Industry News

CIMB Bank Berhad has signed a Letter of Intent with China CITIC Bank Corporation Limited to bolster financial connectivity between China and ASEAN, focusing on Malaysia and Indonesia. This collaboration seeks to facilitate bilateral trade, cross-border financing, and investment flows by leveraging China CITIC Bank’s strong onshore network and CIMB’s extensive ASEAN presence.

The partnership aims to provide clients with seamless access to a wide range of banking solutions, including trade transactions, payments, and cross-border financing. Additionally, it will support Chinese Yuan Renminbi and foreign currency payment capabilities, potentially offering access to China’s Cross-Border Interbank Payment System. This initiative is expected to enhance financial linkages across the China-ASEAN corridor.

Both banks will also explore head-office-level communications to streamline treasury and cash management services, improving operational coordination. This will enable clients to manage cross-border transactions more efficiently as they expand across the region. Furthermore, the partnership includes mutual client referrals and advisory services to assist clients in navigating market entry and regulatory requirements.

Chu Kok Wei, CEO of Group Wholesale Banking at CIMB, stated, “As trade, investment, and supply chain linkages between China and ASEAN continue to deepen, businesses increasingly require banking partners that can help them navigate both markets more seamlessly.”

The collaboration also plans to explore syndicated loans across global markets, broadening clients’ access to regional and international financing opportunities. This strategic alliance underscores the commitment of both banks to support their clients’ growth ambitions in one of the world’s most dynamic economic corridors.

Sunrate, a global payment and treasury management platform, has launched SunrateAI, a pioneering AI-native global payment infrastructure designed to automate and manage complex enterprise workflows. As traditional payment systems struggle with the demands of a real-time, multi-market global economy, SunrateAI offers a transformative approach by turning isolated payment actions into a continuously operating intelligent system.

SunrateAI aims to simplify the intricacies of cross-border B2B payments, which are often hindered by complex workflows, regulatory compliance, and dynamic foreign exchange (FX) management. Paul Meng, co-founder and CEO of Sunrate, stated, “With SunrateAI, we are defining Agentic Global Payments—introducing an intelligent ecosystem capable of autonomously navigating these enterprise complexities.”

The system features a suite of specialised agents that work as a unified system, autonomously orchestrating end-to-end workflows and optimising execution decisions in real time. Li Yilong, Head of AI at Sunrate, highlighted the significance of this innovation, stating, “Agentic Global Payments enable a fundamentally new operating model—one that is not only faster and more scalable but inherently smarter.”

Founded in 2016, Sunrate operates in 190 countries and partners with major financial institutions such as Citibank and Barclays. The launch of SunrateAI marks a significant step towards a more efficient and intelligent global payment landscape.

A recent report by Zurich Insurance highlights that 75% of Southeast Asia’s renewable energy capacity is at risk of severe climate exposure by 2030, threatening $165b in assets. The report suggests that investing $13b in climate resilience measures could mitigate up to $82b in potential losses, offering a 6.5x return on investment.

The analysis underscores the urgency for ASEAN countries to integrate resilience into their clean energy infrastructure. With the region aiming for renewable energy to constitute 45% of installed power capacity by 2030, up from 33% today, the financial stakes are high. Mark Fletcher, Head of Zurich Resilience Solutions, Asia Pacific, stated, “Southeast Asia has a clear opportunity to protect the value of its clean energy transition before losses materialise.”

The report identifies wind, flooding, hail, and tornadoes as critical hazards, with solar energy sites facing the most immediate risk. By 2030, 80% of solar sites are expected to fall into high-risk categories. Amar Rahman, Global Head Sustainability & Climate Solutions at Zurich, emphasised the importance of forward-looking climate data to guide resilience investments.

Zurich’s recommendations include mandatory climate risk screening, prioritising high-risk assets for stress-testing, and embedding hazard-specific resilience into procurement. These measures aim to enhance the insurability and bankability of renewable projects, ensuring long-term performance and reliability.

As ASEAN accelerates its clean energy initiatives, embedding resilience from the outset is crucial to safeguarding asset values and maintaining insurability, ensuring the region’s energy transition is both reliable and sustainable.

A recent survey commissioned by BioCatch has highlighted significant concerns among Asia Pacific (APAC) banking leaders regarding the potential for AI-driven fraud. Conducted across 340 fraud-management, anti-money laundering, and risk and compliance leaders in Singapore, Indonesia, Thailand, India, and Australia, the survey found that 86% of respondents believe AI has heightened the sophistication of fraud and scams. Furthermore, 86% anticipate AI agents becoming a major exploitable vulnerability within the next year.

The survey underscores the growing challenge of distinguishing legitimate AI-assisted actions from malicious ones, with 78% of respondents expressing concern. Fraud attempts and losses are reportedly on the rise, with 81% and 78% of APAC respondents, respectively, noting increases at their institutions. Alarmingly, 49% reported annual fraud losses exceeding $10m, with some institutions losing over $100m.

BioCatch CEO Gadi Mazor commented, “AI is starting to reshape how customers interact with e-commerce sites and financial institutions and will change how criminals execute fraud and other financial crimes.”

The survey also revealed a strong desire for collaboration among APAC banking leaders, with 92% advocating for real-time intelligence sharing to combat scams. Additionally, 79% of respondents have already encountered agentic AI attacks, and 98% are prioritising customer trust in their investment decisions.

As fraudulent activities accelerate, the findings highlight the urgent need for innovative solutions to safeguard financial institutions and their customers from evolving threats.

Duke-NUS Medical School has been awarded a €2m grant from the European Union to bolster Asia’s capacity to detect infectious disease outbreaks early. The funding will support the use of wastewater and environmental surveillance as a population-level early warning system, aiming to identify threats before clinical cases escalate.

The initiative, announced on 9 June 2026, is part of a broader effort to enhance public health preparedness across the region. The project will be led by Duke-NUS’s Centre for Outbreak Preparedness, with Professor Paul Pronyk at the helm. “This grant will enable us to develop robust systems that can provide critical data for early intervention,” said Pronyk.

The funding comes at a crucial time as countries continue to grapple with the challenges posed by infectious diseases. Wastewater surveillance has emerged as a valuable tool in monitoring public health, offering insights into the spread of pathogens within communities. By detecting viral particles in wastewater, authorities can gain a clearer picture of infection trends and respond more effectively.

The project was officially launched at the ADWANCE-Asia kick-off meeting on 8 June in Kuala Lumpur, attended by key figures from the European Commission, including Ludmila Nistor-Mihajlova and Angela Tessarolo. The collaboration underscores the importance of international partnerships in addressing global health challenges.

Looking ahead, the initiative is expected to play a pivotal role in strengthening the region’s health security infrastructure, potentially serving as a model for other parts of the world.

DHL Supply Chain has announced a significant expansion of its data centre logistics capabilities across the Asia Pacific region. This move aims to support the growing demand for data centres as the region is poised to become the world’s next major data centre hub, attracting an estimated $800b in investment by 2030.

The expansion involves adding over 160,000 square metres of dedicated warehousing capacity, with 30,000 square metres already operational and an additional 130,000 square metres planned for Malaysia and Thailand over the next two years. This development is part of DHL’s strategy to provide comprehensive logistics solutions for hyperscalers and data centre operators amidst the rapid growth of AI and digital connectivity.

Javier Bilbao, CEO Asia Pacific DHL Supply Chain, highlighted the importance of this expansion, stating, “As the region enters this sustained phase of large-scale data centre execution, customers need more than capacity—they need execution certainty.” DHL’s investment focuses on advanced white glove handling and specialised technical services, ensuring precision and speed in demanding deployment environments.

The logistics giant is also upskilling its workforce to manage complex multiphase deployment programmes, shifting critical preparation work from live construction zones to controlled environments. This approach reduces the risk of damage and delays, ensuring efficient delivery and installation processes.

DHL’s expansion in Asia Pacific complements its global investment in data centre logistics, following recent developments in North America. Amanda Rasmussen, Chief Commercial Officer at DHL Global Forwarding, emphasised the strategic growth priority of data centre logistics, aiming to deliver integrated end-to-end solutions for every stage of the data centre lifecycle.

ib vogt has successfully closed a US$75m financing deal for its 99 MWp solar-plus-storage project in Barangay Luca, Iloilo, Philippines. The financing, secured through an Omnibus Loan and Security Agreement, is provided by Rizal Commercial Banking Corporation (RCBC), with RCBC Capital Corporation as the lead arranger.

The project, ib vogt’s first hybrid solar-plus-BESS development in the Visayas, combines 99 MWp of solar photovoltaic capacity with a 4 MW/16 MWh battery energy storage system. Construction began in early 2026, with commissioning expected by Q2 2027. Once operational, the plant will generate over 160 GWh of clean electricity annually, enough to power more than 85,000 households and reduce CO₂ emissions by over 70,000 tonnes per year. The integrated BESS will enhance grid stability and improve energy dispatchability across the Visayas grid.

David Ludwig, CEO of ib vogt APAC, stated, “This is our first power plant in the Visayas—a market with significant demand fundamentals and strong potential for renewable growth.” He highlighted RCBC’s confidence in the project’s structure and ib vogt’s track record in the Philippines.

RCBC Executive Vice President Elizabeth Coronel emphasised the bank’s commitment to sustainable finance, noting the project’s role in advancing the Philippines’ energy transition. As the fifth largest privately owned bank in the Philippines, RCBC continues to support projects that drive sustainable growth and create long-term value.

ib vogt, headquartered in Singapore, has been active in Asia since 2012 and is committed to supporting the decarbonisation of the global electricity sector. The company manages a pipeline of around 29 GWp of photovoltaic projects, 970 MW of BESS, and 190 MW of wind projects worldwide.

SJ Group has announced the appointment of Kelvin Wong as Group Chief Commercial Officer and Region Head, Asia, effective 1 July 2026. Wong, a prominent figure in the built environment sector, will spearhead SJ’s commercial strategy and oversee operations in Asia, which accounts for over half of the company’s global workforce and 60% of its revenue in 2025.

Wong’s role will involve leading SJ’s commercial strategy across the client lifecycle, from market positioning to client management, and aligning technical delivery with commercial outcomes. He will report directly to Group CEO Sean Chiao. SJ Chairman Chaly Mah expressed confidence in Wong’s appointment, highlighting the strength of SJ’s leadership.

Wong brings a wealth of experience from his tenure as CEO of the Building and Construction Authority (BCA) in Singapore, where he led a transformation focused on sustainability and digital adoption. Prior to BCA, he spent 24 years at the Singapore Economic Development Board, shaping policy and building national capabilities.

Wong stated, “SJ has the ambition and what it takes to make the built environment sustainable, resilient, AI-driven and talent-centric.” His career has spanned policy, promotion, and industry engagement, making him a valuable addition to SJ’s leadership team.

Password stealer attacks targeting Malaysian businesses surged by 33% in 2025, according to new findings from cybersecurity firm Kaspersky. With 244,061 attacks detected last year, Malaysia ranks as the second most affected market in Southeast Asia, trailing only Vietnam. Across the region, over 1.5 million such attacks were recorded, marking an 18% increase from 2024.

These attacks involve malware designed to extract passwords and account information, often used to infiltrate business environments without detection. Kaspersky’s Managing Director for Asia Pacific, Adrian Hia, noted, “Password stealers remain one of the most effective tools in a cybercriminal’s arsenal because they target the front door of every organisation: user credentials.”

The threat is exacerbated by the common practice of storing sensitive information digitally. A recent survey by Kaspersky revealed that 61% of Malaysian respondents store sensitive data digitally, and 44% use simple passwords. The Philippines experienced the highest surge in attacks at 41%, followed by Malaysia, Singapore, Vietnam, and Indonesia. Thailand, however, saw a decrease of 21%.

To combat these threats, Kaspersky recommends the use of password managers, multi-factor authentication, and regular credential audits. The company also advises organisations to adopt advanced security platforms and keep software updated to minimise risks. As cyber threats evolve, aligning internal processes with the latest threat intelligence is crucial for maintaining security.

UMS Integration Limited has signed a Memorandum of Understanding (MOU) to establish a joint-venture company in Vietnam, aiming to bolster its growth in the semiconductor and precision engineering sectors. The Singapore-based company intends to invest approximately $3.6m for a 51.6% stake in the new venture, which will consolidate three local precision engineering and metal plating firms.

The MOU, which is non-binding, was signed with Viet Nguyen Mechanical Precision Company Limited, Central Metal Mechanical Company Limited, and Global Metal Plating Company Limited. These companies will be restructured into a new entity, with UMS taking a majority stake. The investment will be funded through UMS’s internal resources and is part of its strategy to expand its manufacturing capabilities and tap into the booming semiconductor market.

UMS CEO Andy Luong highlighted the strategic benefits of the deal, stating, “This deal is both strategic and synergistic for UMS. We can gain from lower costs and better economies of scale in view of the strong growth in the global semiconductor industry.” He also noted that the investment would enhance UMS’s production facilities in Singapore and Malaysia, whilst broadening its geographical footprint to Vietnam.

Vietnam is positioning itself as a significant player in the global semiconductor industry, recently being removed from the US export control list, which could facilitate access to advanced chip-making technologies. The MOU is not expected to impact UMS’s financial results in the current year, but it marks a significant step in the company’s long-term growth strategy.