Industry News

Food Innovators Holdings (FIH) has reported a significant increase in its Food Retail Business (FRB) gross profit, which rose by 32.4% year-on-year to S$2.4m for the first half of 2027. This growth comes despite a 5.8% decline in overall revenue to S$22.5m, primarily due to the divestment of ten mature properties in its Restaurant Leasing and Subleasing Business (RLSB) in Japan.

The company, which operates Japanese dining concepts across Asia, is focusing on expanding its FRB across Southeast Asia. This includes acquiring Malaysia-based partner Daruma Syokudo Sdn. Bhd., expected to positively impact earnings. FIH plans to open two new restaurants by the end of 2026 and a third in January 2027 under its partnership with Yaruki.

FIH’s strategic shift aims to build a sustainable, high-margin earnings base. The company is also optimising its RLSB portfolio in Japan, seeking to generate stable recurring rental income. The acquisition of One Grip is set to enhance talent sourcing capabilities, supporting both directly operated restaurants and tenant customers.

President and CEO Kubota Yasuaki commented, “Our overall performance was impacted by lower contributions from our Restaurant Leasing and Subleasing Business following the divestment of mature properties. Nevertheless, we expect our existing portfolio to continue generating recurring rental income.”

Looking ahead, FIH is committed to expanding its halal-certified HONOLU ramen and KANBE brand, particularly in Malaysia. The company is also exploring the use of artificial intelligence to improve operational efficiency amidst rising labour costs.

StraitsX has announced a partnership with Visa to expand its stablecoin-backed card issuing capabilities to more than 100 markets globally. This move will extend StraitsX’s infrastructure beyond its current stronghold in Asia, where it has achieved an annualised card transaction volume exceeding US$6b.

The collaboration with Visa will enable StraitsX to support eligible card programmes for fintechs, digital asset service providers, and wallets across various global markets. Tianwei Liu, CEO and Co-Founder of StraitsX, highlighted the significance of stablecoin-backed cards, stating, “Stablecoin-backed cards have become one of the clearest examples of how stablecoins can move beyond settlement and into everyday payments.”

This partnership allows businesses to integrate stablecoin balances and digital asset payment flows with Visa’s global acceptance network. Rubail Birwadker, Global Head of Growth Products & Partnerships at Visa, remarked, “We are unlocking more ways to use stablecoins for real-world payment flows, whilst connecting them to the reach and reliability of Visa’s global network.”

The expansion is part of StraitsX’s broader strategy to connect stablecoins with existing financial and payment infrastructures. By leveraging Visa’s network, StraitsX aims to provide a seamless payment experience without requiring merchants or consumers to adopt new payment methods. This initiative also addresses evolving money-laundering and terrorism financing risks, ensuring they are properly mitigated.

As StraitsX continues to build its global payment infrastructure on stablecoin rails, it positions itself to support emerging forms of commerce and payment flows, further bridging the gap between traditional finance and the digital economy.

The Energy Market Authority (EMA) of Singapore and the Electrical and Mechanical Services Department (EMSD) of Hong Kong have renewed their Memorandum of Understanding (MOU) to strengthen bilateral cooperation on energy security and resilience. This renewed agreement, originally established in 2020, aims to advance collaboration in emerging areas such as artificial intelligence (AI) and digital power grids.

The MOU provides a comprehensive framework for cooperation in three key areas: electricity and gas systems, renewable energy and low carbon technologies, and participation in multilateral forums like the Asia Pacific Economic Cooperation (APEC) and Singapore International Energy Week (SIEW). The partnership will be supported by knowledge sharing and technical cooperation through training and exchange programmes.

Puah Kok Keong, Chief Executive of EMA, expressed enthusiasm about the renewed MOU, stating, “Our exchanges have provided valuable opportunities to learn from each other’s experience in areas such as electricity and gas systems, innovation and low-carbon technologies.” He emphasised the importance of deepening exchanges in emerging areas like AI and digital grids.

Poon Kwok Ying, Director of EMSD, highlighted the success of the partnership since 2020, noting, “From successful cross-border technical exchanges and joint APEC initiatives to our updated focus on digital grids, infrastructure interconnections, and AI energy integration, we are working hand in hand towards our shared vision of a green, low-carbon future.”

This renewed MOU signifies a continued commitment to fostering innovation and sustainability in energy systems, potentially setting a precedent for future international collaborations in the energy sector.

Traveloka’s latest SEA Index for Q3 2026 reveals a significant rise in travel to religious and cultural destinations across Southeast Asia. The report, based on booking data from July to September 2026, shows a notable increase in accommodation bookings from Indonesia to Mecca, which rose by more than 50% year on year. Malaysian travellers are increasingly drawn to Borobudur, whilst bookings from Vietnam to Luang Prabang have doubled.

The report highlights how faith and heritage are central to travel stories in the region. In Indonesia, domestic travel to cooler highland destinations like Wonosobo and Sukabumi is on the rise, offering a respite from the dry season. Internationally, Mecca, Jeddah, and Madinah are among the top destinations for Indonesian travellers.

In Malaysia, the intertwined religious histories of the region are drawing travellers to Indonesia, with Borobudur and the Prambanan Temple complex being key attractions. Singaporean travellers are seeking seasonal changes, with Melbourne’s winter and spring offering a stark contrast to the tropical climate, leading to a tripling of bookings.

Thailand’s Khao Yai, with its lush landscapes during the rainy season, has become the fastest-rising domestic destination. Internationally, Chongqing’s mountain cityscape is attracting Thai travellers. Meanwhile, Vietnamese travellers are finding a slower pace in Luang Prabang, Laos, where heritage and tradition are integral to daily life.

The SEA Index, a quarterly report by Traveloka, provides insights into travel trends across Southeast Asia, helping the industry understand evolving travel patterns.

SoftwareOne and Crayon have completed the integration of their channel businesses across the Asia-Pacific (APAC) region under the SoftwareOne brand. This merger combines the strengths of both companies, enhancing their technology capabilities and vendor relationships to offer a more robust channel proposition for partners.

The integration brings together SoftwareOne’s global scale and expertise in software, cloud, and IT portfolio management with Crayon’s established channel relationships and expertise in cloud, software, data, and AI. This collaboration aims to provide partners with access to a broader technology ecosystem and a larger pool of specialist resources, including solution architects and security specialists.

Varun Paliwal, President of APAC at SoftwareOne, stated, “This is an important step in bringing together two strong channel businesses with complementary strengths. By bringing those strengths together, we can offer partners greater breadth services opportunities, whilst retaining the local expertise and relationships that make the channel work.”

The merger comes at a time when technology budgets are increasing, with IDC projecting ICT spending in the region to reach $647b by 2026. As enterprises transition from AI experimentation to scaled deployment, the demand for comprehensive technology solutions and expertise is growing.

SoftwareOne’s services model supports delivery through and with partners, allowing them to extend their offerings without building every capability themselves. This approach is designed to complement partners’ businesses, enabling them to retain customer relationships whilst accessing additional expertise and services.

The integration not only expands the ecosystem available to partners but also supports partner enablement through market insights and vendor programme guidance. As the APAC region presents diverse market needs, the combined entity aims to provide global technology capabilities whilst maintaining local market expertise.

Medical costs in the Asia Pacific (APAC) region are expected to increase by 9.7% in 2027, a decrease from 11.3% in 2026, according to Aon’s 2027 Global Medical Trend Rates Report. Despite the slowdown, the growth rate remains significantly higher than the forecasted general inflation rate of 2.5% in the region. Tim Dwyer, Head of Human Capital Asia Pacific at Aon, highlighted the need for employers to manage rising costs whilst maintaining employee benefits.

The report indicates that cardiovascular disease, respiratory disorders, and cancer continue to drive medical claims. The projected decline in medical trend rates is largely attributed to reductions in China and India, with decreases of 1.8 and 1.4 percentage points, respectively. However, Singapore and Taiwan are expected to see higher trend rates, whilst Hong Kong remains stable at 9%.

Alan Oates, Head of Global Benefits Asia Pacific at Aon, noted that medical trends vary significantly across markets due to differing healthcare systems and demographic patterns. Employers are encouraged to analyse workforce data and market benchmarks to make informed decisions about benefits design.

The report also identifies wellness initiatives as a primary strategy for managing rising medical costs, with 95% of employers expected to adopt this approach. Plan design changes and cost containment strategies are also prevalent, with flexible benefit plans gaining traction over the past two years.

Aon’s report is based on insights from over 100 offices advising on employer-sponsored medical plans, reflecting the anticipated annual percentage increase in healthcare costs.

RewardinMe Sdn. Bhd., a Malaysian AI-driven marketing platform, has announced its expansion into Myanmar, marking its sixth market entry. This move, facilitated through a partnership with Thailand’s RevSEA, commenced last month with an 18-month gamified marketing campaign targeting one of Myanmar’s largest e-wallet providers. The campaign aims to transform passive users into daily transactors by using in-app games like spin-to-win and scratch cards, all localised in Burmese.

The expansion taps into Myanmar’s burgeoning mobile finance sector, characterised by a young, mobile-first population and increasing internet adoption. Steve Wan, Founder of RewardinMe, highlighted the shift in focus from app downloads to daily active usage in Myanmar’s e-wallet market. “Rather than interrupting people with ads, we let them enjoy fun games. Brands earn attention, loyalty and the customer data they need,” Wan stated.

May Ahyoneoo, Founder and Managing Director of RevSEA, praised the innovative approach, noting, “Working with RewardinMe has been rewarding because they bring something genuinely new to this market.”

Since 2023, RewardinMe has engaged over 360,000 participants across Southeast Asia, with brands seeing up to three times higher engagement than traditional digital campaigns. The company has collaborated with major brands like Maybank and RHB Bank and recently won a BEYOND Innovation Award in Macao.

Looking ahead, RewardinMe is optimistic about further regional growth, with ongoing discussions with other market players.

Toku Ltd, a Singapore-based AI-powered customer experience platform, has announced the extension of its carrier-grade local numbering and public switched telephone network (PSTN) connectivity to Zoom Contact Centre. This development allows enterprises in the Asia Pacific region to select Toku as their connectivity provider directly through the Zoom web portal. Toku, a Zoom connectivity partner since 2021, now offers this service across 14 markets, including Australia, China, and Singapore.

The integration is designed to meet the high demands of AI-powered contact centres, which require superior voice quality, local presence, and regulatory compliance. Thomas Laboulle, Toku’s Founder and CEO, highlighted the importance of carrier contracts in AI infrastructure, stating, “A voice agent is only as fast as the network it answers over, and in Asia Pacific that is settled carrier by carrier, country by country.”

This expansion is significant as it enables enterprises to deploy AI virtual agents alongside human teams, ensuring each call is supported by a local number and in-country routing. The service is available in diverse markets such as Japan, Malaysia, and Vietnam, addressing the complexities of operating across regions with varying carrier and numbering rules.

Customers can activate Toku’s services by selecting it in the Zoom Admin Centre, with separate contracts for connectivity and usage. This move underscores Toku’s commitment to providing robust infrastructure for voice agents, enhancing customer interactions across the region.

PRecious Communications has unveiled its PRecious AI Authority Index: Southeast Asia Banking 2026, highlighting the complex landscape of AI-driven brand visibility in the region’s banking sector. The study, which analysed 16 major banks across six markets, found that AI tools such as ChatGPT, Gemini, and Perplexity often yield inconsistent results when ranking banks.

The research revealed a 43% discrepancy in AI responses, with different banks being named first in nearly half of the matched comparisons. This inconsistency underscores the challenge for brand leaders in relying solely on AI for digital reputation management. Lars Voedisch, Founder and Group CEO of PRecious Communications, stated, “AI has made comparisons instant, but not consistent. Any brand—like banks in our study—can lead one answer and disappear from the next.”

The study also found that business banking queries resulted in a 34% broader competitive field compared to consumer banking queries. Additionally, language played a significant role in altering bank rankings, with changes from English to local languages affecting the top-ranked bank in 60% of Thai and 38% of Indonesian comparisons.

The findings emphasise the need for banks to maintain consistent public proof and media validation to ensure prominence in AI responses. The study highlights the diverse AI competitive landscapes across Southeast Asia, with markets like Indonesia, the Philippines, and Thailand showing varied results based on specific queries and languages. The full report is available online for further insights into these dynamics.

A recent study commissioned by ST0x Group reveals that 76% of institutional investors and wealth managers in the Asia-Pacific (APAC) region, including Singapore and Hong Kong, expect the tokenised equities market to reach at least $10b in on-chain trading volumes by June 2027. This marks a significant increase from $3.86b in May 2026.

The research highlights that 23% of APAC investors predict the market will grow to between $5b and $10b by next year, whilst 50% anticipate it will reach between $10b and $15b. Furthermore, 13% foresee the market climbing to between $15b and $20b, with another 13% expecting it to surpass $20b.

The broader asset tokenisation market, valued at $1.8t in 2025, is projected to soar to $24.5t by 2033. Among APAC investors, 23% believe the market will be worth around $24.5t by 2033, whilst 35% estimate it will range between $24.5t and $25t. A third predict a valuation between $25t and $26t.

Nick Magliocchetti, Director of S01 Issuer GmbH and ST0x Group, stated, “Tokenisation is no longer a theoretical opportunity for institutional investors – it is becoming an investable market.”

The study also found that more than half of the surveyed investors have traded tokenised equities regularly, with 28% significantly increasing their trading over the past year. The primary benefits cited include continuous market access, instant settlement, and lower transaction fees. As tokenisation continues to evolve, it promises to reshape how investors access global markets.