Industry News

Agoda, the digital travel platform, has unveiled its latest innovation, the Booking Form Bot, an AI-powered chatbot designed to assist travellers with booking-related queries during the final stages of their reservation process. This new tool aims to streamline the booking experience by providing instant, context-aware answers to common questions, such as cancellation policies and promo code applicability, directly on the booking page.

Agoda’s internal research highlighted that 28% of users often return to the property page to verify trip details, with many pausing or exiting due to uncertainties about pricing and cancellation terms. The Booking Form Bot addresses these concerns by automatically understanding the user’s booking session, including property details and rate plans, to deliver precise and personalised responses without requiring users to navigate away from the page.

Idan Zalzberg, Chief Technology Officer at Agoda, stated, “Helping travellers stay informed at every step of their journey is central to building trust in our platform. At the booking stage, last-minute questions often arise around cancellation options or payment terms. The Booking Form Bot provides instant answers right when travellers need them, helping them book with confidence.”

This development builds on the success of Agoda’s Property AMA Bot, which handles over 30,000 hotel-related queries daily. By integrating AI technology into the booking process, Agoda continues to enhance its platform, making travel planning more intuitive for millions worldwide. Travellers can access the Booking Form Bot via the chat icon on the booking form page through the Agoda app and mobile browser.

Cosmo, a leader in performance textiles and advanced materials for the footwear and apparel industry, has announced the appointment of Mark Griffie as its new Chief Executive Officer, effective 1 January 2026. Griffie, who brings over two decades of experience from Nike, succeeds Josh VanDernoot, who will retire after six years but remain on the board as an adviser.

Griffie joined Cosmo in 2024 and has been instrumental in driving growth and sustainable innovation. His extensive background includes overseeing Nike’s global procurement of materials valued at over $8b. “Mark is a proven leader with deep operating expertise,” said Doug Dossey, Chairman of the Board. “He has the full confidence of the Board and the leadership team.”

VanDernoot expressed pride in the platform built during his tenure, stating, “The business is strong, the team is deeply capable, and Mark is well prepared to lead the business in its next phase.” Griffie, based in Singapore, emphasised continuity in Cosmo’s priorities, focusing on operational excellence and customer engagement.

Cosmo, known for its innovative and sustainable material solutions, operates manufacturing facilities in China, Vietnam, and Indonesia. The company is committed to supporting its partners through reliable execution and collaboration. With Griffie at the helm, Cosmo aims to strengthen its commercial and operational foundations, ensuring continued leadership in the dynamic footwear and apparel value chain.

Ant International, a prominent global payment and financial technology provider, has announced a collaboration with Google to launch the Universal Commerce Protocol (UCP). This new open standard aims to streamline agentic commerce across the entire shopping journey, from discovery to post-purchase support. The partnership seeks to establish a common language for agents and systems, enabling seamless interaction across consumer surfaces, businesses, and payment providers.

UCP is designed to work across various sectors and is compatible with existing industry protocols such as Agent2Agent (A2A) and Agent Payments Protocol (AP2). Ashish Gupta, VP/GM of Merchant Shopping at Google, emphasised the importance of aligning on a common set of standards for agentic commerce to scale, stating, “We are proud to have Ant International endorse the Universal Commerce Protocol as the foundation for that future.”

The protocol will power AI surfaces like the Gemini app and AI Mode in Google Search, allowing users to complete purchases directly within chat interfaces. This development promises a faster, simpler, and more frictionless shopping experience. Jiang-Ming Yang, Chief Innovation Officer at Ant International, expressed enthusiasm for the collaboration, highlighting the creation of unique agentic commerce solutions that deliver seamless user experiences and drive business growth.

Ant International’s solutions focus on three key areas: control over algorithmic engagement, a seamless agent-native experience, and trust throughout the shopping journey. The company leverages its expertise in alternative payment methods and digital wallets to support these initiatives. With operations in over 200 markets, Ant International continues to invest in developing new agentic protocols to ensure secure and automated transactions among intelligent agents.

Willis, a WTW business, has announced significant leadership appointments across Asia to bolster its speciality businesses in the region. Effective immediately, Nicki Tilney will focus solely as Head of Natural Resources, Asia, whilst Iris Chan takes on the role of Head of Construction, Asia. Sui Jin Wong has been appointed as Deputy Head of Construction, Asia, and Steve Hutchinson will lead Corporate Risk and Broking (CRB) in Hong Kong and Macau.

These strategic appointments aim to address the growing complexities and opportunities within the natural resources and construction industries in Asia. Nicki Tilney, previously overseeing both sectors, will now concentrate on natural resources, reflecting the sector’s strategic importance amidst the global energy transition. Iris Chan will continue to manage Willis’ construction business in Hong Kong and Macau, with Sui Jin Wong supporting her in expanding the business across Asia.

Iain Drennan, Head of Construction, Asia Pacific at Willis, commented on the appointments, stating, “Both Iris and Sui Jin have established track records in leading our construction business in Asia. Iris is devoted to seeking innovative and the best risk transfer solutions for our clients, including infrastructure, superstructure, hospitality, energy and power projects in the region.”

Steve Hutchinson, alongside his role as Head of Property & Casualty in Hong Kong and Macau, will now oversee all aspects of Willis’ business in these territories, enhancing the company’s risk resilience offerings.

Luke Ware, Head of Asia at WTW, remarked, “These leadership changes and appointments mark a pivotal step in advancing our ambitious long-term strategy for Asia. By deepening our speciality expertise and expanding our leadership bench, we are better positioned to deliver more innovative, client-focused solutions and prepare our clients for a changing tomorrow.”

Greater use of technology and third-party support is significantly enhancing risk visibility for insurers in the Asia-Pacific (APAC) region, according to new research by Clearwater Analytics. The study, which surveyed insurance asset management executives managing a total of $3.82t in assets, found that 75% of respondents reported improved risk visibility over the past two years, with 95% rating their firm’s risk visibility as excellent or good.

The improvement is largely attributed to platforms that integrate data from multiple sources and the ability to adapt models and analytics to changing market conditions. Regulatory compliance demands are a major driver of technology spending, making enhanced risk visibility a business imperative for APAC insurers.

Executives from life and health insurers, general insurers, and third-party investment firms in Hong Kong, Singapore, and Australia highlighted the role of specialist third parties in improving risk visibility. Over the next 12 months, 73% of APAC insurers expect significant increases in risk/reward levels for private equity and venture capital.

However, 18% of firms reported a decline in risk visibility, citing sophisticated investment strategies and a broader range of asset classes as contributing factors. Notably, 40% of third-party firms experienced a decline, compared to just 6% of life/health firms and 2% of general insurers.

Shane Akeroyd, Chief Strategy Officer and President of Asia Pacific at Clearwater Analytics, stated, “APAC insurers are working hard to improve risk visibility with technology and support from specialist third parties key to the improvements over the past two years.” The study underscores the importance of technology and data integration in navigating regulatory pressures and expanding investment portfolios.

Banyan Group has unveiled its latest residential brand, Bellaguna, aimed at modern global homeowners seeking a refined living experience. The brand’s inaugural project, Bellaguna Lake Residences Lotus, is located at the iconic Laguna Phuket, offering contemporary lakeside condominiums. This new venture is part of Banyan Group’s strategy to expand its standalone premium residences, which are managed independently from hotel inventory, providing residents with a private yet luxurious lifestyle.

Bellaguna, a name combining “Bella” for beauty and “Laguna” for the renowned resort destination, represents elegance and purposeful living. Stuart Reading, Managing Director of Banyan Group Residences, stated, “Bellaguna marks a new chapter in our evolution—offering refined homes that answer the needs of today’s international lifestyles whilst maintaining the service standards Banyan Group is known for.”

The Bellaguna Lake Residences Lotus project features five buildings inspired by modern yachts, offering panoramic views and luxurious interiors. Residents can choose from one- to three-bedroom condominiums and penthouses with private rooftop pools. Additional amenities include landscaped gardens, a boardwalk, and access to Laguna Phuket’s shuttle ferries.

Ownership benefits include complimentary property management, discounts on education and healthcare, and membership in the global Sanctuary Club. The development is part of Banyan Group’s plan to launch up to $1 billion in luxury projects in Phuket over the next few years.

Bellaguna residences are designed for year-round living, with the option for owners to participate in Banyan Living, a rental platform offering hotel-level service standards. This initiative provides a flexible investment opportunity with potential returns.

Grab, Southeast Asia’s leading superapp, has announced a strategic partnership with GAC, a global leader in smart electric mobility, to introduce 20,000 high-performance electric vehicles (EVs) across the region. This collaboration aims to diversify Grab’s fleet and improve the in-vehicle experience for its driver-partners by integrating both companies’ systems.

The partnership will see the introduction of GAC’s AION Y, AION ES, and AION V models in Singapore, Malaysia, Indonesia, the Philippines, Vietnam, and Thailand. These vehicles are designed to meet the demands of professional ride-hailing, featuring 90-degree door openings and ample rear legroom for enhanced comfort.

Philipp Kandal, Chief Product Officer at Grab, highlighted the benefits of integrating the Grab driver app into GAC’s intelligent cockpit system. “By integrating the Grab driver app directly into the GAC cockpit display, our driver-partners can receive timely and important data, such as precise navigation and safety alerts, in a more ergonomic way,” he said.

The collaboration aligns with GAC’s strategy of creating an integrated ecosystem for EVs and supports Grab’s commitment to carbon neutrality by 2040. Grab is also enhancing infrastructure through partnerships with charging operators and offering financing support for EV ownership.

The partnership is expected to boost GAC’s brand awareness in Southeast Asia, a region experiencing significant growth in the EV market. According to the International Energy Agency, regional EV sales rose by nearly 50% in 2024. Grab’s initiatives, such as the “Eco-Friendly Ride” option and partnerships with charging networks, further support the transition to sustainable transportation.

CapitaLand Investment Limited (CLI) has announced strategic investments to bolster its logistics capabilities across the Asia Pacific region. The company is making a minority investment in Ally Logistic Property (ALP), a leader in smart logistics infrastructure, and an existing capital partner in the CapitaLand Southeast Asia Logistics Fund (CSLF).

CSLF is committing S$260m to develop OMEGA 1 Singapore, its first automated logistics facility in the city-state. These initiatives are part of CLI’s strategy to expand its logistics platform in high-growth markets such as Australia, Japan, and the United States.

CLI’s investment in ALP aims to leverage ALP’s expertise in logistics automation, enhancing CLI’s fund management and capital-raising capabilities. Patricia Goh, CEO of Southeast Asia and Global Head of Logistics & Self-Storage at CLI, highlighted the region’s rapid growth, stating, “APAC remains the fastest-growing logistics region, with a projected compound annual growth rate of 15.2% between 2024 and 2030.”

The OMEGA 1 Singapore facility, located in Jurong Industrial Estate, will feature advanced technologies like robotics and automated storage systems. Scheduled for completion in 2028, it will offer 71,000 square metres of space and accommodate 60,000 pallet positions. The facility aims to achieve Green Mark GoldPLUS certification for its sustainable design.

CSLF was launched in 2022 and it is expanding its portfolio with projects in Thailand and Vietnam. The fund’s diversification strategy includes a significant site in Thailand and a ready-built factory in Vietnam, both set to enhance regional logistics infrastructure.

Credit card spending in November 2025 increased by 11.5% year-on-year, according to a report by CareEdge Ratings. This growth was largely driven by increased card penetration and a surge in e-commerce transactions. Despite a sequential decline of 11.9% to Rs 1.89 lakh crore, attributed to the normalisation of post-festive demand, the growth rate doubled from the 5% observed in the same period last year.

Private Sector Banks (PVBs) continued to lead the market with a 73.8% share, although this represented a 160-basis point decline from the previous year. Public Sector Banks (PSBs), on the other hand, increased their market share to 20.8% from 17.8%. The credit card market remains concentrated, with three large PVBs and five large PSBs accounting for approximately 80% of the market share.

The total number of outstanding credit cards rose from 10.7 crore in November 2024 to 11.5 crore in November 2025, reflecting a steady increase in card penetration. PVBs reported an average spending per card of Rs 17,128, a marginal 2% increase year-on-year, whilst PSBs saw a significant 21% rise to Rs 14,323.

Online transactions continue to dominate, making up around 60% of total credit card usage. PSBs recorded a remarkable 41.8% year-on-year growth in online transactions, outpacing PVBs’ 8.5% increase. The report highlights a structural shift towards digital spending, with offline transactions showing more moderate growth.

The report concludes that whilst credit card spending has moderated in absolute terms, the underlying usage remains robust, driven by increased digital adoption and strategic market positioning by major banks.

Southeast Asia’s tech sector saw a stabilisation in funding at $5.2b in 2025, according to the Tracxn Geo Funding Trends Report. This marks a 7% increase from 2024 but remains 31% below 2023 levels. The report highlights a shift towards capital discipline, with late-stage investments dominating as investors prioritise scale and downside protection over early-stage risks.

Funding flows were heavily concentrated in late-stage rounds, which accounted for $3.9b, a significant rise from $1.3b in 2024. In contrast, seed-stage funding plummeted by 57% to $214m, and early-stage funding fell by 64% to $1.1b. This trend underscores a preference for mature companies with robust operating scales.

Enterprise Infrastructure, FinTech, and Enterprise Applications emerged as the top-performing sectors. Enterprise Infrastructure alone attracted $2.3b, a 70% increase from 2024. Meanwhile, FinTech and Enterprise Applications saw declines in funding compared to the previous year.

Singapore maintained its dominance, capturing 91% of the region’s total funding, highlighting its role as a hub for tech investments. The city-state’s governance stability and cross-border operability were key factors in attracting capital.

Despite a slowdown in unicorn creation, with only two new unicorns in 2025, the region saw an increase in IPOs, with 15 companies going public. Acquisition activity moderated, with 57 acquisitions recorded, led by NinjaOne’s $270m acquisition of Dropsuite.

The report indicates a strategic shift in investor behaviour, focusing on long-duration, enterprise-anchored assets, reflecting a post-2023 risk reset. As the SEA tech ecosystem evolves, the emphasis on scale and stability is expected to shape future funding dynamics.