Industry News

ComfortDelGro has received approval from the Land Transport Authority (LTA) to commence public road trials of its autonomous vehicle (AV) shuttles in Singapore. This follows the successful completion of Milestone 1 trials by the Centre of Testing & Research of Autonomous Vehicles (CETRAN), marking a significant step in the company’s AV development.

The trials will feature five AV shuttles, each with a capacity of five passengers, operating in the Punggol district. The initiative is part of ComfortDelGro’s broader strategy to introduce intelligent transport systems in Singapore. Group CEO Cheng Siak Kian highlighted the company’s commitment to innovation and safety, stating, “Completing the CETRAN Milestone 1 batch assessment successfully highlights our dedication to innovation, safety, and operational excellence.”

The approval signifies ComfortDelGro’s adherence to stringent standards for autonomous vehicle systems, paving the way for the introduction of driverless transport options. The company plans to integrate these AV rides into its CDG Zig app under a “Zig Driverless” option, with availability expected in 2026.

This development is poised to enhance Singapore’s transport landscape by offering a new mode of travel that aligns with the nation’s smart city aspirations. As the trials progress, ComfortDelGro’s initiative could set a precedent for future autonomous transport solutions in the region.

Thunes, a global payments network, has joined the World Economic Forum (WEF) Unicorn Community to advance financial interoperability worldwide. This collaboration aims to improve financial access and connectivity for billions of users, leveraging Thunes’ Direct Global Network, which facilitates real-time payments across 130 countries in 80 currencies.

The partnership marks Thunes’ second involvement with WEF’s financial initiatives, focusing on digital payments infrastructure and inclusive economic growth. By joining the Unicorn Community, Thunes will collaborate with global leaders to create a more interconnected financial ecosystem. Peter De Caluwe, co-founder and CEO of Thunes, expressed the company’s commitment to breaking down barriers in financial systems, stating, “We are honoured to be invited to join the World Economic Forum’s Unicorn Community.”

Thunes’ Direct Global Network connects traditional banks, mobile wallets, and digital asset platforms, enabling instant and affordable money transfers. This capability is crucial for driving financial inclusion in both local and global communities. Verena Kuhn, Head of Innovator Communities at the World Economic Forum, welcomed Thunes, highlighting their role in enhancing financial system interoperability.

With headquarters in Singapore and offices in 14 locations worldwide, Thunes is poised to play a significant role in shaping the next generation of global financial infrastructure. The company’s mission to enable the next billion users in emerging markets aligns with WEF’s goals of fostering inclusive and resilient global economies.

MarinaChain, a burgeoning maritime decarbonisation technology firm from South Korea, has unveiled plans to form a joint venture in Singapore. This strategic move, announced on 11 December 2025, is part of the company’s global expansion efforts and aims to create an integrated carbon compliance hub. The hub will combine carbon accounting, alternative fuel trading, regulatory consulting, and data infrastructure into a single platform for shipping companies.

The decision to establish this joint venture in Singapore underscores MarinaChain’s commitment to advancing maritime decarbonisation on a global scale. Singapore, with its strategic location and robust maritime industry, offers an ideal environment for such an initiative. The hub is expected to streamline processes for shipping companies, enabling them to meet regulatory requirements more efficiently whilst adopting sustainable practices.

The establishment of the carbon compliance hub is anticipated to have far-reaching implications for the maritime industry, promoting the adoption of alternative fuels and enhancing regulatory compliance. As the industry faces increasing pressure to reduce emissions, MarinaChain’s initiative could play a pivotal role in facilitating this transition.

The joint venture is being formed with GreenMarine, a Singapore-based cleantech provider specialising in green methanol trading, sustainability consulting, and regulatory training. GreenMarine’s team includes seasoned experts from Europe, the world’s most advanced regulatory environment for maritime decarbonisation.

Looking ahead, MarinaChain’s joint venture in Singapore is poised to become a key player in the global effort to decarbonise the maritime sector, setting a precedent for similar initiatives worldwide.

Syfe, a leading Asia-Pacific wealth management platform, has reported a landmark year with client returns exceeding US$2b in 2025 and achieving group profitability for the first time in Q4. Operating in Singapore, Hong Kong, and Australia, the platform has demonstrated resilience amidst global market volatility, validating its business model and strategic execution.

The platform’s assets under management have surpassed US$10 billion, bolstered by the acquisition of Selfwealth in Australia and a US$80m Series C fundraise. Hong Kong emerged as a key growth driver, with assets under management increasing nearly six-fold.

Syfe’s mission to democratise investing has resulted in US$88m in fee savings for investors, compared to traditional benchmarks. Additionally, the platform distributed nearly US$127m in passive income, providing stability during market fluctuations. CEO Dhruv Arora highlighted the introduction of UCITS savings plans, enabling broader access to high-quality investment funds.

Looking ahead to 2026, Syfe plans to enhance its product offerings, including launching Options Trading for Singapore investors. This expansion aims to provide clients with tools for income enhancement and portfolio protection. Arora stated, “Achieving group profitability is further validation that our client-first, innovative approach is both sustainable and scalable.”

As Syfe continues to innovate and expand, it remains committed to leading the future of wealth management in the Asia-Pacific region, empowering clients with the confidence and tools for long-term financial success.

ADDX, a digital investment platform for accredited investors, has announced a strengthened partnership with GB Helios, a leading non-bank financial institution in Singapore. Over the past year, ADDX has facilitated multiple commercial paper issuances for GB Helios, all of which have successfully closed, supporting the company’s business activities and financing needs. This collaboration is part of ADDX’s broader strategy to expand access to efficient and flexible financing for high-quality companies in Singapore.

The partnership underscores the growing demand for alternative debt financing solutions that complement traditional lending channels. To date, ADDX has facilitated over S$1.9b in commercial paper issuances, contributing to Singapore’s evolving financing ecosystem. Inmoo Hwang, Group Managing Director and CFO of ADDX, stated, “Empowering Singapore enterprises is a core part of our mission.”

GB Helios, a member of the Goldbell Group, has welcomed the continued partnership. Founder Alex Chua remarked, “ADDX has been a reliable and trusted capital partner,” highlighting the collaboration’s role in diversifying financing sources and supporting expansion in Singapore.

As Singapore fosters a resilient, innovation-driven economy, ADDX remains committed to broadening responsible access to private-market financing. The company aims to grow its issuer base across the corporate spectrum, from growth-stage SMEs to established SGX-listed enterprises, enabling long-term sustainable business development.

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.