Industry News

The Asia-Pacific (APAC) region saw a significant rise in mergers and acquisitions (M&A) deal value in 2025, increasing by 33% compared to the previous year, according to Bain & Company’s Global M&A Report 2026. This growth places APAC between the Americas, which saw a 52% increase, and EMEA (Europe, the Middle East, and Africa), which grew by 32%. The report highlights Japan as a standout performer, with a 93% increase in strategic deal value, making it the third-largest globally.

In Southeast Asia, however, the overall market deal value fell by 16% to $61b, despite a slight increase in the volume of deals over $30m. The strategic market deal value in the region also declined by 12% year-on-year. Notable transactions included Genting Bhd’s acquisition of Genting Malaysia Bhd for $4.1b in Q4 and Diginex’s acquisition of Resulticks Solution for $2b in Q2.

The report also notes a mixed performance across industries in Southeast Asia. Advanced Manufacturing and Services, the largest industry in the region, experienced a 21% decrease in strategic deal value, whilst the Energy and Natural Resources sector saw a 13% increase. Outbound strategic deal value from Southeast Asia rose by 18% to $15b, although the volume of deals over $30m decreased by 15%.

Bain & Company anticipates that M&A will continue to play a crucial role in strategic reinvention for companies facing technological disruption and shifting economic landscapes in 2026.

Insurance asset managers in the Asia Pacific region are grappling with significant data integration challenges, according to a recent study by Clearwater Analytics. The research, which surveyed 150 executives from Australia, Singapore, and Hong Kong, highlights data integration as the foremost concern, with only 42% of respondents rating their systems as excellent in this area.

The study reveals that asset complexity, involving the structuring and pricing of complex instruments, ranks second in importance but last in performance, with just 23% of executives confident in their systems’ capabilities. This disconnect is exacerbated by the increasing use of third-party asset managers, with 66% of firms expanding their reliance on external managers, thereby multiplying data complexity.

As insurers diversify their investment strategies, private market allocations are expected to surge from 20% to 33% within five years. This shift underscores the need for improved data management systems. Shane Akeroyd, Chief Strategy Officer and President of Asia Pacific at Clearwater Analytics, emphasised the critical nature of unifying and analysing data across disparate systems, stating, “Firms can no longer afford the performance gaps we’re seeing in foundational capabilities.”

To address these challenges, insurers are adopting strategies such as recruiting from diverse sectors, hiring risk management specialists, and increasing outsourcing. With 92% of respondents acknowledging the increased complexity of data arriving in multiple formats, the demand for integrated platforms that simplify complexity and strengthen risk oversight is clear.

The study indicates that firms closing these capability gaps will gain a competitive edge, especially as 96% anticipate increased mergers and acquisitions activity. Clearwater Analytics’ research highlights the urgent need for APAC insurers to enhance their data integration capabilities to remain competitive in a rapidly evolving market.

Twilio has announced that Delivery Hero, a leading global delivery platform, is utilising its communications technology to significantly reduce rider friction and improve customer reachability. By automating customer outreach at the point of delivery, Delivery Hero has achieved a 25% reduction in overall rider contact rates and over 60% fewer rider-to-agent escalations in “customer unavailable” scenarios.

Delivery Hero operates in approximately 70 countries and manages 11 prominent brands, including foodpanda and talabat. The platform handles over 10 million orders daily, making efficient last-mile communication crucial. Twilio’s technology addresses issues such as delays, language barriers, and privacy concerns by using automated calls from local numbers in the customer’s preferred language.

Philip Grefe, Product Manager at Delivery Hero, highlighted the importance of customer attention during delivery, stating, “If the final handover fails, everyone loses.” Twilio’s solution, built in Twilio Studio, allows customers to confirm availability or cancel deliveries without agent involvement, enhancing operational efficiency.

Jake Kanter, Vice President of Sales at Twilio, noted, “Delivery Hero’s use of Twilio shows how programmable communications can remove friction at critical moments.” The collaboration has not only improved delivery reliability but also reduced support tickets and operating costs, creating a seamless experience for riders, customers, and vendors worldwide.

Southeast Asia’s Initial Public Offering (IPO) market has experienced a significant rebound in 2025, with 102 IPOs raising approximately US$5.6b, according to Deloitte’s latest report. This marks an increase in total IPO funds raised compared to 2024, despite a decline in the number of listings. The surge is attributed to larger deals and robust performances in key markets such as Singapore, Vietnam, Malaysia, and Indonesia.

The real estate, financial services, and consumer sectors have been pivotal in driving this growth. Singapore emerged as the frontrunner in IPO proceeds, with nine deals raising US$1.6b, largely due to major REIT listings like NTT DC REIT and Centurion Accommodation REIT. These listings accounted for 88% of Singapore’s total funds raised, reflecting a strong market recovery bolstered by regulatory reforms and a favourable interest rate environment.

Vietnam also made a notable impact with two blockbuster IPOs in the financial sector, collectively raising US$1b. This resurgence is expected to continue, supported by Vietnam’s upcoming classification as a Secondary Emerging Market in September 2026, which is anticipated to attract significant foreign capital.

Malaysia led in the number of IPOs, with 48 listings raising US$1.1b, driven by the ACE Market. Despite a decrease in key metrics, Malaysia is on track to meet its target of 60 IPOs by year-end, supported by a diverse pipeline and strong investor confidence.

Looking ahead, Deloitte anticipates continued investor interest in Southeast Asia’s IPO markets, with a growing pipeline of upcoming IPOs and cross-border listings expected to sustain momentum into 2026.

HitPay, a prominent payment platform for small-to-medium enterprises, has launched Borderless QR, a new software solution designed to streamline international payments for merchants across Southeast Asia. This innovation allows merchants to generate dynamic QR codes for international visitors, enabling payments through preferred home wallets like WeChat Pay and PromptPay, with next-day settlement in local currency.

The introduction of Borderless QR is significant as it addresses the complexities faced by Micro, Small, and Medium Enterprises (MSMEs) in navigating diverse international payment standards. By consolidating these into a single, user-friendly interface, HitPay empowers its network of over 20,000 merchants to offer a seamless shopping experience to tourists, who can pay in their home currency without additional fees.

Aditya Haripurkar, CEO of HitPay, stated, “Borderless QR is about supporting the region’s spirit of collaboration by providing a streamlined checkout flow. Merchants can simply select a customer’s home country to generate a specific QR with a real-time converted amount.”

The rollout is initially focused on Singapore, Malaysia, and the Philippines, with plans for rapid scalability. Early adopters, such as lifestyle retailer The Paper Bunny, have already embraced the solution, enhancing their ability to cater to the growing number of regional tourists.

As the Southeast Asian tourist economy is projected to reach $39.52b by 2026, HitPay’s Borderless QR positions local merchants to capture this burgeoning market effectively, ensuring they remain competitive in a connected digital economy.

AirAsia has announced a new partnership with HYROX APAC, a collaboration designed to merge fitness, lifestyle, and travel across the Asia Pacific region. This initiative, launched on 23 January 2026, aims to support the burgeoning fitness movement by facilitating seamless travel for HYROX athletes, participants, and fans to key host cities.

The partnership is expected to connect a growing HYROX community, with over 250,000 athletes anticipated by 2026. HYROX, known for its inclusive and accessible fitness races, offers various categories such as Singles, Singles Pro, Doubles, Doubles Pro, Relay Teams, and Adaptive, catering to different fitness levels and abilities. Participants compete in a standardised race format worldwide, which includes a 1km run followed by eight functional movements, repeated eight times.

Upcoming races in the HYROX APAC 2025/26 season include events in Auckland, Osaka, Taipei, Bangkok, Singapore, Brisbane, Hong Kong, Incheon, Jakarta, and Kuala Lumpur. The season will culminate in the World Championships in Stockholm from 18 to 21 June 2026.

HYROX, created by industry veterans Christian Toetzke and Olympic medallist Moritz Fruste, aims to bridge the gap between traditional endurance races and functional fitness. The collaboration with AirAsia is set to enhance the accessibility of these events, turning travel into an enabler of meaningful experiences and shared ambitions.

SDAI Limited has announced a strategic partnership with Hubei Qiai Group to expand the mugwort industry in Southeast Asia. The collaboration, unveiled at a press conference in Singapore on 18 January 2026, aims to transform traditional mugwort heritage into modern health solutions through a joint venture, QCM Holdings Pte. Ltd.

The partnership seeks to establish a holistic health ecosystem by integrating Hubei Qiai’s industrial strengths with SDAI’s regional expertise. This venture will offer a portfolio of over 300 products and aims to create a scalable health ecosystem. The initiative is supported by the establishment of the Qi Ai International Operation Centre, International Mugwort Training Centre, and Mugwort R&D Centre in Singapore.

Jim Rogers, Director of SDAI, highlighted the global relevance of Eastern wellness practices, whilst Professor Brian Kennedy discussed the scientific potential of mugwort. Wang Zhen, Chairman of Hubei Qiai, emphasised the importance of a standardised business model for global commercialisation.

The event also saw the signing of Letters of Intent with over 20 health management organisations from nine countries, including Singapore, Malaysia, and Japan. This move is expected to connect with more than 100 health and wellness centres across the region.

Madam Hao Dongting, Executive Chairperson of SDAI, stated, “Our partnership with Hubei Qiai is founded on a strong alignment of vision and values. We aim to transform centuries-old mugwort heritage into accessible, modern health solutions.”

The collaboration is poised to reshape Southeast Asia’s health landscape by integrating biotechnology with traditional wellness practices, offering sustainable health solutions for the region.

PIMCO and DBS Bank have successfully completed the initial offering of a new back end share class for the PIMCO GIS Balanced Income and Growth Fund (P BIG), raising US$272m within days of its launch on 12 January. The fund, available in Hong Kong, Singapore, and Taiwan since late 2023, is designed to provide consistent income and long-term capital growth through a 60/40 allocation between global core equities and high-quality fixed income.

The new share class was made available to DBS customers in Singapore and Hong Kong without an upfront sales charge during the initial offering period, with a minimum investment of SGD 1,000 or HKD 20,000. A contingent deferred sales charge applies for redemptions within the first three years.

“P BIG is structured to help investors maintain long-term positioning through varied market conditions,” said Marcio Bogoricin, Executive Vice President and Head of Global Wealth Management for Asia ex Japan at PIMCO. The fund’s tactical flexibility aims to support clients’ portfolios across all market environments.

The P BIG fund surpassed US$5b in assets under management in November 2025, with the Administrative USD Income II share class delivering a 21% net return for the year ending 31 December 2025. James Tan, Group Head of Investment Products and Advisory at DBS Bank, highlighted the importance of disciplined diversification and sustainable income generation in today’s markets.

This launch underscores PIMCO and DBS’s commitment to lowering investment barriers for retail investors and expanding access to globally-diversified, actively managed strategies.

ST Telemedia Global Data Centres (STT GDC) has launched Southeast Asia’s first High Voltage Direct Current (HVDC)-powered AI infrastructure testbed, the FutureGrid Accelerator, at Nanyang Technological University (NTU) Singapore’s Electrification and Power Grids Centre. This initiative, officiated by Minister of State for Foreign Affairs and Trade & Industry, Gan Siow Huang, marks a significant step in Singapore’s digital and energy transition efforts.

The FutureGrid Accelerator, developed in collaboration with LITEON and supported by NTU’s Energy Research Institute and deep-tech spinoff Amperesand, aims to demonstrate HVDC integration with AI workloads. This technology promises up to 30% energy savings compared to traditional systems and a reduction of up to 400 tonnes of CO2 equivalent per megawatt annually. It also supports ultra-high-density racks and is compatible with renewable energy sources.

In addition to the testbed, STT GDC has signed Memoranda of Understanding with four Institutes of Higher Learning, including the Institute of Technical Education and Singapore Polytechnic, to enhance skills development in AI and sustainable energy systems. These partnerships are expected to benefit over 8,000 Singaporeans in the next five years through training and internships.

Bruno Lopez, President and CEO of STT GDC, stated, “The FutureGrid Accelerator is a strategic investment in Singapore’s long-term digital leadership.” This initiative is set to reinforce Singapore’s position as a global hub for advanced sustainable digital infrastructure and energy transition.

Singapore’s Lien Foundation and Tan Tock Seng Hospital have launched the Lien Collaborative for Palliative Care in Beijing, a three-year initiative designed to enhance palliative care capabilities in the Chinese capital. This programme seeks to address the challenges posed by ageing populations and the increasing demand for patient-centred care in both countries.

The initiative aims to train more than 1,000 Chinese healthcare professionals and improve palliative care delivery across at least eight institutions in Beijing. It supports China’s national efforts to expand palliative care by tackling issues such as the shortage of trained specialists and the lack of public awareness.

Key components of the programme include the development of online teaching modules for medical professionals, biannual Train-the-Trainer workshops, and fortnightly Online Complex Case Conferences. Additionally, a four-week Clinical Observership Programme in Singapore will offer selected Chinese doctors clinical training and exposure to Singapore’s palliative care ecosystem. The programme will also produce public advocacy videos to encourage end-of-life discussions.

Participating institutions in Beijing include Peking Union Medical College Hospital, Beijing Haidian Hospital, and Sereniturn Palliative Care. These institutions will collaborate to develop treatment protocols and practice guidelines tailored for China.

The initiative also provides an opportunity for Singaporean doctors to learn from Chinese experts about Traditional Chinese Medicine and humanistic care models for end-of-life treatment. This exchange of knowledge is expected to foster long-term policy and ecosystem reform in palliative care.