Industry News

Sun Group and Changi Airports International (CAI) have entered into a strategic partnership to develop Phu Quoc International Airport into Vietnam’s first “airport destination”. This collaboration, announced on 21 March 2026, aims to integrate aviation infrastructure with tourism, retail, and entertainment, positioning Phu Quoc as a key aviation and tourism hub in the Asia-Pacific region.

The partnership will see CAI providing advisory services to enhance airport operations, commercial performance, and air connectivity. The airport, which handled approximately 6 million passengers in 2025, is projected to increase its capacity to 24 million passengers annually, with a long-term goal of 50 million. This development is timely as Phu Quoc prepares to host the APEC 2027 Summit, welcoming global leaders and international visitors.

Phu Quoc International Airport’s transformation is part of a government-approved master plan that includes a new runway and Terminal 2. The collaboration between Sun Group and CAI follows extensive exchanges in Vietnam and Singapore, leveraging their combined expertise in destination development and airport management.

Dang Minh Truong, Chairman of Sun Group, highlighted the significance of airports as gateways that shape first impressions. “Through this partnership with Changi Airports International, we aim to develop Phu Quoc International Airport into a true ‘airport destination’,” he stated. Eugene Gan, CEO of CAI, expressed confidence in Sun Group’s vision for Phu Quoc, noting the strong foundation provided by its integrated tourism and entertainment ecosystem.

This partnership is expected to serve as a foundation for future airport developments by Sun Group, including projects in Phan Thiet and master planning for airports in Con Dao and Rach Gia.

International consultancy TBH has released a report titled “Powering Data Centres: Are Integrated Utility Precincts the Answer?”, proposing a shift from traditional standalone data centre models to integrated utility precincts. This change is deemed necessary as regional electricity demand from data centres is expected to quadruple to 10.7 GW by 2035, according to the report.

The report highlights that traditional models, where facilities independently secure power, cooling, and water, are becoming less viable in constrained environments like Singapore. TBH Director and Partner Meiske Sompie emphasised the importance of integrated utility precincts, stating, “In Singapore, every drop of water and every megawatt of power counts. Data centres can either compete for scarce resources or catalyse smarter infrastructure systems.”

The integrated model proposes co-planning renewable generation, battery storage, and water treatment at a precinct level, rather than duplicating infrastructure across individual sites. This approach aims to improve capital efficiency, optimise resource utilisation, and enable large-scale integration of renewable energy.

The report also points to Singapore and Malaysia as early indicators of these constraints. Singapore’s 2019 moratorium led to stricter performance thresholds, whilst Malaysia faces scrutiny over water consumption in Johor. Microsoft’s SG2 facility in Singapore, which uses rainwater harvesting, exemplifies this shift towards more sustainable practices.

TBH’s proposal not only benefits operators but also aligns with government and community planning objectives, supporting stronger Environmental and Social Governance (ESG) outcomes. The integrated approach could serve as a model for sustainable digital growth in Southeast Asia.

Howden, the global insurance intermediary group, has announced a significant expansion of its Mergers & Acquisitions (M&A) insurance solutions in Asia by appointing 12 new team members across Singapore, Greater China, and Japan. This move aligns with Howden’s strategy to establish itself as a global leader in M&A insurance, enhancing its capability to address complex insurance needs.

The new appointments join an existing team of eight, bolstering Howden’s expertise in key M&A insurance lines such as Warranty & Indemnity (W&I), Tax, and Litigation & Contingent Risk insurance. This expansion follows Howden’s acquisition of Atlantic Group in the US and builds on its established presence in Europe.

In Singapore, notable appointments include Xianwei Lee as Head of M&A, Asia, and Adrian Chai as Head of W&I, Asia. In Greater China, Chen Jianhua has been appointed as Director, whilst Shunsuke Takechi takes on the role of Head of M&A in Japan.

Rohan Bhappu, CEO of Howden Asia, highlighted the growing complexity and risk in M&A transactions, stating, “Buyers in the region are actively turning to M&A insurance to de-risk transactions.” Xianwei Lee added, “We are thrilled that this team of talented individuals has chosen to join us to provide clients across Asia, and globally, with the right strategic advice.”

With over 300 M&A practitioners globally, Howden positions itself as one of the largest M&A insurance brokers, aiming to deliver innovative solutions for multinational clients amidst robust market conditions.

Marco Polo Marine’s subsidiary, PKRO, has secured a significant 15-year charter contract with Taiwan’s Marine Port Bureau, valued at NT$2.948b (approximately S$118m). This contract, which involves providing emergency towage and salvage services, marks PKRO’s first long-term government charter in Taiwan and is a pivotal step in the group’s regional expansion strategy.

The contract is expected to deliver long-term, recurring revenue, enhancing the group’s financial stability. It also diversifies Marco Polo Marine’s fleet portfolio beyond its current Crew Transfer Vessel (CTV) and Construction Support Operations Vessel (CSOV) operations. Sean Lee, CEO of Marco Polo Marine, expressed pride in the award, stating, “This award is a strong validation of PKRO’s operational expertise and the Group’s ability to deliver specialised marine services to government clients at the highest standards.”

Lee further emphasised the strategic importance of the contract, noting its role in strengthening Taiwan’s maritime safety infrastructure and supporting the growth of its offshore wind sector. “We look forward to contributing to these objectives whilst delivering stable, long-term returns to our shareholders,” he added.

This contract not only reinforces Marco Polo Marine’s presence in Taiwan but also underscores the confidence of regional clients in the company’s capabilities. As the group continues to expand its operations, this milestone contract is expected to play a crucial role in its future growth and success.

Capital raised for Asia Pacific real estate strategies more than doubled in 2025, signalling renewed investor confidence in the region’s long-term prospects, according to Colliers’ Global Capital Flows report. The report highlights a 109% year-on-year increase in capital raised for Asia Pacific-focused strategies, significantly outpacing the growth in funds allocated to North America and EMEA.

Despite a more measured recovery in investment volumes, Asia Pacific is increasingly being prioritised within global portfolios. Theo Novak, Managing Director of Capital Markets & Investment Services at Colliers, noted, “The scale of capital being raised for deployment into the region shows a clear shift in how global portfolios are being constructed for the next cycle.”

Japan and Australia have both increased their share of global cross-border investment, reinforcing their status as key gateway markets. Meanwhile, the United States remained the largest source of global real estate capital, driven by strong fundraising for data centres and other growth sectors.

Sector preferences are evolving, with office assets leading in Asia Pacific over the past 24 months, supported by demand for high-quality buildings. Retail investment has also strengthened alongside the recovery in tourism and consumer spending.

Colliers anticipates that the surge in capital raised for Asia Pacific will support increased investment activity through 2026, as the region’s economic growth forecasts remain robust. Novak emphasised, “Capital is backing assets and markets that can perform through change, not just in the near term, but over the long run.”

Carsome Group Inc, Southeast Asia’s largest integrated car e-commerce platform, has announced a strategic investment round exceeding $30m. This funding comes from a mix of new and existing investors, including the Hong Kong Investment Corporation Limited (HKIC), Gobi Partners, and Asia Partners. The investment underscores confidence in Carsome’s path to profitability and its long-term vision for the region.

The funds will accelerate Carsome’s growth, focusing on leveraging Hong Kong’s role as a regional gateway for advanced automotive capabilities and technology development. The collaboration aims to enhance Carsome’s initiatives in supply chain sourcing and technology, particularly in data and artificial intelligence (AI), to support its regional expansion.

Eric Cheng, Carsome’s co-founder and CEO, stated, “This strategic collaboration and fundraise is a vote of confidence in our continued momentum and long-term vision.” He emphasised the partnership’s role in providing access to innovation capabilities and cross-border networks.

Clara Chan, CEO of HKIC, expressed support for Carsome, highlighting the company’s alignment with HKIC’s mission to foster scalable innovation. “We look forward to supporting forward-thinking companies like Carsome in creating tangible value for the future of Hong Kong,” Chan said.

Chibo Tang, Managing Partner of Gobi Partners, noted Carsome’s potential to strengthen ties with Greater China, leveraging regional strengths. Gobi Partners has been a long-term supporter of Carsome, recognising its ability to scale across international borders.

Carsome operates across Malaysia, Indonesia, Thailand, and Singapore, aiming to digitise the used car industry in Southeast Asia.

Alibaba Group has launched Wukong, a new AI-native platform designed to streamline business operations by integrating advanced agentic capabilities directly into enterprise workflows. The platform, announced on 17 March 2026, is built on robust security infrastructure and aims to enhance productivity in business environments.

Wukong is the flagship product of the Wukong Business Unit under the newly established Alibaba Token Hub (ATH) Business Group. This launch underscores Alibaba’s commitment to advancing AI solutions for the enterprise market. Currently, Wukong is available for invitation-only beta testing and can be accessed as a standalone desktop application or as an embedded AI agent within DingTalk, Alibaba’s enterprise collaboration platform.

The platform is engineered to handle complex tasks such as document editing, spreadsheet updates, and meeting transcriptions by coordinating multiple agents within a single interface. It also offers enterprise-grade security features, including identity authentication and access controls, making it suitable for business environments where security is paramount.

Wukong will progressively integrate with other messaging platforms like Slack, Microsoft Teams, and WeChat, allowing users to access its features across various devices. Additionally, Alibaba plans to incorporate its broader ecosystem, including Taobao and Alibaba Cloud, into Wukong as modular agent skills, further expanding its functionality.

To cater to specific industry needs, Wukong has introduced One-Person Team (OPT) solutions across ten sectors, including e-commerce and legal services. These solutions provide industry-specific skills to help individuals and startups manage workflows efficiently.

This development is part of Alibaba’s broader strategy to integrate AI capabilities into practical applications, following the recent upgrade of its consumer AI application, the Qwen App.

QBE Re, the reinsurance division of QBE Insurance Group, has appointed Soichiro Tanaka as its Head of Southeast Asia. With 13 years of experience in insurance and reinsurance across Asia, Tanaka will spearhead the underwriting strategy for the region. He will be based in Singapore and report directly to Cindy Foo, Head of Asia, Treaty.

Tanaka joins QBE Re from Aspen, where he served as a Senior Underwriter, contributing to the growth of property, casualty, and speciality lines in Singapore. His new role will involve overseeing portfolio management and identifying growth opportunities as QBE Re continues to expand its presence in Asia.

The appointment of Tanaka follows recent strategic hires, including Cindy Foo in December 2025 and Sven Liu as Head of Greater China in January. Cindy Foo expressed confidence in Tanaka’s capabilities, stating, “We are delighted to welcome Soichiro to the role as we continue to grow our Asia portfolio. I am confident his strong technical expertise and breadth of multi-line experience in Southeast Asia will be an asset to QBE Re.”

QBE Insurance Group, listed on the Australian Securities Exchange, reported a gross written premium of $24b for the year ending 31 December 2025. The company is recognised as one of the world’s leading insurers and reinsurers, with a focus on building resilience through risk management and insurance solutions.

Manulife has announced an exclusive partnership with Guardant Health, a precision oncology company, to introduce the Shield Multi-Cancer Detection (MCD) test to its customers in Hong Kong, Singapore, and the Philippines. This marks the first time the innovative blood-based screening solution will be available in Asia, offering a significant advancement in proactive health management.

The Shield MCD test, which screens for 10 common cancers with high mortality rates in Asia, requires only a blood draw and has received Breakthrough Device Designation from the US Food and Drug Administration in June 2025. This partnership underscores Manulife’s commitment to providing innovative health solutions that address unmet needs.

Steve Finch, President and CEO of Manulife Asia, stated, “By being the first insurer in Asia to offer the Shield MCD test, we’re empowering our customers with a credible and valued service that encourages proactive health management.” This collaboration builds on the existing relationship between Manulife and Guardant Health in Singapore, where they offer the Guardant360 liquid biopsy test for advanced solid tumours.

The introduction of the Shield MCD test is expected to significantly impact cancer detection and management in the region, potentially improving health outcomes for many. As cancer remains a leading cause of death in Asia, this partnership aims to enhance early detection and treatment options for patients.

A recent report by Bain & Company highlights a growing divide in the performance of Southeast Asia’s conglomerates, with top performers achieving 20% annual shareholder returns from 2016 to 2025. This marks a significant shift from the sector’s average of 4%, as these leading conglomerates close the gap with pure-play companies.

The report identifies two archetypes among the top performers: “all-weather stars” that have consistently delivered strong returns over two decades, and “emerging stars” that have rapidly ascended through bold transformations. Jean-Pierre Felenbok, a senior advisory partner at Bain & Company, noted, “A subset of leaders has proven that reinvention can unlock substantial value even in a lower-growth environment.”

The findings suggest that the underperformance of conglomerates is no longer inevitable but rather a matter of strategic choice and execution. The report outlines four critical pathways for successful transformation: maximising core business value, actively managing portfolios, optimising capital structures, and transforming operating models.

Family-controlled businesses, which make up 80% of the region’s conglomerates, have historically outperformed their peers. However, the report warns that family ownership can amplify both strong and weak performance, emphasising the need for governance clarity and succession planning.

As generational leadership transitions loom, the next decade will be crucial for these conglomerates. Amanda Chin, a partner at Bain & Company, stated, “The next wave of transformation will determine which groups close the performance gap and which fall permanently behind.” The success of ‘Emerging Stars’ demonstrates that decisive transformation can propel companies from the bottom quartile to the top within three years.