Industry News

Mastercard has announced the successful rollout of its first wave of authenticated agentic transactions across ASEAN, marking a significant step in its AI strategy. This initiative, conducted in collaboration with UOB, aims to enhance secure, AI-initiated payments across the region. Mastercard is also set to establish a new AI Centre of Excellence in Singapore later this year, further cementing its commitment to innovation and governance in AI-powered commerce.

The initial pilots in Singapore and Malaysia demonstrate the region’s readiness for AI agents that enable secure transactions. Mastercard’s collaboration with UOB leveraged the bank’s extensive network, ensuring scalability across diverse markets. “The first wave of authenticated agentic transactions across ASEAN shows how quickly the region is embracing secure, AI-enabled commerce,” said Safdar Khan, Division President, Southeast Asia, Mastercard.

Mastercard’s Agent Pay framework, which includes tokenisation and verifiable intent, ensures that AI-initiated transactions are secure and trustworthy. This framework was co-developed with Google to create a tamper-resistant record of user authorisation, providing a shared source of truth for consumers, merchants, and issuers.

The upcoming AI Centre of Excellence in Singapore will combine Mastercard’s innovation hub, cybersecurity capabilities, and AI expertise. This centre will be the largest innovation space in Asia Pacific, focusing on advancing AI across the region. “Trust is the currency of the AI economy,” Khan noted, emphasising the importance of data in transforming payments into seamless experiences.

Mastercard’s efforts are supported by a global network of over 2,000 data scientists and engineers, reinforcing its long-standing use of AI in fraud detection and risk management. The new centre aims to build a foundation for secure, interoperable, and inclusive AI-initiated payments across Southeast Asia.

Asia-Pacific (APAC) is emerging as a key player in the global sustainable finance landscape, according to ING’s latest Sustainable Finance Pulse. The report forecasts a rebound in global sustainable finance issuance to approximately US$1.62t in 2026, up from US$1.56t in 2025, with APAC showing relative stability and growth.

In 2025, APAC’s sustainable finance issuance remained consistent with 2024 levels, bolstered by a surge in green bonds and loans. ING played a significant role, mobilising €166b in sustainable finance, a 28% increase from the previous year, surpassing its €150b annual target set for 2027. The bank’s involvement as a Sustainable Finance Coordinator in over 75% of transactions contributed to record volumes in the region.

Real estate and infrastructure are identified as pivotal sectors for transition activity, with clients seeking financing for efficient buildings and resilient assets. Notable transactions include Stoneweg European REIT’s second green bond in Singapore and Philippine National Bank’s PHP15.7b ASEAN sustainability bond.

Martijn Hoogerwerf, head of ING APAC’s Sustainable Solutions Group, noted, “In 2026, we expect more growth from APAC, and potentially a pick-up in transition issuance as policy frameworks develop.”

Despite geopolitical uncertainties, ING anticipates that real-economy investment needs, particularly in energy transition and infrastructure, will drive sustainable finance activity in 2026. The focus on practical, bankable green and transition financing solutions is expected to continue, reinforcing APAC’s role in the global sustainable finance market.

The Asia-Pacific (APAC) mobile services market is projected to grow from $310.6b in 2025 to $347.3b in 2030, driven by a 2.3% compound annual growth rate (CAGR), as revealed by GlobalData. This growth is primarily attributed to the expansion of 5G networks and the increase in mobile subscribers across the region.

According to GlobalData’s Asia-Pacific Mobile Broadband Forecast (Q4 2025), mobile data services will continue to be the largest revenue contributor, bolstered by the proliferation of high-average revenue per user (ARPU) 5G services. Srikanth Vaidya, a Telecom Analyst at GlobalData, noted, “With most developed markets achieving widespread 5G penetration, and emerging markets like Pakistan and Sri Lanka preparing for full-scale rollouts, revenue growth for mobile data services will remain strong.”

In Pakistan, operators such as Ufone, Jazz, and Zong have secured 5G licences, with Zong and Jazz launching services in March 2026. Similarly, Sri Lanka’s Dialog and Mobitel have commenced 5G services, expanding their networks nationwide.

Government initiatives in countries like Australia, China, and India are further supporting 5G expansion through national strategies and public sector investments. China is expected to maintain its position as the largest 5G market, with 88% of mobile subscriptions on 5G by 2030.

Vaidya also highlighted the expected rise in average monthly data usage from 26.6GB in 2025 to 45.6GB in 2030, driven by increased consumption of online content. However, mobile voice service revenue is anticipated to decline at a CAGR of 9.2% as consumers shift to internet-based communication services.

C-Hawk Technology, a California-based manufacturer of high purity plastics, has announced the expansion of its Southeast Asia operations with new facilities in Johor Baru, Malaysia, and Ho Chi Minh City, Vietnam. This move aims to meet the growing demand for localised production and advanced manufacturing in the semiconductor market.

The new facilities will introduce ultra-high-purity (UHP) orbital/TIG welding and PFA tube bending capabilities, enhancing C-Hawk’s service offerings. CEO Chase Zunino stated, “This investment reflects our commitment to growing alongside our customers and supporting their manufacturing operations in Southeast Asia.”

The Malaysian facility spans 200,000 square feet and currently employs over 300 people, with plans to increase to 400 by the end of 2026. It focuses on precision plastics and cleanroom assembly. Meanwhile, the Vietnam site, covering 96,000 square feet, specialises in contract manufacturing and full system builds, supporting complex semiconductor manufacturing programmes.

Peri Kasthuri, COO of C-Hawk, highlighted the strategic importance of these expansions, noting, “With expanded operations in Malaysia and Vietnam, we are strengthening our ability to support customers across multiple aspects of semiconductor equipment manufacturing.”

These expansions underscore C-Hawk’s long-term commitment to Southeast Asia as a pivotal manufacturing hub for the global semiconductor industry. The company is also engaging with regional universities and community programmes to foster local workforce development and engineering talent.

Frasers Hospitality, a division of Frasers Property, has unveiled plans to launch 18 new serviced and hotel residences across Asia by 2028. This expansion is spearheaded by a new flagship Fraser Suites in Bangkok, scheduled to open in the fourth quarter of 2026. The move aims to strengthen the company’s focus on serviced living in the region, driven by increased cross-border mobility and evolving work-travel patterns.

The company has secured six new signings in Malaysia, Indonesia, Vietnam, China, and Japan, with two properties set to open this year. These include Capri by Fraser Penang and Fraser Residence Putrajaya in Malaysia, and Fraser Residence Hinode City in Hanoi, Vietnam. The expansion reflects Frasers Hospitality’s strategy to cater to the rising demand for longer-stay accommodations.

Chief Executive Officer of Frasers Hospitality, Eu Chin Fen, stated, “Our focus is on expanding Frasers Hospitality’s serviced living portfolio in a disciplined and deliberate way, prioritising markets and formats where demand for longer-stay accommodation is strengthening structurally.”

The new Fraser Suites Bangkok will introduce a refreshed brand with curated, experience-led programming. Located in a 45-storey tower in the heart of Bangkok, the 261-room property will offer contemporary Thai-inspired design and wellness offerings.

In China, Frasers Hospitality will expand into the premium rental segment with Modena by Fraser properties in Chengdu and Dalian. Meanwhile, Fraser Place Roppongi Tokyo will offer 120 serviced apartments in Japan’s cultural district.

These developments underscore Frasers Hospitality’s commitment to expanding its footprint in Asia, aligning with changing travel and work trends.

DHL Express has announced the appointment of Herbert Vongpusanachai as the Senior Vice President Commercial for Asia Pacific, effective 1 April 2026. Vongpusanachai, who has been with DHL since 2003, will be based in Singapore and is tasked with shaping the commercial strategy for the region.

Vongpusanachai brings over 20 years of leadership experience within DHL Express, having previously served as Managing Director for Thailand and Indochina. His tenure has been marked by consistent profitable growth and transformation of key markets. Ken Lee, CEO for Asia Pacific at DHL Express, praised Vongpusanachai’s “exceptional track record of delivering strong business results” and his ability to lead diverse teams.

In his new role, Vongpusanachai will focus on deepening customer engagement, supporting expansion, and driving sustainable volume growth. He will also work on advancing the adoption of new technologies to enhance commercial execution across markets. “I look forward to working alongside our talented teams to contribute to shaping the next chapter of DHL Express’s commercial success,” Vongpusanachai stated.

The appointment comes as Asia Pacific continues to be a crucial anchor in global trade, highlighted by the latest DHL Global Connectedness Report. The region’s growing importance in global commerce aligns with DHL Group’s strategy to support 20 markets globally, with eight in Asia Pacific. This leadership change aims to strengthen DHL Express’s position in the region as trade flows diversify and intra-Asia integration deepens.

The ongoing conflict in the Middle East has led to a significant rise in Brent crude oil prices, reaching as high as $118 per barrel. This surge is causing economic ripples across Asia, where approximately 90% of crude oil and 83% of liquefied natural gas (LNG) transiting through the Strait of Hormuz are destined. The conflict, which began with US and Israeli strikes on Iran on 28 February 2026, has resulted in widespread damage to production facilities, keeping energy prices elevated.

UOB Global Economics and Markets Research highlights that the sustained oil shock could increase ASEAN inflation by approximately 1 percentage point for every $10 increase in oil prices over a 6–12 month period, whilst trimming growth by about 0.7 percentage points. With oil prices at $100 per barrel, inflation could rise by 2 percentage points to around 4% in 2026, and growth could slow by 1.4 percentage points to approximately 3.2%.

Governments across Asia are implementing measures to mitigate the impact, including subsidies and temporary tax cuts on energy products. The Philippines has declared a national energy emergency, and Vietnam’s national carrier is reducing flight schedules. Despite these challenges, central banks are cautious about making drastic policy changes, as monetary tools are less effective against supply-side shocks.

The situation remains fluid, with potential for further escalation. UOB’s research suggests that if oil prices persist at $150 per barrel, inflation in ASEAN could rise by up to 7 percentage points, significantly impacting economic stability.

Worldpay, now part of Global Payments, has unveiled its 2026 Global Payments Report, revealing that the Asia-Pacific (APAC) region remains the global leader in digital wallet adoption. In 2025, digital wallets accounted for 77% of online spending, totalling $2.7t, and 63% of in-person spending, amounting to $6.3t, the highest shares globally. The report also highlights the rapid growth of account-to-account (A2A) payments across Southeast Asia, driven by robust national payment systems.The report underscores the transformative impact of digital wallets in countries like India and South Korea, where they are set to overtake traditional card payments by 2030. In Singapore, cards account for 44% of e-commerce ($10.8b) and 40% of POS ($55b) spend in 2025. Digital wallets follow closely at 40% ($10b) and 36% ($49b) respectively. In Hong Kong, digital wallets have surpassed cards as the leading payment method, marking a significant milestone.

Phil Pomford, General Manager of Global eCommerce for APAC at Global Payments, noted, “Asia’s payment landscape is evolving faster than anywhere else in the world.”

A2A payments are gaining traction, particularly in Thailand, where the government’s PromptPay system is a key driver. The popularity of QR code systems is further propelling A2A growth, offering a low-cost, intuitive payment method that is becoming increasingly interoperable across the region. In Singapore, the PayNow system is contributing to the rise of A2A payments, projected to account for 13% of e-commerce and 15% of point-of-sale transactions by 2030.

The report highlights the ongoing evolution of Asia’s payment landscape, with digital wallets and A2A payments reshaping consumer and business transactions. As these trends continue, they are expected to redefine cross-border trade and digital commerce in the region.

FTSE Russell has launched the FTSE Asia Pacific Liquid Government Bond Index Series, a new suite of benchmarks aimed at measuring the performance of liquid government bonds across the Asia-Pacific region. This initiative targets five key markets—India, Indonesia, Malaysia, Philippines, and Thailand—focusing on three, five, and 10-year tenors.

The index series is designed to bolster the development of exchange-traded and over-the-counter (OTC) risk-management tools. It provides a transparent and standardised foundation for potential derivatives and investment products linked to Asia Pacific government bond markets. Additionally, it will serve as the benchmark for the Asia Pacific Government Bond Futures to be listed on the Singapore Exchange (SGX), offering investors instruments to manage exposure across key maturities.

Scott Harman, Global Head of Fixed Income, Currencies and Commodities at FTSE Russell, emphasised the importance of the launch, stating, “Today’s launch underscores our commitment to providing transparent, robust benchmarks that meet the evolving needs of global investors.”

William Chin, Head of Rates, Derivatives at SGX Group, highlighted the significance of the new index series, noting that Asia’s government bond markets are becoming a core allocation in global fixed income portfolios. “The successful launch of the FTSE Asia Pacific Liquid Government Bond index series is a key building block in advancing the region’s capital markets,” he said.

The index excludes non-conventional bonds such as green, social, and sukuk bonds, focusing instead on the most recently issued or reopened bonds within each country and tenor sector. This approach ensures transparency and consistency in methodology, aligning with the broader FTSE Asia Pacific Government Bond Index.

Swisslog, a leader in automated intralogistics solutions, is bolstering its support for Southeast Asian customers through a revamped organisational structure for the Asia Pacific excluding China (APeC) region. This strategic move, announced on 31 March 2026, aims to enhance resource availability and integration across markets, including Australia and New Zealand.

The new structure will be led by Steven Xie, who has been appointed as Executive Vice President and Managing Director, based in Malaysia. Xie, who joined Swisslog in 2017, emphasised the growing demand for scalable automation solutions in response to e-commerce growth and labour constraints. “Bringing our markets closer together allows us to share engineering expertise, project experience, and innovation across borders,” Xie stated.

Swisslog’s Malaysia office, which hosts one of the company’s three global Research and Development teams, will play a pivotal role in this integration. The office’s expertise in software development and customer service will be shared across the Asia Pacific region, facilitating knowledge transfer and collaboration.

The company’s “Ready for the Next” strategy underscores its commitment to being a lifetime automation partner. This approach focuses on delivering resilient and scalable solutions that adapt to changing demands and fulfilment models. “Being Ready for the Next means staying accountable for the outcome long after go-live,” Xie explained.

Under the new APeC structure, Swisslog aims to provide enhanced access to engineering expertise, improved scalability for large projects, and stronger coordination across supply chains. This initiative reflects Swisslog’s dedication to supporting long-term growth strategies and building resilient automation strategies for its Southeast Asian customers.