The 2025 “Best Under A Billion” list announced by Forbes Asia, comprising 200 top-performing small and mid-cap firms in the Asia-Pacific region, is a testament to the resilience and innovation of Singaporean companies. These exceptional companies have demonstrated remarkable growth, achieved significant milestones, and proved their worth in the face of challenging market conditions. Among the 200 companies recognized for their outstanding performance, five Singaporean firms made the cut in 2025. This is a notable achievement, as it highlights the quality and caliber of Singaporean companies that are making a mark globally.

1. Singapore Exchange (SGX)

As the largest market capitalisation among the five listcos that made the Forbes Asia list, Singapore Exchange (SGX) boasts a significant presence in the region. As of Tuesday, SGX had a market capitalisation of S$17.3 billion, making it the largest bourse in Southeast Asia. Its total securities market turnover value rose 23 per cent year on year in June to S$26 billion, with a notable increase in the volume of derivatives. The total traded volume for the year reached 315.8 million contracts, a testament to the bourse’s strong performance. In addition, SGX had four new listings this year – automotive solutions provider Vin’s Holdings, Info-Tech Systems, NTT DC Real Estate Investment Trust (Reit), and Lum Chang Holdings, as well as a secondary listing by China Medical System. The bourse is often referred to as a “safe haven” amid geopolitical tensions caused by conflict in the Middle East and tariff uncertainty. Its full-year results for FY2025 are expected to be released before trading hours on Aug 8.

• Analysts see the Singapore market as a stable and secure option for investors due to its strong economic fundamentals and favorable regulatory environment.
• The bourse’s diverse range of listings, including blue-chip companies and start-ups, makes it an attractive destination for investors seeking a mix of growth and stability.

2. iFast

Singapore-based wealth management platform iFast made its Forbes Asia list debut this year with a market capitalisation of about S$2.8 billion. The company’s impressive performance can be attributed to its strong sales growth, with revenue increasing by 19.7 per cent year on year to S$194.9 million in the first half of the year. Its UK digital bank, iFast Global Bank, has been a key driver of its success, with impressive returns of 37.3 per cent for the month of July. In addition, iFast has been boosted by its improving performance in the second quarter, which saw a significant increase in revenue and profit.

3. Centurion

Centurion, a company founded in 1984, has a diverse portfolio of purpose-built worker accomodation (PBWA) assets in Singapore and Malaysia, and purpose-built student accomodation (PBSA) assets in Australia, the UK, and the US. The company has also made significant strides in its build-to-rent assets in China, which are expected to drive its future growth. Centurion’s recent proposal to list a new Reit – Centurion Accommodation Reit – on the mainboard of SGX is a significant milestone, with an initial portfolio value of more than S$1.8 billion.

• Centurion’s diversified portfolio and strong financials make it an attractive option for investors seeking stable returns.
• The company’s growth prospects are driven by its increasing presence in China and its expanding portfolio of build-to-rent assets.

4. Credit Bureau Asia (CBA)

Credit Bureau Asia (CBA), listed on the SGX, operates two core segments – financial institution (FI) data business and non-FI data business. The company’s financial institution data business provides consumer or business credit reporting, scoring, analytics, and monitoring, while its non-FI data business offers commercial credit reports, risk management tools, receivables services, and insights. For the full-year ended Dec 31, 2024, CBA posted a revenue of S$59.7 million, up 10 per cent year on year, with profit after tax and minority interests rising 14 per cent to S$11.2 million. Its subsidiary, Credit Bureau (Singapore), received a consumer credit bureau licence from the Monetary Authority of Singapore (MAS) in April 2025, enabling full consumer credit reporting operations in Singapore.

• CBA’s revenue growth is driven by its expanding presence in the financial institution data market.
• The company’s strong financials and commitment to innovation make it an attractive option for investors.

5. Grand Banks Yachts

Grand Banks Yachts, with a market capitalisation of S$97 million, is a luxury yacht builder that operates out of its manufacturing yard at Pasir Gudang, Johor, in Malaysia, and provides customer support out of its service yard at Stuart, Florida, in the US. The company’s yachts range between 42 and 85 feet and are manufactured under the brands of Grand Banks, Eastbay, and Palm Beach. Grand Banks Yachts was established in 1956, initially as American Marine Ltd, Hong Kong, and subsequently opened a factory in Singapore in 1969. The company’s recent third-quarter net profit dipped by 42.4 per cent to S$2.3 million, but revenue grew by 37.8 per cent to S$40.1 million in the same quarter.

• Grand Banks Yachts’ unique business model, combining manufacturing and customer support, makes it an attractive option for investors seeking stable returns.
• The company’s strong brand reputation and luxury products drive its growth prospects.

Conclusion

Singapore’s hidden gems have been recognized globally with the five Singaporean firms making it onto the Forbes Asia’s 2025 “Best Under A Billion” list. These companies have demonstrated remarkable growth, achieved significant milestones, and proved their worth in the face of challenging market conditions. Their inclusion on this prestigious list is a testament to the resilience and innovation of Singaporean companies, and highlights the quality and caliber of Singaporean companies that are making a mark globally. These companies will undoubtedly continue to shine in the years to come, driven by their strong financials, diversified portfolios, and commitment to innovation. As Singapore continues to emerge as a major financial hub in the Asia-Pacific region, these companies will play a significant role in shaping its future growth and success.