Industry News

Elite UK REIT Management Pte. Ltd. has announced a groundbreaking financial move by securing a £50m (S$87m-equivalent) Murabaha facility, marking Singapore’s first GBP-denominated sustainability-linked Shariah-compliant Murabaha facility. This 48-month agreement, facilitated through Elite Phoenix Limited, involves Malayan Banking Berhad and RHB Bank Berhad, with £22m already drawn to finance the acquisition of five government-leased properties.

The facility, aligned with Shariah principles, will also support refinancing existing loans and general corporate needs. Chief Executive Officer Joshua Liaw highlighted the significance of this financing, stating, “We are pleased to partner Maybank and RHB on this landmark financing, which brings together three important elements for Elite UK REIT – sustainability, Shariah-compliant finance and GBP funding.”

This initiative underscores Singapore’s role as a financial hub, connecting capital across Asia and the UK. Alvin Lee, CEO of Maybank Singapore, expressed commitment to innovative solutions, whilst Goh Ken-Yi, CEO of RHB Singapore, emphasised the strategic growth ambitions of Elite UK REIT.

The acquisition includes properties such as Queensway House and Griffin House, completed on 17 August 2026. This move not only diversifies Elite UK REIT’s capital sources but also broadens its appeal to investors seeking Shariah-compliant and sustainability-linked opportunities.

The latest earnings season has seen a significant shift for more than 20 companies listed on the Singapore Exchange (SGX), as they moved from losses to profits. This turnaround highlights a diverse range of factors driving these improvements, from operational enhancements to favourable market conditions.

Ouhua Energy Holdings reported a notable return to profitability in the first half of 2026, with a profit of RMB95.8m, compared to a loss of RMB33.5m in the same period last year. The company attributed this success to stronger liquefied petroleum gas (LPG) margins, driven by price increases following supply disruptions in the Middle East. The company also benefited from lower-cost inventory secured before the escalation of conflicts in the region.

Similarly, Food Empire Holdings achieved a profit of US$35.4m in the first half of 2026, reversing a loss of US$1.5m from the previous year. This improvement was supported by a 15% increase in revenue, reaching a record US$315.1m, with significant growth in Russia and Central Asia. The absence of a prior-period fair-value loss on its Renaissance Energy investment also contributed to the positive outcome.

Nera Telecommunications also returned to profitability, with a profit of S$0.5m compared to a loss of S$1.8m in the first half of 2025. The company’s revenue increased by 1.1%, whilst gross profit rose by 8.1%. The turnaround was further supported by reduced foreign-exchange losses, lower restructuring costs, and a 40.9% increase in order intake.

These results underscore the varied factors influencing profit recoveries across different sectors, providing a broader perspective on the earnings landscape for SGX-listed companies.

Eftsure, a leader in payment assurance, has launched its services in Singapore, enhancing payment verification for educational institutions across the Asia-Pacific region. This expansion provides universities and education providers with a continuously verified source of payment data, crucial for managing significant cross-border transactions.

The move comes as Singaporean institutions, known for their global education partnerships, face increasing threats from scams and cybercrime. In 2025, such crimes resulted in losses of S$913.1m, with business email compromise being a major contributor, according to the Singapore Police Force.

Eftsure’s infrastructure offers finance teams a robust system that verifies payment details before transactions occur, monitoring vendor data for any changes. This system spans over 190 countries, covering 85% of the world’s banked population, and supports local payment conventions.

Karthik Manimozhi, Global President at Eftsure, highlighted the challenges posed by AI in fraud, stating, “AI has made fraud cheap to produce and truth expensive to verify.” He emphasised the importance of embedding trust within payment infrastructure to prevent errors and duplicate payments.

CEO Jon Soldan noted the increasing complexity of payment environments for educational institutions, stressing the need for strong governance and accountability. “Eftsure gives organisations a way to continuously monitor payments at scale,” he said.

Eftsure, which began in Australia in 2014, has expanded its verification network globally, including recent collaborations with France’s Sis ID. The Singapore launch marks another step in its international growth, supporting over 4,000 organisations and safeguarding billions in B2B payments annually.

Stripe has announced a series of new initiatives aimed at boosting the global expansion of Asian businesses, coinciding with its 10th anniversary in Singapore. The company now supports over 80,000 businesses and solopreneurs in the region, including notable names like Supabase and Manus, which serve customers in over 150 and 200 countries, respectively.

Stripe’s latest offerings include Stripe Managed Payments, which allows Asian businesses selling digital products to reach customers in 195 countries. This service manages indirect tax, disputes, fraud protection, and customer support, enhancing payment success rates by routing transactions through local entities worldwide. Fast-growing Singaporean companies like Ahrefs and Razer are already leveraging these capabilities.

Additionally, Stripe’s Adaptive Pricing feature automatically localises pricing for international customers, resulting in an average 17.8% increase in cross-border revenue. The platform now accepts cross-border payments through various methods, including Samsung Pay, MoMo, GCash, and others, with ShopeePay and SPayLater set to launch in Southeast Asia in Q4.

To streamline financial operations, Stripe has introduced new money management capabilities, allowing Singapore businesses to hold and convert balances in 10 currencies. By early 2027, the full Stripe Treasury experience will be available, enabling businesses to manage global payments directly from the Stripe Dashboard.

Sarita Singh, regional head and managing director for Southeast Asia, Greater China, and South Korea, stated, “We’re expanding our core global infrastructure to accelerate them further.” The announcements were made at Stripe Tour Singapore, attended by thousands of business leaders seeking growth opportunities.

A detached industrial facility at 48 Changi South Street 1 has been launched for sale by Colliers, offering a unique opportunity for businesses seeking a well-equipped space in Singapore’s eastern corridor. The property, available via private treaty, features a gross floor area of approximately 44,367 square feet and is zoned for Business 2 (B2) under the Master Plan 2025.

The facility is purpose-built for heavy industrial and engineering operations, combining two storeys of high-ceiling workshop areas with four storeys of fitted offices. It boasts a floor loading capacity of up to 50 kN/sqm and ceiling heights reaching 7.6 metres, supported by a 1,000 kVA power supply. Additional features include a 3-tonne service lift and a 5-tonne car lift, making it suitable for vehicle maintenance, precision engineering, manufacturing, and aerospace-related activities.

Strategically located near Changi Airport and major expressways, the property offers efficient access for workforce mobility and supply chain operations. Raphael Lee, Director of Industrial Services at Colliers Singapore, highlighted the property’s appeal, stating: “48 Changi South Street 1 presents a rare opportunity for businesses seeking a well-equipped industrial facility that combines high-specification workshop and production space with a long remaining lease tenure.”

This sale comes as Singapore’s industrial sector experiences robust demand driven by advancements in AI, manufacturing, and precision engineering. Industrial rents have seen 23 consecutive quarters of growth, with the Purchasing Managers’ Index (PMI) reaching 51.3 in June, its highest since 2018. The ongoing investment in Singapore’s manufacturing ecosystem is expected to sustain demand for quality industrial spaces.

Revolut, the global fintech firm, has announced the formation of its Singapore Advisory Board to support its growth strategy in the region. The board, comprising former Minister Teo Ser Luck, former GXS Bank CEO Charles Wong, and governance expert Yvonne Aw, will provide strategic guidance on governance, regulatory engagement, and sustainable growth.

The establishment of this board marks a significant step in Revolut’s long-term plans for Singapore, leveraging the city-state’s status as a global financial hub. The board members bring a wealth of experience from both public and private sectors, which is expected to aid Revolut in expanding its product offerings and investing in local talent.

Teo Ser Luck, with his extensive background in government and business, will enhance Revolut’s engagement with stakeholders. Charles Wong’s expertise in digital banking and customer-centric strategies will be instrumental as Revolut broadens its financial services. Yvonne Aw’s experience in governance and risk management will ensure robust oversight as the company scales its operations.

Raymond Ng, CEO of Revolut Singapore and Southeast Asia, emphasised the importance of strong governance and risk management as the company expands. “Ser Luck, Charles, and Yvonne bring deep expertise across public policy, banking, governance, and risk management,” Ng stated. “Their collective experience will strengthen local accountability and governance.”

This strategic move underscores Revolut’s commitment to maintaining high standards and fostering innovation as it continues to grow in Singapore and across Asia.

Digital Realty, the world’s largest cloud- and carrier-neutral data centre platform, has been selected to develop a new data centre on Jurong Island, Singapore, with a provisional allocation of 50 megawatts (MW). This development is part of Singapore’s second Data Centre Call for Application (DC-CFA2), led by the Singapore Economic Development Board and Infocomm Media Development Authority.

The new facility will be Digital Realty’s fourth in Singapore, expanding its total capacity to support the growing demand for artificial intelligence (AI) inference, high-performance computing, and enterprise digital workloads. The data centre will adhere to DC-CFA2’s energy efficiency standards, with over 50% of its capacity powered by green energy pathways.

Digital Realty has been operating in Singapore since 2010, with three data centres providing approximately 84 MW of combined capacity. The expansion aims to bolster Singapore’s role as a regional digital hub, particularly as AI technologies advance and require infrastructure closer to users and enterprise data.

Serene Nah, Managing Director and Head of Asia Pacific at Digital Realty, stated, “Singapore has long been a strategic market for Digital Realty, and we are honoured to be selected under DC-CFA2 at such an important moment for the country’s digital future.”

The new Jurong Island facility will also contribute to Digital Realty’s sustainability initiatives, building on its existing operations in Singapore that achieve 100% renewable energy coverage. The company plans to continue investing in resilient digital infrastructure and local partnerships to support Singapore’s long-term digital competitiveness.

Indonesia, Malaysia, and Singapore have reaffirmed their commitment to keeping the Straits of Malacca and Singapore open and safe for international shipping. This was announced at the 17th Co-operation Forum held in Singapore, where the three nations underscored the importance of the straits as a vital passage for global navigation, as recognised by the 1982 United Nations Convention on the Law of the Sea (UNCLOS).

The forum highlighted the collaborative efforts of the Littoral States, User States, international organisations, and the maritime industry in ensuring navigational safety and environmental protection. Discussions included the introduction of new technologies and alternative fuels to enhance safety in the straits. The Co-operative Mechanism, established in 2007, continues to serve as the framework for these efforts, enabling collaboration among all stakeholders.

The Littoral States expressed their appreciation for the ongoing support from stakeholders and encouraged continued participation in the Co-operative Mechanism. This mechanism, which includes the Aids to Navigation Fund and Project Co-ordination Committee, facilitates dialogue on navigational safety and marine environment protection.

By renewing their commitment to the Co-operative Mechanism, Indonesia, Malaysia, and Singapore aim to uphold the principles of Article 43 of UNCLOS, which calls for co-operation in maintaining navigational aids and controlling pollution. The forum serves as a key platform for dialogue, ensuring the straits remain a secure and efficient passage for international shipping.

Azalea Investment Management has successfully raised more than US$1b in new capital commitments through three distinct private equity offerings. The firm announced the final close of its Altrium PE Fund III, which secured US$526m. Additionally, the first close of the Altrium Co-Invest Fund II brought in US$210m. Furthermore, Azalea launched its first evergreen private equity fund, Azalea All Access, which exceeded US$350m in initial commitments.

The significant capital influx underscores Azalea’s robust position in the private equity market and its ability to attract substantial investment. The Altrium PE Fund III, in particular, highlights the firm’s continued success in securing investor confidence, whilst the Altrium Co-Invest Fund II’s initial close marks a promising start for the fund.

Azalea’s new evergreen fund, Azalea All Access, represents a strategic move to offer investors continuous access to private equity opportunities. This fund is designed to provide flexibility and sustained investment potential, appealing to a broad range of investors.

The successful capital raising across these platforms is a testament to Azalea’s strategic vision and execution in the private equity sector. With these funds, Azalea is well-positioned to capitalise on emerging opportunities and deliver value to its investors. The firm’s ongoing commitment to innovation and growth in the private equity landscape is evident in these recent developments.

Strategic Marine has successfully delivered the Putri Mayang Sari, the first of three 43-metre catamaran ferries, to Bintan Resort Ferries (BRF). The delivery, which took place on 12 August 2026, marks a significant milestone in BRF’s fleet renewal and expansion efforts, aimed at enhancing passenger transport services between Singapore and Bintan.

The Putri Mayang Sari is designed to accommodate up to 293 passengers, including 57 Emerald Class seats, across two decks. The vessel features a modern design focused on passenger comfort and operational efficiency. This delivery follows the vessel’s keel-laying in September 2025 and is part of BRF’s three-ferry newbuild programme.

Chan Eng Yew, CEO of Strategic Marine, stated, “The delivery of Putri Mayang Sari reflects the strong partnership, trust and shared vision between Strategic Marine and Bintan Resort Ferries to enhance regional connectivity and support the continued growth of tourism in Bintan and the wider region.”

BRF currently operates a fleet of three vessels, with two additional newbuilds scheduled for delivery in 2026. The expanded fleet is expected to increase capacity, operational flexibility, and service resilience on the Singapore-Bintan route.

The construction of the remaining two catamarans is ongoing at Strategic Marine’s Singapore shipyard, with completion expected within the year. The successful delivery of Putri Mayang Sari underscores Strategic Marine’s expertise in building high-quality aluminium vessels for commercial operators worldwide.