Industry News

Jardine Cycle & Carriage Limited (JC&C), a subsidiary of Jardine Matheson Holdings, has reported an 11% decrease in underlying profit to US$473m for the first half of 2026. The decline is attributed to reduced contributions from portfolio companies, lower dividend income, and the absence of non-recurring foreign exchange gains from the previous year. Net profit also fell by 2% to US$363m.

The company has maintained its interim cash dividend at US¢28 per share, consistent with 2025. Additionally, JC&C has proposed a special dividend of approximately US¢73 per share, which includes a cash distribution and a distribution-in-specie of remaining shares in Toyota Motor Corporation (TMC).

Freddy Lee, CEO of JC&C, highlighted the challenging operating environment in Indonesia, which is expected to persist due to macroeconomic headwinds. Despite this, Lee expressed confidence in the long-term fundamentals of Astra and Indonesia. He also noted positive growth in Vietnam, particularly from THACO and REE.

JC&C is undergoing a strategic review, reaffirming its focus on value creation through its key portfolio companies. The company plans to rename itself Jardine Matheson Southeast Asia Limited to better reflect its strategic direction within the Jardine Matheson Group.

Looking forward, JC&C aims to support its portfolio companies in enhancing investment and financial performance whilst exploring opportunities to deliver shareholder value. The proposed special dividend reflects the company’s commitment to effective capital allocation.

Private equity (PE) activity in Southeast Asia (SEA) experienced a significant slowdown in the second quarter of 2026, with only US$935.5m deployed across 10 deals, according to the EY-Parthenon Southeast Asia Private Equity Pulse. This marks a stark contrast to the first quarter, which saw 19 deals worth US$9.2b. The decline is attributed to heightened geopolitical uncertainty, leading to increased investor caution and prolonged decision-making cycles.

Singapore continued to dominate the region’s PE landscape, accounting for 70% of the deal volume, reinforcing its status as a financial hub. The real estate sector led the way, representing 90.8% of the total deal value, driven by a single transaction that secured US$850m in additional equity capital. In contrast, the technology and consumer sectors accounted for 5.3% and 2.2% of the deal value, respectively.

Despite the slowdown in investments, exit activity showed improvement, with 11 exits generating US$4.2b, the highest liquidity conditions since Q1 2022. Luke Pais, EY-Parthenon Asean Private Equity Leader, noted, “Improving exit activity provides an encouraging signal for capital recycling and points to a more constructive outlook for sponsors in the quarters ahead.”

The report also highlighted the evolving private debt market in SEA, which is benefiting from growing investor interest in the Asia-Pacific region. Although still in its early stages, the market recorded one private debt fund close, raising US$320m. Singapore remains central to this growth, supported by a mature regulatory framework and strong institutional investor participation.

Temus, a Singapore-based AI and digital transformation firm established by Temasek, has announced a strategic acquisition of Thinking Machines Data Science, a Philippines-headquartered company. This partnership aims to scale enterprise AI across Southeast Asia by combining Temus’ transformation delivery infrastructure with Thinking Machines’ decade-long expertise in building data platforms and deploying AI systems.

Thinking Machines, recognised as OpenAI’s first official Services Partner in the Asia Pacific, will continue to operate under its own brand. Founder Stephanie Sy will join the Temus leadership team, co-leading the Applied AI and Data team alongside Sutowo Wong. Sy expressed enthusiasm about the collaboration, stating, “Joining the Temus group means we can pursue our ambition at a scale we could not have reached alone.”

Founded in Manila in 2015, Thinking Machines has trained over 10,000 professionals and co-developed hundreds of AI systems across various sectors, including financial services and retail. The company operates offices in Manila, Singapore, and Bangkok. Its recent recognition as an OpenAI advanced partner highlights its capability in deploying production-grade AI systems.

Temus, with a workforce of 500, provides comprehensive AI transformation services, aligning with Singapore’s Smart Nation and National AI Strategy. The acquisition will enable both firms to accelerate AI deployment from pilot to production across the region, offering expanded capabilities without disrupting existing engagements.

Sng Ren Yeong, CEO of Temus, emphasised the strategic fit, stating, “This investment connects two parts of the system that need to work as one—how AI is built and how it is made to operate at scale.” The collaboration is set to enhance AI impact across Southeast Asia, benefiting clients with a deeper range of AI and data solutions.

Southeast Asia’s payment startups have collectively raised over $2.7b in equity funding, according to a recent report by Tracxn. The report, released in July 2026, highlights 12 leading companies in the region, with Airwallex and Thunes accounting for approximately 83% of the total capital raised. Airwallex alone has secured $1.9b since its inception in 2015, including a $320m funding round in June 2026.

Singapore has emerged as the dominant hub for these startups, with nine out of the 12 companies headquartered in the city-state. The remaining companies are based in Indonesia and Vietnam. The report underscores the active funding environment, noting that four companies, including Airwallex, MetaComp, dtcpay, and Qashier, have secured funding rounds in 2026.

Tracxn’s ranking is based on cumulative disclosed equity funding, offering a snapshot of companies that have garnered significant investor interest. These startups are involved in various sectors, including cross-border payment networks, enterprise payment infrastructure, and digital asset-enabled payment capabilities.

The majority of the companies are in early funding stages, from Seed to Series A, indicating a robust pipeline of startups moving towards commercial scale. This trend highlights sustained investor interest in Southeast Asia’s payments ecosystem, as businesses increasingly adopt digital payment solutions to support e-commerce and financial operations.

Atome Financial, Southeast Asia’s leading digital financial services platform, has announced record audited results for the year ending 31 December 2025. The company achieved an 80% year-on-year increase in revenue, reaching $470m, and maintained profitability before tax for the second consecutive year. This growth was driven by an expansion in its loan book, broader merchant partnerships, and the rollout of new products.

The platform processed over $4b in Gross Merchandise Volume (GMV) in 2025, a 60% increase from the previous year. By June 2026, Atome Financial’s annualised net revenue had reached $800m, with GMV crossing $6b, reflecting a 64% year-on-year rise.

Key performance drivers included the successful adoption of Atome’s PayLater Anywhere Card, which surpassed 3 million issued cards in the Philippines and launched in Malaysia earlier this year. The company also enhanced operational efficiency through AI deployment in customer service, collections, and credit underwriting.

Atome Financial strengthened its funding base with a $81m facility from AUB in the Philippines and an upsized $345m syndicated facility to support regional growth. The company is part of the Advance Intelligence Group, backed by investors such as SoftBank Vision Fund 2 and Warburg Pincus.

These developments underscore Atome Financial’s robust growth trajectory and its commitment to expanding its digital financial services across Southeast Asia.

DFI Retail Group Holdings Limited has reported a 44% increase in underlying profit from continuing businesses for the first half of 2026, reaching US$117m. This marks a substantial turnaround from a US$38m loss in the same period last year. The group’s reported profit was US$118m, bolstered by a 3% like-for-like sales growth in its subsidiaries.

The Health & Beauty segment sustained strong sales, whilst Convenience and Home Furnishings returned to growth. Ecommerce and DFIQ Media contributed to approximately 35% of the sales growth. The group’s return on capital employed improved to 12%, up from 9% in December 2025. An interim dividend of US$0.620 per share was declared, a 77% increase year-on-year, maintaining a full-year dividend payout of 70%.

DFI Retail Group has also raised its full-year organic revenue growth guidance to between 30% and 40%, with underlying profit expected to be between US$285m and US$305m. The acquisition of Cody Hong Kong, a leading outdoor advertising solutions provider, is set to enhance DFIQ Media’s capabilities.

Scott Price, Group Chief Executive, stated, “Our first-half performance reflects the strength of our strategy in action—a sharper value for customers, a strong focus on returns, and execution with discipline.” The group plans to expand its GenAI-powered tools and AI capabilities across core retail functions to improve operational efficiency.

The group’s digital initiatives, including the DFI Omni Platform, have turned profitable, with ecommerce and DFIQ Media significantly contributing to revenue growth. The Health & Beauty division saw an 8% year-on-year sales increase, with Mannings and Guardian expanding their market share. The exclusive distribution partnership with Holland & Barrett will further enhance customer access to wellness solutions in Hong Kong and Singapore.

Overall, DFI Retail Group’s strategic focus on digital transformation and operational efficiency positions it well for sustainable long-term growth.

Markel Insurance has announced the appointment of Abbas Choker as Chief Financial Officer (CFO) for the Asia Pacific region, effective immediately. Based in Singapore, Choker will lead Markel’s finance operations across the region, supporting the company’s expansion efforts. He will report to Sucheng Chang, Managing Director, Asia Pacific, and collaborate with Andy Davies, Chief Financial Officer, International.

Choker brings over 20 years of experience in the insurance industry, having previously served as Regional Head of Financial Planning and Analysis at AIG. His extensive experience in finance leadership roles across Asia Pacific, including Australia and various Asian markets, positions him well to drive Markel’s commercial success and sustainable financial performance. His Arabic language skills will also aid Markel’s business in the Middle East and North Africa.

Sucheng Chang highlighted the strategic importance of the Asia Pacific region, stating, “Asia Pacific represents one of the most compelling growth opportunities in speciality insurance globally.” Chang expressed confidence in Choker’s ability to contribute to Markel’s ambitions in the region.

Andy Davies welcomed Choker, emphasising the importance of empowering regional finance leaders to support Markel’s international growth. “Abbas will play a key role in ensuring we have the financial capabilities, governance and insights required to capitalise on the market opportunity,” Davies said.

Markel Insurance, part of Markel Group Inc., is a global speciality insurer known for its people-first approach and deep relationships with clients and brokers.

A recent study by Tanium highlights significant financial losses for Southeast Asian businesses due to endpoint security issues. The State of Endpoint Management in ASEAN 2026 report surveyed 333 IT and security leaders across the region, revealing that 62% of organisations have experienced operational disruptions, resulting in downtime, data exposure, and revenue loss.

The report found that financial losses exceeded $1m for some organisations, with 46% losing more than $100,000. Despite 59% of respondents expressing high confidence in their device visibility, 43% admitted that over 10% of their endpoints remain unknown, unmanaged, or non-compliant. This gap in endpoint management is a critical concern, especially in sectors like healthcare, where legacy devices are increasingly integrated into networks.

Satyen Desai, RVP ASEAN at Tanium, commented on the findings: “Geopolitical conflict has gone digital, whilst AI is accelerating both innovation and attacks. The devices connecting it all are increasingly outside the visibility of the teams responsible for protecting them.”

The report also highlights that only 29% of organisations can detect critical issues within minutes, whilst 55% take hours to identify threats. This delay poses a significant risk, particularly in industries like telecommunications, where infrastructure failures can lead to prolonged disruptions.

With 79% of respondents planning to invest in new security solutions within the next year, the focus is on consolidating onto unified, real-time platforms to improve visibility and response times. Tanium’s full findings and recommendations are available on their website.

DBS has announced a significant upgrade to its AI-enabled virtual assistants, DBS Joy and DBS digibot, now serving over 10 million customers in Singapore, Hong Kong, and Taiwan. The enhancements introduce Generative AI and agentic AI capabilities, allowing these virtual assistants to handle more than one million chats monthly, streamlining banking tasks for retail, wealth, and corporate clients.

DBS Joy, tailored for corporate and SME customers, has become fully agentic in Singapore, enabling users to perform simple banking tasks through a single conversation. This feature will expand to Hong Kong in September and other markets thereafter. Meanwhile, DBS digibot, designed for individual customers, will soon offer wealth-related conversational capabilities and later integrate agentic AI to facilitate tasks like checking card usage and managing rewards points.

Derrick Goh, DBS Group Chief Operating Officer, stated, “The true value of AI lies in delivering meaningful outcomes for customers at scale. Today, DBS Joy and DBS digibot serve more than 10 million customers across the region, enabling us to bring Gen AI and agentic AI into everyday banking interactions.”

The advancements aim to make banking more intuitive and efficient, reducing the need for manual searches and enhancing customer satisfaction. DBS digibot’s integration into the digiWealth platform from August 2026 will further empower customers in wealth management, providing seamless access to tailored advice and banking solutions. As DBS continues to innovate, these AI capabilities are set to redefine customer service in the banking sector.

OCBC has introduced its agentic AI platform, HELIOS, to streamline the onboarding process for wealthy clients, reducing the time to open private banking accounts to 15 business days. This is a significant improvement from the industry median of six weeks. The platform, part of OCBC’s Next Frontier strategy, automates the collection and verification of customer data, completing much of the Know-Your-Customer (KYC) process before relationship managers engage with clients.

HELIOS’ intelligence-gathering capabilities allow for a more thorough and efficient due diligence process, maintaining high compliance standards. The platform also generates high-quality leads for relationship managers, a first for a bank in Southeast Asia. This initiative aligns with the Monetary Authority of Singapore’s goal to reduce account opening timelines to within one month by the end of 2026.

The rollout of HELIOS is underway in Singapore, Hong Kong, and Dubai, with completion expected by the third quarter of 2026. It will also extend to OCBC’s Premier Private Client segment by year-end. Loretta Yuen, OCBC’s Head of Group Legal and Compliance, highlighted the platform’s ability to identify potential concerns earlier and assess financial crime risks more holistically. Jason Moo, CEO of Bank of Singapore, noted that HELIOS provides a competitive edge by combining risk intelligence with business growth.

Beyond onboarding, HELIOS will support ongoing customer monitoring, enhancing risk management and compliance reviews. This development is part of OCBC’s broader investment in AI, digital, and data-driven growth, with plans to spend over $1b annually for the next three years.