Industry News

Fortune has unveiled its 2025 Southeast Asia 500 rankings, highlighting the largest companies in the region by revenue for the 2024 fiscal year. Singapore’s Trafigura retains the top spot, with the energy sector leading the charge. The rankings reveal a significant increase in female CEOs, now nearly 40, up from 28 last year. Indonesia boasts the most companies on the list, with 109, but Singaporean firms lead in revenue, profits, and assets.

The list underscores Southeast Asia’s growing role as a global economic powerhouse, driven by shifts in manufacturing capacity from China due to trade tensions. The top five companies, including Thailand’s PTT and Indonesia’s Pertamina, generated $516 billion, accounting for 28% of the total revenue of all 500 companies. Singapore-based companies alone contributed $637 billion, highlighting the city-state’s status as a regional business hub.

Energy remains the dominant sector, representing almost a third of the total revenue. Thai oil refiner Bangchak made a notable entry into the top 20 with a 47% revenue increase. Financial firms are the second-largest sector, with Singapore’s DBS leading in revenue and earnings.

The rankings also spotlight fast-growing companies like Malaysia’s NationGate and Vietnam’s Tasco JSC. The list reflects a dynamic leadership landscape, with 37 female CEOs and 37 women chairpersons, alongside ten CEOs in their 30s. The 2025 Southeast Asia 500 companies employ over 63 million people, showcasing the region’s economic vitality. The full list is available on Fortune’s website and in the June-July issue of Fortune Asia magazine.
“`

H2G Green Limited, a leader in sustainable energy solutions, has unveiled its strategic vision to bolster Singapore’s status as an LNG hub whilst advancing towards net-zero carbon emissions by 2050. The company’s new CEO, Pek Hak Bin, highlighted the significant growth opportunities for local green energy firms like H2G in meeting the rising demand for clean energy in Singapore and the broader region. H2G is focusing on biomass-to-hydrogen development and expanding the use of LNG.

As Singapore’s energy consumption increases, the nation is intensifying efforts to achieve net-zero carbon emissions by 2050. Imported LNG has played a crucial role in this endeavour since 2013. Pek stated, “International oil and gas majors have undertaken much of Singapore’s LNG business, but we also have enormous untapped potential right here with impactful homegrown companies like H2G.”

Under Pek’s leadership, H2G will prioritise three strategic areas: championing clean energy innovation in Singapore, expanding regionally into Southeast Asia, and forging partnerships with like-minded organisations. H2G’s engineering expertise and commitment to safety set it apart, with its subsidiary GasHub specialising in last-mile LNG distribution and Green Energy Investment Holding converting biomass waste into green hydrogen.

Pek, who assumed the CEO role on 1 June 2025, brings three decades of energy sector experience, including leadership roles at KPMG Singapore and BP Singapore. His strategic vision aims to unlock new growth opportunities for H2G as it advances Singapore’s energy transition.
“`

AVATAi has launched its enterprise-ready 3D avatar cloud platform at SuperAI Singapore 2025, taking place from 18 to 19 June at Marina Bay Sands, Singapore. This innovative platform enables businesses to create and deploy photorealistic, fully animatable 3D avatars for customer service, product demonstrations, internal training, and virtual events, all without the need for specialised hardware or coding skills.

The AVATAi Cloud Platform offers users complete control over avatar creation and deployment, featuring a public API for seamless integration with existing enterprise workflows. Built on a secure, cloud-native infrastructure, the platform promises speed, reliability, and scalability across various industries. “We’re here to show what’s possible when you combine AI with scalable infrastructure,” said Magomet Malsagov, Chairman and CEO of AVATAi. He emphasised the platform’s potential to simplify avatar deployment for businesses.

Since its launch in December 2024, AVATAi has achieved significant traction, generating over 63 million ad impressions in the US and recording more than 50,000 app downloads with over 40,000 monthly active users. The company plans to introduce enhanced 3D Messenger and Personal Assistant apps at Ai4 2025 in Las Vegas this August, featuring multilingual voice synthesis and conversational AI.

As the global avatar market is projected to reach $74.5b by 2033, AVATAi positions its platform as a crucial infrastructure for future brand and business engagement. Attendees at SuperAI Singapore 2025 can experience the platform firsthand at Booth MB4.
“`

Huawei Digital Power and Peak Energy have entered into a Memorandum of Understanding (MoU) to accelerate the deployment of 700 megawatt-peak (MWp) commercial and industrial (C&I) solar projects across the Asia-Pacific region. The agreement was signed at the SNEC 2025 event by Peak Energy CEO Gavin Adda and Huawei Digital Power Vice President Nate Luo. This collaboration seeks to enhance the region’s clean energy capabilities by combining Huawei’s digital power technology with Peak Energy’s market expertise.

The partnership will focus on key Asia-Pacific markets, including Japan, Korea, Singapore, Indonesia, the Philippines, Malaysia, and Thailand. Peak Energy has established regional teams to ensure swift project execution, providing turnkey clean energy solutions to corporate clients aiming to reduce emissions and energy costs. Huawei will contribute its advanced Smart PV solutions, which integrate power electronics and energy storage to optimise energy yield and operational reliability.

Gavin Adda highlighted the significance of the partnership, stating, “This partnership is a key milestone in our efforts to become the leading energy partner for corporates looking to reduce costs and carbon emissions in Asia.” Nate Luo added, “Our collaboration with Peak Energy demonstrates Huawei’s unwavering commitment to driving Asia-Pacific’s clean energy transformation.”

With increasing corporate decarbonisation commitments and supportive policy frameworks, the MoU sets the stage for substantial carbon reduction and energy resilience in the region. Huawei and Peak Energy are poised to lead the transition towards a low-carbon, high-efficiency future, beginning with this 700MWp initiative and aiming for gigawatt-scale transformation.
“`

BBR Holdings (S) Ltd, a prominent construction and specialised engineering group in Singapore, has successfully secured approximately S$220 million in new contracts. These contracts encompass significant infrastructure projects, including developments for the Housing & Development Board (HDB), the Cross Island MRT Line-Punggol extension, and a large-scale infrastructure project in the east. The projects are set to commence in June 2025, with completion expected by 2029.

The newly awarded contracts highlight BBR’s robust capabilities in the construction and engineering sectors. The projects include the construction of four residential blocks, a multi-storey car park, and social communal facilities at Yishun Street 31 for HDB. Additionally, BBR will undertake bored piling works for the Cross Island MRT Line-Punggol extension at Elias Station and associated tunnels, as well as participate in a large-scale infrastructure development in eastern Singapore.

Adrian Seow, CEO of BBR Holdings, stated, “As we secure these landmark projects, BBR Holdings reaffirms our commitment to supporting Singapore’s infrastructure ambitions with integrity and innovation. Our ability to win and deliver on such major contracts reflects our strong track record, skilled workforce, and unwavering focus on operational excellence.”

These projects are expected to bolster BBR’s revenue outlook over the medium term, although they are not anticipated to materially impact the consolidated net tangible assets per share or consolidated earnings per share for FY2025. BBR continues to focus on sustainable construction practices and operational excellence, aiming to create long-term value for its stakeholders.
“`

Aster Chemicals and Energy Pte Ltd has signed an agreement with PCS Pte Ltd to acquire PCS’s entire 50% interest in a Condensate Splitter Unit (CSU) and associated assets, located within the Singapore Essential Chemicals Complex on Jurong Island. This strategic acquisition grants Aster full ownership of the facility, which includes key infrastructure such as a floating roof crude tank and advanced mixing and sampling features.

The acquisition is set to significantly enhance Aster’s operational capabilities. Once the CSU is revitalised, Aster’s total capacity will increase from 237,000 barrels per day to over 300,000 barrels per day. This expansion will allow for deeper integration with Aster’s existing refining and petrochemical assets, optimising feedstock and increasing throughput to meet growing regional demand.

Erwin Ciputra, Group CEO of Aster, stated, “This strategic move augments our commitment to create a compelling value chain of our capabilities and infrastructure in Singapore. This upgrade will enhance feedstock optimisation, reduce downtime, with greater operational flexibility and increased throughput capacity to meet growing regional demand.”

The agreement also opens avenues for future collaboration between PCS and Aster, particularly in naphtha procurement via existing pipeline infrastructure. This collaboration aims to strengthen the value chain and unlock synergies in sourcing, processing, and downstream integration.

Aster, a joint venture led by Chandra Asri and Glencore, is a prominent provider of energy, chemical, and infrastructure solutions in Southeast Asia. The company continues to expand its asset base, which includes significant facilities in Singapore and Indonesia.
“`

Singapore has taken a significant step forward in mobile connectivity by fully embracing 5G Standalone (SA) networks, according to a new insight from Opensignal. Unlike the 5G Non-Standalone (NSA) networks, which still depend on 4G infrastructure, 5G SA operates on a dedicated 5G core, offering faster speeds, ultra-low latency, and advanced capabilities such as network slicing.

Opensignal’s report highlights that Singtel is leading the charge, providing the fastest 5G SA download speeds and the best gaming experience in Singapore. The report also notes that users generally experience faster average download speeds and smoother gaming on 5G SA compared to NSA.

The 3.5GHz band is the primary spectrum for 5G SA in Singapore, with the 2.1GHz band following closely. Singtel distinguishes itself further by utilising the 700MHz band to enhance 5G+ coverage. With nearly complete 5G coverage across the island, Singaporean operators are now focusing on developing 5G SA and 5G-Advanced solutions.

In 2022, Singapore became the first country to extend 5G SA to its maritime sector, reinforcing its position as a leader in high-performance 5G rollouts. This move not only supports the critical maritime industry but also sets a precedent for other nations aiming to enhance their mobile networks.

As Singapore continues to innovate in the realm of 5G technology, it remains a global exemplar for high-performance network deployment in densely populated urban areas.
“`

Singapore Airlines (SIA) Group has announced a 3.1% year-on-year increase in passenger traffic for May 2025, surpassing the 2.8% rise in passenger capacity. This resulted in a slight uptick in the passenger load factor to 86.4%. The combined efforts of SIA and its low-cost subsidiary, Scoot, led to the transportation of 3.4 million passengers, marking a 6.3% increase compared to the previous year.

The group’s cargo operations also experienced growth, with cargo loads rising by 4.2% year-on-year. This increase outpaced the 2.9% expansion in cargo capacity, resulting in a cargo load factor of 57.2%, up by 0.7 percentage points. The rise in cargo demand was attributed to front-loading activities amidst growing uncertainties in the global trade environment.

SIA’s network at the end of May 2025 spanned 128 destinations across 36 countries and territories, with the airline itself serving 78 destinations. Scoot, on the other hand, covered 72 destinations. The cargo network extended to 132 destinations in 37 countries and territories.

The results highlight SIA Group’s resilience and adaptability in a challenging global market, as it continues to expand its reach and improve its operational efficiency.
“`

Singapore’s non-oil domestic exports experienced a 3.5% decline in May 2025 compared to the same month last year, according to the latest figures released by the Department of Statistics.

“`

Aslan Energy Capital, a Singapore-based clean energy infrastructure developer, has signed a Heads of Agreement with Jakarta Industrial Estate Pulogadung (JIEP) to establish the Aslan Jakarta Data Centre (AJDC) in East Jakarta. This state-of-the-art 40-megawatt hyperscale colocation facility will be powered entirely by certified renewable energy and is set to be operational by Q4 2027.

Strategically located within the JIEP industrial zone, the AJDC will occupy a 40,000 m² site and accommodate up to 7,000 server racks. The facility will incorporate a 120 MWh Battery Energy Storage System, ensuring maximum uptime and operational resilience. The data centre will draw its primary power from renewable sources through the JIEP collaboration, highlighting a commitment to sustainable energy and climate-aligned growth.

Dr Muthu Chezhian, CEO of Aslan Energy Capital, stated, “This partnership reflects our shared vision to power the digital future with clean, reliable, and scalable infrastructure that respects environmental limits whilst enabling economic transformation.”

The AJDC will feature a two-storey vertical structure using modular and prefabricated components for rapid deployment. With 40% of the land dedicated to built infrastructure and 60% preserved as a natural corridor, the centre is designed to be environmentally friendly. It will also utilise hybrid air-cooled heat exchangers, significantly reducing water usage.

Satrio Witjaksono, President Director of JIEP, commented, “We are proud to collaborate with Aslan Energy Capital to introduce a new model for sustainable data infrastructure within Indonesia’s most strategic industrial estate.”

This project aligns with Indonesia’s national roadmap for sustainability, digitalisation, and green economy leadership, setting new environmental standards for data infrastructure.
“`