Industry News

Huma Finance has announced the appointment of Jessica Cao as its new Asia-Pacific (APAC) CEO, aiming to drive regional expansion and integration of real-world assets into the crypto ecosystem. With over 17 years of experience in traditional finance, Cao has held senior leadership roles at Ant International, BNP Paribas, Citi, and Standard Chartered. Her appointment comes ahead of the Singapore Fintech Festival 2025, highlighting Huma’s strategic focus on the rapidly growing stablecoin market in the region.

The Asia-Pacific region is currently the fastest-growing stablecoin market globally, with $2.4t in on-chain stablecoin activity and a 69% year-over-year growth. Huma Finance, a pioneering payment finance (PayFi) network, seeks to capitalise on this momentum by bridging traditional finance with blockchain payments. “We are seeing the strongest growth opportunity for Huma and the broader PayFi ecosystem in the APAC region,” said Erbil Karaman, Co-Founder of Huma Finance.

Cao’s expertise in both traditional finance and digital assets positions her to lead Huma’s efforts in partnership development, liquidity expansion, and product evolution tailored to APAC market demands. Her role will support Huma’s strategy to tokenise receivables and address challenges in global payment finance, such as cross-border payment delays and costs.

Huma Finance has already processed over $7b in transactions, demonstrating the market’s appetite for blockchain-based payment infrastructure. The appointment is expected to foster deeper partnerships with financial institutions, fintechs, and enterprises, paving the way for increased stablecoin adoption in commerce and payments across the region.

Southeast Asia’s digital economy is set to surpass $300b in Gross Merchandise Value (GMV) by 2025, according to the latest e-Conomy SEA report by Google, Temasek, and Bain & Company. The report, released today, highlights a decade of remarkable growth, with GMV increasing 7.4 times and revenues projected to reach $135b as profitability accelerates across the region.

The report underscores the resilience of Southeast Asia’s digital economy, which has thrived despite global challenges such as COVID-19 and inflation. Key sectors like e-commerce, food delivery, transport, online travel, and digital financial services (DFS) have driven this growth. Notably, video commerce has expanded fivefold in three years, now comprising 25% of e-commerce GMV.

Private funding in the region has seen a cautious uptick, with a 15% year-on-year increase to $8b, focusing on late-stage deals and DFS. This growth is supported by realistic valuations, proven monetisation models, and a healthy IPO pipeline.

Southeast Asia is also positioning itself as a leader in the global AI transformation. The region’s workforce is embracing AI, with 79% of workers learning to use it. Over $2.3 billion has been invested in AI start-ups, accounting for 30% of private funding in the first half of 2025.

Sapna Chadha, Vice President, commented, “Surpassing the $300b GMV milestone by 2025—1.5x our ambitious forecast from a decade ago—firmly validates that Southeast Asia’s potential is even greater than we imagined.” The report suggests that the region’s future will be defined by rapid adaptation and innovation, with AI playing a central role in its continued economic transformation.

Condition Monitoring Technologies (CMT) has significantly expanded its market presence across Asia’s major shipping hubs through an enhanced partnership with Singapore’s Junma Services. This collaboration has already sparked increased customer interest in Hong Kong, Shanghai, and Guangzhou. The partnership marks a strategic shift for CMT from a passive presence to an active, growth-oriented approach in the Asia-Pacific region.

Since appointing Junma Services in July last year to cater to Singapore’s demand, CMT has increased its market share in the Chinese and Hong Kong maritime sectors. “Junma’s ability to navigate the cultural and regulatory landscape has been invaluable,” said CMT Managing Director David Fuhlbrügge. The partnership has led to increased enquiries and established strong networks with shipowners, managers, and service providers.

Junma is now actively introducing CMT’s full product range to technical managers and ship operators in Hong Kong, Shanghai, and Guangzhou. This hands-on approach has already yielded results, building on a successful campaign in Singapore last year that secured an order for over 40 PREMET X units. “The collaboration with Junma has opened doors to new customer contacts in Hong Kong and Mainland China,” Fuhlbrügge added.

The demand for condition monitoring and fuel-oil analysis solutions is high as operators seek efficiency and compliance in competitive markets. CMT’s cooperation with Junma contrasts with its previous approach, which involved a less active distributor. The new partnership represents a decisive shift to a more engaged strategy.

Asia Pacific (APAC) is at the forefront of global enterprise AI adoption, with a significant portion of firms investing heavily in generative AI (genAI) and aligning leadership to accelerate transformation. According to Forrester’s latest report, “AI Adoption Across Regions, 2025,” 26% of APAC companies have invested between $400,001 and $500,000 in genAI, surpassing North America and Europe. Furthermore, 33% of APAC CEOs are the primary owners of AI strategy, compared to 18% in North America and 8% in Europe.

The report, based on Forrester’s State Of AI Survey, 2025, highlights APAC’s aggressive deployment of AI across IT operations and data engineering. APAC firms report 63% genAI adoption in IT operations and 46% in data management, reflecting the region’s readiness to integrate AI into core business functions. This strategic leadership is driven by the fast-growing markets in APAC, where speed offers a competitive edge.

Workforce transformation is also underway, with 76% of APAC respondents acknowledging the need for employees to find new roles due to AI. Additionally, 47% have reduced headcount or replaced employees with AI, and 66% are slowing hiring to assess AI’s impact. APAC employees are notably prepared for this shift, with 91% feeling motivated to learn and having received formal training.

Frederic Giron, VP and Senior Research Director at Forrester, stated, “Asia Pacific’s leadership in AI adoption reflects bold investment, decisive leadership, and a clear understanding of regional dynamics.” As APAC continues to scale AI, the focus will shift towards governance, literacy, and measurable ROI, with regional leaders prioritising sovereignty and responsible deployment by 2026.

Willis, a WTW business, has announced the appointment of Conor Keating as Head of Cyber, Asia, and Carlos Grijalva as Head of Cyber Sales, Asia, effective immediately. Keating, based in Singapore, transitions from his role as Cyber Growth Leader at Willis, bringing over nine years of experience in cyber risk strategies and insurance solutions. Grijalva, previously Cyber Leader for Hong Kong and Greater China, will now lead Cyber Sales across Asia from Hong Kong, focusing on new business strategies and expanding distribution channels.

Keating has been instrumental in expanding Willis’ cyber capabilities since joining in 2024. His career began in London, where he specialised in North America and International wholesale before focusing on UK retail cyber opportunities. Grijalva has a proven track record in product development and sales growth, having held leadership roles with leading insurers before joining Willis.

Peter Foster, Chairman of Global FINEX Cyber and Cyber Risk Solutions at Willis, stated, “These appointments reflect the depth of talent within our team. Conor and Carlos bring diverse experience and a client-first mindset that will further strengthen our position as the go-to partner for cyber risk management in Asia.”

Namit Mahajan, Head of FINEX Asia at Willis, added that these promotions highlight the company’s commitment to developing internal expertise and creating career growth opportunities. As Asia’s risk landscape evolves, Keating and Grijalva’s appointments aim to reinforce Willis’ focus on delivering impactful cyber risk solutions across the region.

The hotel construction pipeline in the Asia-Pacific region, excluding China, has reached unprecedented levels in the third quarter of 2025, according to Lodging Econometrics’ latest report. The region recorded 2,262 projects and 434,593 rooms, marking year-over-year increases of 9% and 6%, respectively.

Projects currently under construction stand at 898, with 199,865 rooms, reflecting a 6% rise in projects and a 1% increase in rooms compared to the previous year. Additionally, projects slated to commence within the next 12 months total 374, with 72,215 rooms, up 6% in projects and 12% in rooms year-over-year. Early planning stages also saw record highs, with 990 projects and 162,513 rooms, up 14% and 9%, respectively.

The upper upscale and upscale chain scales dominate the pipeline, comprising 43% of projects and 45% of rooms. Notably, the luxury chain scale segment reached record highs with 374 projects and 70,470 rooms, showing a 15% increase in projects and 12% in rooms.

India leads the region with 838 projects and 108,775 rooms, accounting for 37% of total projects and 25% of rooms. Other significant contributors include Vietnam, Thailand, Japan, and Indonesia.

In the first three quarters of 2025, 220 new hotels with 34,452 rooms opened in the region. Lodging Econometrics forecasts an additional 105 hotels with 18,299 rooms to open by year-end, with further growth anticipated in 2026 and 2027.

Standard Chartered has unveiled its inaugural report on Islamic Banking for Corporates, highlighting a significant market opportunity worth US$5.5t for global corporates. The report, published on 3 November 2025, identifies key growth markets such as Saudi Arabia, Malaysia, and the UAE, where Islamic finance is integral to national strategies. Despite the potential, 65% of corporates interested in Shariah-compliant solutions lack familiarity with Islamic banking products.

The report, titled “Islamic Banking for Corporates: Broadening Horizons,” underscores the lack of product familiarity as a major barrier preventing corporates from accessing the projected US$7.5t in global Islamic finance assets by 2028. The number of corporate Sukuk issuers has nearly doubled since 2020, with issuance volumes increasing by 38% to US$58.8b in 2024.

Khurram Hilal, CEO of Group Islamic Banking at Standard Chartered, stated, “Islamic banking has evolved into one of the world’s fastest-growing sources of capital, but awareness amongst corporates has not kept pace.” He emphasised that corporates developing Islamic finance capabilities could access specialised capital pools, preferential pricing, and government incentives in high-growth markets.

The report also highlights the alignment of Islamic finance principles with Environmental, Social, and Governance (ESG) frameworks, noting that sustainable Sukuk were oversubscribed by an average of 4.3 times their issuance value in 2024. Digital innovations such as tokenised Sukuk and AI-enabled Shariah-compliance tools are expected to further transform capital management.

Islamic banking offers strategic access to emerging markets, particularly across the GCC, Southeast Asia, South Asia, and Africa. The Halal economy alone presents a US$2.2t market opportunity. Standard Chartered, the only international bank with a global Islamic banking franchise, has arranged over US$200b in Islamic financing, supporting corporates with Shariah-compliant solutions.

Zurich Insurance Asia Pacific has unveiled Zurich Edge Assist, a new module of the Zurich Edge Platform (ZEP), designed to streamline sales and servicing processes across the Asia Pacific region. Developed in collaboration with agents and brokers, the platform aims to boost performance and improve customer experiences by integrating digital and offline channels into a single interface.

Zurich Edge Assist offers a comprehensive suite of features to enhance intermediary productivity. Key functionalities include smarter lead retention, which prioritises and assigns quotes to the appropriate team members, and a complete customer view, providing a 360-degree profile with real-time data syncing. The platform also supports flexible commission structures and payment options, allowing intermediaries to tailor their sales strategies.

The platform’s architecture is designed to adapt to local market needs, supporting a wide range of insurance propositions. Its cloud-native tech stack and APIs ensure seamless integration with existing systems, facilitating faster deployment and consistent experiences across markets. Initially launched in Indonesia, Zurich Edge Assist will expand to India, Japan, and Malaysia, with further features planned through 2026.

Roopa Malhotra, Head of Customer and Digital at Zurich Insurance Asia Pacific, stated, “Zurich Edge Assist reflects our commitment to digital excellence and customer-centricity.” Edhi Tjahja Negara, Country Manager of Zurich Indonesia, added, “This is a major step forward in delivering more responsive, personalised, and innovative insurance experiences.”

A recent survey by FedEx reveals that small and medium-sized enterprises (SMEs) in the Asia Pacific (APAC) region are increasingly optimistic about trade with Europe. Conducted in September 2025, the survey involved over 2,000 SMEs from 13 APAC and nine European markets, highlighting a significant shift in global trade dynamics.

The survey found that 85% of APAC SMEs plan to start or expand their trade with Europe within the next two years. This optimism is mirrored by European SMEs, with 87% maintaining or increasing their trade with APAC, particularly in China, Japan, and South Korea. The UK, Germany, and France are the leading European markets driving this growth.

Logistics reliability, digital tools, and trade expertise were identified as key enablers for future success. However, challenges such as regulatory shifts and complex customs procedures remain, affecting 86% of APAC and 78% of European SMEs.

To support this burgeoning trade, FedEx is expanding its Asia-Europe network. The company has added five weekly flights and enhanced connectivity, reducing transit times between Vietnam and Europe. Salil Chari, Senior Vice President at FedEx Asia Pacific, stated, “Amid ongoing shifts in global trade, it’s encouraging to see APAC and European SMEs demonstrating strong confidence in expanding along the Asia-Europe trade corridor.”

FedEx’s efforts aim to meet rising demand with improved capacity, reliability, and digital solutions, ensuring SMEs can trade more efficiently and confidently across borders.

Willis, a business of WTW, has announced the launch of a dedicated Data Centre Industry Practice for Asia, appointing Lay See Ong as the Practice Leader. This move highlights Willis’ commitment to enhancing its capabilities as Asia’s Best Risk Adviser and Speciality Broker, as the region experiences rapid growth in data centre colocation.

The data centre sector in Asia is projected to be the fastest growing globally over the next five years, with a construction pipeline estimated at $160b across South, Southeast Asia, and Australasia. Countries such as Indonesia, the Philippines, and India are expected to drive this growth. Luke Ware, Head of Asia at WTW, noted the complex insurance landscape faced by data centres, which includes risks like natural hazards, business interruptions, and cyber threats.

Willis’ new practice aims to offer a customer-centric approach by integrating expertise from various business lines. By collaborating with global and regional specialists, the firm seeks to provide a unified offering to help companies navigate the intricate risk landscape of the data centre sector. “The world’s largest technology firms are moving to Southeast Asia to build data centres at a time when demand for infrastructure and computing power to enable AI is rapidly rising,” Ware added.

Lay See Ong, with over 25 years of experience in risk advisory and broking, will lead the new practice. Based in Singapore, she will continue her role as Strategic Client Leader within Large Accounts Asia, bringing her extensive expertise in Technology, Media & Telecommunications and complex infrastructure sectors to the position.