Industry News

UltraGreen.ai Limited, a leader in fluorescence-guided surgery, has announced the successful balloting results of its Singapore Public Offer, which closed on 1 December 2025. The IPO attracted significant interest, being oversubscribed 13.6 times, and raised approximately $400m, including $237.5m in cornerstone commitments from 16 investors.

The company is set to list on the SGX Mainboard on 3 December 2025 under the stock code ULG. The funds will be used to invest in core products such as the IC-Flow™ Imaging System and the UltraGreen Data Platform, as well as for strategic expansion across Asia-Pacific, Europe, the Middle East, and Africa.

UltraGreen’s CEO, Ravinder Sajwan, expressed gratitude for the investor support, stating, “This response reflects growing recognition of how fluorescence-guided surgery is transforming surgical precision, and UltraGreen’s role at the forefront of that movement.”

The company is advancing towards launching its UltraGreen Data Platform, which includes AI-based PerfusionWorks software designed to enhance decision-making in surgeries. Chairman Kwa Chong Seng highlighted the investor confidence in UltraGreen’s scientific and commercial capabilities, emphasising the company’s commitment to innovation and global expansion.

Trading of UltraGreen’s shares will commence at 9.00 a.m. on 3 December 2025, marking a significant milestone for the company as it continues to expand its influence in the medical technology sector.

Thunes Asia has announced it has received in-principle approval from the Monetary Authority of Singapore (MAS) to expand the scope of its Major Payment Institution (MPI) Licence. This approval will allow Thunes to enhance its payment solutions, enabling Singapore merchants to accept payments from international customers and vice versa. The approval, announced on 2 December 2025, marks a significant milestone in Thunes’ growth strategy and commitment to innovation in the fintech sector.

The licence variation will empower Thunes to offer a wider range of services, including account issuance, domestic money transfer, merchant acquisition, and e-money issuance. This expansion will facilitate transactions using popular local payment methods such as PayNow and GrabPay, as well as international methods, thereby strengthening Thunes’ global network.

Peter De Caluwe, co-founder and CEO of Thunes Group, stated, “This In-Principle Approval from MAS is a major step forward for Thunes’ global strategy and a catalyst for growth. As our global headquarters, Singapore is the centre of our governance and innovation.” Ruwan De Soyza, General Counsel at Thunes Group, added, “Strong governance and a commitment to regulatory excellence have always been at the heart of how Thunes operates.”

Thunes’ network currently provides access to over 320 local payment methods worldwide, supported by more than 50 financial service licences globally. The company continues to work towards fulfilling all remaining requirements for the final approval, aiming to build a safer, more connected global payments ecosystem.

Fingular, a Singapore-based global fintech holding, has announced that its Malaysian brand, Tambadana, has surpassed US$150m in total consumer financing. Since its inception, Tambadana has processed approximately 600,000 cases, marking a significant achievement in Fingular’s regional expansion strategy.

Tambadana’s rapid growth underscores Malaysia’s increasing demand for digital financial services. The brand has consistently shown double-digit monthly growth, driven by rising consumer confidence in fintech solutions and the swift adoption of online financial services. According to the McKinsey Southeast Asia Economic Review, digital financial adoption in the region is set to grow rapidly, supported by mobile connectivity, young demographics, and growing trust in digital ecosystems.

Maxim Chernushchenko, CEO of Fingular, remarked, “Crossing the US$150 million mark is a sign of how fast Malaysia is embracing digital finance. We see strong demand for transparent, accessible, and fast financing options, and we’re committed to expanding our ecosystem to meet these needs through innovation and responsible fintech practices.”

Tambadana’s success is attributed to Fingular’s proprietary technology and a local-first approach, allowing the company to tailor its products to meet cultural and regulatory requirements. This milestone reinforces Fingular’s commitment to promoting financial inclusion and innovation across Asia and the Middle East.

Founded in 2021 by Maxim Chernushchenko and Cypriot investor Vadim Gurinov, Fingular aims to establish a full-service neo-bank that enhances financial inclusion whilst ensuring a seamless digital finance experience.

Sanli has successfully completed a share placement, raising approximately S$10.008m through the issuance of 38,492,404 shares at S$0.260 each. The placement attracted prominent institutional investors, including Areca Capital, Asdew Acquisitions, and UOB Asset Management Ltd. This financial boost comes as Sanli rides on a record order book of S$781.5m, reinforcing its financial position for future growth initiatives.

The placement was managed by SAC Capital Private Limited, with Maybank Securities Pte. Ltd. acting as the sub-placement agent. Sanli’s CEO and Executive Director, Sim Hock Heng, expressed satisfaction with the successful completion of the share placement, highlighting the confidence shown by institutional investors in Sanli’s business model and growth potential. “This milestone reinforces our commitment to delivering sustainable value to our shareholders whilst strengthening our financial position to support future growth initiatives,” he stated.

In addition to the financial development, Sanli has appointed Koo Tsai Kee, a former Member of Parliament for Tanjong Pajar GRC, as its new chairman. This leadership change is expected to guide the company as it continues to expand its operations and pursue new opportunities. The completion of the placement and the appointment of a new chairman mark significant steps in Sanli’s strategic growth plan.

The Urban Redevelopment Authority’s (URA) announcement of the H1 2026 Government Land Sales (GLS) list reveals a stable supply of private homes, with 4,575 units on the Confirmed List, a slight decrease from 4,725 in H2 2025. The total potential future private homes remain steady at 9,185 units when combining both the Confirmed and Reserve Lists. Leonard Tay, Head of Research at Knight Frank Singapore, notes that this trend of reducing Confirmed List units whilst increasing Reserve List units has been ongoing since H1 2025.

The government encourages developers to utilise the Reserve List if demand exceeds the Confirmed List’s capacity. However, developers have been hesitant, with only two non-industrial sites triggered since 2020. The GLS programme also sees the repurposing of transitional office sites, such as the Bukit Timah Road parcel, into residential plots.

Key sites on the Confirmed List include Peck Hay Road, expected to yield 315 homes, and Berlayar Drive, part of the Greater Southern Waterfront development. New Upper Changi Road offers 1,040 homes, marking the first new project in Bedok Central in 15 years. Lorong Puntong and Bayshore Drive are also highlighted for their strategic locations and potential appeal to developers and homebuyers.

The Reserve List features the Town Hall Link site, which could revitalise interest in Jurong East with its potential for a significant integrated development. This site could accommodate 1,200 residential units and substantial commercial space, aligning with the government’s vision for a decentralised CBD outside the Downtown Core.

Singapore has ascended three places to 9th in the Savills Tech Cities Index 2025, marking its debut in the top 10. The city-state’s rise is attributed to its political and regulatory stability, world-class infrastructure, and robust business environment. Seoul also made significant strides, climbing four places to secure the 10th spot, driven by increased city wealth, net migration, and government support for AI, semiconductors, quantum computing, and biotech.

San Francisco leads the index, benefiting from its status as the epicentre of AI development and a strong tech ecosystem. New York follows, leveraging a diverse tech sector and a rich talent pool. London, now third, boasts the highest number of top-ranked universities, fostering innovation in Fintech, CleanTech, DeepTech, and AI.

Paul Tostevin, Head of Savills World Research, noted, “The tech industry is undergoing major transformation due to AI. Despite the potential monumental advances being made, however, human capital remains tech’s most important asset, so city attractiveness matters to companies trying to recruit the best talent.”

In Asia, Shanghai and Beijing lead the region, ranking 5th and 6th respectively, supported by a vast domestic market and mature ecosystems. Meanwhile, Dubai has surged 20 places to 43rd, propelled by AI strategies and rapid growth.

The Savills Tech Cities Index, part of the Impacts thought leadership programme, evaluates 100 cities worldwide, focusing on business and tech environments, talent pools, and tech sub-sectors. The index highlights cities that are hotspots for venture capital and tech innovation.

Singapore’s job market continues to experience a decline in job postings, with a 3.1% drop in October marking the eighth consecutive monthly decrease, according to Indeed’s latest Hiring Lab report. Despite this downturn, the job market remains robust, with postings still 32% above pre-pandemic levels, maintaining a low unemployment rate.

The report highlights that 86% of occupations have job postings above pre-pandemic levels, with 8% more than doubling those figures. The sectors showing the highest demand include pharmacy, with a 181% increase, sport at 122%, and hospitality and tourism at 119%. Over the past three months, retail, hospitality and tourism, and healthcare have shown significant growth, with retail postings up by 17%.

Conversely, some sectors have seen notable declines. Childcare postings fell by 30%, driving by 24.9%, and sports by 18.6%. The report also notes a rise in remote work mentions, now at 8.2% of postings, particularly in IT infrastructure and support, insurance, and sales.

Callam Pickering, APAC Senior Economist at Indeed, notes that despite the decline in job postings, the Singapore labour market remains tight, with a low unemployment rate of 2.0% and ongoing skill shortages. The trend suggests that whilst job postings may continue to fall in the near term, the demand in key sectors remains strong.
“`

Singlife, in collaboration with Lion Global Investors (LGI), has introduced the LionGlobal Singapore Physical Gold Fund, marking the first insured physical gold fund in Singapore. This innovative fund allows retail investors to gain exposure to physical gold without the need to purchase, store, or insure gold bars themselves. The gold bars, meeting the “Good Delivery” standards of the London Bullion Market Association, are securely stored and insured in Singapore.

The fund aims to track the LBMA Gold Price AM benchmark, providing a transparent performance measure. Singlife will offer access to the fund through its Investment-Linked Policies (ILPs) and digital platforms, GROW with Singlife and dollarDEX, expanding the range of alternative assets available to its customers. Additionally, Singlife plans to allocate a portion of its participating fund assets to this gold fund, enhancing its diversified portfolio strategy.

Allen Kuo, Chief Investment Officer at Singlife, emphasised the fund’s role in providing stability amid global volatility, stating, “Gold has shown renewed strength and has been proven to be a source of stability amid uncertainty.”

The fund will be available through Singlife’s key distribution channels, with an initial public offering running until 28 November 2025. It will be accessible on the GROW platform from 1 December 2025 and on dollarDEX from December 2025, with minimum investment amounts set at S$200 and S$100, respectively.

This launch coincides with Singapore’s 60th anniversary, leveraging the nation’s strengths as a global financial hub and emerging centre for gold custody and trading.

MetaOptics Ltd, a leading semiconductor optics company, has announced a strategic share placement to raise S$485m. The funds will be generated through the issuance of 6,685,028 new ordinary shares at S$0.7255 each. This move is designed to bolster the company’s financial standing and support its expanding global customer base. The capital will enhance MetaOptics’ working capital, improve supply chain readiness, and accelerate the scaling of its glass-based metalens solutions, which are increasingly in demand across consumer, automotive, and industrial sectors.

The share placement has attracted both new investors and existing shareholders, reflecting a growing global interest in metalens technology. These optical systems are valued for being thinner, lighter, and more power-efficient, and can be produced at scale. Thng Chong Kim, Executive Chairman and CEO of MetaOptics, expressed confidence in the company’s future, stating, “We are very encouraged by the confidence shown by existing and new investors who recognise the scale of the opportunity ahead of us.”

MetaOptics is gaining traction in various applications, from compact mobile imaging modules to advanced automotive optics. The company’s technology platforms, including the 4-inch Direct Laser Writer and 12-inch Deep Ultraviolet lithography, enable precise and consistent production from prototyping to high-volume manufacturing. MetaOptics remains committed to its commercial rollout and supporting customers with high-performance metalens solutions. Further updates on the share placement will be provided as necessary.

Up to 3,000 micro, small, and medium enterprises (MSMEs) in Singapore are set to benefit from free AI advancement training under the AI for MSME Advancement in ASEAN (AIM ASEAN) Programme. This initiative, led by the ASEAN Foundation in collaboration with AVPN and supported by Google.org and the Asian Development Bank, aims to equip MSMEs with practical AI skills to enhance their operations and competitiveness.

The Singapore edition of the programme, implemented by Project Asia Data, was launched at AIMX Singapore 2025. It offers a hybrid learning format, combining online self-learning, live sessions, and in-person workshops. The training is designed to help non-technical business owners apply AI in real-world contexts, such as improving marketing efficiency and customer engagement.

Jeslin Bay, co-founder of Project Asia Data, emphasised the programme’s focus on people: “Digital transformation doesn’t start with technology—it starts with people. Through this programme, we aim to equip small business owners with the practical knowledge and tools to integrate AI into their daily operations.”

The AIM ASEAN Programme is a two-year initiative endorsed by the ASEAN Coordinating Committee on MSMEs. It aligns with ASEAN Vision 2045, which envisions a resilient, inclusive, and digitally connected regional economy. The programme aims to empower 100,000 MSMEs across all ten ASEAN Member States.

Registration for the Singapore edition is now open to all eligible MSMEs, offering a significant opportunity for local businesses to harness AI for growth and resilience in the digital age.