SINGAPORE – Home-grown fintech platform iFast has made it to the latest Forbes Asia’s Best Under A Billion list, buoyed by growing wealth in the region.
It is one of five Singapore Exchange (SGX)-listed companies that earned a spot on the 2025 list, which recognises 200 top-performing small and mid-cap firms in the Asia-Pacific with annual sales ranging from over US$10 million (S$12.9 million) to under US$1 billion.
The others are local bourse SGX itself, accommodation provider Centurion, luxury yacht builder Grand Banks Yachts, and credit and risk information provider Credit Bureau Asia (CBA).
Leading the pack on the Forbes list are China, with 30 companies, and India, with 29.
The 200 companies on the unranked list were chosen from over 19,000 firms in 17 territories.
They are assessed using a composite scoring system based on debt levels, sales and earnings-per-share growth over the past one and three fiscal years, as well as the strongest one- and five-year average return on equity.
State-controlled firms, subsidiaries of larger companies, and those with serious governance issues and legal troubles were excluded.
In a statement on Aug 6, Forbes noted that the buoyant financial services sector has propelled 18 companies onto the list – more than double the eight companies in 2024.
The beauty industry also shines, with 13 companies, mostly from South Korea, making the cut.
Forbes said iFast’s debut on the list reflects the rising tide of wealth in Asia.
The Singapore-based wealth management platform, which has a market capitalisation of around $2.8 billion, recorded a nearly 50 per cent jump in revenue to $383 million in 2024. Its net profit surged 136 per cent to $66.6 million.
The impressive growth was partly driven by the improved performance of its UK-based digital bank, iFast Global Bank, which it acquired in 2022.
Its strong performance continued in the first half of 2025. At the end of June, iFast also booked a record $27 billion in assets under administration.
Its shares were trading at around $9.20 on Aug 6 – near its 52-week high.
The Singapore company on the Forbes list which boasts the largest market capitalisation at $17.4 billion is SGX itself.
In the first half of FY2025, the local bourse reported a jump of 15.6 per cent in net revenue to $646 million, and an adjusted net profit of $320 million – up 27.3 per cent from a year ago.
Centurion, which builds and manages worker and student housing in Singapore, Malaysia, Hong Kong, Australia, the US and Britain, has a market capitalisation of around $1.5 billion.
The company, which reported a 13 per cent increase in revenue to $69 million for the first quarter ended March 31, recently announced plans to spin off 14 of its properties into a new real estate investment trust (Reit) called Centurion Accommodation Reit.
That portfolio is valued at around $1.8 billion but is expected to rise to $2.1 billion upon the
deferred acquisition of Epiisod Macquarie Park
, a premium student accommodation in Australia that is under construction.
The two small caps on the list are CBA, with a market capitalisation of $313 million, and Grand Banks Yachts, with $97 million.
CBA, which provides credit and risk information solutions to banks, financial institutions, multinational corporations and government agencies, reported a 10 per cent jump in revenue year on year to $59.7 million for the full year ended Dec 31, 2024.
Some analysts have noted the steady rise in its share price over the past year, attributing it to CBA’s resilient operations and market leadership in the financial institutions data business across Singapore, Cambodia and Myanmar.
Grand Banks Yachts manufactures luxury yachts under the brands of Grand Banks, Eastbay and Palm Beach out of its yard in Pasir Gudang, Johor.
Its revenue increased by 37.8 per cent to $40.1 million for the third quarter ended March 31, although its net profit saw a 42.4 per cent drop year on year to $2.3 million.