Industry News

Willis, a WTW business, has announced the appointment of Conor Keating as Head of Cyber, Asia, and Carlos Grijalva as Head of Cyber Sales, Asia, effective immediately. Keating, based in Singapore, transitions from his role as Cyber Growth Leader at Willis, bringing over nine years of experience in cyber risk strategies and insurance solutions. Grijalva, previously Cyber Leader for Hong Kong and Greater China, will now lead Cyber Sales across Asia from Hong Kong, focusing on new business strategies and expanding distribution channels.

Keating has been instrumental in expanding Willis’ cyber capabilities since joining in 2024. His career began in London, where he specialised in North America and International wholesale before focusing on UK retail cyber opportunities. Grijalva has a proven track record in product development and sales growth, having held leadership roles with leading insurers before joining Willis.

Peter Foster, Chairman of Global FINEX Cyber and Cyber Risk Solutions at Willis, stated, “These appointments reflect the depth of talent within our team. Conor and Carlos bring diverse experience and a client-first mindset that will further strengthen our position as the go-to partner for cyber risk management in Asia.”

Namit Mahajan, Head of FINEX Asia at Willis, added that these promotions highlight the company’s commitment to developing internal expertise and creating career growth opportunities. As Asia’s risk landscape evolves, Keating and Grijalva’s appointments aim to reinforce Willis’ focus on delivering impactful cyber risk solutions across the region.

The hotel construction pipeline in the Asia-Pacific region, excluding China, has reached unprecedented levels in the third quarter of 2025, according to Lodging Econometrics’ latest report. The region recorded 2,262 projects and 434,593 rooms, marking year-over-year increases of 9% and 6%, respectively.

Projects currently under construction stand at 898, with 199,865 rooms, reflecting a 6% rise in projects and a 1% increase in rooms compared to the previous year. Additionally, projects slated to commence within the next 12 months total 374, with 72,215 rooms, up 6% in projects and 12% in rooms year-over-year. Early planning stages also saw record highs, with 990 projects and 162,513 rooms, up 14% and 9%, respectively.

The upper upscale and upscale chain scales dominate the pipeline, comprising 43% of projects and 45% of rooms. Notably, the luxury chain scale segment reached record highs with 374 projects and 70,470 rooms, showing a 15% increase in projects and 12% in rooms.

India leads the region with 838 projects and 108,775 rooms, accounting for 37% of total projects and 25% of rooms. Other significant contributors include Vietnam, Thailand, Japan, and Indonesia.

In the first three quarters of 2025, 220 new hotels with 34,452 rooms opened in the region. Lodging Econometrics forecasts an additional 105 hotels with 18,299 rooms to open by year-end, with further growth anticipated in 2026 and 2027.

Standard Chartered has unveiled its inaugural report on Islamic Banking for Corporates, highlighting a significant market opportunity worth US$5.5t for global corporates. The report, published on 3 November 2025, identifies key growth markets such as Saudi Arabia, Malaysia, and the UAE, where Islamic finance is integral to national strategies. Despite the potential, 65% of corporates interested in Shariah-compliant solutions lack familiarity with Islamic banking products.

The report, titled “Islamic Banking for Corporates: Broadening Horizons,” underscores the lack of product familiarity as a major barrier preventing corporates from accessing the projected US$7.5t in global Islamic finance assets by 2028. The number of corporate Sukuk issuers has nearly doubled since 2020, with issuance volumes increasing by 38% to US$58.8b in 2024.

Khurram Hilal, CEO of Group Islamic Banking at Standard Chartered, stated, “Islamic banking has evolved into one of the world’s fastest-growing sources of capital, but awareness amongst corporates has not kept pace.” He emphasised that corporates developing Islamic finance capabilities could access specialised capital pools, preferential pricing, and government incentives in high-growth markets.

The report also highlights the alignment of Islamic finance principles with Environmental, Social, and Governance (ESG) frameworks, noting that sustainable Sukuk were oversubscribed by an average of 4.3 times their issuance value in 2024. Digital innovations such as tokenised Sukuk and AI-enabled Shariah-compliance tools are expected to further transform capital management.

Islamic banking offers strategic access to emerging markets, particularly across the GCC, Southeast Asia, South Asia, and Africa. The Halal economy alone presents a US$2.2t market opportunity. Standard Chartered, the only international bank with a global Islamic banking franchise, has arranged over US$200b in Islamic financing, supporting corporates with Shariah-compliant solutions.

Zurich Insurance Asia Pacific has unveiled Zurich Edge Assist, a new module of the Zurich Edge Platform (ZEP), designed to streamline sales and servicing processes across the Asia Pacific region. Developed in collaboration with agents and brokers, the platform aims to boost performance and improve customer experiences by integrating digital and offline channels into a single interface.

Zurich Edge Assist offers a comprehensive suite of features to enhance intermediary productivity. Key functionalities include smarter lead retention, which prioritises and assigns quotes to the appropriate team members, and a complete customer view, providing a 360-degree profile with real-time data syncing. The platform also supports flexible commission structures and payment options, allowing intermediaries to tailor their sales strategies.

The platform’s architecture is designed to adapt to local market needs, supporting a wide range of insurance propositions. Its cloud-native tech stack and APIs ensure seamless integration with existing systems, facilitating faster deployment and consistent experiences across markets. Initially launched in Indonesia, Zurich Edge Assist will expand to India, Japan, and Malaysia, with further features planned through 2026.

Roopa Malhotra, Head of Customer and Digital at Zurich Insurance Asia Pacific, stated, “Zurich Edge Assist reflects our commitment to digital excellence and customer-centricity.” Edhi Tjahja Negara, Country Manager of Zurich Indonesia, added, “This is a major step forward in delivering more responsive, personalised, and innovative insurance experiences.”

A recent survey by FedEx reveals that small and medium-sized enterprises (SMEs) in the Asia Pacific (APAC) region are increasingly optimistic about trade with Europe. Conducted in September 2025, the survey involved over 2,000 SMEs from 13 APAC and nine European markets, highlighting a significant shift in global trade dynamics.

The survey found that 85% of APAC SMEs plan to start or expand their trade with Europe within the next two years. This optimism is mirrored by European SMEs, with 87% maintaining or increasing their trade with APAC, particularly in China, Japan, and South Korea. The UK, Germany, and France are the leading European markets driving this growth.

Logistics reliability, digital tools, and trade expertise were identified as key enablers for future success. However, challenges such as regulatory shifts and complex customs procedures remain, affecting 86% of APAC and 78% of European SMEs.

To support this burgeoning trade, FedEx is expanding its Asia-Europe network. The company has added five weekly flights and enhanced connectivity, reducing transit times between Vietnam and Europe. Salil Chari, Senior Vice President at FedEx Asia Pacific, stated, “Amid ongoing shifts in global trade, it’s encouraging to see APAC and European SMEs demonstrating strong confidence in expanding along the Asia-Europe trade corridor.”

FedEx’s efforts aim to meet rising demand with improved capacity, reliability, and digital solutions, ensuring SMEs can trade more efficiently and confidently across borders.

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.