Industry News

Ascentium, a global business services platform headquartered in Singapore, has announced the acquisition of Marbury, a Hong Kong-based corporate advisory and fund administration services provider. This strategic acquisition aims to bolster Ascentium’s position as a leading provider of fund and corporate services in the Asia Pacific region by integrating Marbury’s expertise in private equity fund administration and its experienced team across key jurisdictions.

Marbury’s operations, spanning Hong Kong SAR, the British Virgin Islands, the Cayman Islands, Bermuda, and Singapore, will be integrated into Ascentium’s existing framework. The transition will see Marbury’s fund services operations migrate to FIS, a renowned platform for fund administration and compliance. This move aligns with Ascentium’s strategy to combine expert knowledge with advanced technology to enhance client experiences.

Lennard Yong, Group CEO of Ascentium, expressed enthusiasm about the acquisition, stating, “We’re delighted to welcome Marbury into the Ascentium family. Their deep market knowledge, service-first culture, and strong reputation make them a natural fit.” Chris Dutka, Managing Director of Marbury, added, “Joining Ascentium presents an exciting opportunity for Marbury. We now benefit from a stronger global platform, greater technology, and broader service capabilities.”

The acquisition of Marbury is part of Ascentium’s ongoing strategy to integrate high-quality firms, specialist talent, and cutting-edge technology. This expansion builds on previous acquisitions, including Harneys Fiduciary, InCorp Global, Links International, and Virtuzone. With a presence in 45 cities across 23 markets, Ascentium now supports over 60,000 client entities worldwide, further solidifying its global footprint.

HG Metal Manufacturing Limited has announced that its subsidiary, HG Metal Investments Pte Ltd, will acquire 18 million Class B Preference Shares in Malaysian steel manufacturer Eden Flame Sdn. Bhd. for RM18m (approximately S$5.68m). This investment is part of HG Metal’s strategy to enhance its supply chain in the regional steel market and support the transition to low-carbon steel solutions.

Eden Flame, located in Pasir Gudang, Johor Bahru, is set to commence operations by Q3 2026, specialising in low-carbon electric arc furnace (EAF) steel. The plant will have an annual production capacity of 500,000 metric tonnes, focusing on rebars, a high-demand product in Southeast Asia. The Class B Shares, convertible into ordinary shares, represent about 4.4% of Eden Flame’s post-completion enlarged shares.

The acquisition aligns with Singapore’s carbon tax trajectory and the Singapore Green Plan 2030, which have increased demand for greener construction materials. HG Metal’s CEO, Xiao Xia, stated, “This upstream investment will not only provide us a reliable and competitive source for low-carbon steel, but will also help to position HG Metal for the future as the demand for low-carbon steel in Singapore and the rest of Southeast Asia increases.”

Eden Flame is a subsidiary of Green Esteel Pte. Ltd., the controlling shareholder of HG Metal, making this an Interested Party Transaction under SGX regulations. The investment will be funded through HG Metal’s internal resources and previously raised capital.

SDAI Limited is set to unveil its innovative Bluecode Biotech B-III skincare series on 21 December 2025, as part of its strategic transformation into a biotechnology company. This launch, taking place simultaneously in Singapore and China, signifies a major milestone for the Group as it ventures into the burgeoning anti-ageing and biotechnology markets.

The B-III Series, developed by SDAI’s in-house research and development team, aims to harness the regenerative properties of plant stem cells to combat signs of ageing. In Singapore, the Photoprotective Bio Facial Mist will be the first product available, whilst in China, consumers will have access to the Apple Fruit Cell Serum, the Photoprotective Bio Facial Mist, and the Adenium Obesum Cell Facial Mask. These products will be distributed through major e-commerce platforms, including Tmall, Douyin Mall, and Xiaohongshu in China, and Lazada and Shopee in Singapore.

The skincare line focuses on cellular rejuvenation, addressing the root causes of ageing rather than just surface symptoms. “Our transformation journey is progressively yielding results,” said Hao Dongting, Executive Chairperson of SDAI. “This launch represents the Group’s first step towards delivering innovative health and wellness solutions to consumers.”

SDAI’s entry into the biotechnology sector is expected to diversify its revenue streams and strengthen its long-term growth prospects. The Group is committed to becoming a leading player in biotechnology, leveraging advancements in cellular rejuvenation to maximise shareholder value.

Taiwan’s BlueBird Travel has launched its first overseas flagship store at Jewel Changi Airport in Singapore, marking a significant milestone in its international expansion. Celebrating its 10th anniversary, the brand is introducing its signature Pork Floss and Bubble Tea Egg Rolls, alongside a Singapore-exclusive Lemon Egg Roll, to cater to local tastes.

BlueBird Travel’s decision to open in Singapore follows a successful trial pop-up store earlier this year, which demonstrated strong consumer interest and repeat purchases. The brand’s Managing Director stated, “The strong reception confirmed the brand’s product–market fit in Singapore.”

The flagship store’s design incorporates “egg-roll aesthetics,” featuring caramel-toned lights that mimic the appearance of freshly baked rolls, enhancing the brand’s identity. This strategic location at Jewel Changi Airport allows BlueBird Travel to engage with global travellers, offering them a taste of Taiwan’s beloved snacks.

To celebrate the opening, the store is offering a Buy-2-Get-1-Free promotion on its 8-piece egg roll gift boxes until 14 December. This promotion aims to introduce customers to the brand’s unique flavours, which include the savoury Pork Floss Egg Roll and the playful Bubble Tea Egg Roll, both of which have been well-received in Taiwan.

BlueBird Travel’s expansion into Singapore is a strategic move to tap into a market familiar with Chinese-inspired flavours. The brand’s commitment to localisation is evident in the creation of the Lemon Egg Roll, tailored specifically for Singaporean palates. This marks an important step in BlueBird Travel’s global growth strategy.

CapitaLand Investment Limited (CLI) has successfully closed its second onshore sub-fund, China Retail RMB Fund I (CRF I), under its RMB Master Fund. This new sub-fund, which includes contributions from several onshore institutional investors, has reached a total fund size of RMB1b ($183m). CRF I is projected to add RMB1.48b ($271m) to CLI’s funds under management when fully deployed.

The sub-fund will be seeded with CapitaMall Xinduxin, a prime retail asset located in Qingdao’s Shibei District. This shopping mall, boasting a gross floor area of 141,000 square metres and a committed occupancy of approximately 99.6%, is directly connected to Qingdao’s subway line 3. CLI will continue to manage the property, ensuring ongoing fee income.

Puah Tze Shyang, CEO of CLI (China), highlighted the swift success of the RMB Master Fund, stating, “Since launching our RMB Master Fund in May, we have received strong investor endorsement with the close of two sub-funds in quick succession.” He emphasised the investment opportunities presented by CRF I in a well-located retail asset with a strong catchment area.

Kara Wang, CIO of CLI (China), noted the strategic approach of recycling quality assets into RMB funds, saying, “The recapitalisation of CapitaMall Xinduxin reflects our disciplined approach to recycling quality assets into RMB funds under our domestic-for-domestic strategy.”

CLI’s first sub-fund, China Business Park RMB Fund IV, closed in September 2025 with a total equity commitment of RMB1.74b ($318m). With a robust pipeline of assets across Tier one and top Tier two cities, CLI is poised to support future sub-funds under its RMB Master Fund.

The Singapore-MIT Alliance for Research and Technology (SMART) has launched the Wearable Imaging for Transforming Elderly Care (WITEC) project, aiming to develop the world’s first wearable ultrasound imaging system. This innovative system will allow continuous, real-time monitoring and personalised diagnosis of chronic conditions such as hypertension and heart failure. The initiative, supported by the National Research Foundation Singapore, involves collaboration with top researchers from the Massachusetts Institute of Technology (MIT), Nanyang Technological University, and the National University of Singapore, with Tan Tock Seng Hospital as the clinical collaborator.

WITEC’s laboratory is equipped with cutting-edge tools, including Southeast Asia’s first Nanoscribe Quantum X sub-micrometre 3D printer and the Verasonics Vantage NXT 256 ultrasonic imaging system, the first of its kind in Singapore. These technologies enable the creation of bioadhesive materials and device interfaces with unprecedented precision, essential for ensuring skin-safe adhesion and stable imaging quality.

The project addresses the growing need for effective home-based care as chronic diseases rise globally, particularly amongst ageing populations. Current consumer wearables lack the depth needed for chronic disease management, whilst traditional ultrasound systems are bulky and limited to hospital use. WITEC’s wearable system, enhanced with AI diagnostics, aims to bridge this gap, supporting early detection and continuous monitoring.

Clinical trials, led by Tan Tock Seng Hospital, are expected to begin in early 2026. This innovation not only promises to improve patient outcomes but also aims to reduce healthcare costs and alleviate pressures on healthcare systems by shifting monitoring to homes and communities.

Razorpay Singapore has unveiled a new checkout feature, Razorpay Offers, designed to help merchants increase sales by reducing cart abandonment and payment costs. Announced on 10 December, the feature allows businesses to offer instant, payment-method-specific discounts, encouraging customers to choose more cost-effective payment options at checkout.

Razorpay Offers integrates seamlessly into existing Razorpay checkout systems without requiring additional engineering work. Merchants can set up Smart Offers that activate when shoppers select eligible payment methods, such as PayNow or credit cards. This approach aims to improve transaction completion rates whilst managing the cost implications of different payment methods.

Angad Dhindsa, Head of Southeast Asia at Razorpay, highlighted the feature’s practicality, stating, “Merchants today are looking for practical levers that improve the customer journey without any additional complexity. This feature is designed to fit directly into existing workflows and support merchants, navigating both conversion challenges and reducing cost of accepting payments.”

The introduction of Razorpay Offers addresses two significant challenges in Singapore’s e-commerce sector: the rising costs of accepting payments and high cart abandonment rates. By steering customers towards specific payment methods with visible discounts, the feature provides a strategic tool for merchants to enhance their sales processes.

As merchants in Singapore continue to grapple with these challenges, Razorpay Offers presents a timely solution, potentially reshaping the e-commerce landscape by optimising payment processes and reducing associated costs.

The latest Cigna Healthcare International Health Study 2025 reveals that eight in 10 Singaporeans experience stress, with disrupted sleep being a common consequence for nearly half of them. The study, which surveyed over 11,000 respondents across 13 markets, highlights that financial well-being is a significant concern, with 39% of Singaporeans rating their financial health as “fair” or “poor”.

Despite stable mental well-being, with over a third of respondents rating it as “excellent” or “very good”, stress remains prevalent. The primary stressors include the cost of living (53%), uncertainty about the future (47%), and personal finance (43%). Raymond Ng, CEO & Country Manager of Cigna Healthcare Singapore & Australia, emphasised the need for a holistic approach to healthcare, stating, “Health and vitality are key to building resilient communities.”

The study also found that whilst nearly half of the respondents reported negative impacts from poor mental health, 89% did not seek counselling or therapy in the past year. This suggests a need to destigmatise mental health support.

On a positive note, Singaporeans demonstrate a strong exercise culture, with 66% exercising regularly, surpassing the Asia-Pacific average. Additionally, 47% of respondents are optimistic about AI’s potential to reduce healthcare wait times.

Overall, the report underscores the importance of addressing financial stress and promoting mental health support to enhance the well-being of Singaporeans.

PERSOL Singapore has released its Singapore Salary Guide 2025/26, offering a detailed analysis of salary trends and workforce transformations in the city-state. The guide forecasts salary increments averaging 3% to 5%, driven by technological adoption, skills-based hiring, and changing employee expectations. It also highlights the rise of AI-driven recruitment tools and hybrid work models, which are reshaping talent acquisition and retention strategies.

The guide provides sector-specific insights, noting robust salary growth of 8-12% in technology roles such as AI, cybersecurity, and cloud computing. In healthcare and life sciences, demand is growing for clinical researchers and medtech engineers, with competitive salaries for hybrid roles. Financial services are focusing on digital transformation and sustainable finance, offering premiums for professionals with expertise in AI automation and ESG compliance.

In professional services, cross-disciplinary skills in sustainability and digital transformation are valued, whilst manufacturing and engineering roles in robotics and industrial automation command premiums due to Industry 4.0 adoption. The education sector sees higher compensation for those with digital fluency, and transportation and logistics are experiencing salary growth due to digital platforms and sustainable solutions. Construction is focusing on green building standards, and retail and F&B sectors are recovering with wage growth at lower levels.

Foo See Yang, Managing Director of PERSOL Singapore, stated, “The 2025 Salary Guide reflects a Singapore labour market at the crossroads of rapid technological change and evolving workforce expectations. Organisations that embrace skills-based hiring, data-driven insights, and agile work models will be best positioned to attract and retain top talent.”

PERSOL Singapore aims to help organisations and professionals stay ahead of market changes with informed strategies and actionable insights. For more details, the full guide is available on their website.

SDAI Limited has signed a non-binding Memorandum of Understanding (MoU) with Hubei Qiai Group to establish a platform for bringing China’s mugwort products to global markets. This strategic move is set to capitalise on the growing popularity of mugwort, a traditional herb known for its soothing and aromatic qualities, which is gaining traction in wellness, beauty, and food industries worldwide.

Founded in 2021, Hubei Qiai has rapidly become a leader in China’s Traditional Chinese Medicine sector, focusing on the high-growth mugwort industry. The company operates across the entire value chain, from cultivation to distribution, and boasts a retail network of over 13,000 outlets across China. Hubei Qiai’s innovative approach includes transforming traditional moxibustion therapy into electric-based solutions, enhancing user experience and scalability.

The global mugwort market is projected to grow from $531.90m in 2025 to $798.75m by 2032, reflecting a compound annual growth rate of 5.94%. This partnership aims to tap into this expanding market, diversifying SDAI’s revenue streams and strengthening the international presence of mugwort products.

Executive Chairperson of SDAI, Hao Dongting, expressed enthusiasm about the collaboration, stating, “We are truly thrilled to partner with the leading name in the mugwort industry. This collaboration marks an exciting milestone as we expand into the fast-growing mugwort sector.”

As SDAI continues its transformation into a biotechnology company, this partnership with Hubei Qiai represents a significant step in its strategic expansion, potentially creating sustainable value for its shareholders.