Industry News

HitPay, a payments platform for small and medium enterprises in Southeast Asia, has announced that its online stores are now automatically discoverable by AI shopping assistants like ChatGPT and Perplexity. This update, effective from 14 July 2026, comes at no additional cost to merchants, requiring no developer involvement or setup fees.

The move addresses a significant challenge for small businesses in the region, which have traditionally relied on social platforms and digital marketplaces for customer engagement. With AI-led commerce projected to reach $3–5t globally by 2030, according to McKinsey, the ability to be found by AI assistants is becoming crucial. Currently, 39% of Asia-Pacific consumers use AI for online shopping, with another 40% planning to do so, as per Bain’s data.

HitPay’s solution involves making each online store’s catalogue, product names, prices, and stock levels machine-readable and updated throughout the day. This ensures that AI assistants access current information, enhancing the likelihood of small businesses appearing in AI-generated shopping recommendations. Aditya Haripurkar, Co-Founder and CEO of HitPay, stated, “We built this so that a home baker in Singapore, a clothing store in Manila, or a boutique in Kuala Lumpur is as findable as any established brand.”

Whilst completing purchases directly through AI assistants remains an emerging standard, HitPay’s focus is on ensuring visibility for smaller sellers as consumer behaviour shifts. This initiative is part of HitPay’s broader service offering, which includes support for various payment methods across the region.

Aon plc has unveiled findings from its 2026 Global Transaction Solutions Claims Study, highlighting the evolving transaction risk market in the Asia Pacific (APAC) region. The study reveals that transaction risk claims in APAC are increasingly exceeding $10m, driven by issues such as disclosure, financial inaccuracies, compliance breaches, and tax exposures.

The report underscores the growing adoption of transaction risk products like warranty and indemnity (W&I) insurance and standalone tax liability insurance in markets such as India, Singapore, and South Korea. These products are becoming integral to transaction structuring and risk management, particularly in large and cross-border deals. Martijn de Lange, managing director of Transaction Solutions in APAC for Aon, noted, “We are seeing greater claims frequency and higher-severity outcomes, reinforcing the value of Warranty & Indemnity and tax insurance in protecting deal value.”

Claims activity in APAC has risen steadily, with Aon recovering over $26m for clients in the past three years. The region’s claims trends now align with global patterns, with tax and regulatory exposures driving some of the most complex claims. These claims often emerge years after deal completion, contributing to a long-tail risk profile.

The study also highlights sector-specific risks, with real estate, consumer, and technology industries facing distinct challenges. Anita Vivekananda, managing director of Transaction Solutions in APAC for Aon, emphasised the importance of transaction insurance, stating, “The growing prevalence of long-tail tax and regulatory exposures is contributing to a more complex risk landscape.”

As APAC’s transaction risk market matures, the integration of W&I and tax insurance into deal strategies is expected to continue, offering organisations a robust tool for managing evolving risks.

Schroders Wealth Management has announced the appointment of Peter Flavel as Chair and Independent Non-Executive Director of the Board of Schroder & Co (Asia) Limited, pending regulatory approval. Flavel will collaborate with Evonne Tan, the newly appointed CEO of Schroders Wealth Management, Asia, to drive growth in this key market.

Flavel brings over 30 years of experience in international private banking and wealth management, having held senior roles across Asia, Europe, the Middle East, and the Americas. His notable achievements include establishing Standard Chartered’s global Private Bank and serving as CEO of J.P. Morgan Private Wealth Management for Asia Pacific. Most recently, he was the CEO of Coutts, where he led significant transformation efforts.

The appointment underscores Schroders Wealth Management’s commitment to Asia as a core growth market. Oliver Gregson, CEO of Schroders Wealth Management, remarked, “Asia remains one of the most attractive long-term wealth markets globally and is central to our growth ambitions. Peter is a highly respected industry leader with a deep understanding of private banking, wealth management and the opportunities across Asia.”

Flavel expressed his enthusiasm, stating, “Schroders Wealth Management has a strong heritage, a distinctive client proposition and a clear ambition for growth in Asia. I am delighted to be joining the Board and look forward to working closely with Evonne and the wider team.”

This leadership change also marks a governance transition, with Jason Lai stepping down from the Board after years of contribution to the firm’s development in Asia. The firm expressed gratitude for Lai’s service to both the business and its clients.

Bank of Singapore has announced a refresh of its Chief Investment Office Global Advisory Council and released its latest Supertrends report for 2026. The council, established in 2024, now includes John Studzinski from PIMCO and Lauren Goodwin from KKR, joining a roster of esteemed experts from various sectors. This move aims to enhance the bank’s advisory capabilities amidst a rapidly changing global landscape.

The newly released report, titled “Supertrends 2026: Cycles, Halos and Moonshots,” outlines five key structural shifts expected to reshape capital, risk, and opportunity. These include navigating chokepoints, adopting a whole portfolio approach, China’s renaissance, the pervasive influence of artificial intelligence, and the growth of the longevity economy. The report encourages investors to look beyond short-term market fluctuations and focus on long-term wealth creation opportunities.

The council’s insights are integral to the bank’s strategic direction, providing clients with a comprehensive view of the geopolitical and economic trends that could impact investment decisions. The bank’s commitment to delivering world-class investment insights is further demonstrated through its annual CIO Summit series, where council members and industry leaders discuss future investment themes.

As the private banking arm of OCBC Group, Bank of Singapore continues to strengthen its role as a strategic anchor for investment leadership, offering valuable perspectives to ultra-high net worth families and high net worth individuals across Asia.

The Energy Market Authority (EMA) of Singapore and Japan’s Electricity and Gas Market Surveillance Commission (EGC) have formalised their collaboration through a Memorandum of Cooperation (MoC) signed on 13 July 2026. This agreement aims to enhance cooperation and information exchange in the gas and electricity markets, focusing on regulatory practices and system stability.

The MoC, signed in Singapore by EMA’s Chief Executive Puah Kok Keong and EGC’s Secretary General Tatsuya Shinkawa, outlines several collaborative activities. These include dialogues between the two organisations, technical exchanges, study visits, and joint research opportunities. The initiative is designed to keep regulatory practices current amidst a rapidly evolving energy landscape.

Puah Kok Keong emphasised the importance of these exchanges, stating, “Our exchanges with EGC are part of our efforts to ensure a well-functioning energy market and the reliability of power supply.” He also highlighted the upcoming Regulators@SIEW event during the Singapore International Energy Week in October 2026 as a platform for further discussions.

Tatsuya Shinkawa noted the shared challenges between Japan and Singapore in maintaining reliable energy supply and efficient electricity markets. “We are pleased to conclude this MoC with EMA and look forward to strengthening cooperation, exchanging experience, and enhancing consumer protection for the benefit of both countries,” he said.

This partnership marks a significant step in addressing common energy sector challenges and improving market regulation for both nations.

Q & M Dental Group has announced significant strides in its regional expansion strategy with the acquisition of stakes in Thailand and Australia. The group will gain a 51% stake in Deezy Q & M, a network of over 30 dental clinics in Thailand, for $27.5m (THB 994.5m). This acquisition will be financed through a combination of cash and new Q & M shares, subject to a 15-year lock-up. The deal is supported by a six-year profit guarantee, ensuring financial stability and growth potential.

The CEO of Q & M Dental Group, Ng Chin Siau, expressed confidence in the partnership with Deezy, citing the clinic’s professional team and established reputation as key factors in the decision. “Thailand has long been a market of interest for us, and Deezy stands out as the right partner for our next step forward,” he stated.

In addition, Q & M is set to acquire 100% of the Experteeth Group in Australia for $76.5m (A$119.64m). This acquisition includes 40 clinics and approximately 120 dentists across several Australian states. The deal is backed by an eight-year, $72m (A$112.6m) profit guarantee, with key dentists retained as strategic partners under 15-year service agreements.

Ng Chin Siau highlighted the significance of the Australian acquisition, noting, “Our acquisition of the Experteeth Group marks a defining milestone in Q & M’s internationalisation strategy and a significant step in our long-term ambition to build a leading dental services platform across the Asia-Pacific region.”

These strategic moves are set to enhance Q & M Dental Group’s presence beyond its existing markets in Singapore, China, and Malaysia, positioning the company as a formidable player in the Asia-Pacific dental services sector.

Thales, Singtel Group, and Bridge Alliance have unveiled the world’s first multi-operator enterprise eSIM connectivity network for the Internet of Things (IoT) in Asia Pacific. This innovative platform allows businesses to manage IoT devices across multiple countries and networks through a single, centralised solution, addressing the complexity of connectivity management and reducing operational costs.

The platform, developed with Bridge Alliance operators including Singtel, Optus, AIS, and Globe Telecom, has successfully passed interoperability testing and is now ready for enterprise IoT deployments across the region. It is set to expand to additional operators, enhancing its reach and capability.

The demand for flexible connectivity solutions is rising, with cellular IoT connections in Asia Pacific projected to hit 1.3 billion by 2030, according to GlobalData. Industries such as automotive, retail, utilities, logistics, and industrial sectors are driving this growth. The new eSIM network allows devices to automatically connect to the most suitable mobile network as they move between countries, eliminating the need for SIM card replacements and manual interventions.

Jorge Fernandes, Group Chief Technology Officer at Singtel, highlighted the platform’s ability to provide “seamless, easy-to-manage connectivity” and enhance operational efficiency. Nicolas Bouverot, VP Mobile Connectivity Solutions at Thales, emphasised the platform’s role in transforming cross-border IoT device management.

This development is particularly beneficial for sectors reliant on long-term connectivity, such as connected vehicles, utilities, and retail, offering improved resilience and reduced operational costs. As the platform expands, it promises to further streamline IoT deployments across Asia Pacific.

Asia-Pacific companies are experiencing substantial financial returns by addressing climate risks, according to the latest report from CDP. The Disclosure Dividend 2026 report highlights that businesses in the region are seeing a median return of $7 for every $1 invested in environmental risk management. This return is notably higher in South Korea, China, and Japan, with returns of $24, $11, and $9 respectively.

The report underscores the financial exposure of companies to transition risks, with $732b of revenue at stake. Transition risks, which arise during the shift to a net-zero economy, affect 11% of revenue across the region. Notably, China and Southeast Asia report 9% of revenue at risk, whilst Japan faces an 11% exposure.

Investments in emissions reduction are proving to be financially prudent, with a median payback period of 2.8 years for APAC companies. This is quicker than the median payback periods in Europe and the US, which stand at 3.7 and 3.0 years respectively. China leads the region with the fastest returns, achieving a median payback period of just 1.9 years.

The report also finds that companies engaging in environmental disclosure face approximately one-third less transition-related risk compared to those not disclosing. This suggests that transparency in environmental practices not only aids compliance but also mitigates financial risks.

The findings from CDP’s report highlight the tangible financial benefits for companies proactively managing climate risks, positioning them advantageously in the evolving global economy.

Lockton Asia has announced the appointment of Martin Allain as Head of Wholesale in its Regional Placement Team. Allain, who returns to the workforce after a brief retirement, will report to Piers Hughes, Head of Placement for Asia, and is set to enhance the firm’s technical capabilities and speciality expertise across the region.

Allain brings a wealth of international experience, having worked in North America, Europe, Australia, and Asia. He began his career with Marsh UK, focusing on North American business, and later became the Head of Marsh’s International Wholesale Operation in London. In 1995, he joined Reinsurance Australia Corporation as Property Underwriting Manager. Since moving to Singapore in 2003, Allain has held senior roles, including Managing Director for Facultative Business for Asia Pacific at THB Singapore and a position with Howden’s wholesale broking team.

His expertise spans a variety of speciality lines, such as Property, Power, Mining, Manufacturing, Multinational Programme Placement, Alternative Risk Transfer and Captives, Construction, Financial Lines, and Marine. Allain also possesses deep technical knowledge in sectors like Mining, Heavy Industry, Downstream Energy, and Power & Utilities.

Piers Hughes expressed enthusiasm about Allain’s appointment, stating, “We are delighted to welcome Martin to the Lockton Asia team. His global experience, technical strength, and on-the-ground understanding of the Asian market will further strengthen our ability to deliver differentiated placement strategies and exceptional results for our clients.”

Based in Singapore, Allain will collaborate with Lockton offices across Asia to enhance market engagement and support speciality placement solutions for clients throughout the region.

INFINITIX, a Taiwan-based AI infrastructure software company, has signed a Memorandum of Understanding (MOU) with Sarawak Information Systems Sdn Bhd (SAINS), Malaysia’s leading ICT solutions provider. This partnership aims to develop Sovereign AI platforms, private GPU cloud AI services, and a Token Factory operating model across Southeast Asia. This marks a significant step in INFINITIX’s expansion following its ventures in Japan and South Korea.

The agreement will see INFINITIX deploying its AIStack heterogeneous computing management platform and ixCSP AI cloud platform. These platforms are designed to help governments and enterprises build secure, scalable AI computing environments, maximise GPU utilisation, and rapidly deliver AI services. The collaboration will enable organisations to transform computing resources into scalable, monetisable AI services for applications such as Generative AI, Agentic AI, and Large Language Models (LLM).

SAINS, established in 1991, is the Sarawak State Government’s primary ICT partner, providing digital government, cloud, cybersecurity, AI, and smart city solutions. The company has implemented over 300 government information systems and is leading initiatives like Sovereign AI Infrastructure and GPU-as-a-Service.

WenYu Chen, co-founder and CEO of INFINITIX, stated, “The future of AI will be defined not by who owns the most GPUs but by who can manage and commercialise them most effectively.” The partnership combines SAINS’s public sector ICT leadership with INFINITIX’s expertise in GPU orchestration to accelerate national AI initiatives and regional digital transformation.

This collaboration strengthens INFINITIX’s international growth strategy as it continues to expand across Southeast Asia, working with governments, cloud service providers, and enterprise partners to advance the next generation of Sovereign AI and AI Cloud Economy.