Industry News

Carey Olsen has played a pivotal role in advising Yangzijiang Maritime Development Ltd. on its successful listing on the Singapore Exchange, with the company’s market capitalisation reaching S$2.15b. The maritime-focused investment firm, which specialises in maritime asset investments and ship financing, was spun off from Yangzijiang Financial Holdings Ltd. to refine its investment strategy.

The legal advisory team from Carey Olsen included partner Anthony McKenzie, counsellor Maggie Yan, and associate Anastasija Kornejeva, who provided British Virgin Islands legal counsel. They collaborated with Rajah & Tann Singapore LLP, the lead Singapore counsel for the transaction.

Anthony McKenzie expressed pride in supporting Yangzijiang Maritime’s listing, highlighting Singapore’s continued appeal as a hub for global shipping and finance-linked businesses. “Carey Olsen works alongside many of the industry’s major players and it is always a pleasure to be involved as new companies enter the public market—especially when they have such enormous potential as Yangzijiang Maritime,” McKenzie stated.

This listing underscores Singapore’s strategic position in the maritime and financial sectors, offering a robust platform for companies like Yangzijiang Maritime to expand their reach. The move is expected to enhance the company’s ability to attract investments and strengthen its market presence. As Yangzijiang Maritime embarks on this new chapter, its focus on maritime investments and ship financing is set to contribute significantly to the industry’s growth.

AcroMeta Group Limited has announced a strategic joint venture with a technology partner to create an AI-powered global trade operating system. The venture, formalised through a Binding Indicative Term Sheet on 29 November 2025, will be executed via AcroMeta’s subsidiary, AcroMeta Lifestyle Pte. Ltd. This initiative aims to transform digital trade by moving from passive online marketplaces to an active platform that autonomously manages global procurement opportunities and trade execution.

The new platform will utilise six specialised AI agent clusters, including Customs Data Intelligence and Government Tender AI, to scan global data for purchase signals. Suppliers can access these leads by paying a fee, and the platform will manage the complex cross-border trade process. Lawrence Toh, Executive Director, stated, “This joint venture serves as the strategic launchpad for our AI-powered global trade operating platform.”

The joint venture will see AcroMeta Lifestyle’s paid-up capital increase to $365,000 (S$500,000), with AcroMeta holding a 51% stake. The technology partner will manage daily operations, whilst AcroMeta retains strategic control. This venture positions AcroMeta to expand into global AI-driven markets, aiming to build new revenue streams that complement its existing businesses.

The Singapore government has announced the Government Land Sales (GLS) Programme for the first half of 2026, featuring nine Confirmed List sites and twelve Reserve List sites. These Confirmed List sites are projected to produce approximately 4,575 residential units, including 635 executive condominiums (ECs). This is a slight decrease from the 4,725 units released in the second half of 2025.

Private residential prices have risen by 2.7% year-to-date as of the third quarter of 2025, with expectations of a 2.0-4.0% year-on-year increase in 2026, barring new cooling measures. The government aims to balance the housing supply amidst ongoing economic uncertainties by maintaining a substantial release of private housing through the Confirmed List whilst keeping most supply on the Reserve List.

The Lorong Puntong and Canberra Drive (EC) sites are anticipated to attract significant interest due to their strategic locations and manageable unit sizes. The Lorong Puntong site, near Bright Hill MRT station and Ai Tong School, is expected to yield 140 units. The Canberra Drive site, close to Canberra MRT station, is projected to offer 185 units. Executive condominiums continue to appeal to buyers due to their lower prices compared to private condos.

Additionally, the Bayshore Drive mixed-use site is noteworthy for its prime location atop the upcoming Bayshore MRT station and near East Coast Park. However, its high price quantum may lead developers to form consortiums for bidding. The Reserve List could yield 4,610 private residential units, 2 million square feet of commercial space, and 970 hotel rooms.

Insurers in Singapore are experiencing higher anxiety levels than their global counterparts due to increasing risks from cyber crimes, artificial intelligence (AI), and macroeconomic uncertainties, according to the latest ‘Insurance Banana Skins’ report by PwC Singapore and the Centre for the Study of Financial Innovation (CSFI). The report reveals that Singapore’s Banana Skins Index rose to 3.44, compared to the global average of 3.22, indicating a more cautious risk perception among local insurers in 2025.

The report, now in its tenth edition, highlights that Singapore’s preparedness in managing these risks is slightly below global benchmarks, with a Preparedness Index of 3.21 compared to the global 3.24. Cyber crime has been identified as the number one risk for Singapore insurers, reflecting the sector’s growing reliance on technology and the increasing sophistication of threat actors using generative AI.

AI has emerged as a significant concern, moving from outside the top 10 local risks in 2023 to the sixth position in 2025. This mirrors its global rise as a top risk, driven by its rapid development and the challenges it poses in monitoring and governance. Macroeconomic factors also weigh heavily on Singapore insurers, given the country’s status as a trade-dependent financial hub.

Ang Sock Sun, Insurance Leader at PwC Singapore, emphasised the need for insurers to integrate AI-driven solutions and enhance cyber resilience. “The focus must shift towards integrating AI-driven solutions, enhancing cyber resilience, and recalibrating economic strategies,” she stated. The next phase for Singapore insurers involves operationalising resilience in cyber and AI, and leveraging talent for transformative change.

YY Group Holding Limited, a leader in on-demand workforce solutions and integrated facilities management (IFM), has secured a three-year facility maintenance contract with a major international bank in Singapore. This agreement marks a significant step in YY Group’s strategy to diversify its client base and revenue streams, particularly within the banking and financial services sector.

The contract, announced on 1 December 2025, will see YY Group providing comprehensive maintenance services, including cleaning operations and building maintenance, across the bank’s facilities in Singapore. This expansion into the financial services sector complements YY Group’s existing portfolio, which includes hotels, shopping centres, hospitals, and commercial office buildings.

Group CEO Mike Fu stated, “Partnering with a major international bank is an important step in our growth journey. Their confidence in YY Group’s services affirms the strength of our operating model and our ability to meet the rigorous standards of the financial services sector.”

The deal not only reinforces YY Group’s leadership in Singapore’s IFM industry but also enhances the stability and visibility of its recurring service revenues. By consolidating essential facility functions under a single provider, YY Group aims to improve accountability, compliance, and operational cost efficiency for its clients.

With dedicated teams and operational technologies already being mobilised, YY Group is poised to deliver timely and efficient services, further solidifying its position in Singapore’s high-potential IFM landscape. The company continues to explore opportunities in both established and emerging market segments.

UltraGreen.ai Limited, a leader in fluorescence-guided surgery, has announced the successful balloting results of its Singapore Public Offer, which closed on 1 December 2025. The IPO attracted significant interest, being oversubscribed 13.6 times, and raised approximately $400m, including $237.5m in cornerstone commitments from 16 investors.

The company is set to list on the SGX Mainboard on 3 December 2025 under the stock code ULG. The funds will be used to invest in core products such as the IC-Flow™ Imaging System and the UltraGreen Data Platform, as well as for strategic expansion across Asia-Pacific, Europe, the Middle East, and Africa.

UltraGreen’s CEO, Ravinder Sajwan, expressed gratitude for the investor support, stating, “This response reflects growing recognition of how fluorescence-guided surgery is transforming surgical precision, and UltraGreen’s role at the forefront of that movement.”

The company is advancing towards launching its UltraGreen Data Platform, which includes AI-based PerfusionWorks software designed to enhance decision-making in surgeries. Chairman Kwa Chong Seng highlighted the investor confidence in UltraGreen’s scientific and commercial capabilities, emphasising the company’s commitment to innovation and global expansion.

Trading of UltraGreen’s shares will commence at 9.00 a.m. on 3 December 2025, marking a significant milestone for the company as it continues to expand its influence in the medical technology sector.

Thunes Asia has announced it has received in-principle approval from the Monetary Authority of Singapore (MAS) to expand the scope of its Major Payment Institution (MPI) Licence. This approval will allow Thunes to enhance its payment solutions, enabling Singapore merchants to accept payments from international customers and vice versa. The approval, announced on 2 December 2025, marks a significant milestone in Thunes’ growth strategy and commitment to innovation in the fintech sector.

The licence variation will empower Thunes to offer a wider range of services, including account issuance, domestic money transfer, merchant acquisition, and e-money issuance. This expansion will facilitate transactions using popular local payment methods such as PayNow and GrabPay, as well as international methods, thereby strengthening Thunes’ global network.

Peter De Caluwe, co-founder and CEO of Thunes Group, stated, “This In-Principle Approval from MAS is a major step forward for Thunes’ global strategy and a catalyst for growth. As our global headquarters, Singapore is the centre of our governance and innovation.” Ruwan De Soyza, General Counsel at Thunes Group, added, “Strong governance and a commitment to regulatory excellence have always been at the heart of how Thunes operates.”

Thunes’ network currently provides access to over 320 local payment methods worldwide, supported by more than 50 financial service licences globally. The company continues to work towards fulfilling all remaining requirements for the final approval, aiming to build a safer, more connected global payments ecosystem.

Fingular, a Singapore-based global fintech holding, has announced that its Malaysian brand, Tambadana, has surpassed US$150m in total consumer financing. Since its inception, Tambadana has processed approximately 600,000 cases, marking a significant achievement in Fingular’s regional expansion strategy.

Tambadana’s rapid growth underscores Malaysia’s increasing demand for digital financial services. The brand has consistently shown double-digit monthly growth, driven by rising consumer confidence in fintech solutions and the swift adoption of online financial services. According to the McKinsey Southeast Asia Economic Review, digital financial adoption in the region is set to grow rapidly, supported by mobile connectivity, young demographics, and growing trust in digital ecosystems.

Maxim Chernushchenko, CEO of Fingular, remarked, “Crossing the US$150 million mark is a sign of how fast Malaysia is embracing digital finance. We see strong demand for transparent, accessible, and fast financing options, and we’re committed to expanding our ecosystem to meet these needs through innovation and responsible fintech practices.”

Tambadana’s success is attributed to Fingular’s proprietary technology and a local-first approach, allowing the company to tailor its products to meet cultural and regulatory requirements. This milestone reinforces Fingular’s commitment to promoting financial inclusion and innovation across Asia and the Middle East.

Founded in 2021 by Maxim Chernushchenko and Cypriot investor Vadim Gurinov, Fingular aims to establish a full-service neo-bank that enhances financial inclusion whilst ensuring a seamless digital finance experience.

Sanli has successfully completed a share placement, raising approximately S$10.008m through the issuance of 38,492,404 shares at S$0.260 each. The placement attracted prominent institutional investors, including Areca Capital, Asdew Acquisitions, and UOB Asset Management Ltd. This financial boost comes as Sanli rides on a record order book of S$781.5m, reinforcing its financial position for future growth initiatives.

The placement was managed by SAC Capital Private Limited, with Maybank Securities Pte. Ltd. acting as the sub-placement agent. Sanli’s CEO and Executive Director, Sim Hock Heng, expressed satisfaction with the successful completion of the share placement, highlighting the confidence shown by institutional investors in Sanli’s business model and growth potential. “This milestone reinforces our commitment to delivering sustainable value to our shareholders whilst strengthening our financial position to support future growth initiatives,” he stated.

In addition to the financial development, Sanli has appointed Koo Tsai Kee, a former Member of Parliament for Tanjong Pajar GRC, as its new chairman. This leadership change is expected to guide the company as it continues to expand its operations and pursue new opportunities. The completion of the placement and the appointment of a new chairman mark significant steps in Sanli’s strategic growth plan.

The Urban Redevelopment Authority’s (URA) announcement of the H1 2026 Government Land Sales (GLS) list reveals a stable supply of private homes, with 4,575 units on the Confirmed List, a slight decrease from 4,725 in H2 2025. The total potential future private homes remain steady at 9,185 units when combining both the Confirmed and Reserve Lists. Leonard Tay, Head of Research at Knight Frank Singapore, notes that this trend of reducing Confirmed List units whilst increasing Reserve List units has been ongoing since H1 2025.

The government encourages developers to utilise the Reserve List if demand exceeds the Confirmed List’s capacity. However, developers have been hesitant, with only two non-industrial sites triggered since 2020. The GLS programme also sees the repurposing of transitional office sites, such as the Bukit Timah Road parcel, into residential plots.

Key sites on the Confirmed List include Peck Hay Road, expected to yield 315 homes, and Berlayar Drive, part of the Greater Southern Waterfront development. New Upper Changi Road offers 1,040 homes, marking the first new project in Bedok Central in 15 years. Lorong Puntong and Bayshore Drive are also highlighted for their strategic locations and potential appeal to developers and homebuyers.

The Reserve List features the Town Hall Link site, which could revitalise interest in Jurong East with its potential for a significant integrated development. This site could accommodate 1,200 residential units and substantial commercial space, aligning with the government’s vision for a decentralised CBD outside the Downtown Core.