Industry News

UOB and FPT Corporation have signed a Memorandum of Understanding (MoU) to explore strategic collaborations in artificial intelligence (AI), digital transformation, and financial services innovation. The agreement, signed on 29 May at the Vietnam-Singapore Tech Connect Forum, aims to modernise banking services across UOB’s key markets by leveraging AI, data analytics, and cloud technologies.

The collaboration will focus on several strategic areas, including digital banking transformation, fintech innovation, and ecosystem development. By integrating AI and digital solutions, the partnership seeks to enhance how banking services are designed, delivered, and scaled. This initiative will also support cross-border financial services and enterprise expansion, particularly in Vietnam and other regional markets.

Lawrence Goh, Head of Group Technology and Operations at UOB, stated, “This MoU reflects UOB’s strategic intent to build a future-ready bank through strong technology foundations, responsible AI, and purposeful partnerships.” David Nguyen, CEO of FPT Asia Pacific, added, “Together with UOB, we aim to build more scalable AI-first models whilst opening stronger pathways for innovation and enterprise growth.”

FPT, a leading global technology company headquartered in Vietnam, brings expertise in AI, cloud, and automation, complementing UOB’s regional banking network. The detailed plan of the MoU, including pilot initiatives and governance models, will be finalised within the next 90 days.

This collaboration underscores UOB’s commitment to advancing digital banking and supporting economic growth across ASEAN, whilst FPT continues to elevate Vietnam’s position on the global tech map.

Vietnam Airlines has announced a strategic partnership with 2C2P by Antom, a leading payments platform in Southeast Asia, to expand its payment options beyond traditional card payments. This collaboration, revealed at the Vietnam–Singapore Tech Connect Forum, aims to enhance the airline’s digital payment ecosystem across eight markets, including Singapore, Malaysia, and Japan, by the second half of 2026.

The partnership will initially introduce domestic bank transfer options, such as QR payments and internet banking, with mobile wallets to follow. This move aligns with the growing trend of digital payments in Southeast Asia, where domestic payments are expected to increase by 104% and mobile wallets by 107% by 2029, according to an IDC InfoBrief commissioned by 2C2P by Antom.

Vietnam Airlines will utilise 2C2P by Antom’s Payment Air Controller (PACO) platform, which allows for dynamic transaction routing and improved cost efficiency. This integration is designed to support the airline’s expansion and digital growth strategy, ensuring a secure and seamless checkout experience for customers.

Worachat Luxkanalode, Group CEO of 2C2P by Antom, stated, “By combining PACO’s orchestration capabilities with local QR and bank payment methods across Asia Pacific, we are partnering with Vietnam Airlines to enhance the checkout experience and deliver a more intuitive and inclusive customer experience at scale.”

Nguyen Quang Trung, Executive Vice President of Vietnam Airlines, added, “Our partnership with 2C2P by Antom enables us to further expand our digital payment ecosystem across the Asia Pacific region, enhancing customer experience and convenience.”

This partnership is part of Ant International’s broader efforts to support Vietnam’s digital and financial development, reflecting its commitment to cross-border connectivity and fintech innovation.

DBS has announced a significant expansion of its wealth management services, with plans to open 18 new wealth centres across Asia by the end of 2027. The bank will also upgrade 36 existing centres over the next 18 months, enhancing its presence in Singapore, Hong Kong, mainland China, India, Indonesia, and Taiwan. This move aims to cater to the growing demand for wealth management among affluent clients seeking closer relationships with their banks.

The expansion represents DBS’s largest physical growth in its wealth franchise to date. Sanjoy Sen, Group Head of Consumer Banking at DBS, highlighted the importance of personal relationships in banking, stating, “What clients tell us, more than anything else, is that the relationship they want with their bank should feel personal, familiar and close to home.”

The new wealth centres will be designed to support clients’ entire wealth journey, offering services from portfolio advisory to sophisticated wealth solutions. They will also provide spaces for relationship managers to engage in meaningful conversations with clients, focusing on long-term wealth planning and multi-generational discussions.

DBS’s decision comes as Asia’s affluent wealth pool is projected to reach $4.7t by 2026. Despite the rise of digital platforms, many clients still value face-to-face interactions, with surveys indicating that nearly half of respondents in Hong Kong and Singapore prefer in-person meetings with their relationship managers.

The first of the new wealth centres is expected to open in the third quarter of 2026, with further details on market-specific launches to be announced in the coming months.

OCBC has announced a strategic partnership with the Singapore Chinese Chamber of Commerce & Industry (SCCCI) and the China Chamber of Commerce for Import and Export of Machinery and Electronic Products (CCCME) to accelerate cross-border trade, investment, and financial flows between Greater China and ASEAN. This collaboration, signed on 28 May 2026 at the Conference on International Industrial Cooperation, aligns with OCBC’s corporate strategy, The Next Frontier, which focuses on capturing ASEAN-Greater China trade and investment flows.

The partnership leverages CCCME’s network of over 10,000 Chinese enterprises, SCCCI’s regional business connections, and OCBC’s strong ASEAN presence and financial capabilities. In 2025, OCBC supported a 50% increase in new Chinese companies establishing a presence in ASEAN, highlighting the growing momentum in intra-Asia flows.

The collaboration aims to support SMEs and mid-sized corporates in accessing cross-border opportunities, focusing on sectors such as green development, digitalisation, and advanced manufacturing. A joint coordination group will be established to ensure sustained momentum and tangible outcomes.

Roy Tan, Head of Enterprise Banking International at OCBC, stated, “Partnering with CCCME and SCCCI enables us to deliver a more targeted and holistic proposition that addresses market access, business matching, and providing on-ground ecosystem support combined with integrated financing solutions.”

Additionally, the Singapore Investment Guide 2026/2027 was unveiled at the conference. Developed by SCCCI with contributions from OCBC, the guide aims to simplify the market entry process for foreign companies in Singapore and ASEAN, amidst Singapore’s strengthening as a global innovation hub and China’s increasing openness.

UOB Deputy Chairman and CEO Wee Ee Cheong met with Vietnam President To Lam on 30 May 2026 during the Shangri-La Dialogue in Singapore. The meeting focused on UOB’s long-term commitment to Vietnam’s economic growth and regional integration. UOB, which has operated in Vietnam for over 30 years, is the only Singaporean bank with a subsidiary in the country, boasting five branches in Ho Chi Minh City and Hanoi.

UOB Vietnam, with a charter capital exceeding S$500m, is the second largest foreign-owned bank in Vietnam. The bank’s acquisition of Citi Vietnam’s consumer banking business in July 2025 has significantly expanded its customer base. UOB has been instrumental in promoting Foreign Direct Investments (FDI) into Vietnam, supporting over 400 companies with projected investments of about S$9b since 2020, creating more than 60,000 jobs.

The bank is also constructing a new headquarters in Ho Chi Minh City, with a groundbreaking ceremony planned for July 2026. Additionally, UOB is considering involvement in the Vietnam International Financial Centre, which aims to enhance capital flows from Singapore and ASEAN into Vietnam.

Wee Ee Cheong stated, “Vietnam is a key market in UOB’s ASEAN strategy and is one of Southeast Asia’s most dynamic and resilient economies. We see tremendous opportunities in Vietnam’s continued transformation and its growing role as a key hub in ASEAN.”

UOB’s initiatives underscore its commitment to facilitating cross-border trade, supporting FDI flows, and empowering local enterprises in Vietnam.

The ASEAN Business Advisory Council (ASEAN-BAC) and AVPN have announced the creation of the ASEAN CSR Working Group, a regional platform designed to enhance corporate social responsibility (CSR) and investment across Southeast Asia. This initiative, unveiled at the AVPN Global Conference 2026 in India, seeks to mobilise corporate philanthropy and capital, supporting regional policy dialogue and collaboration.

Southeast Asia, home to over 70 million micro, small, and medium-sized enterprises (MSMEs), faces challenges such as limited access to mentorship and capital. The ASEAN CSR Working Group aims to address these issues by fostering a more coordinated approach to CSR, which has been fragmented across the region. The platform will serve as a hub for policy dialogue, strategic collaboration, and knowledge exchange among business leaders, philanthropic organisations, and investors.

Achal Agarwal, Chair at AVPN, highlighted the opportunity for corporate leaders to shape the future of sustainability and philanthropy through collective regional action. Naina Subberwal Batra, CEO of AVPN, emphasised the growing momentum among corporates to move beyond traditional CSR towards impact-driven social investment.

The initiative will also focus on strengthening partnerships and unlocking capital flows to accelerate inclusive and sustainable growth. High-level dialogues are planned for the AVPN Southeast Asia Summit 2026 and the ASEAN Business & Investment Summit, further positioning ASEAN as a leader in corporate social investment.

By linking ASEAN’s institutional leadership with AVPN’s network, the ASEAN CSR Working Group aims to unlock catalytic capital and position Southeast Asia as a hub for corporate-driven impact.

Asia Pacific’s logistics markets are experiencing a shift as supply constraints and tenant-favourable conditions diverge across the region, according to Cushman & Wakefield’s Waypoint 2026 report. The report highlights that 47% of markets in the Asia Pacific (APAC) region favour tenants, up from 33% in 2025, although this varies significantly due to differing supply and demand dynamics.

In supply-constrained markets like Australia, Japan, and Singapore, competition for space is intensifying, with vacancy rates expected to decline due to limited development pipelines. In contrast, regions such as India and mainland China continue to offer more tenant-friendly conditions, thanks to higher levels of new supply providing occupiers with greater flexibility.

Dennis Yeo, Head of Investor Services and Logistics & Industrial, Asia Pacific at Cushman & Wakefield, noted, “Different markets across APAC are experiencing different stages of growth, fuelled by resilient occupier demand led by e-commerce and manufacturing. Supply constraints in markets such as Japan and Australia are driving competition, meanwhile continued availability in China and India is creating opportunity.”

The report also indicates that demand in APAC is anchored by e-commerce and manufacturing, with Southeast Asia emerging as a key growth hub. Countries like Vietnam, Indonesia, and Thailand are seeing increased occupier activity due to production shifts and regionalisation strategies.

Globally, the report forecasts a decline in tenant-favourable conditions from 52% in 2026 to 33% by 2029, as vacancy tightens and supply remains constrained. This shift is expected to lead to a rise in landlord-favourable markets, with 54% of global markets anticipating rental growth over the next three years.

Tracxn’s recent report reveals that Singapore has emerged as the primary hub for artificial intelligence (AI) infrastructure investment in Southeast Asia, capturing nearly 99% of the $1.2b disclosed funding between 2015 and 2026. The report highlights a significant concentration of capital in Singapore, attributed to its robust financial infrastructure and supportive regulatory environment.

The report, titled “SEA AI Infrastructure Report,” outlines the evolution of AI infrastructure funding across the region, noting a sharp increase in early-stage investments from 2023 to 2025. In 2024 alone, $614m was raised across seven rounds, with two early-stage deals accounting for 99% of the year’s total funding. Despite a decline in total capital in 2025 to $320m, the number of deals reached an all-time high of 11, indicating increased participation with smaller cheque sizes.

MiniMax, a Singapore-based company, stands out as the top equity-funded entity, identified as a potential IPO candidate. Other notable companies include Bifrost, specialising in dataset solutions, and Aethir, focusing on decentralised GPU cloud services.

Whilst Malaysia recorded a modest $1.5m in early-stage funding, Indonesia and Thailand reported no disclosed investments. However, these markets are expected to attract future investments as AI adoption expands and domestic cloud infrastructure develops.

The report also notes two acquisitions in 2025, both involving Singapore-based companies, signalling early consolidation in the sector. As the AI infrastructure landscape continues to mature, the focus will likely shift towards broader regional participation and increased late-stage funding opportunities.

Climate investments in Asia are undergoing a significant transformation, driven by geopolitical factors rather than solely environmental ambitions, according to insights from Fullerton Fund Management. The report emphasises that energy security, supply chain resilience, and food vulnerability are now central to capital allocation frameworks in the region.

The insights reveal that private capital is crucial in bridging the funding gap for the green transition, as governments alone cannot finance the extensive costs. Fullerton identifies mid-market businesses in renewable energy, the circular economy, mobility solutions, and sustainable agriculture as promising investment opportunities. These sectors are seen as commercially viable due to structural demand, technological advancements, and regulatory support.

The report also stresses the importance of execution rigour over policy narratives, with successful investments hinging on sound unit economics, disciplined valuations, and quality management. “The strongest outcomes from this multi-decade opportunity will come from businesses with sound unit economics,” the report states.

Geopolitical dynamics such as energy insecurity and supply chain fragmentation are reshaping national priorities, making the green transition a competitive necessity. This shift is transforming climate-linked sectors into commercially grounded opportunities, expanding the investable universe beyond traditional climate capital.

As Southeast Asia and India face rising energy demands and dependence on imported fossil fuels, the region is accelerating its renewable energy targets. The report notes that solar tariffs in India have dropped significantly, making renewable energy more cost-competitive than traditional sources.

In conclusion, Fullerton Fund Management’s insights highlight the evolving landscape of climate investments in Asia, driven by strategic necessities and economic imperatives. The report suggests that private capital will play a pivotal role in supporting this transition, with a focus on commercially viable opportunities beyond policy-driven themes.

Asian travellers in 2026 are prioritising accommodation type, dining options, and flexibility when booking their stays, according to Agoda’s latest data. The digital travel platform’s analysis of search filters shows that 19% of all filter activity focused on accommodation type, with Southeast Asian nations like Indonesia, Malaysia, and Vietnam leading the charge.

Agoda’s findings highlight a strong preference for hotel, resort, and flat options, with Indonesian travellers filtering 45% of their searches by accommodation type. Additionally, review scores of 8 and above accounted for 9% of filter activity, indicating a demand for high-quality, verified stays, particularly among Indian travellers, who lead this preference at 13%.

Dining options are also a significant factor, with breakfast-included stays being the second most searched filter at 12%. Japanese and Taiwanese travellers show a notable interest in culinary offerings, with searches for breakfast, dinner, and even afternoon tea included in their accommodation options.

Flexibility remains a key concern for Asian travellers, with free cancellation and pay-at-hotel options ranking among the top 10 filters. This trend underscores the desire for refundable and convenient payment choices. Other popular filters include location, bed type, and car parking facilities, reflecting a need for diverse accommodation options.

Andrew Smith, Senior Vice President of Supply at Agoda, stated, “In 2026, travellers across Asia are looking for the stay that feels right, whether this be through convenience, choice, or comfort.” Agoda’s extensive range of search filters and accommodation options aims to meet these varied needs, offering over 6 million holiday properties and more than 130,000 flight routes.