Industry News

Tourism Malaysia has appointed VFS Global as its Marketing Representative agency in Oman, Bahrain, and Kuwait, aiming to strengthen its presence in the Gulf Cooperation Council (GCC) region. This strategic partnership, announced on 5 December 2025, is a significant move to enhance Malaysia’s visibility and engagement in these high-potential markets, with the goal of increasing tourist arrivals.

The GCC countries are crucial for Malaysia’s tourism sector, with visitor numbers from the West Asian region rising from 175,196 in 2023 to 211,701 in 2024—a 20.8% increase. These markets are among the top five in tourist spending per capita and have a longer average stay, making them vital to Malaysia’s tourism growth strategy. The collaboration with VFS Global is part of the preparations for “Visit Malaysia Year 2026,” themed “Surreal Experiences,” which aims to attract significant contributions from GCC visitors.

VFS Global will manage marketing, promotional, and brand-building initiatives through dedicated offices, supporting comprehensive campaigns and travel trade engagements. The agency will also assist the Malaysian Embassy in tourism-related initiatives, ensuring a cohesive promotional approach.

Mohd Faharuddin Hatmin, Director of Tourism Malaysia Dubai, emphasised the importance of the West Asia market, stating, “By partnering with VFS Global, we aim to strengthen our outreach and deliver impactful campaigns that showcase Malaysia’s diverse attractions.” GB Srithar, Head of Tourism Services at VFS Global, expressed excitement about the partnership, highlighting its potential to drive strong visitor numbers to Malaysia.

Looking forward to Visit Malaysia 2026, Tourism Malaysia aims to attract 50 million international visitors, showcasing the country’s cultural heritage, natural beauty, and sustainable tourism offerings.

SC Capital Partners Group, a Singapore-based real estate investment management firm, has started construction on a state-of-the-art data centre in Osaka, Japan. The project, with an initial investment of approximately $600m, secured building permits ahead of its groundbreaking ceremony on 3 December 2025. This development highlights the firm’s commitment to Japan’s burgeoning digital infrastructure sector.

Located on Nanko Island, the facility is strategically positioned with 100MW of allocated power, offering direct access to robust power infrastructure and major network routes. This makes it an ideal location for hyperscale and enterprise users. SC Capital Partners has already begun pre-leasing discussions, attracting interest from global cloud service providers and technology companies seeking scalable and energy-efficient solutions.

The project is backed by a consortium, including a subsidiary of the Abu Dhabi Investment Authority, a major Japanese real estate developer, and SC Capital Partners’ RECAP series of real estate funds. All necessary capital for the development has been secured. SC Zeus Data Centres, a subsidiary of SC Capital Partners, will manage the development and operations of the facility, which is expected to commence operations in early 2028.

Suchad Chiaranussati, Chairman and Founder of SC Capital Partners, stated, “We are among the few who have successfully broken ground in a prime location with secured power and a best-in-class design purpose-built for the AI era.” The firm is also exploring further data centre developments in Japan, South Korea, and other key Asia Pacific markets.

Indosuez Wealth Management, part of the Crédit Agricole Group, has announced a series of strategic hires in Asia, aiming to enhance its bespoke wealth solutions and deepen client relationships. The appointments, which include roles in investment management, relationship management, and insurance, are part of the bank’s ambition to become Asia’s leading boutique private bank.

The new hires include Vicki Koh as Senior Insurance Specialist in Singapore, who brings nearly 20 years of experience from international insurance brokerages and major banks. In relationship management, Diana Chiew joins the External Asset Manager desk in Singapore, whilst Joe Fang and Tanny Ho have been appointed as Senior Relationship Managers. These professionals bring decades of experience from institutions like Credit Suisse, DBS Bank, and Bank of East Asia.

In investment management, Lucas Yang, Leona Tan, and Terrence Yip have joined the Singapore team, with Andrew Chan appointed as Senior Fund Specialist in Hong Kong. These appointments aim to provide tailored investment solutions across private markets and discretionary portfolio management.

Laurent Proutière, CEO Asia, stated, “Our ambition is to be the boutique private bank of reference in this region. Our accelerated recruitment momentum has resulted in a stronger and more dynamic team.”

As Indosuez continues its expansion in Asia, these strategic hires reinforce its commitment to delivering client-centric solutions and solidifying its role as a trusted partner for high-net-worth individuals and professional intermediaries.

The ASEAN Centre for Energy (ACE), Agence française de développement (AFD), and the Southeast Asia Energy Transition Partnership (ETP) of the United Nations Office for Project Services (UNOPS) have signed two grant financing agreements to accelerate the development of the ASEAN Power Grid (APG). The agreements were formalised during the 3rd APG Stakeholders Meeting in Jakarta on 4 December 2025, aiming to enhance energy connectivity across Southeast Asia.

The collaboration between AFD and ACE will support feasibility studies for a cross-border interconnection line, a crucial step in advancing the APG. This initiative is part of the ASEAN Plan of Action for Energy Cooperation and the ASEAN Interconnection Masterplan Study. ACE will work closely with ASEAN Member States and related bodies to implement the project.

Additionally, the AFD-ETP agreement will fund the establishment of the ‘ASEAN School of Regulation’, a joint initiative with the ASEAN Secretariat and the United Nations Economic and Social Commission for Asia and the Pacific. This school aims to equip energy regulators with the skills needed to facilitate cross-border power trade within the APG framework.

Jean-Pierre Marcelli, Southeast Asia Regional Director of AFD, emphasised the importance of the agreements, stating, “Facilitating the ASEAN Power Grid through feasibility funding and capacity building is the ideal engagement with the ASEC and ACE that AFD can undertake to advance ASEAN connectivity and energy transition.”

The agreements underscore the strategic partnership between ASEAN and France, as highlighted by Fabien Penone, Ambassador of France to ASEAN, who remarked on the project’s significance in strengthening Asia-Europe alliances. This development marks a significant step towards a secure, affordable, and sustainable energy future for the region.

QBE Insurance Group has announced the appointment of Sebastian Tjornelund as Asia Head of Marine Underwriting, effective from 1 December 2025. In his new role, Tjornelund will be responsible for implementing QBE Asia’s strategy for marine underwriting portfolios and facultative reinsurance across the region. He will oversee the growth and profitability of these sectors, providing guidance to regional underwriters and handling complex client coverage. Tjornelund will report to Ronak Shah, CEO of Wholesale Markets Asia, with additional oversight from Simon Lascelles, Head of Marine, International.

Tjornelund, who has been with QBE since September 2023, previously served as Interim Head of Marine, Asia, and Head of P&I Underwriting, Asia. His extensive experience in marine insurance spans over 13 years, including senior roles at two International Group P&I Clubs. He expressed enthusiasm about his new position, stating, “It’s an exciting time to be part of the marine insurance sector. The industry is evolving rapidly, shaped by a complex mix of emerging and longstanding risks.”

Ronak Shah praised Tjornelund’s contributions, noting, “During the past two years, Sebastian has been a key member of QBE Asia’s marine underwriting team. Time and again, he has demonstrated exceptional underwriting skills and leadership prowess.”

The appointment underscores QBE’s commitment to strengthening its marine insurance capabilities in Asia amidst a rapidly changing industry landscape.

OCBC and Marriott International have announced a strategic partnership to aid 12,000 small and medium-sized enterprise (SME) suppliers in Singapore, Malaysia, and Indonesia. The collaboration focuses on providing timely access to working capital and supporting sustainable business practices. Suppliers using Marriott’s procurement platform will benefit from digital invoice financing with same-day approval from OCBC, addressing the urgent need for cash flow amidst rising cost pressures.

The partnership allows SMEs to receive up to 80% of their invoice amount without needing to submit bank statements or financial reports. This streamlined process helps optimise cash flow, enabling businesses to seize growth opportunities more effectively. Since the programme’s inception in 2023, OCBC has disbursed approximately S$250m in loans to SMEs in Singapore and Malaysia.

In addition to financial support, OCBC will assist suppliers in establishing a baseline measurement of their sustainability performance. Partnering with EcoVadis, the bank will offer training and workshops to enhance sustainability practices. Suppliers can also access sustainability-linked loans, incentivising improvements in their sustainability metrics.

Marriott International is committed to achieving net-zero greenhouse gas emissions by 2050. The partnership with OCBC aligns with this goal, empowering suppliers to contribute to Marriott’s sustainability efforts. Rashida Ismail from OCBC emphasised the importance of supporting SMEs in their growth and sustainability journeys, whilst Cristiano Rinaldi of Marriott highlighted the need for a collaborative approach to tackling climate change.

The programme, launched in Singapore and Malaysia in 2025, will expand to Indonesia in the first half of 2026.

Insurance asset managers in the Asia-Pacific (APAC) region are increasingly opting for external management of their funds, according to a recent study by Clearwater Analytics. The research, which surveyed asset managers in Hong Kong, Singapore, and Australia, found that 35% of funds are currently managed externally, with all firms delegating between 24% and 45% of their assets to third-party managers.

The study highlights a significant trend, with 67% of executives predicting a shift towards more external management over the next five years. Only 22% foresee an increase in in-house management, whilst 11% expect no change. This shift is primarily driven by the growing reputation and acceptance of external managers, alongside enhanced transparency and reporting capabilities.

Shane Akeroyd, Chief Strategy Officer and President of Asia Pacific at Clearwater Analytics, noted, “The use of third-party asset managers across APAC is set to accelerate as insurers become increasingly comfortable with the practice and seek specialised expertise for complex private market investments.”

The study also revealed that the traditional motivations for outsourcing, such as cost-cutting and lack of in-house expertise, are now less significant. Instead, the focus is on gaining greater control and visibility over investment portfolios, with technology and platforms playing a crucial role.

As private markets continue to expand, representing a third of allocations, the reliance on external expertise is expected to become a competitive advantage for insurers in the region.

Peak Energy, a prominent clean energy platform backed by Stonepeak Infrastructure Partners, is celebrating its two-year anniversary with significant achievements in the Asia Pacific region. In just 24 months, the company has developed over 15 gigawatts (GW) of clean energy projects, including 300 megawatts (MW) of operating assets and 313 megawatt-hours (MWh) of battery energy storage systems (BESS).

Operating in countries such as Japan, Korea, Taiwan, Singapore, Thailand, the Philippines, Malaysia, and Australia, Peak Energy has positioned itself as a key player in the renewable energy sector. The company provides customised solutions, ranging from onsite solar installations to offsite power purchase agreements (PPAs), tailored to meet the specific needs of industrial and multinational clients.

Gavin Adda, CEO of Peak Energy, highlighted the company’s mission to deliver “cheaper, cleaner, and more reliable power” to corporates and utilities across Asia. He noted the company’s rapid growth, stating, “Achieving that ambition in just 24 months—becoming one of the region’s largest and fastest-growing developers—is truly remarkable.”

Peak Energy’s approach includes advanced battery storage and flexible energy supply strategies, ensuring businesses receive dependable renewable power. This is particularly beneficial for companies in regions with unstable grids or where solar energy alone is insufficient. The company is also an active member of the 24/7 Carbon-Free Energy initiative, supporting clients in achieving hourly-matched renewable power.

As Asia moves towards greater energy resilience, Peak Energy remains committed to supporting long-term decarbonisation strategies with robust and reliable solutions.

S&P Global Ratings has assessed the national insolvency regimes of Malaysia and the Philippines, assigning them jurisdiction rankings of Group B and Group C, respectively. This assessment, announced on 3 December 2025, evaluates the degree of protection afforded to creditors under each country’s insolvency laws and the predictability of related proceedings. Despite these rankings, there is no impact on existing credit ratings.

Malaysia’s Group B ranking reflects a satisfactory legal framework for creditors, with a medium level of creditor-friendliness and an intermediate rule-of-law risk. Recent legislative enhancements, such as the Companies (Amendment) Act 2024 and the adoption of the United Nations Commission on International Trade Law (UNCITRAL) Model Law on Cross-Border Insolvency, are expected to improve the predictability of legal proceedings for both domestic and foreign creditors. However, the country still faces challenges due to limited empirical evidence on recovery realisation through insolvency proceedings.

In contrast, the Philippines received a Group C ranking, indicating a weaker legal framework for creditors. The country’s creditor-friendliness is considered weak, with high rule-of-law risk. The Financial Rehabilitation and Insolvency Act of 2010 governs insolvency law, but there is insufficient empirical evidence on its implementation and enforceability. Additionally, the preservation of asset value is low, with few precedents of creditors receiving recovery rates above 30%. Despite these challenges, the Philippines’ legal framework supports the reorganisation of entities as going concerns, and the adoption of the UNCITRAL Model Law on Cross-Border Insolvency offers some mitigation.

These jurisdiction rankings provide insight into the potential recovery prospects for creditors involved in insolvency proceedings in Malaysia and the Philippines.

Over half of marketers in the Asia-Pacific (APAC) region are set to increase their spending on online video, e-commerce, and influencer content in 2026, according to Kantar’s Media Reactions 2025 study. The report highlights a significant shift in the media landscape, with Netflix becoming the most preferred global ad platform among APAC consumers, marking the first time a streaming service has topped the list in the region.

Netflix’s rise is attributed to its innovative ad formats and high-quality content, with 37% of consumers finding its ads trustworthy and 35% rating them as superior in quality. Andy Gallagher, Kantar’s APAC Head of Media, noted, “Netflix is quickly gaining traction as the next big opportunity with APAC marketers increasingly acknowledging its innovative ad formats and the highly positive consumer response.”

The study also reveals that YouTube remains a favourite among marketers for capturing consumer attention, whilst Prime Video ranks in the top five for both consumers and marketers. Pinterest has entered the top five for marketers, driven by Gen Z’s preference for its positive content.

Offline channels continue to hold strong appeal, with Digital Out of Home (DOOH) ads and cinema ads gaining popularity. Gallagher emphasised the importance of a balanced omnichannel strategy, stating, “Integrating offline touchpoints into the media mix remains essential for maximising reach and resonance.”

The report also highlights the growing influence of generative AI in advertising, with 62% of marketers excited about its potential. However, consumer concerns about fake content persist, with 63% worried about the authenticity of AI-generated ads.