Industry News

Wing Bank, a fully Cambodian-owned digital bank, has partnered with Singapore Airlines to introduce Cambodia’s first points-to-miles exchange programme. This collaboration allows Wing Bank customers to convert their WingPoints into KrisFlyer miles, offering enhanced travel and lifestyle benefits. The initiative, launched on 14 August 2025, aims to boost customer rewards and promote digital financial ecosystems.

The launch event, held in Phnom Penh, was attended by notable figures including Cambodia’s Minister of Tourism, Huot Hak, and representatives from Singapore Airlines. Bryan Koh, Divisional Vice President of Loyalty Marketing at Singapore Airlines, highlighted the partnership’s potential to transform everyday banking into global travel opportunities. “This is more than a rewards upgrade—it’s a gateway to global connectivity,” said Dmytro Kolechko, CEO of Wing Bank.

Customers can easily convert their points through the Wing Bank App, unlocking benefits such as offsetting airfares with Singapore Airlines or redeeming products from KrisShop. As a launch bonus, users receive 1,000 WingPoints for each successful conversion. Additionally, from 13 August to 2 September 2025, Wing Bank users can enjoy a 5% discount on roundtrip fares from Phnom Penh to Singapore by using the promo code SQWING25.

This strategic partnership signifies a major advancement in regional travel and financial innovation, providing Cambodian consumers with greater value and global access. The travel promotion is valid until 31 October 2025, subject to availability.
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Singapore’s real estate market experienced varied performance in the second quarter of 2025, according to the latest report by Realion Research. Investment sales activity softened, reaching S$5.5 billion, primarily due to a pricing mismatch and cautious investor sentiment. However, the market is projected to achieve total investment sales of between S$20 billion and S$25 billion for the full year, driven by potential interest rate cuts.

Office rents in the central region remained stable, with a slight 0.3% decrease in Q2 offset by a similar gain in Q1. The limited supply pipeline until 2027 is expected to favour CBD premium and Grade A office spaces, which are anticipated to see modest rental growth. Shadow space increased by 12.5% quarter-on-quarter to 420,000 square feet, indicating potential relocations or downsizing by tenants.

In the industrial sector, property prices rose by 1.4% quarter-on-quarter, led by multiple-user factories. Despite a slight dip in overall occupancy to 88.8% due to increased supply, the sector remains buoyant. The supply pipeline for industrial space is expected to reach approximately 3 million square feet for the rest of 2025, potentially exerting downward pressure on rental rates.

Retail rental rates showed steady growth, with prime first-storey rents on Orchard/Scotts Road increasing by 0.5% to S$41.60 per square foot. The islandwide retail occupancy rate stood at 92.9%, slightly down from 93.2% in Q1. Retail rents are expected to rise modestly, although rising business costs and tighter manpower regulations may keep leasing activity focused on relocations or downsizing.

Private home prices rose by 1% quarter-on-quarter, driven by landed homes and non-landed segments in the Core Central Region and Outside Central Region. However, transaction volumes fell by 29.4% due to fewer new project launches. Prices are expected to rise by 3-5% for the whole of 2025, with around 21,000 to 24,000 units being transacted.
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Digital banks in Singapore are revolutionising the way small and medium-sized enterprises (SMEs) access financing, addressing long-standing challenges such as limited credit access and inflexible financing options. GXS Bank, a key player in this transformation, recently acquired Validus Capital, a leading SME-focused digital lender, marking the first instance of a local digital bank acquiring a homegrown fintech firm.

SMEs constitute 99% of businesses and 70% of the workforce in Singapore, yet many face barriers that hinder their growth and cash flow management. Digital banks are stepping in to offer innovative financing solutions and digital tools that streamline operations, improve efficiency, and open new growth opportunities. This support is crucial as SMEs navigate rising operational costs and seek to compete globally.

The acquisition of Validus Capital by GXS Bank in April has significantly accelerated the bank’s market presence. Within just over 100 days, the rebranded GXS Capital has expanded its suite of digital business banking solutions and witnessed a notable increase in loan disbursements. Vishal Shah, Group Head of Business Banking at GXS Bank, highlights the importance of this acquisition in enhancing the bank’s ability to serve micro, small, and medium enterprises (MSMEs) with innovative lending and working capital solutions.

Digital banks like GXS are proving to be valuable partners to fintechs, bridging gaps in SME financing and supporting the sector’s growth. As the landscape continues to evolve, these institutions are poised to play a critical role in shaping the future of SME financing in Singapore.
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Brilliance Capital has announced the sale of 16 prime freehold ground floor retail and F&B units at Crown Centre, located at 557 Bukit Timah Road, Singapore. The sale, conducted via an Expression of Interest (EOI) exercise, will close on 23 September 2025 at 3.00 pm. The portfolio is offered at a guide price of $24.7 million (S$33.8 million).

The units, covering approximately 5,942 square feet, represent a majority stake in the development, making the buyer the largest owner in Crown Centre. This significant shareholding promises substantial rental income and influence over the property’s long-term management and strategic direction. The portfolio is fully leased to a diverse tenant mix, including F&B, education, and lifestyle sectors, with notable tenants such as Popeyes, Domino’s Pizza, and Kelly Academy.

Crown Centre’s location on Bukit Timah Road, a high-traffic arterial route, provides exceptional visibility and customer flow. Its freehold tenure is a rare asset in Singapore’s property market, offering long-term investment security and capital preservation potential without the burden of Additional Buyer’s Stamp Duty or Seller’s Stamp Duty.

The property’s strategic location in District 10, near Botanic Gardens MRT and Tan Kah Kee MRT, ensures high foot traffic from surrounding affluent estates and prestigious schools. The area is poised for growth with upcoming developments like the Bukit Timah Turf City redevelopment, expected to boost demand for retail and F&B services.

Sammi Lim, Founder and Executive Director of Brilliance Capital, highlighted the opportunity as a chance to acquire a “freehold commercial portfolio with main road visibility, carparking support, full occupancy, and a majority stake in the development.” The sale is managed exclusively by Brilliance Capital.
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CSE Global, a leading global systems integrator, has announced an 8.5% increase in net profit to S$16.3 million for the first half of 2025, with revenue climbing 2.8% to S$440.9 million. The growth was primarily propelled by the Communications business segment, which saw significant demand, particularly in the US market. The company also reported a robust order book valued at S$573.8 million as of 30 June 2025.

The Group’s Managing Director and CEO, Lim Boon Kheng, highlighted the company’s resilience amidst market uncertainties, stating, “We continue to strengthen our engineering capabilities and expand our technology solutions to adapt to evolving market demands.” The recent acquisition of Chicago Communications has bolstered CSE Global’s presence in four US states, aligning with its regional expansion strategy.

CSE Global’s Board of Directors has recommended a one-tier tax-exempt interim dividend of 1.14 Singapore cents per ordinary share, with payment scheduled for 26 September 2025. The company is optimistic about future growth, particularly in the data centre industry, where its Electrification and Communications solutions are in high demand.

Looking ahead, CSE Global plans to expand its capacity in the Electrification and Communications sectors, aiming to capitalise on emerging trends such as urbanisation, electrification, and decarbonisation. With a strong order book and strategic focus, the company is well-positioned for continued financial health in 2025.
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Hyphens Pharma International, listed on SGX Catalist, has announced a net profit of S$2 million for the first half of 2025, a significant drop from S$5.9 million in the same period last year. The company reported a revenue of S$89.5 million, down from S$99.6 million in 1H2024, primarily due to reduced sales in its Pharmaceutical and Medical Aesthetics segment and its Digital Platform and E-Pharmacy segment.

The company’s proprietary brands, however, achieved a notable 22.5% sales growth, driven by portfolio expansion and increased demand for products like Ceradan® and Ocean Health® supplements. Executive Chairman and CEO Lim See Wah highlighted the impact of external macroeconomic factors, including inflationary pressures and currency depreciation, on the company’s performance. He stated, “We will continue to be diligent in managing the impact of foreign exchange volatility and increased procurement pricing.”

Despite the challenges, Hyphens Pharma improved its gross profit margin to 39.4% from 34.9% in the previous year, thanks to a strategic focus on higher-margin products. The company also launched Winlevi®, a new acne treatment, in Singapore and Malaysia, strengthening its dermatology portfolio.

Looking ahead, Hyphens Pharma aims to continue expanding its proprietary brands and enhancing its digital platforms. The company recently upgraded its POM platform to foster deeper engagement with healthcare professionals. Additionally, Hyphens Pharma increased its stake in Ardence Pharma to 82%, reinforcing its presence in the medical aesthetics market. The company remains committed to its long-term strategy of delivering sustainable value to stakeholders amidst ongoing market volatility.
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ComfortDelGro Corporation Limited has announced a robust financial performance for the first half of 2025, with revenue reaching S$2.42 billion, marking a 14.4% increase year-on-year. The company’s profit after tax and minority interests (PATMI) also rose by 11.2% to S$106 million. This growth is largely attributed to the company’s expanding international operations, which now account for more than 50% of total revenue.

The Public Transport segment experienced a 29.6% increase in operating profit, driven by successful contract renewals in London and new bus franchises in Greater Manchester. Meanwhile, the Taxi & Private Hire segment saw a 20.6% rise in operating profit, bolstered by contributions from UK-based Addison Lee and Australia’s A2B, despite challenges in the Singapore and China markets.

Managing Director and Group CEO Cheng Siak Kian highlighted the company’s focus on international growth, stating, “The increase in overseas earnings reflects our focus on pursuing profitable international growth.” He also emphasised the company’s commitment to leveraging technologies such as artificial intelligence and autonomous vehicles to enhance operations.

ComfortDelGro has declared an interim dividend of 3.91 pence per share, representing an 80% payout ratio. The company continues to invest in autonomous vehicle technologies and artificial intelligence to optimise efficiency and improve services globally.

Looking ahead, ComfortDelGro anticipates continued growth in its public transport and private hire segments, with new contracts and tenders in the UK, EU, and Australia. The company remains vigilant in monitoring geopolitical and trade tensions, ensuring strategic execution amidst economic uncertainties.
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AEM Holdings Ltd, a leader in semiconductor test innovation, has announced a 10% year-on-year increase in revenue for the first half of 2025, reaching $139.5 million (S$190.3 million). This growth aligns with the company’s revised guidance, driven by early order pull-ins and a favourable product mix. The company also reported a significant rise in profit before tax, which soared by 284% to $2.9 million (S$3.9 million), and operating cash flow increased by $29 million (S$39.3 million) to $34.3 million (S$46.4 million).

The financial results highlight the performance of AEM’s Test Cell Solutions segment, which generated $87 million (S$118.6 million), accounting for 62.3% of total revenue. This segment saw an 18.8% increase compared to the previous year, attributed to the successful deployment of the AMPS-BI solution. However, the Contract Manufacturing segment experienced a 4.7% decline in revenue due to global trade uncertainties.

In a strategic move, AEM’s Board of Directors has appointed Samer Kabbani as the new CEO, effective 28 July 2025. Kabbani, who joined AEM in 2020, brings over 25 years of experience in semiconductor test and thermal systems. His leadership is expected to drive the next phase of growth, focusing on scaling innovations and reinforcing AEM’s reputation with customers.

Looking ahead, AEM anticipates revenue for the second half of 2025 to range between $124.5 million (S$170 million) and $139.5 million (S$190 million), with expectations of increased production from its major AI and high-performance computing customer. The company remains committed to expanding its technology roadmap and customer engagements as it enters a new phase of execution and expansion.
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Thakral Corporation has announced a record high attributable profit of S$109.3 million for the first half of 2025, driven by the successful listing of GemLife on the Australian Stock Exchange (ASX) and robust performance in its lifestyle segment. The company’s revenue rose by 25% year-on-year to S$160.5 million, with the lifestyle segment alone seeing a 26% increase to S$156.6 million, fuelled by strong demand for beauty products in China and lifestyle gadgets in South Asia.

The listing of GemLife, which raised A$750 million, marked the largest IPO in Australia for 2025. Thakral’s stake in GemLife was reduced from 31.7% to 16.8% post-IPO, resulting in a one-off unrealised valuation gain of S$102.4 million. The company has reclassified its investment in GemLife as financial assets measured at fair value through the income statement.

In addition to the financial gains, Thakral declared an interim dividend of 2 pence and a special interim dividend of 1 pence, offering an annualised yield of 3.6%. The company is optimistic about future growth, particularly in China’s beauty market and South Asia’s drone sector. Thakral’s CEO, Inderbethal Singh Thakral, highlighted the strategic importance of their investments in India, particularly in Gurugram’s real estate and healthcare sectors.

Looking ahead, Thakral plans to expand its retail presence in Greater China and strengthen its drone business in South Asia, capitalising on India’s “Make in India” initiative. The company also aims to broaden its footprint in the Nespresso market in India, following the launch of its first boutique in New Delhi.
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StarHub has announced a total revenue of $1.1 billion for the first half of 2025, marking a 2.2% increase compared to the same period last year. The growth was primarily driven by a 4.4% rise in broadband, a 6.8% increase in regional enterprise, and a significant 20.1% surge in cybersecurity services. The company also declared an interim dividend of 3.0 pence per ordinary share.

The company’s Chief Executive, Nikhil Eapen, highlighted the strategic moves that have bolstered StarHub’s market position. “We drove our industry-leading market position in Broadband by upgrading our customers to UltraSpeed plans,” he stated. The full acquisition of MyRepublic Broadband has further consolidated StarHub’s leadership in the broadband segment, enhancing its multi-brand, multi-segment strategy.

StarHub’s enterprise business saw a robust performance, with regional enterprise revenue reaching $296.1 million, driven by a 12.8% growth in managed services. The cybersecurity segment’s growth reflects the increasing demand for advanced solutions amidst a complex cyber threat landscape.

Looking ahead, StarHub plans to maintain competitive agility by adopting a more aggressive commercial stance in the second half of 2025. The company has revised its EBITDA outlook to achieve 88% to 92% of the FY2024 EBITDA, excluding certain non-recurring provisions. StarHub remains committed to enhancing shareholder returns, supported by a $50 million share buyback programme and a healthy balance sheet with cash reserves of $487.1 million.

As StarHub continues to invest in cybersecurity and digital infrastructure, it aims to strengthen its position as a trusted technology partner for government and enterprise clients, contributing to national cyber resilience efforts.
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