Industry News

Asia’s economic growth, which saw a significant boost in 2025 due to exports and technology, is expected to moderate in 2026, according to ING’s latest Asia Outlook 2026 report. The report highlights a projected slowdown in Asia ex-China GDP growth to 3.5% as global trade volumes soften. However, opportunities are anticipated in regional foreign exchange (FX) and bond markets, supported by benign inflation and potential rate cuts.

The 2025 economic surge was largely driven by external demand and AI-related tech exports, with countries like Taiwan and Singapore outperforming expectations. In contrast, domestic consumption in markets such as the Philippines and India remained weak. Deepali Bhargava, ING’s chief economist for Asia-Pacific, noted, “Asia’s 2025 story was all about exports and technology doing the heavy lifting whilst consumers stayed cautious.”

Looking ahead, ING forecasts a more balanced growth trajectory for 2026, with fiscal stimulus in Japan and South Korea expected to offset some of the export drag. Inflation is predicted to rise modestly but remain within central bank targets, allowing for continued rate cuts in several countries, including India and Indonesia.

The report also highlights sector-specific gains, with agricultural exporters in India and Indonesia benefiting from lower US food tariffs. Additionally, the ASEAN region is solidifying its role as a global production hub, particularly in semiconductors and auto parts.

ING’s Commodities Outlook 2026 suggests a comfortable global oil supply, with Brent crude expected to average US$57  per barrel. This, combined with stable grain prices, points to a benign commodity environment for the coming year.

A recent survey by Clearwater Analytics reveals that nearly 10% of insurers in the Asia-Pacific (APAC) region struggle with their asset liability management (ALM) systems’ ability to adapt to changes in asset allocation and new data sources. The study, which involved insurance asset management executives from firms managing a total of $3.823t, highlights significant room for improvement in these systems.

The survey, conducted with senior executives from life and health insurers, general insurers, and third-party investment firms in Hong Kong, Singapore, and Australia, identifies regulatory demands as the primary driver for increased technology spending on ALM. These demands include enhanced requirements for stress testing, solvency reporting, and risk disclosures.

Additionally, the shift towards illiquid and alternative asset classes necessitating sophisticated risk models ranks as the second major factor. Advances in computing, such as cloud scalability and artificial intelligence (AI), are also pushing insurers to invest in technology for better risk and capital efficiency insights.

Over the next year, 56% of insurers plan to focus on data analytics, whilst 55% aim to integrate AI and machine learning. Improving customer experience, portfolio management systems, and cloud technology are also key priorities.

Shane Akeroyd, Chief Strategy Officer and President of Asia Pacific at Clearwater Analytics, emphasised the importance of modernising ALM systems, stating, “Insurers recognise that modern ALM requires speed, precision, and integration that legacy systems simply can’t deliver anymore.”

The findings underscore the critical need for insurers to enhance their ALM systems to remain competitive and compliant in a rapidly evolving financial landscape.

SDAI Limited has signed a non-binding Memorandum of Understanding (MoU) with Hubei Qiai Group to establish a platform for bringing China’s mugwort products to global markets. This strategic move is set to capitalise on the growing popularity of mugwort, a traditional herb known for its soothing and aromatic qualities, which is gaining traction in wellness, beauty, and food industries worldwide.

Founded in 2021, Hubei Qiai has rapidly become a leader in China’s Traditional Chinese Medicine sector, focusing on the high-growth mugwort industry. The company operates across the entire value chain, from cultivation to distribution, and boasts a retail network of over 13,000 outlets across China. Hubei Qiai’s innovative approach includes transforming traditional moxibustion therapy into electric-based solutions, enhancing user experience and scalability.

The global mugwort market is projected to grow from $531.90m in 2025 to $798.75m by 2032, reflecting a compound annual growth rate of 5.94%. This partnership aims to tap into this expanding market, diversifying SDAI’s revenue streams and strengthening the international presence of mugwort products.

Executive Chairperson of SDAI, Hao Dongting, expressed enthusiasm about the collaboration, stating, “We are truly thrilled to partner with the leading name in the mugwort industry. This collaboration marks an exciting milestone as we expand into the fast-growing mugwort sector.”

As SDAI continues its transformation into a biotechnology company, this partnership with Hubei Qiai represents a significant step in its strategic expansion, potentially creating sustainable value for its shareholders.

Enreach for Service Providers has announced a strategic partnership with Cataleya to expand their Unified Communications as a Service (UCaaS) offerings in the Asia-Pacific region. This collaboration builds on their successful partnership in the UK and aims to capitalise on the increasing demand for UCaaS solutions in markets such as Japan, Singapore, and Hong Kong, which are expected to see user growth rates exceeding 20% annually over the next five years.

The partnership combines Enreach’s smart contact platform, Enreach UP, with Cataleya’s advanced Session Border Controller (SBC) technology. Enreach UP integrates voice, chat, collaboration, and AI, offering service providers a comprehensive solution without the need to develop their own technology. Bertrand Pourcelot, CEO of Enreach for Service Providers, highlighted the benefits, stating, “Our joint proposition gives those audiences a market-proven, simplified, and fast track to deployment.”

Cataleya, headquartered in Singapore, brings its extensive experience and local presence to the partnership, ensuring support and responsiveness to customer needs. Andreas Hipp, CEO of Cataleya, emphasised their role, saying, “We can guarantee the support and responsiveness that customers will expect, as well as an understanding of local requirements.”

The partnership offers a multi-tenant, multi-tier, white-label solution, allowing service providers to brand the service as their own. Robert Urban, International Sales Director at Enreach, noted the importance of local presence and data sovereignty, which are crucial for many customers in the region.

This collaboration marks a significant step in Enreach’s international expansion, enabling service providers to offer AI-enhanced UCaaS services that enhance customer interactions, productivity, and user experiences. The partnership also allows Cataleya to expand its portfolio beyond on-premise solutions to the cloud, further solidifying its position in the market.

UOB’s latest Quarterly Global Outlook for Q1 2026 highlights a promising start for ASEAN economies, despite global uncertainties. The report notes that ASEAN countries are benefiting from a realignment of supply chains, boosting intra-regional trade and exports. This trend is particularly evident in sectors linked to artificial intelligence and electronics, with Malaysia and Singapore showing significant export growth.

The report underscores the strength of ASEAN currencies, which have performed well against the US dollar. This currency resilience is attributed to strong export performance and a global trend towards de-dollarisation. The People’s Bank of China’s efforts to stabilise the Renminbi have also contributed to this stability, allowing ASEAN central banks like the Monetary Authority of Singapore to maintain a cautious approach to monetary policy.

Inflation across the region remains benign, with most ASEAN economies experiencing stable price levels. This is partly due to strong regional currencies enhancing purchasing power and the influx of competitively priced goods from China. UOB anticipates ASEAN’s real GDP growth to stabilise at an average of 4.6% in the medium term, supported by continued foreign direct investment inflows, which grew by 10.2% year-on-year in the first half of 2025.

Looking ahead, UOB maintains a positive outlook for ASEAN, projecting nominal foreign direct investment inflows to reach $370b by 2030 and $560b by 2035. This growth is expected to be driven by ongoing trade and investment opportunities within the region.

eSignGlobal, a prominent provider of electronic signature and digital contract services, has announced a strategic partnership with Lion-OCBC Capital Asia, a private equity fund under OCBC Bank. This collaboration, revealed during the 18th Singapore-Zhejiang Economic and Trade Council meeting, aims to establish a cross-border digital trust ecosystem linking China and Southeast Asia. The partnership signifies eSignGlobal’s strategic backing from a leading financial institution, integrating technology and capital to foster regional digital trust.

The agreement will see eSignGlobal setting up its Southeast Asian headquarters in Singapore, leveraging Lion-OCBC Capital Asia’s extensive financial network to expand into key ASEAN economies. The company plans to enhance its services for Chinese enterprises by collaborating with local service providers like FOZL Group, integrating digital signing into corporate registration and compliance processes.

A significant development in this partnership is eSignGlobal’s integration with Singpass, Singapore’s National Digital Identity platform. This integration allows users to sign electronic contracts by scanning a QR code with the Singpass app, addressing cross-border trade challenges such as identity verification and contract turnaround times. This initiative complies with Singapore’s Electronic Transactions Act, reinforcing digital trust between China and Singapore.

Sim Ann, Singapore’s Senior Minister of State for Foreign Affairs and National Development, endorsed eSignGlobal’s technological advancements, highlighting the potential for expanded digital cooperation. Jin Hongzhou, CEO of eSignGlobal, emphasised the company’s commitment to building a secure digital business infrastructure, aiming to enable a quarter of the global population to use eSignGlobal for contract signing.

Ascentium, a global business services platform, has announced a strategic partnership with Standard Chartered to streamline cross-border expansion for businesses across the Asia-Pacific (APAC) region. The partnership, formalised through a Memorandum of Understanding, will initially launch in Hong Kong, offering a fast-track banking service to help Ascentium clients open accounts swiftly and commence operations without delays.

The collaboration is set to extend beyond Hong Kong, with plans to introduce the model to other APAC markets soon. This initiative will provide businesses with direct access to Standard Chartered’s referral network in key markets, including Singapore, Mainland China, Malaysia, Vietnam, and India. By merging banking efficiency with Ascentium’s corporate services expertise, the partnership positions Ascentium as a comprehensive growth platform for businesses aiming to scale internationally.

Wendy Wang, Founding Management and Group President of Ascentium, stated, “This partnership reflects a shared mission to make expansion simpler, faster, and more human. By bringing together leaders in banking and corporate services, we’ve created a powerhouse that gives businesses clarity and confidence from day one.”

The partnership also includes joint marketing initiatives and co-hosted events in markets like Vietnam and Mainland China, which are already underway. Ascentium will join Standard Chartered’s Global Chinese Services network, enhancing connections with Chinese corporates and supporting businesses with global ambitions.

Xie Wen, Global Head of SME Banking at Standard Chartered, commented, “Our partnership with Ascentium allows us to offer our clients a smoother, end-to-end experience, from account opening to cross-border expansion, helping businesses scale with confidence.”

This strategic alliance marks a significant step in facilitating business growth across the APAC region, with future expansions anticipated to further bolster the partnership’s impact.

FedEx has unveiled its Global Economic Impact Report for the fiscal year 2025, showcasing a substantial $5.7b contribution to the Asia Pacific (APAC) economy. The report, developed with Dun & Bradstreet, highlights FedEx’s role in enhancing connectivity and innovation across the region, which is increasingly pivotal in global trade.

Operating in APAC for over 40 years, FedEx employs tens of thousands across 43 markets, linking them to the global economy. In FY25, the company indirectly contributed $1.6b to the region, with significant investments in the Transportation, Storage, and Communications sector, and the Manufacturing sector. Salil Chari, senior vice president of marketing and customer experience at FedEx Asia Pacific, noted, “Asia Pacific is one of the most dynamic and diverse markets in the world… Our customers span small e-commerce entrepreneurs to global manufacturers.”

Key developments in the report include new flight routes, such as a direct round-trip between Singapore and the US, and a new route connecting Guangzhou, Bangalore, UAE, Liège, and Paris. FedEx also opened new facilities in Bali and Thailand’s Eastern Economic Corridor to meet rising demand. The company spent $1.9b with suppliers in APAC, with 88% being small enterprises, underscoring its commitment to local entrepreneurship.

FedEx’s sustainability initiatives include adopting electric vehicles in multiple APAC markets and installing solar panels at its South Pacific Regional Hub in Singapore. These efforts are part of FedEx’s broader goal to achieve carbon-neutral operations by 2040. The report underscores FedEx’s ongoing investment in the region, aiming to make supply chains smarter, faster, and more sustainable.

A recent survey by UnaFinancial highlights a significant rise in year-end spending across Southeast Asia, with 79% of consumers increasing their festive expenses. The survey, which included 400 participants from Singapore, the Philippines, Vietnam, and Indonesia, also found that 46% plan to use digital loans for holiday celebrations. Travel emerges as the primary spending driver, particularly in Singapore and Indonesia.

In Singapore, 69% of consumers reported increased spending, primarily on travel, which accounts for 48% of their expenses. Despite this, only 27% of Singaporeans plan to borrow online, reflecting their conservative borrowing habits and access to traditional credit. Meanwhile, in the Philippines, 73% of respondents spend more during the festive season, with gifts and celebrations leading the way. Here, 45% intend to take digital loans, mainly for holiday trips and gifts.

Vietnamese consumers show the highest increase in festive spending, with 88% spending more, driven largely by shopping. In contrast, Indonesians focus on travel, with 84% increasing their spending and 51% planning to use digital loans for holiday expenses.

UnaFinancial analysts note, “Travel leads spending regionally—especially in Singapore and Indonesia. Vietnam’s booming e-commerce system pushes shopping to the forefront, whilst the Philippines’ family-centred traditions make gifts and celebrations the main driver of higher spending.”

The survey underscores a growing trend towards digital non-bank financing in Southeast Asia, with nearly half of the consumers open to this option, indicating a demand for fast and convenient access to funds.

Rockwell Automation, the global leader in industrial automation and digital transformation, has been awarded the 2025 Great Place To Work certification across the Asia Pacific region. This accolade is based entirely on employee feedback, with 80% of Rockwell Automation’s workforce affirming it as a great place to work. The certification spans multiple countries, including Australia, New Zealand, China, India, Japan, South Korea, and several Southeast Asian nations.

The certification recognises organisations that foster environments where employees feel trusted and supported. Evelyn Kwek, Managing Director of Great Place To Work ASEAN and ANZ, noted, “Over three decades of research and millions of employee voices collected in our data have shown that when that trust is strong, businesses grow in ways that lift people, communities, and entire economies.”

Scott Wooldridge, President of Rockwell Automation Asia Pacific, expressed pride in the recognition, stating, “This recognition across Asia Pacific is a proud moment for Rockwell Automation. It reflects our commitment to a culture of trust, inclusion, and innovation.”

Great Place To Work is a global authority on workplace culture, and its certification is a benchmark for outstanding employee experience. Research indicates that employees at certified workplaces are significantly more likely to enjoy their work environment and feel fairly compensated.

Rockwell Automation, headquartered in Milwaukee, Wisconsin, employs approximately 26,000 individuals worldwide. The company continues to connect human imagination with technology to enhance productivity and sustainability globally.