Industry News

DBS Bank and TenPay Global have introduced a new service enabling DBS customers to transfer money instantly to Weixin Pay, the digital RMB wallet within Weixin (WeChat). This service, launched ahead of the Chinese New Year, aims to accommodate the typical 30% increase in remittances to China during the festive season. The service is part of a broader strategic partnership to enhance cross-border payment experiences within the Tencent ecosystem.

The new service allows DBS customers to use DBS Remit in the DBS digibank app to transfer funds directly to a recipient’s Weixin Pay Wallet Balance or linked bank cards, with zero fees. This initiative makes DBS the first regional bank to establish a direct connection with Weixin Pay, facilitating seamless money transfers from multiple markets. “We’ve been seeing consistent double-digit year-on-year growth in DBS Remit funds sent to China,” said Sanjoy Sen, Group Head of DBS Consumer Bank.

Additionally, DBS and TenPay Global are collaborating to enable DBS PayLah users to make payments at millions of merchants across China by scanning Weixin Pay QR codes. This move is expected to expand payment flexibility for travel, living, and business needs.

Wenhui Yang, CEO of TenPay Global, stated, “By connecting Weixin Pay with DBS’s trusted banking and payment platforms, we are delivering compliant and user-centric cross-border solutions.” This partnership reflects a shared ambition to enhance economic exchange and support secure digital payment experiences globally.

Sheffield Green has announced a 36% increase in revenue for the first half of 2026, attributed to heightened demand for its human resource services from both new clients and existing partners. The company, headquartered in Singapore, also reported a four-fold rise in net profit to US$0.49m, bolstered by improved operational scale and the integration of training centres in Taiwan and Spain.

The CEO of Sheffield Green, Kee Boo Chye, stated, “Our performance in the first half of 2026 validates our strategy of diversifying into training whilst scaling our core manpower business.” He highlighted the successful integration of the company’s mature assets in Spain and the promising early results from the Taiwan facility.

Sheffield Green’s expansion into training centres is part of its broader strategy to maximise the utilisation of existing infrastructure and pursue strategic acquisitions. The company is confident that its expanded geographical footprint and comprehensive service offerings will enable it to capitalise on opportunities within the global renewable energy value chain.

The company specialises in providing human resource services for Engineering, Procurement, Construction, and Installation (EPCI) works in the renewable energy sector, including onshore and offshore wind, solar, and green hydrogen. With most of its business stemming from the offshore wind sector, Sheffield Green aims to continue capturing rising demand from established partners.

Looking ahead, Sheffield Green plans to focus on maximising its training infrastructure and exploring value-accretive acquisitions to further strengthen its position in the renewable energy industry.

Singapore has announced the formation of a Growth Capital Workgroup, chaired by Chee Hong Tat, Minister for National Development and Deputy Chairman of the Monetary Authority of Singapore (MAS). The workgroup, unveiled during the 2026 Budget Statement, will develop strategies to strengthen Singapore’s position as a leading centre for growth capital. It will include key private sector stakeholders and public sector representatives, supported by MAS and the Ministry of Trade and Industry.

Traditionally reliant on bank loans, Asian economies could benefit from more diverse capital sources. As global investors seek to manage risks and capture new opportunities, Singapore aims to become a hub for growth capital in Asia. The workgroup will explore measures to enhance venture capital, private equity, private credit, and securitised assets, building on the Equities Market Review Group’s efforts to boost Singapore’s equities market.

The workgroup will focus on the full financing value chain, from deal origination to capital recycling, supporting Singapore’s startup ecosystem and helping enterprises scale regionally and globally. The group aims to complete its review by the end of 2027, with interim updates on its recommendations.

The workgroup’s members include prominent figures such as Andy Tai from Goldman Sachs, Bryan Yeo from GIC Pte Ltd, and Tan Su Shan from DBS Group. Their collective expertise will guide the development of strategies to enhance Singapore’s capabilities in deal origination, capital raising, and capital recycling.

Longbridge Securities has claimed the top spot in the Singapore App Store’s finance category, according to Sensor Tower’s recent rankings. The surge in downloads coincides with the launch of the company’s Chinese New Year campaign, “Longbridge Angbao,” which offers both new and existing users the chance to win trading and cash rewards up to S$888.

The achievement reflects Longbridge Securities’ commitment to enhancing the investment experience through technology. The platform, which focuses on US, Hong Kong, and Singapore stocks, has been recognised for its seamless account opening, efficient trading execution, and intuitive investment tools. This marks the first time Longbridge has reached the number one position in the finance app category, a list typically dominated by banking, wealth management, and mobile payment platforms.

Shengyu Xu, CEO of Longbridge Securities Singapore, expressed delight at the growing user base, stating, “We’re delighted to see more and more users in Singapore choosing Longbridge. We will continue to put product experience first, making investing smarter, more convenient, and higher quality.”

The “Longbridge Angbao” campaign, designed to celebrate the festive season, offers a unique interactive experience for users to open an angbao and enjoy various rewards. It supports onboarding new users whilst rewarding loyal ones with a mix of trading-related and cash incentives.

As Singapore’s first brokerage to offer lifetime commission-free trading for US, Hong Kong, and Singapore stocks, Longbridge aims to lower investment barriers and improve trading efficiency. The company plans to continue innovating and enhancing its services to provide a more accessible and efficient trading experience for investors.

Lincotrade & Associates Holdings Limited has reported a significant increase in its net profit for the first half of the financial year 2026, reaching S$3.9m, a substantial rise from the S$2.6m recorded for the entire financial year 2025. This impressive growth is attributed to a 58.2% surge in revenue, driven by strong performances in the commercial and residential segments, and a record order book of S$117.2m as of 31 December 2025.

The company’s gross profit nearly doubled to S$8.0m, supported by higher-margin commercial projects and effective cost management, particularly at its China subsidiary. Lincotrade’s Executive Director and CEO, Jackie Soh Loong Chow, credited the success to strategic initiatives and operational efficiencies, stating, “Our strategic initiatives over the past few years have gained strong momentum, yielding tangible results in our financial performance.”

In recognition of its robust financial performance, Lincotrade has announced an interim dividend of 0.88 Singapore cents per share, surpassing the final dividend of 0.66 Singapore cents per share for FY2025. This interim dividend represents a payout of approximately 41% of the net profit attributable to owners, exceeding the company’s dividend policy of at least 20%.

Looking ahead, Lincotrade aims to leverage its momentum to strengthen its order book and enhance operational capabilities, with a focus on data centre projects. The company has also expanded its operations with new subsidiaries in Singapore, Malaysia, and China, positioning itself for further growth in the region.

Avi-Tech Holdings Limited has announced a net loss of $1m for the first half of 2026, as revenue fell to $8.7m due to challenging market conditions. The Singapore-based company, which provides services to the semiconductor and electronics sectors, cited softer demand and higher costs as key factors impacting its financial performance.

The company’s CEO, Lim Eng Hong, highlighted the difficulties faced by the Engineering segment, which saw revenue drop to $2.6m from $3.2m in the same period last year. This decline was attributed to project deferments and reduced demand, particularly in the automotive and industrial sectors, which have been affected by an inventory glut.

Despite these challenges, Avi-Tech maintained a strong liquidity position with a cash balance of $37.5m. The company is focusing on strategic diversification, expanding into advanced load boards and Internet of Things (IoT) solutions to enhance resilience. Lim noted that whilst near-term revenue growth is expected to remain subdued, there are signs of inventory levels normalising.

Looking ahead, Avi-Tech is cautious about the global operating environment, citing geopolitical tensions and trade restrictions as ongoing concerns. However, the company is positioning itself to seize opportunities as market conditions stabilise, with plans to venture into the high-growth segment of Automated Test Equipment Load Boards and advance its IoT capabilities through a proposed merger and acquisition with Create Technologies.

The Board has decided not to declare an interim dividend, prioritising financial strength and strategic investments to support long-term growth.

Lum Chang Creations has received in-principle approval from the Singapore Exchange for its proposed transfer from the Catalist to the Mainboard. This move follows a period of exceptional financial performance, highlighted by a 104% surge in net profit for the first half of 2026 and its recent inclusion in the MSCI Global Micro Cap Indexes. The transfer is expected to enhance the company’s corporate profile, increase visibility among institutional investors, and broaden its shareholder base.

The company’s Managing Director, Lim Thiam Hooi, expressed pride in achieving this milestone in under a year from their initial public offering (IPO). He stated, “To be on track to achieve this milestone in under a year from our IPO is a remarkable testament to our robust business fundamentals, the dedication of our team, and the strong support from our stakeholders.”

The approval also comes with a waiver from the Singapore Exchange, facilitating the transition to the Mainboard. Lim added that the Mainboard listing would provide a stronger platform for Lum Chang Creations’ next phase of growth, both in Singapore and regionally.

This strategic move underscores the company’s readiness for expansion and its commitment to leveraging its recent financial successes to further its growth ambitions. As Lum Chang Creations prepares for this transition, it aims to capitalise on the increased exposure and opportunities that come with a Mainboard listing.

ASL Marine Holdings Ltd., a prominent marine services group, has announced a net profit of S$17.1m for the first half of FY2026, exceeding the full-year net profit of S$14.7m for FY2025. The company’s ship repairs segment led the revenue growth, increasing by 9.7% to S$93.3m. This growth, coupled with a higher gross margin of 19.3%, resulted in a 24.4% rise in gross profit to S$35.1m.

The company has also made significant strides in reducing its finance costs by 72.8% to S$4.0m, thanks to ongoing deleveraging initiatives. ASL Marine’s Managing Director, Ang Kok Tian, highlighted the strength of their recalibrated service-centric business model, particularly in the ship repairs segment. “We are encouraged by the result of our first-half net profit that has already surpassed last year’s full-year figure,” he stated.

ASL Marine’s balance sheet has strengthened, with cash and cash equivalents more than doubling to S$48.0m. The company maintains a healthy cash flow from operating activities, generating S$31.7m in H1 FY2026. The group’s outstanding shipbuilding order book stands at approximately S$49m, with ship chartering revenue order book at S$107m.

Looking ahead, ASL Marine remains optimistic about growth prospects, buoyed by the resilient marine industry and Singapore’s S$100b coastal protection initiatives. The company has declared an interim dividend of 0.13 SG cents per share, reflecting its commitment to rewarding shareholders amidst improved performance.

JCB International Co Ltd, the international operations arm of Japan’s sole international payment brand, JCB Co Ltd, has announced its sponsorship of the NHK Symphony Orchestra Singapore Concert 2026. Scheduled for 29 April 2026 at the Esplanade Concert Hall in Singapore, the event celebrates the 60th anniversary of diplomatic ties between Japan and Singapore. This marks the orchestra’s first performance in Singapore in 24 years.

The concert will feature works by renowned Japanese composer Yuzo Toyama and Benjamin Britten’s “Four Sea Interludes” from “Peter Grimes.” The programme, inspired by the theme of the sea that connects Japan and Singapore, promises a diverse and engaging musical experience. Takumi Takahashi, Executive Vice President of JCB International Co Ltd, expressed delight in supporting the event, stating, “This year marks the 60th anniversary of the establishment of diplomatic relations between Japan and Singapore, and the concert we are sponsoring is a special event commemorating this milestone.”

JCB, a major global payment brand, has been expanding its network since launching its card business in Japan in 1961. With an acceptance network covering approximately 71 million merchants worldwide, JCB cards are primarily issued in Asian countries and territories, boasting over 175 million cardmembers. The company aims to enhance the SJ60 celebration through this sponsorship and other initiatives.

The concert is organised by the NHK Symphony Orchestra and will take place at the Esplanade – Theatres on the Bay Concert Hall in Singapore. For more information, visit the Esplanade’s official website.

Beng Kuang Group has reported a resilient financial performance for the fiscal year ending 31 December 2025, maintaining profitability despite facing revenue delays and foreign exchange losses. The company announced a proposed cash dividend of 0.6 SG cents per ordinary share, representing 23.5% of the net profit attributable to shareholders.

The group’s asset-light, service-oriented business model enabled it to sustain a gross profit margin of 37.1%, despite a 12.3% decline in revenue to S$98.16m. This decline was primarily due to timing delays in offshore asset integrity projects within the Infrastructure Engineering (IE) division. However, the underlying work scope remains intact and is expected to be recognised in future project milestones.

Beng Kuang’s strong cash generation was evident with an operating cash flow of S$26.55m, bolstered by disciplined working capital management. Total equity increased by 26.9% to S$36.14m, with cash and cash equivalents rising to S$37.38m, following the full redemption of corporate bonds.

Chief Executive Officer Yong Jiunn Run commented on the results, stating, “Our continued focus on high-value, mission-critical services reinforces the strategic relevance of our capabilities across market cycles.”

Looking forward, the group aims to leverage its BKM 2.0 strategy to target high-growth segments in the global energy market, enhancing its resilience and value. Despite the challenges, Beng Kuang remains committed to expanding its core capabilities in areas such as deck equipment, shipbuilding, and specialised industrial chemical cleaning.