Industry News

Mastercard has unveiled the Asia Gourmet Circle programme, offering World Legend, World Elite, and World Select cardholders priority reservations at more than 400 award-winning restaurants across 10 Asia Pacific markets. This initiative, part of The Mastercard Collection, allows cardholders to secure tables at prestigious dining venues in countries including Australia, Japan, and Singapore, enhancing their culinary experiences both locally and abroad.

The programme caters to the growing demand for premium dining experiences, with Mastercard research indicating that 67% of Asia Pacific consumers are passionate about culinary experiences. Sandeep Malhotra, Executive Vice President of Core Payments at Mastercard Asia Pacific, noted, “Dining has emerged as one of the most meaningful ways cardholders express their passions, at home and especially whilst travelling.”

Participating restaurants include Michelin-starred establishments such as Bennelong in Australia and JAAN by Kirk Westaway in Singapore. Cardholders can enjoy additional privileges like dining credits or complimentary wine at select venues in Australia, Hong Kong SAR, and Singapore with a minimum spend.

The Asia Gourmet Circle is part of a broader suite of benefits under The Mastercard Collection, which aims to redefine premium cardholder experiences through curated dining, entertainment access, and travel privileges. This initiative underscores Mastercard’s commitment to enhancing consumer experiences by connecting them with world-class culinary delights.

Empyrean Sky Partners (ESP) has achieved the fastest first close of 2026, raising $90m towards its $200m target for the Global Technology Fund. The fund focuses on growth-stage companies at the intersection of artificial intelligence, robotics, and advanced manufacturing—sectors poised to transform industrial productivity and global technology deployment.

The fund is co-managed with Lion X Ventures, the technology venture investment partner of OCBC, combining ESP’s investment expertise with Lion X Ventures’ extensive network. This collaboration aims to identify and scale innovative companies by providing capital, global networks, and operational support to accelerate commercialisation. Additionally, the fund has formed a strategic partnership with Dreame Technology, allowing portfolio companies to benefit from Dreame’s industrial insights and engineering expertise.

The rapid execution of the first close, securing $90m in record time, highlights strong investor confidence in technology platforms that integrate AI with physical systems. Institutional investors, family offices, and industry participants have committed to the fund, citing ESP’s track record and access to industrial ecosystems as key advantages. Ming Lei, Chairman and Founding Partner of ESP, emphasised the fund’s goal to support founders in building the next generation of intelligent systems through long-term capital and industrial access.

With Asia emerging as a major innovation hub, ESP’s fund is well-positioned to support companies with global impact potential, focusing on businesses that integrate software intelligence with advanced hardware, including robotics and logistics automation.

The latest GEP Global Supply Chain Volatility Index reveals a significant rise in manufacturing activity across Asia in February, marking the region’s busiest month since October 2022. This surge, driven by increased purchasing in China, Japan, India, South Korea, and Taiwan, contrasts with a decline in North American factory input demand, reflecting a cooling in US manufacturing growth.

The index, which tracks demand conditions, shortages, transportation costs, inventories, and backlogs, showed global purchases of raw materials and critical components rising at the fastest pace in nearly four years. John Piatek, vice president of consulting at GEP, highlighted the impact of geopolitical tensions, stating, “The war with Iran is already creating an oil supply shock that will disrupt global supply chains.”

In Europe, industrial recovery is gaining momentum, particularly in Germany, though supply bottlenecks are emerging. The UK also reported full capacity in its supply chains. Despite these challenges, global reports of manufacturers stockpiling materials remain below typical levels, indicating a preference for lean inventories.

The index’s regional findings show Asia’s index jumping to 0.40, its highest since 2022, whilst North America’s index slipped to -0.26, indicating underutilised supplier capacity. Europe’s index rose to 0.05, and the UK’s increased to 0.01, suggesting robust activity.

As global demand for raw materials strengthens, companies are urged to assess their exposure to energy and shipping costs. The next release of the GEP Global Supply Chain Volatility Index is scheduled for 10 April 2026.

Visa, a global leader in digital payments, and Trip.com Group have announced a new global agreement to enhance travel payment experiences across Asia Pacific. The collaboration introduces a virtual travel card programme, launched in Singapore and soon expanding to the Netherlands and Hong Kong. This initiative is designed to simplify booking and payment processes for consumers and travel partners worldwide.

The virtual travel card, issued through Trip.com Group’s fintech arm, TripLink, aims to improve payment efficiency and security for travel suppliers, hotels, and agencies. By integrating Visa’s virtual card credentials, the programme seeks to streamline B2B payment flows, reduce manual reconciliation, and enhance data visibility for travel partners. This development is particularly timely as Visa’s research indicates that 55% of Asia Pacific consumers plan to travel in the next six months, with Japan, China, and Australia being top destinations.

Arturo Planell, Group Country Manager for Regional Southeast Asia at Visa, stated, “Travel should be exciting, not complicated. By working with Trip.com Group, we’re making payments simpler and more secure for travellers and the travel industry.” Zhe Wang, Head of Fintech at Trip.com Group, added, “Together, we aim to enhance every step of the travel experience and support the continued recovery of global tourism.”

The partnership also includes joint marketing efforts to connect travellers to more destinations and experiences, further supporting the recovery of international travel. As credit cards remain the preferred payment method for overseas spending, this initiative is set to play a crucial role in the evolving travel landscape.

The latest report from Sumsub highlights a significant 65% increase in fraud across the Asia-Pacific (APAC) region, as AI-driven fraud becomes more common. Released on 11 March 2026, the report indicates that 74% of crypto providers are now prioritising verification accuracy over onboarding speed, marking a shift in industry focus amidst regulatory pressures and sophisticated fraud tactics.

Sumsub’s fourth annual State of the Crypto Industry report reveals that whilst global fraud rates remained stable at 2.2%, APAC experienced a surge to 3.3%. This increase is attributed to fraudsters exploiting gaps in fast-growing markets. In Singapore, however, platforms maintained a high compliance rate with a 94% pass rate, demonstrating that stringent regulations do not necessarily hinder user experience.

The report also notes that 63% of APAC platforms encountered fraud at least once in 2025, with attackers using deepfakes and synthetic identities to bypass traditional checks. Andrew Sever, Sumsub’s Co-Founder and CEO, stated, “Crypto has entered a phase where operational discipline matters more than momentum.”

As the industry evolves, the focus is on balancing user experience with compliance. Verification times have improved, with APAC maintaining an average of 19 seconds. The report suggests that future growth will depend on integrating reliability into product design from the outset.

Globally, the period from 2025 to 2026 marks a regulatory turning point, with increased enforcement of compliance measures. As the crypto industry adapts to these changes, the emphasis on robust verification processes and fraud detection is expected to continue.

Cargobase has announced the appointment of Alex van Kampen to lead its Product, Engineering, and Customer Excellence teams. Based in Singapore, van Kampen returns to the company after previously serving as Head of Product from February 2017 to July 2022. His new role will focus on advancing the Cargobase platform, aiming to simplify logistics operations and enhance freight movement efficiency.

Van Kampen’s leadership is set to drive the evolution of Cargobase’s logistics platform, aligning with the company’s #GetShipDone strategy. “Alex helped shape the foundation of the Cargobase platform during a critical growth phase of the company, and we are excited to have him return to lead the next chapter of innovation,” said Wiebe Helder, CEO of Cargobase. His expertise in logistics technology is expected to accelerate the company’s mission to make global freight procurement smarter and more automated.

A significant aspect of van Kampen’s strategy involves integrating artificial intelligence (AI) to automate workflows and provide actionable insights, enabling quicker operational decisions. This initiative aims to deliver a more intuitive user experience with fewer clicks and richer data insights. Additionally, van Kampen will prioritise advancing freight procurement automation, a critical area as companies seek to build resilient and adaptable supply chains amidst global disruptions.

The appointment underscores Cargobase’s commitment to innovation in logistics technology, positioning the company to better respond to evolving market demands and geopolitical challenges.

A recent study by Kaspersky has highlighted that supply chain attacks are the most prevalent cyberthreat globally, impacting 31% of businesses over the past year. In the Asia Pacific (APAC) region, these attacks are notably common, with China, Vietnam, and India among the most affected. Singapore, however, stands out for being the most targeted by trusted relationship attacks, with one in three organisations experiencing such incidents in the last 12 months.

The study, commissioned by Kaspersky’s internal market research centre, underscores the vulnerabilities in today’s interconnected digital landscape. Large enterprises, which manage an average of 100 suppliers, are particularly susceptible, with 36% reporting supply chain attacks. Trusted relationship attacks, where attackers exploit legitimate connections between organisations, have also been significant, affecting 25% of companies globally.

Despite the frequency of these threats, many organisations underestimate their severity. Only 9% of businesses globally consider supply chain attacks their top concern, whilst just 8% prioritise trusted relationship attacks. This underestimation could hinder adequate cybersecurity investments, leaving firms vulnerable.

Kaspersky’s Head of Security Operations Centre, Sergey Soldatov, emphasised the need for an ecosystem-wide security approach. Adrian Hia, Managing Director for Asia Pacific at Kaspersky, noted the urgent need for robust defences across APAC’s interconnected supply chains.

To mitigate these risks, Kaspersky recommends evaluating suppliers’ cybersecurity policies, implementing security audits, adopting preventive measures like zero trust, and developing incident response plans. These steps are crucial for maintaining business resilience in the face of growing cyberthreats.

Mastercard has unveiled the Mastercard Global Commerce Suite for Small Businesses, a comprehensive platform designed to streamline cross-border payments for small and medium-sized enterprises (SMEs) in Asia Pacific. The suite, powered by Mastercard Move, aims to address the complexities and limited visibility that hinder SME growth in global trade. Initially available to banks and financial institutions in Hong Kong SAR, the platform is set to expand to other select markets in the region.

The digital commercial payments sector in Asia Pacific is projected to grow by 14.7% annually until 2028, largely driven by the rapid digitisation of SMEs and their increasing involvement in international trade. Anouska Ladds, Executive Vice President of Commercial and New Payment Flows at Mastercard, stated, “SMEs want to move money across borders with the same speed and confidence as domestic transactions, but many banks remain constrained by legacy systems.”

The Mastercard Global Commerce Suite offers SMEs a single touchpoint to manage payments, collections, and expenses. Key features include global finance flexibility with virtual bank accounts in multiple currencies, seamless integration with leading marketplaces, near real-time payouts for cash flow clarity, and robust security measures to reduce fraud and costs.

As banks in Asia Pacific modernise their commercial payment systems, Mastercard supports this transition by simplifying payment flows and integrating fragmented systems. The Mastercard Move portfolio enables funds to move quickly and securely across more than 200 countries and territories, supporting over 150 currencies.

This initiative is expected to help banks better serve SMEs, fostering long-term relationships as these businesses continue to grow in the global market.

Jardine Matheson Holdings Limited (JMH) has announced its 2025 preliminary financial results, revealing a robust performance with an 11% increase in underlying net profit to $1.68b. The company, which is transitioning from an owner-operator to an investment-focused entity, reported a 5-year Total Shareholder Return (TSR) of 8.8% per annum. This strategic shift has been supported by active capital recycling, with $4.8b recycled and $2.8b reinvested as capital expenditure.

The company’s parent free cash flow rose by 7% to $933m, enabling a 4% increase in the full-year dividend to $2.35 per share. Executive Chairman Ben Keswick highlighted the sustainable growth in underlying earnings and the strengthened management teams as key contributors to the improved performance. The privatisation of Mandarin Oriental, completed in January 2026, was a significant milestone, releasing capital for shareholders and allowing the hotel group to pursue its growth agenda privately.

Lincoln Pan, who assumed the role of CEO in December 2025, emphasised the focus on recycling capital from lower-yielding assets to enhance core businesses. “2026 will be an extremely busy and productive year ahead,” Pan stated, indicating a continued commitment to improving earnings quality and increasing dividends per share.

The results underscore Jardine Matheson’s strategic repositioning efforts, aiming for sustainable shareholder returns and enhanced investment flexibility. The company plans to maintain its focus on capital allocation and governance to drive long-term success.

Deloitte has released a report titled “Powering Asia Pacific’s Data Centre Boom,” which forecasts a significant rise in data centre investments across the region, potentially reaching $800b by 2030. The report emphasises the importance of integrating clean energy strategies to manage the anticipated surge in electricity demand and avoid grid congestion.

Asia Pacific is poised to become a global data centre hub, with China, Japan, and Singapore already established as major centres. Emerging markets such as Australia, India, and Malaysia are also experiencing rapid growth. The report warns that without coordinated planning, the expansion could lead to grid connection delays and increased price volatility. However, by adopting a “power-first” approach, data centres can support grid stability and accelerate the transition to clean energy.

Will Symons, Deloitte Asia Pacific Sustainability Leader, stated, “AI, cloud and digital connectivity is surging, driving massive new investments in energy-intensive data centres. Across the region electricity grids are already under pressure to decarbonise and maintain affordability, resilience and security.”

The report suggests several strategies for sustainable growth, including the use of diverse clean energy sources, co-location near renewable resources, and integrating storage and grid support services. These measures aim to align data centre development with regional climate goals and energy policies.

K Ganesan Kolan De Velu, Sustainability & Emerging Assurance Leader at Deloitte Southeast Asia, highlighted the potential for Southeast Asia to lead in data centre growth by matching digital expansion with clean energy systems. This approach could enhance competitiveness and drive decarbonisation efforts across the region.