Industry News

ib vogt has successfully closed a US$75m financing deal for its 99 MWp solar-plus-storage project in Barangay Luca, Iloilo, Philippines. The financing, secured through an Omnibus Loan and Security Agreement, is provided by Rizal Commercial Banking Corporation (RCBC), with RCBC Capital Corporation as the lead arranger.

The project, ib vogt’s first hybrid solar-plus-BESS development in the Visayas, combines 99 MWp of solar photovoltaic capacity with a 4 MW/16 MWh battery energy storage system. Construction began in early 2026, with commissioning expected by Q2 2027. Once operational, the plant will generate over 160 GWh of clean electricity annually, enough to power more than 85,000 households and reduce CO₂ emissions by over 70,000 tonnes per year. The integrated BESS will enhance grid stability and improve energy dispatchability across the Visayas grid.

David Ludwig, CEO of ib vogt APAC, stated, “This is our first power plant in the Visayas—a market with significant demand fundamentals and strong potential for renewable growth.” He highlighted RCBC’s confidence in the project’s structure and ib vogt’s track record in the Philippines.

RCBC Executive Vice President Elizabeth Coronel emphasised the bank’s commitment to sustainable finance, noting the project’s role in advancing the Philippines’ energy transition. As the fifth largest privately owned bank in the Philippines, RCBC continues to support projects that drive sustainable growth and create long-term value.

ib vogt, headquartered in Singapore, has been active in Asia since 2012 and is committed to supporting the decarbonisation of the global electricity sector. The company manages a pipeline of around 29 GWp of photovoltaic projects, 970 MW of BESS, and 190 MW of wind projects worldwide.

SJ Group has announced the appointment of Kelvin Wong as Group Chief Commercial Officer and Region Head, Asia, effective 1 July 2026. Wong, a prominent figure in the built environment sector, will spearhead SJ’s commercial strategy and oversee operations in Asia, which accounts for over half of the company’s global workforce and 60% of its revenue in 2025.

Wong’s role will involve leading SJ’s commercial strategy across the client lifecycle, from market positioning to client management, and aligning technical delivery with commercial outcomes. He will report directly to Group CEO Sean Chiao. SJ Chairman Chaly Mah expressed confidence in Wong’s appointment, highlighting the strength of SJ’s leadership.

Wong brings a wealth of experience from his tenure as CEO of the Building and Construction Authority (BCA) in Singapore, where he led a transformation focused on sustainability and digital adoption. Prior to BCA, he spent 24 years at the Singapore Economic Development Board, shaping policy and building national capabilities.

Wong stated, “SJ has the ambition and what it takes to make the built environment sustainable, resilient, AI-driven and talent-centric.” His career has spanned policy, promotion, and industry engagement, making him a valuable addition to SJ’s leadership team.

Password stealer attacks targeting Malaysian businesses surged by 33% in 2025, according to new findings from cybersecurity firm Kaspersky. With 244,061 attacks detected last year, Malaysia ranks as the second most affected market in Southeast Asia, trailing only Vietnam. Across the region, over 1.5 million such attacks were recorded, marking an 18% increase from 2024.

These attacks involve malware designed to extract passwords and account information, often used to infiltrate business environments without detection. Kaspersky’s Managing Director for Asia Pacific, Adrian Hia, noted, “Password stealers remain one of the most effective tools in a cybercriminal’s arsenal because they target the front door of every organisation: user credentials.”

The threat is exacerbated by the common practice of storing sensitive information digitally. A recent survey by Kaspersky revealed that 61% of Malaysian respondents store sensitive data digitally, and 44% use simple passwords. The Philippines experienced the highest surge in attacks at 41%, followed by Malaysia, Singapore, Vietnam, and Indonesia. Thailand, however, saw a decrease of 21%.

To combat these threats, Kaspersky recommends the use of password managers, multi-factor authentication, and regular credential audits. The company also advises organisations to adopt advanced security platforms and keep software updated to minimise risks. As cyber threats evolve, aligning internal processes with the latest threat intelligence is crucial for maintaining security.

UMS Integration Limited has signed a Memorandum of Understanding (MOU) to establish a joint-venture company in Vietnam, aiming to bolster its growth in the semiconductor and precision engineering sectors. The Singapore-based company intends to invest approximately $3.6m for a 51.6% stake in the new venture, which will consolidate three local precision engineering and metal plating firms.

The MOU, which is non-binding, was signed with Viet Nguyen Mechanical Precision Company Limited, Central Metal Mechanical Company Limited, and Global Metal Plating Company Limited. These companies will be restructured into a new entity, with UMS taking a majority stake. The investment will be funded through UMS’s internal resources and is part of its strategy to expand its manufacturing capabilities and tap into the booming semiconductor market.

UMS CEO Andy Luong highlighted the strategic benefits of the deal, stating, “This deal is both strategic and synergistic for UMS. We can gain from lower costs and better economies of scale in view of the strong growth in the global semiconductor industry.” He also noted that the investment would enhance UMS’s production facilities in Singapore and Malaysia, whilst broadening its geographical footprint to Vietnam.

Vietnam is positioning itself as a significant player in the global semiconductor industry, recently being removed from the US export control list, which could facilitate access to advanced chip-making technologies. The MOU is not expected to impact UMS’s financial results in the current year, but it marks a significant step in the company’s long-term growth strategy.

Singapore-listed Wee Hur Holdings Limited has announced its foray into Hong Kong’s purpose-built student accommodation sector with the launch of Starvia by Y Suites on Fortress Hill. The 246-bed, 19-storey facility is set to begin student leasing in the second half of 2026, strategically located opposite Fortress Hill MTR Station for easy access to Hong Kong’s top universities.

The project is a joint venture between Wee Hur Hospitality and Starvia Holdings Ltd. It aims to address the growing demand for student accommodation in Hong Kong, a market currently experiencing a significant shortfall in supply. According to Colliers, the city faces a projected shortfall of approximately 120,000 beds by 2028, driven by an increase in non-local student admissions and government policies positioning Hong Kong as an international education hub.

Starvia by Y Suites will offer a range of fully furnished flats, from Studio Deluxe units to multi-bedroom shared layouts, complete with amenities such as study areas, a gym, and 24/7 security. The development is part of Wee Hur’s strategy to expand its student accommodation platform beyond Australia, leveraging the Y Suites brand to capture demand in Hong Kong’s undersupplied market.

Eric Wang, Deputy General Manager of Wee Hur Hospitality, stated, “Hong Kong is one of Asia’s most compelling student accommodation markets, with strong, policy-backed demand and a clear shortage of quality, professionally managed supply.”

Wee Hur plans to continue exploring opportunities to expand its portfolio in Hong Kong, aligning with its strategy to invest in alternative real estate asset classes that offer stable, long-term returns.

Capgemini’s 30th World Wealth Report reveals that the Asia-Pacific (APAC) region has once again topped global wealth growth charts, with high-net-worth individual (HNWI) wealth increasing by 10.5% in 2025. This growth outpaced other regions, including North America and Europe, and was driven by AI-driven market momentum.

The report, released by the Capgemini Research Institute, highlights significant gains in key APAC markets. Japan saw a 12.3% increase in HNWI wealth, buoyed by a 26% rise in the Nikkei 225 and a 21.6% growth in market capitalisation. Hong Kong experienced a 13.6% rise in HNWI wealth, supported by a 27.8% gain in the Hang Seng Index. Meanwhile, China’s HNWI wealth grew by 12.2%, despite challenges in the real estate sector.

Globally, HNWI wealth reached a record $98.3t, marking an 8.7% increase from the previous year. However, the report notes that traditional wealth management firms are struggling to meet rising HNWI expectations, with only 17% of HNWIs reporting a seamless advisory experience. As $1.5t in assets shifted to non-traditional players between 2022 and 2025, the report suggests that firms need to adopt augmented intelligence to deliver personalised advice at scale.

Capgemini CEO Kartik Ramakrishnan emphasised the need for wealth management firms to transform their operating models, stating, “Firms can optimise legacy models for incremental improvements, or they can embrace an intelligence-led operating model that compounds advantage as they move ahead.” The report underscores the importance of personalised, empathetic advice in shaping the future of wealth management.

TransitionZero has launched a significant upgrade to its Scenario Builder platform, enabling comprehensive energy system modelling across the Association of Southeast Asian Nations (ASEAN). This enhancement allows for integrated analysis of power systems in 10 Southeast Asian countries, addressing the fragmented nature of the region’s cross-border electricity trade.

The ASEAN Power Grid, envisioned in the ASEAN Vision 2020, aims to create a regionally interconnected power system. However, progress has been limited and uneven. TransitionZero’s latest upgrade facilitates the testing of cross-border scenarios on a single interface, covering energy generation, transmission, and trade flows. This development eliminates the need for separate studies or fragmented national models, streamlining the planning process for energy planners.

Isabella Suarez, Head of Engagement for Southeast Asia at TransitionZero, highlighted the significance of this launch. She stated that it represents a step towards more informed cross-border planning, market design, and regional investment decisions. The upgrade is expected to reduce duplicated modelling efforts across the region, promoting efficiency and collaboration.

TransitionZero also offers insights from legal and policy experts on the necessity of robust regulatory frameworks to support a regionally interconnected power system. This initiative marks a pivotal moment in advancing Southeast Asia’s energy infrastructure, potentially transforming the way energy is managed and traded across borders.

Travellers and residents in Singapore can now use DBS Remit to fund Weixin Pay wallets globally, enhancing cross-border payment options. This development follows the initial launch in February 2026, allowing users to transfer funds directly to Weixin accounts verified by Chinese, Hong Kong, and Macau identification documents.

Since the February launch, DBS Remit has experienced significant growth, with the number of customers using the service quadrupling and transaction volumes increasing eightfold. The average transaction size has risen to over S$800, indicating growing customer confidence in using DBS Remit for everyday payments in China.

P’ing Lim, Regional Head of Ecosystems & Cross Border Payments at DBS Bank, highlighted the importance of seamless payment integration, stating, “Consumers today no longer view payments in isolation, especially in China, where digital wallet apps are ubiquitous and deeply woven into everyday life.”

The new feature not only facilitates payments but also extends to services such as transport bookings and food ordering, reducing transaction fees typically associated with credit card payments. By funding digital wallets directly through DBS Remit, users can avoid additional platform fees.

DBS continues to strengthen its cross-border payments ecosystem, reflecting rising consumer demand for intuitive payment experiences across Asia. The bank is seeing strong growth in regional scan-to-pay and cross-border payment linkages in markets like India, Indonesia, Malaysia, and Thailand. This expansion underscores DBS’s commitment to supporting customers’ evolving payment needs across interconnected digital ecosystems in Asia.

Southeast Asia’s climate-tech sector has secured approximately $1.1b in disclosed equity funding across 268 rounds, according to a report by Tracxn. The report highlights that seed and early-stage rounds account for nearly all the capital, underscoring the region’s focus on nurturing nascent climate technologies.

The report reveals that Singapore is at the forefront, attracting around $872m of the total funding. Indonesia and Vietnam follow, with $162m and $53m, respectively. Notably, four of the five most-funded companies, including Beam and Neuron, are based in Singapore or Indonesia, primarily focusing on electric mobility.

Solid Waste Management Tech emerged as the top-funded sector, securing $105m, followed by Smart Grid at $97m. Significant contributions to these sectors include Amperesand’s $80m Series A in Smart Grid and Blue Planet’s $46m Series B in Solid Waste Management.

The climate-tech ecosystem in Southeast Asia is also witnessing an increase in exit activities, with 20 acquisitions and 10 public listings recorded to date. Acquisitions are mainly concentrated in Singapore, whilst public listings span across Thailand, Malaysia, Indonesia, and Singapore.

In 2026 to date, four rounds totalling approximately $17m have been recorded, all at seed or early stage. This trend aligns with the broader market pattern, indicating a continued emphasis on early-stage investments. The report suggests that the region’s climate-tech ecosystem is still in its formative stages, with most capital being committed at the entry levels, paving the way for future growth and development.

Visa, a global leader in digital payments, has announced two significant leadership appointments in the Asia Pacific region, aiming to expand its Value-Added Services (VAS) and accelerate growth in Southeast Asia. Serene Gay, formerly Group Country Manager for Singapore, Malaysia, and Thailand, has been appointed as Head of Value-Added Services for Asia Pacific. She will focus on expanding Visa’s VAS business, which includes Issuing and Loyalty, Acceptance, and Risk & Security solutions.

Serene Gay brings over two decades of experience in payments and financial services, having held senior roles in digital banking, product strategy, and marketing. Her leadership is expected to drive transformation and build strategic partnerships across the region. “Serene will play a pivotal role in scaling these capabilities for our clients across Asia Pacific,” said Stephen Karpin, Regional President for Asia Pacific at Visa.

Adeline Kim steps into an expanded role as Group Country Manager for Singapore, Malaysia, and Thailand, and Senior Vice President of Global Clients & Acquirers for Asia Pacific. Previously the Country Manager for Singapore and Brunei, Adeline will lead Visa’s business across these countries, focusing on client engagement and regional collaboration. With over 14 years at Visa, she has been instrumental in advancing the company’s business and client relationships in Southeast Asia.

These appointments underscore Visa’s commitment to investing in talent and strengthening its capabilities to support clients and partners across the Asia Pacific region. As Visa continues to prioritise Value-Added Services, these leadership changes are set to enhance the company’s growth and innovation in the dynamic Asia Pacific market.