Industry News

Prism, a newly established managing general agent (MGA) headquartered in Singapore, has officially launched its operations in the Asia Pacific region, including Hong Kong, as of 18 December 2025. Backed by Convex and Efinity Insurance Solutions, Prism aims to provide innovative, technology-driven underwriting solutions in Marine Cargo, Onshore Energy, Power, and Renewables.

The launch of Prism marks a significant development in the insurance landscape, as it combines underwriting talent with advanced technology, data, and analytics to offer new capacity and expertise to clients and brokers. “Prism is entering the market at a pivotal time,” said Bobby Heerasing, CEO and CUO of Prism. “We are building a legacy-free, tech-enabled MGA that combines underwriting discipline with transparency and long-term value for capital partners.”

Prism’s founding team includes industry veterans such as Heerasing, Jason Smith, and Sergei Korol, who bring decades of experience in the insurance and reinsurance sectors. The company has secured strategic partnerships with Convex, which will provide underwriting capacity and expertise, and Efinity Insurance Solutions, which will offer operational and platform support.

The MGA plans to expand its offerings in Q1 2026 to include Facultative Property and Political Violence/Terrorism. John Potter, Head of Marine at Convex, expressed support for the launch, stating, “This investment is a perfect example of our strategic approach — backing exceptional teams with deep expertise and local insight.”

Prism’s approach is characterised by its legacy-free, technology-driven model, aiming to deliver efficiency, transparency, and scalability. As the company begins its journey, it seeks to blend Asia’s growth opportunities with mature portfolios in North America and Europe, positioning itself as a significant player in the region’s insurance market.

Digital travel platform Agoda has unveiled new research demonstrating the transformative impact of localisation strategies on Asia’s hospitality sector. The report, “Tailored to Win: How Hotels are Using Localisation to Capture Asia’s Tourism Boom,” reveals that hotels integrating localisation across marketing, booking, payment, and on-site experiences are experiencing significant business benefits, including higher guest satisfaction and increased repeat bookings.

The study surveyed 526 hoteliers across 12 Asian markets, identifying best practices for customising services to meet diverse traveller preferences. Hotels leading in localisation report a 99% improvement in guest satisfaction, a 95% increase in repeat bookings, and a 91% willingness among guests to pay more per room.

Andrew Smith, Senior Vice President of Supply at Agoda, emphasised the strategic importance of localisation, stating, “Localisation isn’t just a trend. It’s a strategic imperative for hoteliers looking to thrive in Asia’s dynamic tourism market.” He highlighted the need for a holistic approach, integrating language, payment systems, design, and marketing to enhance the guest experience.

The report also notes that Asia has become the fastest-growing travel hub, now accounting for nearly 28% of global international arrivals. With the region’s middle class expanding rapidly, the hospitality sector faces both opportunities and challenges. Agoda’s findings suggest that tailored, localised strategies are crucial for hotels aiming to secure long-term competitiveness in this vibrant market.

Momenta, a leader in autonomous driving technology, has announced a strategic partnership with Grab, Southeast Asia’s prominent superapp, to introduce advanced autonomous driving technologies to the region. This collaboration includes a strategic investment by Grab and aims to deploy autonomous services using Momenta vehicles integrated into Grab’s platform.

The partnership will focus on a factory-installed, mass production approach to autonomous driving, addressing the high costs traditionally associated with vehicle modification and hardware integration. Momenta’s dual strategy involves partnerships with automakers like Mercedes-Benz and BMW to equip vehicles with advanced driver assistance systems (ADAS) and the development of Robotaxi technology.

Dominic Ong, General Manager of Autonomous at Grab, expressed enthusiasm about the collaboration, stating, “We are excited to shape the future of mobility in Southeast Asia and Momenta’s impressive technological capabilities expands the ways we will explore that.” Momenta CEO Xudong Cao added, “Grab is the most influential mobility platform in the Southeast Asian market, and we are delighted to join hands with Grab to bring Momenta’s technology and experience to this vibrant region.”

This partnership marks a significant step in the internationalisation of Momenta’s “L2 + L4” parallel strategy and follows Momenta’s recent collaboration with Uber for L4 robotaxi testing in Munich in 2026. As Momenta continues to expand its global ecosystem, the cooperation with Grab highlights progress in making autonomous driving solutions a reality in Southeast Asia. Looking ahead, both companies aim to innovate and empower future mobility, making autonomous driving accessible to all.

The global toys and games market is set to reach US$287b in 2025, according to Euromonitor International. The growth is fuelled by nostalgia, collaborations, and affordability, with the Asia Pacific region leading the charge, accounting for 37% of the market. Blind box collectibles have sparked a craze in Southeast Asia, propelled by strategic expansion and localisation efforts.

Adults are increasingly driving demand, particularly for collectibles and nostalgia-driven products. This trend aligns with Euromonitor’s 2026 global consumer trend, “Comfort Zone,” highlighting consumers’ intentional curation of purchases that offer both tangible and emotional comfort. Loo Wee Teck, global insight manager for toys and games at Euromonitor International, noted, “Amidst global challenges and financial strain, consumers are increasingly finding comfort and nostalgia in their childhood toys and discovering social connection.”

Traditional toys and video games remain resilient, offering affordable escapism amidst economic uncertainties. The market is expected to grow by 14% from 2024 to 2029, reaching US$317b. In Southeast Asia, the popularity of blind boxes is driven by Chinese toy companies’ aggressive expansion and marketing strategies, with significant growth in Thailand, Indonesia, and Singapore.

Pop culture collaborations are also expanding audiences, blending entertainment, fashion, and gaming. These partnerships generate additional revenue by licensing intellectual properties to fashion and sportswear brands, transforming characters into pop culture icons and reigniting consumers’ emotional connections to childhood toys.

A recent study by Clearwater Analytics reveals that insurers across the Asia-Pacific (APAC) region are set to increase their risk profiles over the next two years. The research, which surveyed insurance asset management executives managing a total of $3.82t in assets, found that 85% of respondents expect their investment risk profiles to rise by 2027. This marks a continuation of a trend, as 72% reported increased risk profiles over the past two years.

Executives identified automation as the primary strategy for managing risk, surpassing the importance of increased regulation and stricter capital controls. Despite this, there are significant concerns regarding the allocation of time and resources towards portfolio analytics and risk management. Notably, 77% of executives believe more resources should be dedicated to regulatory and compliance tasks, whilst 86% see a need for increased focus on cross-asset risk aggregation.

Shane Akeroyd, Chief Strategy Officer and President of Asia Pacific at Clearwater Analytics, highlighted the growing risk appetite among insurers. He noted, “APAC insurers are embracing risk and plan to increase the risk profiles of their investments over the next two years. What’s striking is that whilst risk appetites are growing, executives are saying they need more resources for basic functions like regulatory compliance and risk integration.”

The findings underscore the need for advanced technology platforms to alleviate resource constraints by automating manual processes, thereby allowing teams to concentrate on strategic risk management. This shift could significantly impact how insurers in the region manage their portfolios and navigate the evolving financial landscape.

Vietnam Airlines and SATS have signed a strategic partnership agreement in Hanoi, marking a significant collaboration to enhance aviation services and logistics capabilities worldwide. This partnership builds on a previous memorandum of understanding (MOU) to develop cargo terminals in Vietnam, including at Long Thanh International Airport.

SATS, a leading provider of air cargo and ground handling services headquartered in Singapore, has been a key partner for Vietnam Airlines, offering services at major airports such as Singapore, Bangkok, and London. The new agreement designates SATS and Vietnam Airlines as preferred partners for ground handling and cargo services, with SATS providing enhanced operational support and Vietnam Airlines offering reciprocal benefits in suitable markets.

Lê Hồng Hà, President and CEO of Vietnam Airlines, stated, “The cooperation between Vietnam Airlines and SATS marks a pivotal step in our ongoing commitment to elevate service excellence, optimise operational costs, and reinforce our international operating capabilities.” Kerry Mok, President and CEO of SATS Ltd, added, “This partnership reflects our shared commitment to operational excellence and customer-focused solutions.”

The agreement also explores future collaborations, including the development of a new cargo terminal in Vietnam. It aims to align service standards with global best practices, supported by SATS’ technical expertise, to enhance customer experience and competitiveness in international markets. Additionally, the partnership will focus on joint research and the adoption of innovative technologies to drive operational efficiency and sustainable development.

Vietnam Airlines and SATS will begin implementing these initiatives immediately, aiming to deliver long-term benefits and advance the aviation industry’s overall development.

The “Beauty from within” trend is rapidly gaining traction in the Asia Pacific and Australasia regions, becoming the second most important function in the vitamins and dietary supplements (VDS) market, which is projected to reach $65.8b by 2025. Euromonitor International’s recent webinar, “2025 Asia Pacific Outlook: Consumer Health trends & opportunities,” highlights the trend’s role in boosting the consumer health market, with the regions expected to contribute 41% of global growth by 2030.

The VDS category is anticipated to account for 62% of the total growth in the Asia Pacific and Australasia consumer health market, projected to be worth $135b. Yang Hu, Asia Pacific insight manager for health and beauty at Euromonitor International, stated, “Beauty supplements are poised to become the primary engine sustaining consumer health industry growth. We see emerging innovative formats, modernisation of traditional herbs, and new marketing claims fuelling consumer demand and expanding the market.”

Ingredient innovation is a key driver of this trend, with brands promoting the skin benefits of ingredients like vitamin C and traditional herbs alongside established ones such as hyaluronic acid and collagen. Countries like China and Japan have well-established beauty supplement markets, whilst South Korea and Australia are experiencing significant growth due to new brand entries.

The digital transformation of consumer health is also notable, with online penetration in the over-the-counter (OTC) market increasing from 9% to 13% between 2020 and 2025. For VDS, online penetration rose from 32% to 46% in the same period. Yang Hu noted that the evolution is not about online replacing offline entirely but rather a recalibration, with physical pharmacies strengthening their positions through mergers and acquisitions and expanding into wider Asian markets.

The Mastercard Economics Institute has released its 2026 Outlook, revealing that Asia Pacific (APAC) remains a beacon of stability amidst global economic shifts. Despite challenges such as tariff disruptions and evolving trade routes, the region’s growth is supported by robust consumer demand, easing inflation, and a resurgence in experiential spending.

The report underscores APAC’s central role in global supply chains, even as the US imposes tariffs affecting Japan and South Asia. AI adoption is identified as a significant growth driver, with countries like South Korea, Japan, India, and Hong Kong SAR leading the charge. “Given its centrality to global trade, Asia Pacific has shown remarkable resilience,” said David Mann, chief economist for APAC at Mastercard.

Travel and experiences continue to fuel economic momentum, with outbound and intra-regional travel surpassing pre-pandemic levels. Singapore’s outbound spend in H1 2025 was US$2.7b higher than in 2019, whilst Indonesia and the Philippines saw significant growth in travel spending.

The report provides market-level forecasts, predicting growth for China at 4.5%, India at 6.6%, and Japan at 1.0%. The ASEAN-5, Australia, and New Zealand are also expected to see varied growth rates. Despite a positive outlook, the region faces risks from trade fragmentation and technological disparities. Mann emphasised the importance of adapting to these challenges, stating, “How governments and businesses respond will shape the next phase of growth.”

SEAX Global, a leading wholesale connectivity provider in Southeast Asia, has announced the acquisition of a major stake in Interlink Telecom Public Company Limited, a prominent Thai fixed network telecommunications provider. This strategic move, revealed on 13 December 2025, aims to bolster SEAX’s presence across Malaysia, Singapore, Indonesia, and now Thailand, by integrating Interlink’s nationwide fibre network with SEAX’s existing subsea and terrestrial networks.

The acquisition is set to create a fully integrated regional connectivity platform, offering seamless, low-latency connectivity that supports the expanding digital economy in the ASEAN region. SEAX’s Group CEO, Louis Teng, highlighted the partnership’s potential, stating, “By bringing together our regional networks with ITEL’s deep local expertise in Thailand, we’re creating a powerful, customer-focused platform that can keep pace with the rapid digital transformation underway in ASEAN.”

Interlink Telecom will continue to manage operations within Thailand through its new subsidiary, ITEL Global, which will serve both local and global clientele. This collaboration aims to deliver a network footprint with improved reliability and customer-centric services throughout Southeast Asia.

The acquisition comes as Southeast Asia’s digital economy is projected to grow significantly, driven by increased digital adoption and expanding services such as cloud computing and online payments. This growth underscores the demand for reliable fibre connectivity and cross-border data solutions, which SEAX and Interlink aim to address through their combined efforts.

SEAX Global, established in 2013, specialises in submarine and terrestrial cable systems, providing high-performance connectivity across the region. The company, owned by Forbes Asia Billionaire Dato’ Dr. Low Tuck Kwong’s family, holds operational licences in Malaysia, Singapore, and Indonesia, allowing it to build and operate private fixed networks for enterprise use.

Sumitomo Mitsui Banking Corporation (SMBC) has announced the completion of its first Synthetic Risk Transfer (SRT) transaction in the Asia Pacific region. This significant financial manoeuvre references a US$3.2 billion portfolio of project finance loans across Australia and Asia. The transaction, finalised between September and October 2025, was executed in collaboration with strategic partners Blackstone, Stonepeak, and Clifford Capital.

The SRT is designed to enhance SMBC’s return on equity by optimising regulatory capital, allowing the bank to continue supporting financial needs across the region. This tailored solution aligns SMBC’s capital objectives with investors’ portfolio requirements, strengthening relationships with global and regional sponsors in project finance.

Katsufumi Uchida, Head of SMBC Asia Pacific Division, stated, “This inaugural SRT is a strategic step to further enable our client-centric growth in the region whilst optimising our capital returns.”

The transaction is part of SMBC’s broader strategy to develop capital-efficient solutions globally, following a similar SRT trade by its Americas Division earlier in April 2025. Dan Leiter from Blackstone highlighted the initiative’s role in financing large-scale infrastructure projects, whilst Andrew Robertson from Stonepeak emphasised the opportunity to provide investors with exposure to diversified infrastructure loans.

Nicholas Tan of Clifford Capital noted the transaction’s alignment with their mandate to promote capital recycling, enabling continued lending to high-quality infrastructure projects. This collaboration marks a pivotal step in enhancing capital efficiency for banks involved in the sector.

SMBC, headquartered in Tokyo, is a leading global financial institution with a strong presence in the Asia Pacific region, committed to sustainable economic growth and prosperity.