry into the Indian life insurance market through a joint venture, present additional execution risks but also potential growth opportunities.

Padang & Co, a Singapore-based innovation company, has unveiled its Southeast Asia Green Economy Landscape 2025 report, mapping 1,089 startups, scale-ups, and SMEs across six countries. The report identifies seven high-impact sectors crucial for the region’s energy transition, highlighting opportunities in distributed energy resources, grid flexibility, and clean energy imports. It emphasises the need for coordinated action to overcome fragmentation, permitting barriers, and limited grid readiness that currently hinder renewable energy expansion.

The report outlines urgent priorities for Singapore, Malaysia, Indonesia, Thailand, Vietnam, and the Philippines, focusing on sectors such as Nature, Agriculture & Food, Energy Transition, and Industrial Decarbonisation. It suggests that a full green transition could unlock $120b and create approximately 900,000 jobs by 2030. Adam A. Lyle, Executive Chairman of Padang & Co, stated, “Southeast Asia’s green economy cannot advance through innovation alone; we must build the systems, partnerships, and regulatory environments that allow solutions to scale.”

Singapore leads the region with 494 green economy startups, accounting for 45% of all mapped startups in the SEA-6. The report highlights Singapore’s need to enhance system flexibility and decarbonise industrial clusters. It also identifies five key innovation areas, including distributed energy resources and clean energy imports.

The report serves as a practical guide for corporates, governments, and investors to support the companies building the region’s green economy. Derrick Chiang, CEO of Padang & Co, noted, “The strongest opportunities emerge when corporations, governments, and entrepreneurs work side by side.” As Southeast Asia faces rising climate risks, the report provides a roadmap for enabling cross-sector collaboration and supporting climate-tech solutions.

CGS International has marked a significant year in 2025 by completing 14 initial public offerings (IPOs) across Singapore, Malaysia, and Thailand, reinforcing its role in facilitating capital flows in the ASEAN region. The company has successfully listed companies in diverse sectors such as technology, real assets, industrials, and consumer goods, showcasing its expanding regional influence.

The firm achieved notable milestones with listings on the Singapore Exchange (SGX) Mainboard, Catalist, Bursa Malaysia Main Market, and the Stock Exchange of Thailand (SET). Highlights include Info-Tech Systems’ Mainboard IPO in Singapore, raising $42.3m (S$57.4m), and China Medical System’s secondary listing, which saw a share price increase of 11.2% on debut. In Malaysia, CGS International facilitated Paradigm REIT’s Main Market IPO, raising $118.6m (RM560m), and in Thailand, it was a lead underwriter for Mr D.I.Y. Thailand’s significant IPO on the SET.

Jason Saw, Group Head of Investment Banking at CGS International, stated, “2025 has been a milestone year for CGS International’s investment banking franchise. Our work across Singapore, Malaysia, Indonesia, and Thailand showcases the depth of our One CGS platform.”

The company’s achievements underscore its growing influence in Asia’s capital markets, with a robust pipeline of mandates anticipated to further strengthen its leadership position. Through its integrated presence, CGS International continues to facilitate cross-border listings and regional fundraisings, enhancing connectivity among ASEAN’s capital markets.

MarinaChain, a burgeoning maritime decarbonisation technology firm from South Korea, has unveiled plans to form a joint venture in Singapore. This strategic move, announced on 11 December 2025, is part of the company’s global expansion efforts and aims to create an integrated carbon compliance hub. The hub will combine carbon accounting, alternative fuel trading, regulatory consulting, and data infrastructure into a single platform for shipping companies.

The decision to establish this joint venture in Singapore underscores MarinaChain’s commitment to advancing maritime decarbonisation on a global scale. Singapore, with its strategic location and robust maritime industry, offers an ideal environment for such an initiative. The hub is expected to streamline processes for shipping companies, enabling them to meet regulatory requirements more efficiently whilst adopting sustainable practices.

The establishment of the carbon compliance hub is anticipated to have far-reaching implications for the maritime industry, promoting the adoption of alternative fuels and enhancing regulatory compliance. As the industry faces increasing pressure to reduce emissions, MarinaChain’s initiative could play a pivotal role in facilitating this transition.

The joint venture is being formed with GreenMarine, a Singapore-based cleantech provider specialising in green methanol trading, sustainability consulting, and regulatory training. GreenMarine’s team includes seasoned experts from Europe, the world’s most advanced regulatory environment for maritime decarbonisation.

Looking ahead, MarinaChain’s joint venture in Singapore is poised to become a key player in the global effort to decarbonise the maritime sector, setting a precedent for similar initiatives worldwide.

Syfe, a leading Asia-Pacific wealth management platform, has reported a landmark year with client returns exceeding US$2b in 2025 and achieving group profitability for the first time in Q4. Operating in Singapore, Hong Kong, and Australia, the platform has demonstrated resilience amidst global market volatility, validating its business model and strategic execution.

The platform’s assets under management have surpassed US$10 billion, bolstered by the acquisition of Selfwealth in Australia and a US$80m Series C fundraise. Hong Kong emerged as a key growth driver, with assets under management increasing nearly six-fold.

Syfe’s mission to democratise investing has resulted in US$88m in fee savings for investors, compared to traditional benchmarks. Additionally, the platform distributed nearly US$127m in passive income, providing stability during market fluctuations. CEO Dhruv Arora highlighted the introduction of UCITS savings plans, enabling broader access to high-quality investment funds.

Looking ahead to 2026, Syfe plans to enhance its product offerings, including launching Options Trading for Singapore investors. This expansion aims to provide clients with tools for income enhancement and portfolio protection. Arora stated, “Achieving group profitability is further validation that our client-first, innovative approach is both sustainable and scalable.”

As Syfe continues to innovate and expand, it remains committed to leading the future of wealth management in the Asia-Pacific region, empowering clients with the confidence and tools for long-term financial success.

Sygnum Singapore’s APAC HNWI Report 2025 reveals that 60% of high-net-worth individuals (HNWIs) in Asia are planning to increase their cryptocurrency allocations, driven by a strong long-term outlook. The survey, which included over 270 HNWIs and professional investors across 10 Asia-Pacific markets, highlights a significant shift towards digital assets as a core component of wealth preservation and legacy planning.

The report indicates that 87% of respondents already include digital assets in their portfolios, with nearly half allocating more than 10% to these assets. A notable 90% of surveyed HNWIs view digital assets as crucial for long-term wealth preservation, moving beyond mere speculation. Portfolio diversification is now the primary driver for 56% of investment decisions, surpassing short-term trading and megatrend exposure.

Sygnum’s findings also show a strong demand for exchange-traded funds (ETFs) beyond Bitcoin and Ethereum, with 80% of investors expressing interest. Solana, with a 52% demand, is the next most sought-after digital asset. Additionally, 70% of respondents would increase allocations if staking yields were included in ETF products.

Despite regulatory uncertainties and security concerns, the report underscores a robust long-term conviction in digital assets. “APAC is rapidly becoming one of the world’s fastest-growing digital asset gateways,” said Gerald Goh, Sygnum Co-Founder and APAC CEO. The report suggests that traditional wealth managers need to adapt quickly to meet the growing demand for digital asset services within the region’s well-regulated frameworks.

Ascentium, a global business services platform headquartered in Singapore, has announced the acquisition of Marbury, a Hong Kong-based corporate advisory and fund administration services provider. This strategic acquisition aims to bolster Ascentium’s position as a leading provider of fund and corporate services in the Asia Pacific region by integrating Marbury’s expertise in private equity fund administration and its experienced team across key jurisdictions.

Marbury’s operations, spanning Hong Kong SAR, the British Virgin Islands, the Cayman Islands, Bermuda, and Singapore, will be integrated into Ascentium’s existing framework. The transition will see Marbury’s fund services operations migrate to FIS, a renowned platform for fund administration and compliance. This move aligns with Ascentium’s strategy to combine expert knowledge with advanced technology to enhance client experiences.

Lennard Yong, Group CEO of Ascentium, expressed enthusiasm about the acquisition, stating, “We’re delighted to welcome Marbury into the Ascentium family. Their deep market knowledge, service-first culture, and strong reputation make them a natural fit.” Chris Dutka, Managing Director of Marbury, added, “Joining Ascentium presents an exciting opportunity for Marbury. We now benefit from a stronger global platform, greater technology, and broader service capabilities.”

The acquisition of Marbury is part of Ascentium’s ongoing strategy to integrate high-quality firms, specialist talent, and cutting-edge technology. This expansion builds on previous acquisitions, including Harneys Fiduciary, InCorp Global, Links International, and Virtuzone. With a presence in 45 cities across 23 markets, Ascentium now supports over 60,000 client entities worldwide, further solidifying its global footprint.

SDAI Limited is set to unveil its innovative Bluecode Biotech B-III skincare series on 21 December 2025, as part of its strategic transformation into a biotechnology company. This launch, taking place simultaneously in Singapore and China, signifies a major milestone for the Group as it ventures into the burgeoning anti-ageing and biotechnology markets.

The B-III Series, developed by SDAI’s in-house research and development team, aims to harness the regenerative properties of plant stem cells to combat signs of ageing. In Singapore, the Photoprotective Bio Facial Mist will be the first product available, whilst in China, consumers will have access to the Apple Fruit Cell Serum, the Photoprotective Bio Facial Mist, and the Adenium Obesum Cell Facial Mask. These products will be distributed through major e-commerce platforms, including Tmall, Douyin Mall, and Xiaohongshu in China, and Lazada and Shopee in Singapore.

The skincare line focuses on cellular rejuvenation, addressing the root causes of ageing rather than just surface symptoms. “Our transformation journey is progressively yielding results,” said Hao Dongting, Executive Chairperson of SDAI. “This launch represents the Group’s first step towards delivering innovative health and wellness solutions to consumers.”

SDAI’s entry into the biotechnology sector is expected to diversify its revenue streams and strengthen its long-term growth prospects. The Group is committed to becoming a leading player in biotechnology, leveraging advancements in cellular rejuvenation to maximise shareholder value.

The Asia Pacific commercial property leasing market is ending 2025 on a high note, according to CBRE’s latest report. The Asia Pacific Leasing Market Sentiment Index, based on a survey of 522 leasing professionals conducted between 12 and 24 November 2025, indicates strong sentiment across most markets, with Mainland China being the exception due to slower improvement.

Office leasing sentiment has improved, driven by increased tenant enquiries and expansion in the fourth quarter of 2025. Australia, Korea, and Singapore are experiencing the strongest demand, with the tech sector poised to drive further growth in 2026. “The tech sector, particularly software and tech services, is set to drive expansionary demand in 2026,” the report notes.

Retail leasing activity has also picked up, with more enquiries and site inspections leading to mild rental growth and tighter prime availability. Categories such as casual dining, fashion, and sporting goods are expected to lead improvements in 2026, reinforcing a landlord-favoured market.

However, the industrial and logistics sector is facing challenges, with sentiment softening due to ongoing supply pressures. This has maintained a tenant-favoured market, with leasing activity focusing on relocation and consolidation. Despite these challenges, 3PLs and logistics operators continue to lead expansionary demand in the region.

Overall, the report highlights a positive outlook for the office and retail sectors, whilst the industrial and logistics sector may face further challenges in 2026. The tech sector’s growth is expected to play a significant role in driving demand across the region.

CapitaLand Investment Limited (CLI) has successfully closed its second onshore sub-fund, China Retail RMB Fund I (CRF I), under its RMB Master Fund. This new sub-fund, which includes contributions from several onshore institutional investors, has reached a total fund size of RMB1b ($183m). CRF I is projected to add RMB1.48b ($271m) to CLI’s funds under management when fully deployed.

The sub-fund will be seeded with CapitaMall Xinduxin, a prime retail asset located in Qingdao’s Shibei District. This shopping mall, boasting a gross floor area of 141,000 square metres and a committed occupancy of approximately 99.6%, is directly connected to Qingdao’s subway line 3. CLI will continue to manage the property, ensuring ongoing fee income.

Puah Tze Shyang, CEO of CLI (China), highlighted the swift success of the RMB Master Fund, stating, “Since launching our RMB Master Fund in May, we have received strong investor endorsement with the close of two sub-funds in quick succession.” He emphasised the investment opportunities presented by CRF I in a well-located retail asset with a strong catchment area.

Kara Wang, CIO of CLI (China), noted the strategic approach of recycling quality assets into RMB funds, saying, “The recapitalisation of CapitaMall Xinduxin reflects our disciplined approach to recycling quality assets into RMB funds under our domestic-for-domestic strategy.”

CLI’s first sub-fund, China Business Park RMB Fund IV, closed in September 2025 with a total equity commitment of RMB1.74b ($318m). With a robust pipeline of assets across Tier one and top Tier two cities, CLI is poised to support future sub-funds under its RMB Master Fund.