Industry News

Airwallex, headquartered in Singapore, has announced a remarkable achievement as it crosses $200 billion in annualised transaction volume, marking a 92% year-on-year increase. The company’s Annualised Revenue Run Rate (ARR) has also surged past $900 million, up 89% from the previous year, just three months after surpassing the $800 million mark. This growth comes as Airwallex approaches its 10th anniversary.

The fintech firm has seen a substantial rise in its customer base, with 13,372 new transacting clients added in Q2 2025, representing an 84% increase year-on-year. Airwallex’s global presence now spans 26 markets, with new offices established in Paris, Abu Dhabi, and Dubai. The company has also expanded into Brazil and Mexico through the acquisition of CTIN Pay in Vietnam.

Airwallex is set to introduce new products in Japan, Korea, the UAE, and Latin America, whilst accelerating its go-to-market efforts in Europe, North America, and Southeast Asia. Additionally, the company is venturing into the brick-and-mortar sector with the launch of its Point of Sale (POS) terminal, initially piloted in Singapore and Hong Kong.

The company is also embracing artificial intelligence (AI) with a company-wide initiative to explore how AI can transform daily operations. Airwallex is developing an AI-native solution for founders and CFOs, aiming to streamline financial processes from incorporation to IPO.

As Airwallex continues to expand and innovate, its growth trajectory suggests significant future developments in the fintech landscape.
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CapBridge, a prominent digital investment solution provider, has announced a strategic partnership with Singlife, a leading financial services company, to introduce insurance distribution to its clients. This collaboration marks CapBridge’s initial venture into the insurance sector, with Singlife as the first insurer to join the platform.

The partnership enables CapBridge’s financial adviser representatives to offer Singlife’s life and health insurance products alongside existing investment options such as money market funds, digital asset funds, and institutional-grade bonds. These insurance solutions will be provided following a comprehensive needs-based assessment, ensuring they align with the financial strategies of CapBridge clients.

Janet Liu, CEO of CapBridge, highlighted the significance of this partnership, stating, “This partnership with Singlife marks a significant milestone in CapBridge’s journey to become a one-stop platform for holistic financial services.” The collaboration aims to meet the growing demand for accessible protection and long-term planning, particularly among SMEs.

Singlife’s Head of Innovation and Ecosystem, Varun Mittal, expressed enthusiasm about the partnership, noting, “This partnering with CapBridge marks another exciting step forward for Singlife in incorporating insurance into investors’ broader financial strategies with ease and confidence.”

This alliance is part of Singlife’s broader strategy to integrate insurance into the financial ecosystem, having established eight such partnerships in 2025. It also supports Singlife’s SME Connect initiative, which provides essential protection for small business owners and their employees.

As Singapore continues to develop as a financial hub, the demand for integrated financial solutions is expected to rise, making this partnership a timely and strategic move for both CapBridge and Singlife.
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The Brunei Darussalam Central Bank (BDCB) and the Monetary Authority of Singapore (MAS) have reaffirmed their bilateral cooperation during the fifth BDCB-MAS Bilateral Roundtable in Brunei Darussalam. The event saw both institutions exchanging views on global and regional economic trends and discussing developments in payments connectivity. A key highlight was the signing of a Memorandum of Understanding (MoU) to establish a reciprocal cross-border collateral arrangement (CBCA).

The CBCA will enable both authorities to accept a broader range of collateral in their liquidity provisioning facilities, offering financial institutions in both jurisdictions increased flexibility in liquidity management. This initiative aims to bolster financial stability in Brunei and Singapore. BDCB Managing Director Hajah Rashidah binti Haji Sabtu emphasised the importance of the Roundtable as a platform for enhancing collaboration on mutual interests, stating, “The Bilateral Roundtable stands as a testament to the strong relationship between BDCB and MAS.”

MAS Managing Director Chia Der Jiun expressed appreciation for BDCB’s hosting of the event and highlighted the significance of the CBCA MoU in strengthening bilateral relations. He also noted the upcoming 60th Anniversary of the Currency Interchangeability Agreement (CIA) in 2027 as a milestone for both nations.

The reaffirmation of cooperation between BDCB and MAS underscores the strategic importance of their partnership in navigating the evolving regional economic landscape, ensuring continued financial stability and collaboration.
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Singapore-listed Salt Investments Limited has announced a remarkable 361% increase in revenue for the first quarter of FY2026, reaching S$5.3 million. This significant growth is attributed to the strong performance of its newly acquired subsidiaries, Prosper Excel Engineering Pte Ltd. and TT Oil Pte. Ltd., which have bolstered the company’s topline.

The company’s gross profit more than tripled from the previous quarter, rising to S$493,000, although the gross profit margin slightly decreased to 9.4%. Administrative expenses saw a year-on-year increase due to costs associated with the new subsidiaries and higher senior executive expenses, but they decreased by 29.6% compared to the last quarter.

Salt Investments also reported a reduced net loss attributable to equity holders of S$417,000, a 56% improvement from the previous quarter. The acquisition of a 60% shareholding in TT Oil Pte Ltd. in June 2025 has strengthened the company’s vertical integration in the marine ecosystem, particularly in the wholesale supply of marine lubricants.

The Group has secured commitments for an equity fundraise of S$5.75 million to support its operating expenses and working capital as it continues to expand in the maritime industry. Executive Director and CEO Dennis Goh stated, “Our recent performance signals early positive indicators as we reposition Salt Investments for scalable and sustainable growth.”

Salt Investments, listed on the Singapore Exchange, operates in the infrastructure, marine, and offshore sectors, focusing on building an integrated maritime ecosystem across Southeast Asia.
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Golden Agri-Resources Ltd (GAR) has announced a record high revenue of $6.2 billion for the first half of 2025, buoyed by a 19% increase in crude palm oil (CPO) market prices. The company’s integrated agribusiness model has enabled it to withstand market fluctuations, capitalising on higher plantation output despite reduced sales volumes.

The first half of 2025 saw GAR’s EBITDA grow by 14% year-on-year to $566 million, with a margin of 9.2%. The company’s underlying profit rose by 23% to $232 million, whilst net profit surged by 56% to $160 million, aided by lower interest expenses and reduced foreign exchange losses. GAR’s financial health is further reflected in its decreased gearing ratio and net debt to EBITDA, now at 0.61 times and 0.22 times, respectively.

GAR Chairman and CEO, Franky O. Widjaja, noted, “Favourable weather conditions have helped Indonesian palm oil to continue its recovery in 2025 in line with global vegetable oil supply trends.” He added that whilst global economic growth is slowing, there is a gradual improvement in palm oil demand, driven by staple food consumption and the implementation of the B40 biodiesel policy.

In the upstream segment, GAR’s yield intensification efforts and favourable weather conditions led to a 9% increase in fresh fruit bunch productivity, reaching 8.8 tonnes per hectare. This resulted in a total of 4.4 million tonnes of fresh fruit bunches. The downstream segment, despite a 2% dip in sales volume, saw a 20% increase in revenue to $6.1 billion, although EBITDA decreased by 13% due to weaker refining margins.

GAR continues to advance its sustainability ambitions through its “Collective for Impact” initiative, embedding environmental, social, and governance (ESG) principles into its operations. The company has introduced a new Responsible Agri-Commodity Sourcing Policy and expanded community programmes to enhance food security and climate resilience.
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Singapore-listed Alpina Holdings Limited has announced a significant financial upturn, reporting a net profit of S$2.7 million for the first half of 2025, marking a 239.6% increase compared to the same period last year. This surge in profitability is attributed to a robust performance in its integrated building services (IBS) segment and increased rental income from investment properties. The company has also proposed an interim dividend of 1.0 Singapore cent per share, representing 69.4% of the net profit attributable to shareholders.

The company’s revenue grew by 8.7% to S$47.9 million, driven by a 29.2% increase in the IBS segment and an 87.8% rise in rental income. Gross profit margins improved by 3.6 percentage points to 13.0%, as contracts secured before the COVID-19 pandemic, which had lower margins, were completed. Consequently, gross profits rose by 50.5% to S$6.2 million.

Alpina’s Executive Chairman and CEO, Low Siong Yong, expressed satisfaction with the results, stating, “Building on the positive momentum from FY2024, we are pleased to start the new financial year on a strong footing, with increased profitability and resilient cash flow generation.”

The company’s balance sheet has strengthened, with total assets and equity rising to S$83.6 million and S$32.3 million, respectively, as of 30 June 2025. The proposed dividend marks Alpina’s largest payout since its listing in 2022, underscoring its commitment to rewarding shareholders.
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Mainboard-listed Nera Telecommunications Ltd (NeraTel) has announced a revenue of $44.7 million for the first half of 2025, despite facing significant market headwinds. The technology integrator also reported a net loss of $1.8 million, largely due to a $1.4 million adverse foreign exchange impact and $0.7 million in strategic restructuring costs. These efforts are part of a broader strategy to bolster the company’s foundation for future growth.

The company achieved a notable $2.2 million reduction in operating expenses, marking a 20% improvement through effective cost management and operational streamlining. NeraTel’s balance sheet remains robust, with a cash position of $10.2 million, which positions the company well for future investments and innovation.

Order intake for the period was $40.3 million, a significant decrease of 47.5% compared to the same period last year. However, NeraTel’s strategic transformation, in collaboration with Ennoconn Corporation, continues to gain momentum, unlocking long-term growth opportunities in high-demand areas.

Steve Chu, Chairman of NeraTel, commented on the company’s resilience and strategic direction: “Whilst market conditions remain volatile, NeraTel continues to demonstrate agility and resilience. Our strategic partnership with Ennoconn Corporation continues to build momentum, unlocking new opportunities in integrated technology solutions, and we are committed to driving transformation and innovation across our business segments.”

Looking ahead, NeraTel’s strategic initiatives and strong cash position are expected to support its ongoing transformation and innovation efforts, paving the way for long-term growth.
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Singapore-listed Nam Cheong Limited has reported a stable core profit of RM80.4 million for the first half of 2025, despite facing an 11% year-on-year decline in revenue, which totalled RM278.2 million. The decrease in revenue was primarily due to lower vessel utilisation as the fleet prepared for the start of secured long-term charters.

The company saw its gross margin increase by 4 percentage points to 51%, attributed to reduced vessel maintenance costs. Nam Cheong anticipates an improvement in vessel utilisation in the second half of 2025 as long-term charters begin. The company is committed to a fleet deployment strategy that aims for 70% long-term charter coverage to ensure resilience and stability, whilst maintaining 30% exposure to spot charters to capitalise on potential market opportunities.

The financial results also highlighted a significant drop in other income, which fell by 99% compared to the same period last year. Despite this, the company managed to keep its operating profit at RM119.4 million, although this represents an 82% decrease from the previous year. The profit before tax was RM114.2 million, down 83% from the previous year.

Looking ahead, Nam Cheong remains focused on its strategic goals amidst macroeconomic challenges, aiming to enhance its operational efficiency and market position through its charter strategy. The company’s approach is designed to balance stability with the flexibility to seize market opportunities as they arise.
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UOL Group has announced its acquisition of Varley Park, a student accommodation complex in Brighton, UK, for £43.5 million. This marks the Singapore-based company’s first venture into the student housing sector, a market experiencing significant growth in the UK due to increasing student numbers and a supply-demand imbalance.

Varley Park, located in Brighton, comprises 771 operational beds spread across 22 blocks. The acquisition aligns with UOL’s strategy to diversify its investment portfolio and tap into the resilient income streams offered by student accommodation. The sector has shown robust growth, driven by a burgeoning student population and the consistent demand for quality housing options.

The move into the student accommodation market is a strategic step for UOL, as the UK continues to attract international students, bolstering the demand for student housing. The acquisition of Varley Park not only expands UOL’s geographical footprint but also positions the company to capitalise on the stable returns associated with the sector.

As UOL embarks on this new venture, the company is poised to explore further opportunities within the student accommodation market, leveraging its expertise in property development and management to enhance its offerings. This acquisition could pave the way for future investments in similar assets, reinforcing UOL’s commitment to growth and diversification.
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JTC has announced the awarding of the industrial site at Ubi Avenue 1 to AL Tyres Pte Ltd, following a tender process that concluded on 8 July 2025. The site was secured with a bid of $12,889,000, the only bid received after the tender was launched on 29 April 2025.

The awarded land parcel, located at Ubi Avenue 1, is zoned for Business 2 use, covering an area of 6,103.3 square metres. The site comes with a tenure of 23 years and a gross plot ratio of 2.5, allowing for significant development potential. The project is expected to be completed within 60 months, providing ample time for AL Tyres to establish its operations.

This development is a notable addition to Singapore’s industrial sector, as it highlights the ongoing demand for industrial spaces in strategic locations. The successful bid by AL Tyres underscores the company’s commitment to expanding its footprint in the region.

The tender process, managed by JTC, reflects the organisation’s role in facilitating industrial growth and development in Singapore. By awarding this site, JTC continues to support businesses in their expansion efforts, contributing to the broader economic landscape.

As AL Tyres prepares to develop the site, the project is anticipated to bring new opportunities and advancements to the area, aligning with Singapore’s industrial growth objectives.
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