Industry News

eToro, the Nasdaq-listed trading and investment platform, has announced robust financial results for the second quarter of 2025. The company reported a 26% year-over-year increase in net contribution, reaching $210 million, primarily due to heightened trading activity. The results mark eToro’s first quarter as a public company, with adjusted EBITDA rising 31% to $72 million.

The company’s CEO and Co-founder, Yoni Assia, highlighted eToro’s strategic advancements, stating, “In the second quarter, we offered 24/5 trading for US equities, introduced new long-term portfolios in partnership with Franklin Templeton, and launched savings products in France, all whilst strengthening our footprint in Asia through our new Singapore hub.”

eToro’s expansion in Asia is underscored by the activation of its Capital Markets Services licence from the Monetary Authority of Singapore, establishing Singapore as its regional hub. This move is part of eToro’s broader strategy to enhance its global presence and product offerings.

Key financial metrics for Q2 2025 include a net income of $30.2 million, adjusted net income of $54.2 million, and a 14% increase in funded accounts to 3.63 million. Assets under administration grew by 54% to $17.5 billion, reflecting the company’s focus on user acquisition and retention.

Looking ahead, eToro plans to continue its technological innovations, including tokenisation and AI tools, to transform retail investor interactions and drive sustainable growth.
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S&P Global Ratings has awarded a ‘AAA’ long-term issue rating to the senior unsecured notes proposed by Temasek Financial (I) Limited, under its $25 billion guaranteed global medium-term note programme. Temasek Holdings (Private) Limited fully guarantees these notes, which are set to mature in August 2027. The proceeds will support Temasek’s regular business operations.

The rating reflects Temasek’s robust portfolio, characterised by its diversity and high quality, alongside its minimal leverage. S&P highlights the company’s strong investment capabilities and the potential for extraordinary support from the Singapore government if necessary. “We rate the proposed senior notes the same as our long-term issuer credit rating on Temasek because we do not view the company’s capital structure as having any material subordination risks,” S&P stated.

As of 31 March 2025, Temasek’s net portfolio was valued at S$434 billion, with 51% in liquid and listed assets. The company also reported cash and cash equivalents of S$57.8 billion and gross debt of S$20.7 billion. Despite an increase in unlisted assets, S&P considers the risk of Temasek needing to liquidate these assets for debt repayment to be remote.

The stable outlook for Temasek is supported by its close ties with the Singapore government and the expectation that its portfolio will maintain investment-grade quality. This outlook aligns with the stable rating of Singapore’s sovereign credit.
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Fortinet, a leader in cybersecurity, has launched a new regional Point-of-Presence (PoP) in Singapore to bolster cloud security services across ASEAN and South Asia. This strategic move aims to enhance data residency, compliance, and digital transformation for businesses in the region. The new hub will provide advanced cloud security services, addressing the increasing complexity of managing multi-cloud environments and evolving regulatory demands.

The Singapore PoP is part of Fortinet’s FortiCNAPP, a Cloud-Native Application Protection Platform, which offers AI-powered threat detection, vulnerability management, and compliance insights. This expansion complements Fortinet’s existing infrastructure in Asia-Pacific, including a PoP in Australia, and extends its global reach with existing hubs in North America and Europe.

Vishak Raman, Fortinet’s Vice President of Sales for India, SAARC, Southeast Asia, and ANZ, stated, “Fortinet’s investment in Singapore reflects our ongoing commitment to supporting the region’s digital growth.” The new PoP will enable organisations to keep data within national borders, ensuring compliance with local regulations whilst providing faster access to cloud security services.

Jess Ng, Country Head for Singapore and Brunei at Fortinet, highlighted the importance of the new PoP in addressing complex cloud environments and security challenges. “Our new FortiCNAPP PoP in Singapore delivers advanced protection, real-time visibility, and scalability,” Ng said.

This development comes as Fortinet’s 2025 State of Cloud Security Report reveals that 78% of organisations in the region use multiple cloud providers, with 61% citing security and compliance as top concerns. Fortinet’s continued investments ensure that enterprises and governments have access to scalable, resilient, and regionally compliant security solutions.
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SDAI Limited has announced a strategic cooperation agreement with LiveBeyond Pte. Ltd. to jointly pursue research and development in the anti-ageing industry. This collaboration, formalised on 11 August 2025, aims to leverage LiveBeyond’s advanced research capabilities and expertise in longevity science to innovate in the field of anti-ageing.

LiveBeyond, led by Professor Brian Kennedy, a distinguished expert in the biology of ageing, is renowned for its comprehensive services in longevity research and medical solutions. The company collaborates with global partners to translate innovations such as biological age diagnostics and regenerative medicine into scalable solutions.

Professor Kennedy, who holds prominent positions at the National University of Singapore, is recognised for his groundbreaking work in extending human lifespan and healthspan.

SDAI’s Executive Chairperson, Hao Dongting, expressed enthusiasm about the partnership, stating, “SDAI aims to expedite the Group’s transformation towards the biotechnology industry by collaborating with Professor Brian Kennedy and his professional team, who are distinguished professors in the field of ageing science.” She emphasised that the collaboration will help identify gaps in the current anti-ageing industry and drive innovation to meet evolving consumer demands.

This strategic partnership underscores SDAI’s commitment to expanding its presence in the anti-ageing sector and delivering long-term value to its shareholders. The collaboration with LiveBeyond is expected to foster knowledge exchange and technical advancement, positioning both companies at the forefront of anti-ageing research and development.
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AsiaMedic Limited, listed on the SGX Catalist, has announced a 26% increase in revenue, reaching $12.2 million (S$16.6 million) in the first half of 2025. This growth is largely attributed to the strong performance of its diagnostic imaging services. As Singapore continues to establish itself as a regional healthcare hub, AsiaMedic is strategically positioned to cater to the rising demand for high-quality diagnostic and preventive healthcare services.

The company’s financial results highlight a robust performance in its core diagnostic imaging segment, which has been pivotal in driving the revenue surge. Despite the positive revenue growth, AsiaMedic reported a loss of $454,000 (S$616,562) for the period, an increase from the $77,000 (S$104,431) loss recorded in the same period last year. This was primarily due to increased expenses, including a significant rise in personnel costs and depreciation of right-of-use assets.

The financial report also noted a reduction in maintenance costs and an increase in laboratory and consultancy fees. The company’s strategic investments in expanding its service offerings and improving operational efficiencies are expected to bolster future performance.

AsiaMedic’s focus on enhancing its diagnostic capabilities aligns with Singapore’s vision of becoming a leading healthcare destination in the region. As the demand for accessible healthcare services continues to grow, AsiaMedic aims to leverage its expertise and infrastructure to meet these needs effectively. The company’s ongoing commitment to innovation and service excellence positions it well for future growth in the competitive healthcare sector.
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SGX Catalist-listed JEP Holdings Ltd has announced a 51.6% increase in net attributable profit, reaching S$1.6 million on sales of S$27.3 million for the first half of the financial year ending 31 December 2025. This growth is primarily driven by the strong performance of its Precision Machining segment, which serves the Aerospace and Semiconductor industries.

The Group’s revenue remained stable at S$27.3 million, with the Precision Machining segment achieving a 19.5% increase in revenue to S$18.4 million. However, this was offset by declines in the Equipment Manufacturing and Trading & Others segments, which saw revenues fall by 22.4% and 31.4%, respectively.

Profit before tax rose by 59.8% to S$1.9 million, supported by increased operating income and reduced expenses. The Group’s Executive Chairman and CEO, Andy Luong, highlighted the focus on Aerospace and Semiconductors as key growth areas, stating, “We continue to transition and evolve our business towards higher value, higher precision products.”

Despite challenges, JEP Holdings maintained a healthy financial position with net cash and cash equivalents of S$9.2 million as of 30 June 2025. The Group invested S$8.9 million in plant and equipment to position itself for future growth, particularly in the front-end semiconductor manufacturing sector.

Looking ahead, JEP Holdings aims to leverage synergies with its parent company, UMS Integration Limited, and capitalise on strong demand in the aviation and AI sectors. The Group remains optimistic about achieving long-term sustainable growth amidst global market pressures.
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Mainboard-listed IInternational Cement Group Ltd. (ICG), a prominent cement producer in Central Asia, has announced a net profit of S$21.2 million for the first half of 2025, marking a significant increase from S$3.9 million in the same period last year. This surge is attributed to a 51% rise in revenue, reaching S$165.1 million, primarily driven by the company’s operations in Kazakhstan and Tajikistan.

The Korcem cement plant, which became fully operational in late 2024, has played a crucial role in meeting the rising infrastructure demands in Kazakhstan and Tajikistan. The plant’s contributions, alongside sustained demand from the Alacem cement plant, have bolstered ICG’s financial performance. In Tajikistan, improved weather conditions led to a 36% increase in sales volume from the Mohir cement plant.

ICG’s gross profit margin improved to 36%, up from 31% in the first half of 2024, supported by increased selling prices and strong demand. The company’s CEO, Zhang Zengtao, highlighted the success of their expansion strategy and operational resilience, stating, “With the Korcem plant now fully operational, we are well-positioned to meet rising infrastructure demand in Kazakhstan and Tajikistan.”

Despite higher administrative expenses due to increased staff costs and depreciation, ICG’s adjusted EBITDA rose to S$45.9 million, compared to S$23.4 million in the previous year. The company also benefited from a net positive foreign exchange movement of S$10.5 million, driven by the appreciation of the Kazakhstani Tenge.

Looking ahead, ICG is optimistic about sustained infrastructure-driven demand in Central Asia. The company is focusing on its core cement business whilst scaling down non-core aluminium operations. The Korcem plant’s strong sales momentum is expected to continue, with exports to Kyrgyzstan already underway.
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Singapore’s largest smart blinds fashion gallery, mc.2, has announced an enticing offer for August, featuring an 8-year extended warranty on its flagship product, MAGNAZip, alongside a complimentary $500 cash voucher for indoor shading products. This promotion aims to enhance home comfort and style for customers visiting the mc.2 showroom.

MAGNAZip, renowned as the world’s first magnetic track-guided zip blind, is designed to maintain a sleek appearance whilst protecting interiors from various elements such as insects, dust, and UV rays. The product also aids in retaining air-conditioning and ensuring privacy. The extended warranty, valid until 31 August 2025, underscores MAGNAZip’s durability, which is attributed to its N35 Neodymium magnets, Somfy Maestria motor, and tension coil mechanism.

Customers interested in exploring the range or seeking personalised recommendations can visit the mc.2 showroom located at 33 Ubi Ave 3, #01-28/29, Singapore. The showroom operates from 11 AM to 7 PM on weekdays and 10 AM to 5 PM on weekends and public holidays. The promotion concludes on 31 August 2025, with terms and conditions applying whilst stocks last.

This exclusive offer presents an ideal opportunity for homeowners to upgrade their indoor shading solutions with the assurance of long-term product reliability.
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World of Beauty, a renowned Italian dermocosmetic brand, is expanding its reach into Southeast Asia by establishing its regional headquarters in Singapore. Known for its innovative, nature-based skincare products, the company aims to leverage Singapore’s strategic location and reputation for stringent healthcare regulations to support its Asian distributors. Joyce Tirindelli, the CEO and granddaughter of the brand’s founder, emphasised Singapore’s cosmopolitan appeal and its role as a hub for regional business partnerships.

Founded in 1969 by Florence Guardigli, World of Beauty has grown to offer 220 products across 52 countries. The brand is celebrated for its eco-friendly, sustainable, and ethically-sourced skincare solutions, which are free from parabens and synthetic colourants. Its products utilise a cold-extraction method to maintain the potency of natural ingredients, ensuring effective results.

The company’s commitment to personalised skincare is evident in its free skin consultations, which tailor routines to individual needs. Additionally, World of Beauty’s range includes advanced haircare treatments under the JSKIN line, continuing the legacy of science-backed formulations.

With its expansion into Southeast Asia, World of Beauty aims to make its Italian beauty packages more accessible to Asian consumers. The brand’s products are available at 40 salons in Singapore and online, reflecting its dedication to providing high-quality skincare solutions globally. As the company approaches its 60th anniversary, it continues to uphold its founding principles of combining nature and science for optimal skincare.
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Singapore’s Q2 GDP growth has been revised upwards to 4.4% year-on-year, slightly higher than the initial estimate of 4.3%, according to Nomura’s latest Asia Insights report. This adjustment aligns with expectations and reflects robust performance in the services and construction sectors. The Ministry of Trade and Industry (MTI) has subsequently raised its 2025 GDP growth forecast range to 1.5-2.5%, up from 0.0-2.0%, although it cautions about potential risks in the second half of the year.

The revision in GDP growth was primarily driven by the services sector, which saw an increase to 4.3% from 4.1%, and the construction sector, which improved to 6.0% from 4.9%. These gains offset a slight decline in manufacturing growth, which was adjusted down to 5.2% from 5.5%. The domestically-oriented sectors, including construction and real estate, showed resilience with a growth of 4.2% in Q2, up from 3.1% in Q1.

On the demand side, domestic consumption contributed significantly to GDP growth, with government consumption rising sharply by 6.7% year-on-year. Private consumption also saw an increase, supported by a strong labour market. However, the MTI remains cautious, highlighting uncertainties such as potential trade policy shifts from the US and geopolitical tensions.

Nomura maintains its 2025 GDP growth forecast at 2.6%, above the consensus of 1.8%, anticipating a slowdown in H2 due to export payback effects. Despite the cautious outlook, Nomura suggests that fiscal support measures expected in Q3 could mitigate some of the risks, particularly in the labour market.
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