Industry News

Hilton has unveiled plans to expand its presence in Asia Pacific with the signing of two new Hilton Garden Inn hotels in Busan, South Korea, and Hyderabad, India. Both properties are slated to open in 2028, marking significant milestones for the hospitality giant in these burgeoning markets.

In South Korea, Hilton has partnered with MS&C Co., Ltd. to introduce the Hilton Garden Inn Busan Gijang. This 111-room hotel will be part of a mixed-use development, catering to the region’s growing reputation as a hub for leisure, wellness, and medical tourism. The city of Busan aims to attract 100,000 foreign medical visitors by 2030. The hotel will offer a range of amenities, including an all-day dining restaurant, a fitness centre, and spa facilities, and will be conveniently located near popular attractions such as Haedong Yonggungsa Temple and Lotte World Adventure Busan.

Meanwhile, in India, the Hilton Garden Inn Hyderabad Kompally will be Hilton’s first of its kind in the city and its third hotel in Hyderabad. Developed by Fairmount and Friends LLP, the 96-room hotel will feature extensive meeting and event space, alongside dining facilities. The location within a mixed-use development offers connectivity to key business districts, aligning with Hyderabad’s status as a leading business and IT hub.

Clarence Tan, Hilton’s senior vice president for Development in Asia Pacific, highlighted the strategic importance of these developments, stating, “This signing reflects our focus on building a balanced portfolio across key gateway and emerging business destinations in the market.”

These expansions underscore Hilton’s commitment to growing its footprint in Asia Pacific, with plans to increase its number of trading hotels in India from 40 to over 400 in the coming years.

Enterprise AI is facing significant challenges as it outgrows existing infrastructure, according to NTT DATA’s 2026 Global AI Report. The report highlights a critical gap between the importance of private and sovereign AI and the readiness of organisations to implement these systems effectively. Whilst 95% of respondents recognise the importance of private and sovereign AI, only 29% are prioritising sovereign AI in the near term.

The report identifies several key barriers to AI adoption in the Asia Pacific region. Notably, 66% of respondents cite cross-border data restrictions as a major challenge, whilst only 40% express high confidence in their cloud security posture. This lack of confidence in foundational security measures poses a significant risk to AI deployment.

Abhijit Dubey, CEO and Chief AI Officer at NTT DATA, emphasised the need for organisations to go beyond compliance and risk mitigation. “Our research shows AI leaders are pulling ahead by treating architecture, infrastructure, and governance as strategic requirements,” he stated.

The report outlines five shifts defining the next phase of enterprise AI, including the need for greater control over data access and security, and the increasing importance of data jurisdiction as an architectural constraint. Organisations that redesign their AI systems early are better positioned to succeed in regulated and data-sensitive environments.

NTT DATA’s research draws on insights from nearly 5,000 senior decision-makers across various industries and regions. As AI continues to evolve, the report underscores the importance of strategic infrastructure planning to harness its full potential.

Manulife Financial Corporation has announced a robust performance in its Asia segment for the first quarter of 2026, with core earnings reaching US$598m, marking a 22% increase year-over-year. The growth is attributed to strong sales and strategic initiatives across Hong Kong, Japan, and Singapore.

The company’s annualised premium equivalent (APE) sales rose by 11% to US$1,599m, whilst the new business contractual service margin (CSM) and new business value (NBV) both increased by 15%, reaching US$585m and US$533m, respectively. These figures underscore Manulife’s successful execution of its strategy to enhance health, wealth, and longevity solutions for its customers.

A key highlight of the quarter was Manulife’s exclusive partnership with Guardant Health, offering the Shield Multi-Cancer Detection test to customers in Hong Kong, Singapore, and the Philippines. This collaboration positions Manulife as the first insurer in Asia to provide this early cancer detection service, reinforcing its commitment to improving customer health outcomes.

Additionally, Manulife’s third Asia Longevity Symposium in Japan focused on financial readiness for longer life spans, enhancing the company’s brand perception and customer engagement. The firm also received accolades as Asia’s Best Insurance Provider for Wealth Management at the 2026 Euromoney Private Banking Awards.

Investments in artificial intelligence (AI) have been pivotal, with new AI tools launched in Vietnam and Japan to boost distributor productivity. In Hong Kong and Macau, the AI SalesPro tool was introduced to over 11,000 agents, enhancing sales effectiveness and customer insights.

Steve Finch, President and CEO of Manulife Asia, stated, “Asia delivered another strong quarter in 1Q 2026, with core earnings up 22% and double-digit increases across key growth metrics. This performance reflects disciplined execution across our strategy.”

Manulife’s strategic initiatives and technological advancements are expected to continue driving growth and enhancing customer experiences in the region.

Deloitte’s latest report highlights the critical role of chief financial officers (CFOs) in Southeast Asia as a stabilising force in governance amidst increasing volatility. The report, based on surveys conducted between October and December 2025, reveals that 90% of audit committee members expect CFOs to act as a bridge between management and the board, emphasising the need for timely and effective communication.

The report, titled “The Audit Committee: A North Star for CFOs navigating uncharted waters,” underscores the importance of recalibrating governance strategies. It notes that whilst 85% of audit committee members feel they receive the right information under normal conditions, this confidence diminishes as volatility rises. A subsequent pulse survey conducted in March and April 2026 indicates a growing need for earlier visibility and stronger resilience planning due to geopolitical disruptions.

Audit committees are increasingly demanding continuous updates, with 62% expressing this need, yet only 36% of CFOs say they provide information at that cadence. “Recent geopolitical disruption has reinforced a simple truth: in volatile conditions, audit committees do not merely need more data,” said Ho Kok Yong, CFO Programme Leader at Deloitte Southeast Asia. “They benefit from earlier orientation—visibility into what is changing, what is uncertain, and which judgement calls narrow options if delayed.”

The report also highlights the rising significance of AI and automation in governance, with 90% of audit committee members valuing visibility into finance systems. Despite these challenges, trust between CFOs and audit committees remains robust, rated at 4.0 out of 5. However, the quality of interactions is slightly lower, reflecting the growing demands on CFOs. The report concludes that effective governance relationships will allow difficult issues to surface early, ensuring resilience is maintained.

Asia Pacific commercial real estate investment volumes soared to a record US$47b in the first quarter of 2026, marking a 31% year-on-year increase, according to JLL’s latest report. This unprecedented growth underscores robust investor confidence and market resilience, despite geopolitical tensions in the Middle East affecting global energy markets.

Cross-border capital flows reached an all-time high of US$16.3b, an 87% increase from the previous year. Singapore led the region with a staggering 433% year-on-year growth, achieving US$11.5b in investment volumes. This was largely driven by significant asset transfers, including Hongkong Land and QIA’s transactions with SCPREF.

Japan maintained its position as the region’s top market, with US$13.2b in investments, despite a slight 4% decline year-on-year. The office sector dominated, accounting for US$24b in transactions, a 46% increase, whilst industrial and logistics investments rose by 53% to US$8.5b.

Data centre investments also surged to US$4.1b, driven by AI demand and data sovereignty needs. Hotel transactions increased by 36%, with Japan, China, and South Korea leading the activity.

Stuart Crow, CEO of Asia Pacific Capital Markets at JLL, noted the potential risks from energy shocks due to geopolitical events. However, he emphasised that mature markets like Japan and Singapore are likely to remain attractive due to their market depth and ability to mitigate energy import exposure.

Pamela Ambler, Head of Investor Intelligence at JLL, highlighted the growing focus on “Heavy Assets with Low Obsolescence,” presenting a compelling opportunity for long-term investors amidst declining new supply and favourable acquisition costs.

Citi has announced the appointment of Jonathan Alpert as Global Head of Insurance and Ryan Willingham as Managing Director for Speciality Finance, as part of its strategy to enhance its Financial Institutions Investment Banking division. With the insurance sector in Asia Pacific experiencing a surge in mergers and acquisitions and financing activities, these appointments aim to position Citi as a leading adviser in the region.

Jonathan Alpert, who will join Citi in September, brings over 28 years of experience from Bank of America, where he served as Co-Head of Global Insurance. Alpert’s expertise in handling significant cross-border insurance transactions is expected to bolster Citi’s capabilities in the insurance sector. He will collaborate with Brian Malbacho, North America Head of Insurance, to further develop Citi’s global insurance platform.

Ryan Willingham, set to join in August, also hails from Bank of America, where he led the Speciality Finance sector within the Financial Institutions group. With 19 years of experience, Willingham’s extensive client relationships across mortgage originators, servicers, and other speciality finance sub-verticals will be instrumental in expanding Citi’s reach in these areas.

These strategic hires underscore Citi’s commitment to building a market-leading Financial Institutions franchise and supporting growth among leading insurers in Asia Pacific. As the region continues to be a hub of deal-making activity, Citi’s enhanced team is poised to capitalise on emerging opportunities and drive further growth.

A recent report by ADP Research has revealed that only 22% of workers globally feel their jobs are safe from elimination, with the Asia Pacific region showing the lowest confidence levels. In Singapore, a mere 15% of employees believe their positions are secure, according to the People at Work 2026 report.

The findings underscore a significant challenge for employers, as job security is increasingly linked to employee engagement, productivity, and retention. Globally, workers who feel secure in their roles are six times more likely to be fully engaged and twice as likely to remain with their current employer.

Jessica Zhang, Senior Vice President of APAC at ADP, noted, “AI is reshaping work at the task level, creating new job categories whilst transforming existing ones. The findings highlight a clear gap between actual employment conditions and how secure workers feel about their future.”

In Singapore, younger workers aged 18 to 26 are the most confident, with 22% feeling secure in their jobs. Confidence also varies by job scope, with knowledge workers (21%) feeling more secure than those in skilled (12%) and repetitive tasks (10%). Medium-sized organisations (250–999 employees) report the highest confidence levels among their workers.

Dr. Nela Richardson, chief economist at ADP, emphasised the business implications, stating, “Job security has become a business issue, not just a workforce sentiment measure. Employers that pair honest communication with meaningful skills investment will be in a much stronger position to build a resilient workforce.”

The report suggests that employers need to address these concerns through clearer communication, skills investment, and workforce planning to enhance job security and employee confidence.

Southeast Asia’s e-commerce market is projected to grow significantly, becoming the world’s second-fastest growing market by 2029, according to a study by IDC commissioned by 2C2P by Antom. The region’s e-commerce sector is expected to expand by 85.4%, reaching US$289.8b, with digital payments playing a pivotal role in this growth.

The study highlights that digital payments will account for 97% of e-commerce transactions by 2029, up from 89% in 2024. Mobile wallets and domestic payment schemes are set to overtake traditional card payments, with domestic payments expected to increase by 104% to US$92b. Mobile wallets are projected to grow by 107%, reaching US$79b, whilst Buy Now Pay Later (BNPL) services are anticipated to surge by 174% to US$18.9b.

Small and medium-sized enterprises (SMEs) are identified as crucial to this growth, with the potential to unlock an additional US$20.8b in regional e-commerce value through increased cross-border participation. However, challenges such as integration complexity, fraud concerns, and fragmented payment systems remain barriers to their digitalisation.

Worachat Luxkanalode, Group CEO of 2C2P by Antom, emphasised the importance of equipping businesses with the necessary tools to navigate the complex payment landscape. “Southeast Asia’s businesses, especially SMEs, are at the heart of the region’s economic growth,” he stated.

As Southeast Asia’s e-commerce market continues to expand, the focus will be on overcoming digitalisation challenges to fully capitalise on the region’s digital economy potential.

BGI Genomics has announced its participation in the HGP2 Rare Disease Alliance of the Asia-Pacific Region (HGP2 RaDiAnce–APAC), a coalition aimed at addressing the diagnostic challenges of rare diseases in the region. The alliance, launched on 10 May in Kuala Lumpur, brings together experts from 10 countries under the Human Genome Project II (HGP2) framework.

The initiative seeks to improve rare disease diagnosis and care by focusing on five key areas: ethics, accessibility, collaboration, acceleration, and public response. The alliance’s efforts are expected to enhance genomic medicine and public health responses across the Asia-Pacific.

Hou Yong, General Manager of BGI Genomics, highlighted the alliance’s potential to “advance the standardisation, intelligent transformation, and e-health” in the region. This collaboration is seen as a significant step towards integrating genomics, artificial intelligence, and advanced technologies into healthcare systems.

YBhg. Datuk Dr. Nor Fariza Binti Ngah, Deputy Director-General of Health (Research and Technical Support) at Malaysia’s Ministry of Health, emphasised the importance of transitioning from reactive to predictive and preventive healthcare. “Precision health is not a future ambition, but a present responsibility,” she stated, underscoring Malaysia’s commitment to integrating genomics and strong policy frameworks into its health system.

The alliance’s formation marks a concerted effort to close the care gap for rare diseases, potentially transforming healthcare delivery and outcomes in the Asia-Pacific region.

Swiss-founded BE WTR is making significant strides in Southeast Asia by acquiring Porla’s operations in Singapore and Hong Kong, alongside forming a new licensing partnership in Thailand. This expansion, announced on 12 May 2026, aims to redefine the premium water market in the region’s hospitality and F&B sectors by promoting locally bottled water as a sustainable alternative to imported brands.

The acquisition doubles BE WTR’s presence in Singapore and integrates Porla’s existing operations, which have served high-end clients like Raffles Hotel Singapore and Four Seasons Hotel Singapore since 2015. This move brings over 300 corporate clients under BE WTR’s management, enhancing its market footprint and profitability in Singapore.

BE WTR’s CEO, Mike Hecker, emphasised the environmental and economic benefits of locally sourced water, stating, “Shipping a glass bottle across the globe only to use it once is no longer defensible environmentally or economically.” The company’s ultra-filtration technology ensures high-quality water by removing pollutants and microplastics whilst maintaining essential minerals.

Peter Ulrich, Director of Porla, expressed enthusiasm for the partnership, highlighting BE WTR’s commitment to quality and sustainability. The collaboration in Thailand is expected to meet the growing demand for premium, sustainable water solutions in the region’s expanding hospitality market.

BE WTR’s expansion aligns with its mission to challenge the status quo of the bottled water industry, offering a fully circular system where bottles are reused over 300 times. This approach not only reduces environmental impact but also provides cost efficiencies for F&B operators.