Industry News

As 2026 approaches, the retail landscape in Asia is set for significant transformation, driven by advancements in artificial intelligence (AI) and the modernisation of technological systems. Genevieve Broadhead, Global Lead for Retail Solutions at MongoDB, highlights a growing divide between retailers adopting modern architectures and those hindered by outdated systems. This gap is increasingly impacting performance and innovation across the sector.

Retailers are urged to adopt an “AI First” mindset, preparing their data and systems for agentic commerce—a concept where transactions and protocols are managed by AI agents. Broadhead notes that whilst the future of online commerce through agents remains uncertain, the necessity for readily available data is clear. “Retailers are shifting to an ‘AI First’ or ‘agentic first’ mindset,” she states, emphasising the importance of flexibility and speed in system design.

The ability to maintain speed and availability, even under unpredictable workloads, is crucial. As consumer expectations rise, any performance issues could lead to lost revenue and brand damage. Retailers investing in modern platforms and focusing on agentic AI innovation are better positioned to succeed in this competitive market. Broadhead asserts, “The ability to release iteratively without downtime or complex schema change will be key to keeping your development teams shipping at the pace of the industry.”

Singapore has emerged as the most premium flexible office market in the Asia Pacific region, with prime desk rates averaging US$800 per month, according to research by Workthere, part of Savills Impacts programme. This positions Singapore ahead of other major cities like Tokyo and Sydney, driven by strong demand and limited supply in prime areas.

Globally, London leads with the highest average prime flex office desk rates at US$1,320 per month, followed by New York and Los Angeles. The Asia Pacific region, however, boasts the highest global attendance in flex offices, with an average of 4.13 days per week, highlighting the region’s emphasis on in-person collaboration.

The demand for flexible office spaces is accelerating, particularly from multinational corporations seeking agility in an uncertain business climate. In Asia Pacific, these corporates account for 41% of the demand, the highest globally, as they expand into emerging talent hubs like Bengaluru and Ho Chi Minh City.

Piers Mallitte, Head of Workthere Asia Pacific at Savills, noted, “Multinational’s use of flex offices across Asia Pacific has risen sharply, driven by the need to access cost-efficient talent pools and enter new markets quickly and efficiently.”

The evolving work patterns and employee expectations are reshaping corporate demands for flex office spaces. Features such as meeting rooms, phone booths, and collaboration spaces are highly valued, particularly in Europe, Asia Pacific, and the UK, supporting hybrid work models.

Looking forward, the emphasis on sustainability is growing, with Singapore and Australia leading retrofit activities in the region. This trend is expected to continue as companies seek to attract talent and meet net-zero commitments.

Abu Dhabi’s economic delegation, led by the Abu Dhabi Department of Economic Development (ADDED), has concluded a successful visit to India and Singapore, signing agreements aimed at strengthening partnerships across various sectors. The delegation’s efforts are part of Abu Dhabi’s strategy to enhance its Falcon Economy, focusing on smart, diversified, and sustainable growth.

During the visit, His Excellency Ahmed Jasim Al Zaabi, Chairman of ADDED, emphasised the importance of impactful partnerships with global economic powerhouses. “Our visit to Singapore and India comes as we continue to strengthen ties with top trade partners,” he stated, highlighting the emirate’s commitment to fostering a business-enabling ecosystem through progressive policies and world-class infrastructure.

In 2024, Singapore’s investments in Abu Dhabi increased by 25%, with a focus on manufacturing, education, and technical activities. Similarly, Indian companies operating in Abu Dhabi experienced a 31% rise. The discussions during the visits centred on deepening partnerships in strategic sectors such as life sciences, AI, fintech, and sustainable energy.

The Abu Dhabi Investment Forum in Mumbai provided a platform for Indian businesses to explore opportunities in the emirate. UAE Ambassador to India, Dr Abdulnasser Alshaali, remarked, “Today, the UAE and India partnership is entering one of its most dynamic chapters.”

The initiatives, including the UAE-India Startup Series launched in June 2025, aim to connect India’s talent with the UAE’s strategic capital, fostering innovation and investment. These efforts are set to create a corridor for ideas and growth, strengthening the economic ties between the nations.

A new report by the Association of Chartered Certified Accountants (ACCA), in collaboration with the International Federation of Accountants (IFAC), Chartered Accountants Australia and New Zealand (CA ANZ), and the Organisation for Economic Cooperation and Development (OECD), highlights that Singapore is among the top performers in public trust in tax systems. The survey, which included over 12,000 individuals across 29 countries, shows that Southeast Asia, particularly Singapore, leads in trust, digital experience, and perceptions of tax fairness.

The report, titled “Public Trust in Tax 2025: Asia and Beyond,” reveals that 64.7% of respondents in Southeast Asia view paying tax as a community contribution rather than a cost. Singaporeans share this sentiment, reflecting strong support for the fiscal contract. Furthermore, two-thirds of Asian countries believe that public services and infrastructure provide fair returns for taxes paid, a view less common in Europe and Latin America.

Singapore’s advanced digital tax infrastructure, managed by the Inland Revenue Authority of Singapore (IRAS), is noted for its positive user experience, aligning with regional trends. The survey also indicates that Singapore is one of only seven countries globally with a net positive trust rating for politicians on tax matters, contrasting with the high levels of distrust in Western Europe and Latin America.

Helen Brand, Chief Executive of ACCA, emphasised the importance of transparency and fairness in maintaining public trust, stating, “Asia’s strong public trust in taxation offers valuable lessons for the world.” The findings will be further discussed at a launch webinar on 11 February 2026, where policymakers and tax authorities will explore the implications of the report.

Tourism Malaysia has appointed VFS Global as its Marketing Representative agency in Oman, Bahrain, and Kuwait, aiming to strengthen its presence in the Gulf Cooperation Council (GCC) region. This strategic partnership, announced on 5 December 2025, is a significant move to enhance Malaysia’s visibility and engagement in these high-potential markets, with the goal of increasing tourist arrivals.

The GCC countries are crucial for Malaysia’s tourism sector, with visitor numbers from the West Asian region rising from 175,196 in 2023 to 211,701 in 2024—a 20.8% increase. These markets are among the top five in tourist spending per capita and have a longer average stay, making them vital to Malaysia’s tourism growth strategy. The collaboration with VFS Global is part of the preparations for “Visit Malaysia Year 2026,” themed “Surreal Experiences,” which aims to attract significant contributions from GCC visitors.

VFS Global will manage marketing, promotional, and brand-building initiatives through dedicated offices, supporting comprehensive campaigns and travel trade engagements. The agency will also assist the Malaysian Embassy in tourism-related initiatives, ensuring a cohesive promotional approach.

Mohd Faharuddin Hatmin, Director of Tourism Malaysia Dubai, emphasised the importance of the West Asia market, stating, “By partnering with VFS Global, we aim to strengthen our outreach and deliver impactful campaigns that showcase Malaysia’s diverse attractions.” GB Srithar, Head of Tourism Services at VFS Global, expressed excitement about the partnership, highlighting its potential to drive strong visitor numbers to Malaysia.

Looking forward to Visit Malaysia 2026, Tourism Malaysia aims to attract 50 million international visitors, showcasing the country’s cultural heritage, natural beauty, and sustainable tourism offerings.

SC Capital Partners Group, a Singapore-based real estate investment management firm, has started construction on a state-of-the-art data centre in Osaka, Japan. The project, with an initial investment of approximately $600m, secured building permits ahead of its groundbreaking ceremony on 3 December 2025. This development highlights the firm’s commitment to Japan’s burgeoning digital infrastructure sector.

Located on Nanko Island, the facility is strategically positioned with 100MW of allocated power, offering direct access to robust power infrastructure and major network routes. This makes it an ideal location for hyperscale and enterprise users. SC Capital Partners has already begun pre-leasing discussions, attracting interest from global cloud service providers and technology companies seeking scalable and energy-efficient solutions.

The project is backed by a consortium, including a subsidiary of the Abu Dhabi Investment Authority, a major Japanese real estate developer, and SC Capital Partners’ RECAP series of real estate funds. All necessary capital for the development has been secured. SC Zeus Data Centres, a subsidiary of SC Capital Partners, will manage the development and operations of the facility, which is expected to commence operations in early 2028.

Suchad Chiaranussati, Chairman and Founder of SC Capital Partners, stated, “We are among the few who have successfully broken ground in a prime location with secured power and a best-in-class design purpose-built for the AI era.” The firm is also exploring further data centre developments in Japan, South Korea, and other key Asia Pacific markets.

Indosuez Wealth Management, part of the Crédit Agricole Group, has announced a series of strategic hires in Asia, aiming to enhance its bespoke wealth solutions and deepen client relationships. The appointments, which include roles in investment management, relationship management, and insurance, are part of the bank’s ambition to become Asia’s leading boutique private bank.

The new hires include Vicki Koh as Senior Insurance Specialist in Singapore, who brings nearly 20 years of experience from international insurance brokerages and major banks. In relationship management, Diana Chiew joins the External Asset Manager desk in Singapore, whilst Joe Fang and Tanny Ho have been appointed as Senior Relationship Managers. These professionals bring decades of experience from institutions like Credit Suisse, DBS Bank, and Bank of East Asia.

In investment management, Lucas Yang, Leona Tan, and Terrence Yip have joined the Singapore team, with Andrew Chan appointed as Senior Fund Specialist in Hong Kong. These appointments aim to provide tailored investment solutions across private markets and discretionary portfolio management.

Laurent Proutière, CEO Asia, stated, “Our ambition is to be the boutique private bank of reference in this region. Our accelerated recruitment momentum has resulted in a stronger and more dynamic team.”

As Indosuez continues its expansion in Asia, these strategic hires reinforce its commitment to delivering client-centric solutions and solidifying its role as a trusted partner for high-net-worth individuals and professional intermediaries.

The ASEAN Centre for Energy (ACE), Agence française de développement (AFD), and the Southeast Asia Energy Transition Partnership (ETP) of the United Nations Office for Project Services (UNOPS) have signed two grant financing agreements to accelerate the development of the ASEAN Power Grid (APG). The agreements were formalised during the 3rd APG Stakeholders Meeting in Jakarta on 4 December 2025, aiming to enhance energy connectivity across Southeast Asia.

The collaboration between AFD and ACE will support feasibility studies for a cross-border interconnection line, a crucial step in advancing the APG. This initiative is part of the ASEAN Plan of Action for Energy Cooperation and the ASEAN Interconnection Masterplan Study. ACE will work closely with ASEAN Member States and related bodies to implement the project.

Additionally, the AFD-ETP agreement will fund the establishment of the ‘ASEAN School of Regulation’, a joint initiative with the ASEAN Secretariat and the United Nations Economic and Social Commission for Asia and the Pacific. This school aims to equip energy regulators with the skills needed to facilitate cross-border power trade within the APG framework.

Jean-Pierre Marcelli, Southeast Asia Regional Director of AFD, emphasised the importance of the agreements, stating, “Facilitating the ASEAN Power Grid through feasibility funding and capacity building is the ideal engagement with the ASEC and ACE that AFD can undertake to advance ASEAN connectivity and energy transition.”

The agreements underscore the strategic partnership between ASEAN and France, as highlighted by Fabien Penone, Ambassador of France to ASEAN, who remarked on the project’s significance in strengthening Asia-Europe alliances. This development marks a significant step towards a secure, affordable, and sustainable energy future for the region.

QBE Insurance Group has announced the appointment of Sebastian Tjornelund as Asia Head of Marine Underwriting, effective from 1 December 2025. In his new role, Tjornelund will be responsible for implementing QBE Asia’s strategy for marine underwriting portfolios and facultative reinsurance across the region. He will oversee the growth and profitability of these sectors, providing guidance to regional underwriters and handling complex client coverage. Tjornelund will report to Ronak Shah, CEO of Wholesale Markets Asia, with additional oversight from Simon Lascelles, Head of Marine, International.

Tjornelund, who has been with QBE since September 2023, previously served as Interim Head of Marine, Asia, and Head of P&I Underwriting, Asia. His extensive experience in marine insurance spans over 13 years, including senior roles at two International Group P&I Clubs. He expressed enthusiasm about his new position, stating, “It’s an exciting time to be part of the marine insurance sector. The industry is evolving rapidly, shaped by a complex mix of emerging and longstanding risks.”

Ronak Shah praised Tjornelund’s contributions, noting, “During the past two years, Sebastian has been a key member of QBE Asia’s marine underwriting team. Time and again, he has demonstrated exceptional underwriting skills and leadership prowess.”

The appointment underscores QBE’s commitment to strengthening its marine insurance capabilities in Asia amidst a rapidly changing industry landscape.

OCBC and Marriott International have announced a strategic partnership to aid 12,000 small and medium-sized enterprise (SME) suppliers in Singapore, Malaysia, and Indonesia. The collaboration focuses on providing timely access to working capital and supporting sustainable business practices. Suppliers using Marriott’s procurement platform will benefit from digital invoice financing with same-day approval from OCBC, addressing the urgent need for cash flow amidst rising cost pressures.

The partnership allows SMEs to receive up to 80% of their invoice amount without needing to submit bank statements or financial reports. This streamlined process helps optimise cash flow, enabling businesses to seize growth opportunities more effectively. Since the programme’s inception in 2023, OCBC has disbursed approximately S$250m in loans to SMEs in Singapore and Malaysia.

In addition to financial support, OCBC will assist suppliers in establishing a baseline measurement of their sustainability performance. Partnering with EcoVadis, the bank will offer training and workshops to enhance sustainability practices. Suppliers can also access sustainability-linked loans, incentivising improvements in their sustainability metrics.

Marriott International is committed to achieving net-zero greenhouse gas emissions by 2050. The partnership with OCBC aligns with this goal, empowering suppliers to contribute to Marriott’s sustainability efforts. Rashida Ismail from OCBC emphasised the importance of supporting SMEs in their growth and sustainability journeys, whilst Cristiano Rinaldi of Marriott highlighted the need for a collaborative approach to tackling climate change.

The programme, launched in Singapore and Malaysia in 2025, will expand to Indonesia in the first half of 2026.