Industry News

Willis, a business of WTW, has announced the launch of a dedicated Data Centre Industry Practice for Asia, appointing Lay See Ong as the Practice Leader. This move highlights Willis’ commitment to enhancing its capabilities as Asia’s Best Risk Adviser and Speciality Broker, as the region experiences rapid growth in data centre colocation.

The data centre sector in Asia is projected to be the fastest growing globally over the next five years, with a construction pipeline estimated at $160b across South, Southeast Asia, and Australasia. Countries such as Indonesia, the Philippines, and India are expected to drive this growth. Luke Ware, Head of Asia at WTW, noted the complex insurance landscape faced by data centres, which includes risks like natural hazards, business interruptions, and cyber threats.

Willis’ new practice aims to offer a customer-centric approach by integrating expertise from various business lines. By collaborating with global and regional specialists, the firm seeks to provide a unified offering to help companies navigate the intricate risk landscape of the data centre sector. “The world’s largest technology firms are moving to Southeast Asia to build data centres at a time when demand for infrastructure and computing power to enable AI is rapidly rising,” Ware added.

Lay See Ong, with over 25 years of experience in risk advisory and broking, will lead the new practice. Based in Singapore, she will continue her role as Strategic Client Leader within Large Accounts Asia, bringing her extensive expertise in Technology, Media & Telecommunications and complex infrastructure sectors to the position.

Deloitte’s inaugural APEC CEO Survey 2025 reveals that business leaders in Southeast Asia are navigating economic uncertainty with a focus on regional growth and diversification. The survey, which gathered insights from 1,252 senior leaders across the Asia Pacific Economic Cooperation (APEC) region, highlights a cautious optimism among executives about their companies’ prospects and the APEC economy, despite concerns over global economic conditions.

The survey indicates that 75% of Southeast Asian leaders are optimistic about their companies’ outlook, whilst 66% share this sentiment for the APEC economy. However, only 46% express the same confidence in the global economy. Eugene Ho, CEO of Deloitte Southeast Asia, noted, “Leaders across Southeast Asia are confident in their own companies’ performance, see tangible opportunities across the APEC region, yet remain cautious about the broader global outlook.”

Key findings from the survey show that 45% of Southeast Asian leaders currently view technology application as their primary growth driver, with a shift towards innovation and new products expected over the next three years. Additionally, 50% of leaders plan to diversify their supply chains within the next year, reflecting a strategic move to build resilience amidst geopolitical instability.

Sustainability is also gaining importance, with 73% of Southeast Asian leaders intending to increase investment in this area, up from 32% last year. The appetite for mergers and acquisitions is rising, with 42% planning to pursue deals in the next year.

The survey underscores the strategic pivots being made by APEC leaders to leverage regional opportunities whilst managing global uncertainties. As businesses adapt to a rapidly changing environment, the focus on innovation, sustainability, and strategic partnerships is expected to drive future growth.

The 2025 ASEAN-Korea Innovative Culture Forum was successfully held on 8 November at the National Gallery Singapore, bringing together cultural leaders and innovators from across the ASEAN region and South Korea. Organised by the Ministry of Culture, Sports and Tourism and the Korea Foundation for International Cultural Exchange (KOFICE), the event aimed to enhance cultural collaboration and innovation between ASEAN countries and Korea.

The forum featured a series of discussions and presentations focusing on the integration of culture and technology, exploring how these elements can drive innovation and strengthen ties between the regions. The event underscored the importance of cultural exchange in fostering mutual understanding and cooperation.

Choi Hwi-young, Minister of Culture, Sports and Tourism, emphasised the significance of such forums in promoting cultural diplomacy and innovation. Park Changsik, President of KOFICE, highlighted the role of cultural exchange in building a more connected and innovative future.

The forum’s success marks a significant step in deepening cultural ties between ASEAN countries and Korea, with potential implications for future collaborations in various cultural and technological fields. As cultural diplomacy continues to gain importance, such events are expected to play a crucial role in shaping the future of international relations in the region.

Southeast Asia’s consumer landscape is set for a significant transformation, with private consumption projected to grow by 8% annually, reaching nearly $5t by 2035, according to a report by Bain & Company and NielsenIQ. This growth is driven by increasing affluence and rapid urbanisation across key economies, including Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam. However, short-term challenges such as inflation and weak consumer sentiment persist, affecting fast-moving consumer goods (FMCG) growth rates.

Despite these headwinds, Southeast Asia’s gross domestic product (GDP) is expected to grow almost 5% annually through 2034, with Vietnam and the Philippines leading the charge. Investors remain optimistic, as the region attracts more foreign direct investment than China for the first time in a decade. In 2023, the FDI per capita for the region was 6.4%, compared to China’s 0.2%.

Consumers are becoming more deliberate in their spending, with 42% seeking lower-priced products and 25% switching to brands offering better value. This shift has prompted brands to adjust their offerings to meet evolving consumer perceptions of value. Whilst consumers are buying less, they are willing to invest in health and premium brands, particularly in beauty, baby, and pet care sectors.

Social commerce and artificial intelligence (AI) are reshaping consumer journeys, with platforms like TikTok Shop accounting for 20% of total e-commerce in the region. AI tools are increasingly used by 85% of Southeast Asian shoppers for product discovery and personalised recommendations. Local brands are also gaining ground, commanding over 50% of the FMCG market value, particularly in Indonesia, Thailand, and Vietnam.

As Southeast Asia enters its next phase of consumer growth, businesses are urged to adapt to the fast-evolving market by incorporating locally relevant elements and leveraging AI to maintain competitiveness.

Standard Chartered Foundation has announced a $6m investment aimed at enhancing youth employability in Singapore and the ASEAN region. This initiative, revealed at a recent networking event attended by key figures such as Minister Chee Hong Tat and Standard Chartered leaders, seeks to improve economic opportunities for young people, with a particular focus on young women.

The majority of the funds will be directed towards developing a programme to foster a thriving blue economy in ASEAN, which aims to sustain coastal ecosystems and improve the economic livelihoods of local communities. This initiative is crucial given that 282 million young people globally are not in employment, education, or training, including 19 million in ASEAN, where young women face higher unemployment rates.

Additionally, the Foundation will collaborate with Community Chest and Daughters of Tomorrow to launch the “Youth Employment for Success” (Y.E.S.) programme. This initiative will provide job-readiness and well-being training to young women from lower-income communities in Singapore, running until 2028. Von Leong, Board President of Daughters of Tomorrow, expressed optimism about the partnership, stating it aligns with their mission to break cycles of poverty through long-term employment.

Patrick Lee, CEO of Singapore and ASEAN at Standard Chartered, highlighted the bank’s unique position to catalyse philanthropy and sustainability, noting the economic potential of the blue economy programme and the positive community impact of their partnership with Daughters of Tomorrow. The investment underscores Standard Chartered’s commitment to empowering youth and fostering sustainable development in the region.

Asia Pacific’s commercial real estate investment volume soared by 28% quarter-on-quarter to $41.8b in Q3 2025, marking the highest quarterly total since 2021, according to CBRE Research. This surge was largely fuelled by strong activity in Japan and Korea, with Japan alone seeing a 129% increase in investment volume to $14b.

Office occupier sentiment improved significantly during the quarter, bolstered by easing trade tensions and stricter office attendance mandates. Grade A office net absorption rose by 10% year-on-year, reaching 14.5 million square feet. The technology, media, and telecommunications (TMT) and finance sectors led demand across most markets, although rents fell slightly when mainland China markets were included.

Retail sales in the region remained steady in July and August, with increased leasing enquiries and site visits as global trade policy clarity encouraged retailers to expand. Retail rents edged up by 0.2% quarter-on-quarter.

The logistics sector experienced a recovery in leasing momentum, driven by third-party logistics providers and domestic e-commerce operators. Despite a surge in short-term leases ahead of the festive season, logistics rents fell by 1.8% quarter-on-quarter.

The report highlights the resilience of occupier markets in the Asia Pacific region, with investment activity rebounding strongly, particularly in the office sector. As the region continues to navigate global economic challenges, these figures suggest a positive outlook for the commercial real estate market heading into 2026.

Digital travel platform Agoda and Japanese global payments brand JCB International have announced a strategic three-year partnership, effective from April 2026 to March 2029. This collaboration, revealed at the 18th JCB World Conference in Singapore, aims to enhance travel and payment experiences for millions of customers across Asia.

The partnership will leverage data-driven insights to attract new customers and optimise marketing strategies, focusing on inbound travellers to Japan. JCB cardmembers will enjoy exclusive discounts and special offers on Agoda in key markets, including Taiwan, China, Hong Kong, the Philippines, South Korea, Indonesia, Thailand, Vietnam, and India. Joint promotions are already live, offering up to 12% additional discounts on hotel bookings through dedicated Agoda pages.

Damien Pfirsch, Chief Commercial Officer at Agoda, highlighted the partnership’s potential: “This partnership is a testament to the trust we’ve built and our shared vision to strengthen inbound travel to Japan and expand opportunities for travellers in the region.”

Masaki Yokawa, President and CEO of JCB International, expressed enthusiasm for the collaboration, stating, “We endeavour to make every step of the travel and shopping experience smoother and more rewarding for our cardmembers across the region.”

The partnership aims to meet the evolving needs of Asian travellers, particularly as intra-Asia travel grows alongside the region’s rising middle class. By offering greater convenience and value, Agoda and JCB continue to contribute to Japan’s appeal as a top inbound destination and support innovation within the travel and payments industry.

Criteo, a global platform connecting the commerce ecosystem, has released its Q4 2024 Double Date Shopping Review, highlighting the significant impact of double-day sales events in Southeast Asia. The report reveals that events like 10.10, 11.11, and 12.12 have driven substantial growth, with revenue up 9.6%, transactions increasing by 6.5%, and traffic rising by 6.4% year-on-year. These findings underscore the importance of these events as a strategic opportunity for brands to acquire new customers.

The data shows that Singles’ Day was the standout event, boosting revenue by 172%, sales by 132%, and traffic by 48% over baseline performance. This event alone drove a 98% increase in new buyer acquisitions, outperforming other double-day events and Western sales days like Black Friday. Sukesh Singh, Managing Director (SEA) at Criteo, noted, “The impressive performance of Q4 double days across Southeast Asia underscores its growing significance in the regional retail calendar.”

Key categories such as Health and Beauty, Baby and Toddler, and Apparel and Accessories saw the most significant growth. In particular, Health and Beauty led the charge, with sales peaking at 311% during Singles’ Day. The report suggests that retailers should tailor their marketing strategies to local market preferences to maximise sales impact.

Looking ahead to 2025, Criteo advises brands to plan early for these events, focus on increasing basket sizes through strategic merchandising, and tailor campaigns to specific market trends. These strategies are expected to help brands capitalise on the growing consumer engagement during these peak shopping periods.