Industry News

Ever Glory United Holdings has announced a public offer of up to 2 million new shares at S$0.64 each, as part of its strategic move to transfer from Catalist to the SGX Mainboard. The offer price represents a 9.1% discount to the volume-weighted average price of S$0.704 recorded on 9 December 2025. The offer period commenced at 7:00 AM on 11 December and will close at 12:00 PM on 17 December 2025.

The company aims to raise an estimated $880,000 (S$1.2m) in net proceeds if the offer is fully subscribed. This initiative is designed to fulfil the Singapore Exchange’s (SGX) Listing Manual Rule 213, which requires a minimum shareholder base of 500 for mainboard listing. Ever Glory’s intention to transfer was first announced on 14 October, and it received in-principle approval on 22 November. The SGX has since issued a listing and quotation notice for the offer shares.

This public offer marks a significant milestone for Ever Glory, enhancing its market visibility and expanding its investor base. The company’s move to the mainboard is expected to strengthen its position and attract a broader range of investors.

Instarem, a global digital payments platform, and Choco Up, a growth-financing provider, have introduced a new embedded financing solution for Small and Medium-Sized Enterprises (SMEs) in Singapore and Australia. Launched on 1 September 2025, this service allows eligible Instarem Business clients to apply for up to US$1m in growth capital directly through the Instarem Business portal, with funds disbursed in as little as two business days.

This initiative comes as Southeast Asia’s cross-border e-commerce market is projected to grow significantly, reaching US$14.6b by 2028. The integration aims to reduce cross-border frictions for SMEs, enabling faster settlements and simpler foreign exchange processes. The financing is collateral-free and requires only a personal guarantee from one director, streamlining the application process with basic Know Your Business (KYB) documentation and recent transaction history.

Choco Up has already supported over 1,000 SMEs across Singapore, Hong Kong, and Australia, facilitating approximately US$2.5b in Gross Merchandise Value. Instarem processes over US$6b annually, offering payment speeds up to 12 times faster than traditional banks.

Percy Hung, CEO of Choco Up, stated, “Fast, flexible, non-dilutive financing lets owners stay in control of how and when they scale.” Michael Minassian, Global Head of SME Business at Instarem, added, “It is about reducing friction and helping regional champions scale internationally with confidence.”

Looking forward, Instarem and Choco Up plan to deepen their API integration to enhance data sharing and decision-making, with expansion to Hong Kong expected in early 2026. SMEs can apply for financing directly through the Instarem Business portal.

ComfortDelGro has received approval from the Land Transport Authority (LTA) to commence public road trials of its autonomous vehicle (AV) shuttles in Singapore. This follows the successful completion of Milestone 1 trials by the Centre of Testing & Research of Autonomous Vehicles (CETRAN), marking a significant step in the company’s AV development.

The trials will feature five AV shuttles, each with a capacity of five passengers, operating in the Punggol district. The initiative is part of ComfortDelGro’s broader strategy to introduce intelligent transport systems in Singapore. Group CEO Cheng Siak Kian highlighted the company’s commitment to innovation and safety, stating, “Completing the CETRAN Milestone 1 batch assessment successfully highlights our dedication to innovation, safety, and operational excellence.”

The approval signifies ComfortDelGro’s adherence to stringent standards for autonomous vehicle systems, paving the way for the introduction of driverless transport options. The company plans to integrate these AV rides into its CDG Zig app under a “Zig Driverless” option, with availability expected in 2026.

This development is poised to enhance Singapore’s transport landscape by offering a new mode of travel that aligns with the nation’s smart city aspirations. As the trials progress, ComfortDelGro’s initiative could set a precedent for future autonomous transport solutions in the region.

Thunes, a global payments network, has joined the World Economic Forum (WEF) Unicorn Community to advance financial interoperability worldwide. This collaboration aims to improve financial access and connectivity for billions of users, leveraging Thunes’ Direct Global Network, which facilitates real-time payments across 130 countries in 80 currencies.

The partnership marks Thunes’ second involvement with WEF’s financial initiatives, focusing on digital payments infrastructure and inclusive economic growth. By joining the Unicorn Community, Thunes will collaborate with global leaders to create a more interconnected financial ecosystem. Peter De Caluwe, co-founder and CEO of Thunes, expressed the company’s commitment to breaking down barriers in financial systems, stating, “We are honoured to be invited to join the World Economic Forum’s Unicorn Community.”

Thunes’ Direct Global Network connects traditional banks, mobile wallets, and digital asset platforms, enabling instant and affordable money transfers. This capability is crucial for driving financial inclusion in both local and global communities. Verena Kuhn, Head of Innovator Communities at the World Economic Forum, welcomed Thunes, highlighting their role in enhancing financial system interoperability.

With headquarters in Singapore and offices in 14 locations worldwide, Thunes is poised to play a significant role in shaping the next generation of global financial infrastructure. The company’s mission to enable the next billion users in emerging markets aligns with WEF’s goals of fostering inclusive and resilient global economies.

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.

ADDX, a digital investment platform for accredited investors, has announced a strengthened partnership with GB Helios, a leading non-bank financial institution in Singapore. Over the past year, ADDX has facilitated multiple commercial paper issuances for GB Helios, all of which have successfully closed, supporting the company’s business activities and financing needs. This collaboration is part of ADDX’s broader strategy to expand access to efficient and flexible financing for high-quality companies in Singapore.

The partnership underscores the growing demand for alternative debt financing solutions that complement traditional lending channels. To date, ADDX has facilitated over S$1.9b in commercial paper issuances, contributing to Singapore’s evolving financing ecosystem. Inmoo Hwang, Group Managing Director and CFO of ADDX, stated, “Empowering Singapore enterprises is a core part of our mission.”

GB Helios, a member of the Goldbell Group, has welcomed the continued partnership. Founder Alex Chua remarked, “ADDX has been a reliable and trusted capital partner,” highlighting the collaboration’s role in diversifying financing sources and supporting expansion in Singapore.

As Singapore fosters a resilient, innovation-driven economy, ADDX remains committed to broadening responsible access to private-market financing. The company aims to grow its issuer base across the corporate spectrum, from growth-stage SMEs to established SGX-listed enterprises, enabling long-term sustainable business development.

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.

HG Metal Manufacturing Limited has announced that its subsidiary, HG Metal Investments Pte Ltd, will acquire 18 million Class B Preference Shares in Malaysian steel manufacturer Eden Flame Sdn. Bhd. for RM18m (approximately S$5.68m). This investment is part of HG Metal’s strategy to enhance its supply chain in the regional steel market and support the transition to low-carbon steel solutions.

Eden Flame, located in Pasir Gudang, Johor Bahru, is set to commence operations by Q3 2026, specialising in low-carbon electric arc furnace (EAF) steel. The plant will have an annual production capacity of 500,000 metric tonnes, focusing on rebars, a high-demand product in Southeast Asia. The Class B Shares, convertible into ordinary shares, represent about 4.4% of Eden Flame’s post-completion enlarged shares.

The acquisition aligns with Singapore’s carbon tax trajectory and the Singapore Green Plan 2030, which have increased demand for greener construction materials. HG Metal’s CEO, Xiao Xia, stated, “This upstream investment will not only provide us a reliable and competitive source for low-carbon steel, but will also help to position HG Metal for the future as the demand for low-carbon steel in Singapore and the rest of Southeast Asia increases.”

Eden Flame is a subsidiary of Green Esteel Pte. Ltd., the controlling shareholder of HG Metal, making this an Interested Party Transaction under SGX regulations. The investment will be funded through HG Metal’s internal resources and previously raised capital.

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.