Industry News

Embed Financial Group Cayman Holdings, a Singapore-based financial infrastructure company, has announced a definitive agreement to merge with WinVest Acquisition Corp, a special purpose acquisition company. This merger, valued at approximately US$425m, will see the formation of a new holding company, WinVest Holdings Corp, which will be renamed Embed Financial Global Holdings.

The merger aims to enhance Embed Financial Group’s mission to provide financial services infrastructure, known as the “Finternet”, across emerging markets in Africa and Asia. The company, founded in 2024, focuses on delivering embedded financial services such as insurance, remittances, and digital wallets to underserved consumers and small and medium enterprises (SMEs).

Dennis Ng, Founder and CEO of Embed Financial Group, expressed enthusiasm about the merger, stating, “A Nasdaq listing will accelerate our mission to build the Finternet for underserved consumers and SMEs across Africa and Asia.” Manish Jhunjhunwala, CEO of WinVest, added, “EFGH’s work to broaden access to the Finternet is inspiring and aligns with our mission.”

The transaction involves several steps, including the merging of WinVest’s subsidiaries with Embed Financial Group and WinVest itself, making them wholly-owned subsidiaries of the new holding company. Shareholders of Embed Financial Group will receive 42.5 million shares of the new company, whilst WinVest equity holders will receive equivalent securities.

The merger is subject to approval from WinVest’s shareholders and regulatory conditions. Upon completion, Dennis Ng will continue as Executive Chairman and CEO of the combined entity.

Singapore’s economy is set to grow by 1.8% in 2026, according to the latest outlook from DBS Group Research. The report highlights the city-state’s ability to navigate global challenges, including tariffs and technological cycles, whilst maintaining economic stability. Despite a slowdown from the estimated 4.0% growth in 2025, Singapore’s modern services and construction sectors are expected to provide a buffer against trade-related moderation.

Inflation is projected to rise slightly, with core inflation at 1.0% and headline inflation at 1.2%, yet remain manageable. The Monetary Authority of Singapore is anticipated to maintain its current monetary policy, with the Singapore Dollar expected to trade between 1.25 and 1.30 against the US Dollar.

DBS notes that Singapore’s modern services sector, encompassing finance, insurance, and ICT, will play a crucial role in supporting economic growth. The finance sector is poised to benefit from increased trading activity, whilst the ICT sector is expected to continue its positive momentum, driven by advancements in digital technology and AI adoption.

The report underscores Singapore’s position as a trusted financial centre and business hub, with ongoing political stability and policy continuity under the leadership of the fourth-generation team. As Singapore faces global economic shifts, its resilience and strategic focus on modern services and digitalisation are expected to sustain its economic vibrancy in the coming years.

EPG, a Singapore-based provider of modular data centre solutions, has achieved a significant milestone by securing BOMBA certification from Malaysia’s Fire and Rescue Department. This approval positions EPG as one of the first modular data centre manufacturers to meet Malaysia’s stringent fire safety requirements, facilitating seamless deployment across Southeast Asia.

The BOMBA certification, a mandatory compliance step for data centre equipment in Malaysia, involves rigorous testing and audits. EPG’s modular systems successfully passed evaluations, demonstrating strong fire safety performance and structural integrity, aligning with both Malaysian and international standards. An EPG spokesperson noted, “BOMBA certification serves as a gateway into Malaysia and a trusted signal for customers across ASEAN.”

This certification comes as EPG expands its Johor Bahru manufacturing hub, which is set to include a new 80 million facility by Q3 2026. The facility will offer 40,000 m² of workshop space, employ over 800 specialists, and produce more than 2,000 modular units annually, supporting up to 550 MW of project capacity.

With BOMBA approval, EPG can accelerate the delivery of compliant systems to markets such as Thailand, Vietnam, and Indonesia, where demand for modular capacity is rising due to AI and cloud expansion. This achievement is part of EPG’s broader global compliance strategy, as the company seeks to expand certification initiatives to other regulated markets worldwide.

OCBC and Marriott International have announced a strategic partnership to aid 12,000 small and medium-sized enterprise (SME) suppliers in Singapore, Malaysia, and Indonesia. The collaboration focuses on providing timely access to working capital and supporting sustainable business practices. Suppliers using Marriott’s procurement platform will benefit from digital invoice financing with same-day approval from OCBC, addressing the urgent need for cash flow amidst rising cost pressures.

The partnership allows SMEs to receive up to 80% of their invoice amount without needing to submit bank statements or financial reports. This streamlined process helps optimise cash flow, enabling businesses to seize growth opportunities more effectively. Since the programme’s inception in 2023, OCBC has disbursed approximately S$250m in loans to SMEs in Singapore and Malaysia.

In addition to financial support, OCBC will assist suppliers in establishing a baseline measurement of their sustainability performance. Partnering with EcoVadis, the bank will offer training and workshops to enhance sustainability practices. Suppliers can also access sustainability-linked loans, incentivising improvements in their sustainability metrics.

Marriott International is committed to achieving net-zero greenhouse gas emissions by 2050. The partnership with OCBC aligns with this goal, empowering suppliers to contribute to Marriott’s sustainability efforts. Rashida Ismail from OCBC emphasised the importance of supporting SMEs in their growth and sustainability journeys, whilst Cristiano Rinaldi of Marriott highlighted the need for a collaborative approach to tackling climate change.

The programme, launched in Singapore and Malaysia in 2025, will expand to Indonesia in the first half of 2026.

The Singapore Exchange (SGX) has unveiled its list of the 30 most traded non-Straits Times Index (STI) stocks for the second half of 2025. These stocks, spanning all 12 sectors, collectively hold a market capitalisation of S$74b. Notably, the list includes three newcomers: YZJ Maritime, NTT DC REIT, and Centurion Accommodation REIT (CAREIT), with total returns since listing ranging from 17% for CAREIT to a 3% decline for NTT DC REIT.

The 27 stocks that were already listed in the first half of 2025 saw their average daily turnover (ADT) rise from S$115m to S$180m in the second half, with a 30% average total return. These stocks also experienced a net institutional inflow of S$76m, building on the S$90m from the first half. CSE Global led the net institutional inflow-to-market cap ratio, with its ADT increasing from S$1.4m to S$5.8m.

Among the 30 stocks, seven real estate investment trusts (REITs) stood out with a combined market capitalisation of S$19.5b and a 2H25 ADT of S$53.1m. Despite a net institutional outflow of S$135m, Suntec REIT, Lendlease Global Commercial REIT, and Keppel REIT recorded positive net inflows and total returns of 25%, 25%, and 23%, respectively.

The technology sector also made a significant impact, with CSE Global, iFAST Corporation, and Frencken Group leading in net institutional inflow relative to market capitalisation. The sector’s ADT surged to S$44.4m, more than doubling from the first half of the year.

These developments highlight the dynamic nature of Singapore’s stock market, with significant institutional interest and trading activity beyond the STI.

Lincotrade & Associates Holdings Limited has successfully completed a share placement, raising S$2.2m through the issuance of 10 million shares at S$0.22 each. The placement, priced at a 3.14% premium over the last traded market day, attracted significant interest from institutional investors, including Lion Global Investors Limited, ICH Synergrowth Fund, and Ginko-AGT Global Growth Fund.

The funds raised will be utilised for working capital purposes, as the company continues to expand its order book, which reached a record S$113m as of 30 September 2025. This increase is largely attributed to new contract wins valued at S$61m, all of which are commercial projects in Singapore expected to be completed over the next two years.

Jackie Soh Loong Chow, CEO of Lincotrade, expressed satisfaction with the placement’s success, stating, “We are pleased to announce the successful completion of our share placement at a price premium, garnering support from prominent institution investors. Though modest in scale, we believe it is an endorsement of our strategic vision and future prospects ahead.”

The company, specialising in interior fitting-out services, aims to leverage this momentum to drive sustainable value creation for its stakeholders. With a strategic focus on commercial projects, Lincotrade anticipates that the new contracts will positively impact its financial results over the contract duration.

Esther Lee has been appointed as the new Managing Director of Jobstreet in Singapore, announced by SEEK, the parent company of Jobstreet and Jobsdb. Previously serving as SEEK’s Head of APAC Commercial Growth, Lee pioneered the SmartHire pay-per-hire solution across Singapore, Hong Kong, and Malaysia. In her new role, she will focus on leveraging AI technology and local market insights to enhance Jobstreet’s position as a leading employment marketplace in Singapore.

Chook Yuh Yng, SEEK’s Director of Asia Sales and APAC Service, expressed confidence in Lee’s capabilities, stating, “Esther’s deep understanding of the region’s job markets and business culture, developed over her decade with us, positions her perfectly to drive Jobstreet’s growth in Singapore.” Lee’s extensive experience includes roles in Kuala Lumpur, Hong Kong, Jakarta, and Melbourne, where she managed transformation strategies and drove operational excellence.

Lee, who has been with SEEK since 2014, previously served as Acting Managing Director of Jobstreet in Indonesia, where she achieved significant business improvements. She commented, “With Singapore’s position as Asia’s business hub and gateway to Southeast Asia, there is immense potential for us to expand Jobstreet’s impact in making those connections.”

Jobstreet, operated by SEEK, has been a prominent employment marketplace in Singapore since 1999, combining local expertise with SEEK’s AI technology to connect jobseekers and employers across the Asia Pacific. Lee’s appointment is expected to further strengthen Jobstreet’s market presence and facilitate meaningful career connections in Singapore.

The Singapore Eye Research Institute (SERI) and Santen Pharmaceutical Co., Ltd. have unveiled the Santen-SERI Open Innovation Centre (SONIC) 2.0, a collaboration focused on advancing therapies for major eye diseases. This initiative, valued at S$21m, seeks to accelerate the development of first-in-class, disease-modifying treatments for conditions such as glaucoma, presbyopia, and myopia.

Building on a strategic partnership that began in 2014, SONIC 2.0 follows the success of SONIC 1.0, a S$37m programme that ran from 2017 to 2023. The new collaboration combines Santen’s pharmaceutical expertise with SERI’s clinical research capabilities, aiming to deliver innovative treatments that address significant unmet clinical needs.

The partnership is set to strengthen Singapore’s position as a leading regional centre for ophthalmic innovation. “Together, we established a strong foundation for translational ophthalmic research by combining scientific excellence, clinical expertise, and industry innovation,” said Tin Aung, CEO of the Singapore National Eye Centre.

SONIC 2.0 will focus on four strategic research themes: discovering novel therapeutic concepts for glaucoma, establishing advanced pre-clinical models for presbyopia, improving myopia treatments, and investigating anti-scarring agents for multi-disease applications. The programme is expected to run from December 2025 to November 2028, with joint investment from both Santen and SERI.

This collaboration not only aims to deliver commercial-ready innovations but also seeks to enhance Singapore’s biomedical R&D leadership, ultimately benefiting patients with earlier access to innovative treatments and improved outcomes.

Skylink Holdings, one of Singapore’s largest commercial vehicle leasing companies, has announced the acquisition of 132 commercial vehicles from a third-party seller. This strategic move aims to provide an immediate recurring revenue stream and optimise the company’s fleet replacement cycles. The acquisition is part of Skylink’s broader strategy to enhance its market competitiveness and long-term growth objectives.

The newly acquired vehicles will be integrated into Skylink’s existing contracts, which have secured a minimum non-cancellable contract amount of $18.3m (S$25m) as of 30 September 2025, with $12.1m (S$16.6m) to be recognised within a year. The company’s engineering segment will also benefit from additional service contracts, as the seller is required to provide a three-month warranty and cover repair and maintenance costs for the fleet.

Skylink’s Non-Independent Non-Executive Chairman, Teh Wing Kwan, highlighted the importance of aligning fleet investment plans with the operational needs of corporate clients. “Our corporate clients typically focus on business feasibility in their long-term leasing decisions with us,” he stated. Meanwhile, CEO Wesley Shen emphasised the initiative’s potential to generate immediate revenue with zero client acquisition cost, leveraging Skylink’s growing customer base and high utilisation rates.

The expansion is supported by Skylink’s engineering facilities, which include a total workshop area of 33,300 square feet, with an additional 15,000 square feet recently leased at Jurong Port Road. This infrastructure will facilitate the company’s ability to provide bodywork repair and maintenance services, further enhancing its business performance.

The Republic of Singapore Yacht Club (RSYC) is set to dazzle Singapore’s West Coast with its Christmas Boat Light-Up Parade on 13 December 2025. The event, running from 6 to 9pm, will transform the marina along 52 West Coast Ferry Road into a festive wonderland, showcasing a fleet of illuminated yachts adorned with Christmas trees, fairy lights, and nautical decorations.

The parade is part of RSYC’s month-long Christmas Light-Up of the Clubhouse, which begins on 5 December. This annual event aims to celebrate the festive season by illuminating the club’s heritage marina. The light-up promises to offer a unique visual spectacle, with shimmering reflections dancing across the water, providing a captivating experience for both the public and media.

Visitors can enjoy the parade from the West Coast promenade or the shoreline, ensuring a memorable festive experience. The RSYC’s initiative not only highlights the club’s commitment to celebrating the holiday season but also enhances the festive atmosphere in Singapore’s West Coast area.

The Christmas Boat Light-Up Parade is expected to attract a significant number of visitors, offering a unique opportunity to experience the magic of the holidays in a maritime setting. As the RSYC continues to light up the festive season, the event underscores the club’s role in bringing the community together through innovative and engaging celebrations.