Industry News

RHB Bank’s Group Chief Economist, Barnabas Gan, has released a report detailing the impact of black swan risks on global and ASEAN economies. The report, dated 27 March 2026, indicates a shift in risk sentiment, with the RHB Risk Sentiment Index suggesting a return to risk-on attitudes. However, the report warns of significant challenges ahead, particularly for Singapore.

The report identifies Malaysia as the least negatively impacted economy in the ASEAN region. Malaysia’s dual role as both an importer of Middle Eastern crude oil and an oil producer with refining capabilities positions it to weather potential disruptions more effectively. “Malaysia’s economic outlook remains relatively resilient,” the report states.

Conversely, Singapore faces heightened risks due to its heavy reliance on energy imports. The report cautions that any escalation in global conflicts could severely affect Singapore’s economy. “An escalation of the conflict poses significant risks to global energy markets, with direct implications for Singapore’s highly import-dependent economy,” Gan notes.

Indonesia is expected to maintain stability, benefiting from its diversified energy sources. In contrast, Thailand may experience more pronounced effects due to its greater external dependencies and energy demands.

The report underscores the importance of monitoring geopolitical developments and their potential impacts on regional economies. As the situation evolves, the insights provided by RHB’s economists will be crucial for stakeholders navigating these uncertain times.

AppsFlyer’s latest State of Finance for Marketers in APAC 2026 report highlights a significant shift in the financial services sector, with a 17% decline in app installs across the Asia-Pacific region last year. The report, released on 26 March 2026, indicates that banks and fintech companies are adapting to a more complex market environment by focusing on user retention rather than acquisition.

The report reveals that user acquisition (UA) spending dropped by 27% as companies exercised tighter budget controls. Instead, there was a notable increase in remarketing efforts, particularly in Southeast Asia, where investment surged by 193%. This trend is most pronounced in Thailand, the Philippines, and Vietnam, reflecting a strategic pivot towards engaging existing users.

Ronen Mense, President and Managing Director of APAC at AppsFlyer, stated, “Financial services growth in APAC is evolving. Acquisition alone is no longer the differentiator. Institutions that will lead are those building strong measurement infrastructure and using trusted data to drive smarter decisions.”

Key insights from the report include a rise in Android Day-30 retention rates in Southeast Asia from 2.35% to 3.86%, and a record 16% share of installs for iOS, indicating a shift towards higher-value user segments. Indonesia emerged as a significant market, accounting for 39% of Android in-app revenue.

Despite a decline in fraud rates from 41% to 22%, approximately 20% of installs remain fraudulent, highlighting ongoing challenges in maintaining quality. The report also notes the increasing use of AI as a decision-support tool, rather than a replacement for strategic decision-making.

As financial institutions continue to navigate these changes, the focus on lifecycle performance and monetisation depth is expected to shape future growth strategies.

The Asia-Pacific Data Centre Association (APDCA) has introduced the Sustainable Digital Infrastructure Accord (SDIA), a pioneering initiative aimed at enhancing sustainability within the data centre industry across the Asia-Pacific region. Announced on International Data Centre Day, 26 March 2026, the SDIA establishes the first regional baseline for industry commitments, focusing on energy efficiency, clean energy use, water consumption, and the circular economy.

The SDIA is a voluntary, non-binding framework designed to complement existing national and regional regulations. It aims to foster collaboration between industry and government, providing a platform for ongoing dialogue. Jeremy Deutsch, Chair of APDCA, stated, “The SDIA demonstrates how the industry is ready to work together to ensure that digital transformation and sustainability go hand-in-hand in Asia-Pacific.”

The accord has already gained support from eleven major industry players, including Microsoft, Equinix, and Digital Realty. These signatories commit to achieving significant sustainability targets, such as 100% carbon-free energy by 2030 and improved water management practices.

Anuar Fariz Fadzil, CEO of Malaysia Digital Economy Corporation, highlighted the importance of the initiative, noting its alignment with Malaysia’s goal of becoming an AI Nation by 2030. Similarly, Aileen Chia, Deputy Chief Executive of Singapore’s Infocomm Media Development Authority, praised the accord for guiding sustainable development in data centres.

The SDIA is expected to evolve over time, with its targets and commitments regularly reviewed to ensure continuous improvement in sustainability practices across the region.

Asia Pacific’s technology spending is projected to increase by 9.3% in 2026, reaching over $437b between 2025 and 2030, according to Forrester’s latest forecast. This growth is driven by investments in software, services, communications equipment, and tech outsourcing. However, escalating costs and regulatory challenges are expected to dampen the real impact of these investments.

Computer equipment is anticipated to experience the strongest growth at 13.7%, fuelled by hyperscalers’ investments in AI-optimised data centres and rising hardware prices due to global component shortages. Software spending is set to grow by 10.7%, with the adoption of AI-enhanced capabilities accelerating.

Country-specific projections reveal varied growth rates. Australia’s tech spending is expected to rise by 8.6%, reaching nearly $70b (A$110b) in 2026, despite software prices increasing at five times the rate of general inflation. In China, tech spending is forecasted to grow by 10.7%, driven by significant AI infrastructure investments from Alibaba and ByteDance, although traditional enterprise IT spending may slow due to weak domestic demand.

India, the fastest-growing market in the region, is projected to see a 13.4% increase in tech spending, propelled by cloud adoption and data localisation rules. Singapore’s growth is pegged at 6%, hindered by a talent shortage in AI development.

Southeast Asia is also expected to see robust growth, with Vietnam leading at 15.4%, followed by Indonesia at 12.5%, and the Philippines at 12.3%. The region’s digital economy is shifting from user acquisition to monetisation, with digital services income reaching $11b in 2024.

Frederic Giron, Forrester’s VP and senior research director, noted that whilst the region’s tech spending momentum remains strong, challenges such as software inflation, hardware volatility, and regulatory divergence pose significant hurdles. He advised CIOs to focus on targeted investments in automation and AI-enhanced platforms to navigate these challenges effectively.

A recent study by SAP Concur has unveiled a significant shift in corporate travel management across Southeast Asia, moving from a focus on cost-cutting to prioritising ‘Total Trip Value’. The 2026 Southeast Asia Business Travel Pulse Survey, which gathered insights from over 150 travel decision-makers in Singapore, Malaysia, Indonesia, Thailand, and the Philippines, highlights a growing emphasis on traveller productivity and operational resilience over mere ticket price reductions.

The survey reveals a widening “expectation gap” between business travellers and travel managers. Whilst 59.5% of travel managers in the region now prioritise flexibility in bookings and cancellations, they face challenges in managing last-minute changes, with 51% citing this as their primary operational hurdle. This surpasses concerns about high costs, which only 38.6% of respondents identified as a major issue.

Moreover, 57.5% of decision-makers prefer using artificial intelligence to suggest itineraries that balance policy, cost, and productivity, rather than simply opting for the cheapest options. Integration with HR and finance functions is also becoming crucial, with 58% of travel managers requiring seamless systems to maintain a unified view of traveller bookings and expenses.

The concept of ‘Total Trip Value’ is gaining traction as organisations realise that minor fare savings can lead to traveller fatigue, ultimately affecting performance during critical engagements. The survey suggests that businesses should adopt intelligent, automated ecosystems to enhance traveller productivity and resilience in high-cost environments.

Contractor confidence across the Asia Pacific region is on the rise, with 70% of respondents in Cushman & Wakefield’s annual Contractor Sentiment Survey anticipating improved market conditions in 2026. This optimism is bolstered by a stronger-than-expected absorption of 92 million square feet of office space in 2025 and a tightening construction pipeline outside India.

The survey, which included 180 respondents, revealed that nearly two-thirds reported project backlogs of around six months, indicating improving project delivery conditions. Whilst Japan and Indonesia face longer backlogs, most markets anticipate stabilisation or slight improvement in delivery timelines next year. Ranee Ng, Executive Director and Head of Project & Development Services in Hong Kong, noted a shift towards flexible designs and sustainable materials, highlighting the demand for efficiency and innovation in high-density environments.

The 2026 Asia Pacific Office Fit Out Cost Guide from Cushman & Wakefield shows a divergence in fit out costs across the region. Japan and Taipei experienced the largest year-on-year increases, with Tokyo’s costs rising to US$215 per square foot from US$195, and Taipei’s to US$145 from US$110. Conversely, costs in Mainland China and South Korea have eased, whilst Singapore and Hong Kong remain steady.

Despite the surge in office demand, new office supply outside India has contracted, intensifying competition for prime space. Dr Dominic Brown, Head of International Research APAC & EMEA, stated that the Asia Pacific office market is transitioning into a more stable phase, with both occupiers and investors poised for renewed momentum in 2026.

FedEx has unveiled its first on-site solar installation at the Shanghai International Express and Cargo Hub, marking a significant step in its sustainability efforts across the Asia Pacific. This installation, covering over 4,000 square metres, is expected to generate approximately 743,000 kilowatt-hours of electricity annually, reducing carbon emissions by nearly 417 metric tonnes each year.

The Shanghai project is part of FedEx’s broader initiative to expand low-carbon operations in the region. The company is already generating more than 50% of its electricity from on-site solar power at its South Pacific Regional Hub in Singapore, which also supports its electric vehicle fleet. Similar efforts are underway in South Korea and China, with ongoing solar deployments and energy-efficient infrastructure.

Salil Chari, president of FedEx Asia Pacific, emphasised the importance of a sustainable logistics backbone for the region’s growth. “We are investing in infrastructure that accelerates decarbonisation at scale,” he stated, highlighting the Shanghai solar installation as a key example of integrating clean energy into operations.

FedEx’s commitment to sustainability extends beyond solar energy. The company has expanded its global electric vehicle fleet to over 8,000 vehicles, with significant adoption in China, Japan, Korea, New Zealand, and Thailand. Additionally, FedEx is leveraging digital tools and emerging technologies, such as AI and IoT, to enhance operational efficiency and support sustainable shipping solutions.

As FedEx continues to advance its sustainability initiatives, the company aims to achieve carbon-neutral operations globally by 2040, reinforcing its role in promoting environmental progress across the Asia Pacific.

Asia Pacific’s real estate market saw a significant resurgence in late 2025, with investment volumes reaching their highest levels since 2022, according to Savills’ Asia Pacific Investment Quarterly. The fourth quarter of 2025 witnessed an 8.7% increase in transaction volumes year-on-year, driven by stabilising yields and improved visibility on US tariff impacts.

In Singapore, the real estate investment market closed Q4 2025 with a robust S$10.97b in total investment sales, marking a 44.4% increase from the previous year. The residential sector was the largest contributor, accounting for 40.3% of total sales, despite a 13.7% quarter-on-quarter decline to S$4.42b. The commercial sector saw a 31.1% rise in investment sales, reaching S$3.45b, bolstered by significant transactions such as Keppel REIT’s acquisition of a one-third interest in Marina Bay Financial Centre Tower 3 for S$1.45b.

Across the region, Australia recorded AU$13.1b in Q4 investments, a 66% year-on-year increase, with office investments leading the charge. South Korea set a new annual record with KRW21.1t in office market investments, whilst Hong Kong’s residential transactions reached their highest since 1995, with 13,800 deals by Mainland buyers.

Neil Brookes, Executive Managing Director at Savills, noted, “The recovery we are seeing is being led by investors with a clear focus on quality, income durability, and pricing discipline.” Looking ahead, Alan Cheong, Executive Director at Savills Singapore, commented on the geopolitical risks, suggesting that 2026 investment volumes could match 2025 levels if conditions remain stable.

Citi has announced the establishment of its Infrastructure Financing & Capital Solutions Group (IFCS), aiming to address the rapidly evolving infrastructure finance and capital markets, particularly in the Asia Pacific region. The group will be co-headed by Eric Farina and Rob Cascarino, both bringing extensive experience in infrastructure finance and debt capital markets.

Eric Farina, previously Head of Infrastructure Finance within Private Capital Markets at Morgan Stanley, will be based in New York. He has over two decades of experience in bespoke structuring solutions across various sectors. Rob Cascarino, who joined Citi in 2025, will expand his role from Co-Head of Debt Capital Markets (DCM) for the UK, Europe, Middle East, and Africa to partner with Eric on a global scale. Rob’s experience includes digital infrastructure and sports stadium financings in the US and EMEA.

The IFCS will operate as a product-agnostic group within Citi’s DCM, focusing on structuring, placement, and lending to provide customised solutions to global clients. In Asia Pacific, Citi’s Banking teams will collaborate closely with the global team to support infrastructure financing needs across the region.

Eric and Rob will report to John McAuley and Chris Munro, Heads of Debt Capital Markets, and will work in conjunction with all Capital Markets groups. This initiative underscores Citi’s commitment to leveraging public and private capital markets to deliver innovative solutions to its clients.

Adjust, a leading measurement and analytics company, has unveiled its Gaming App Insights Report: 2026 Edition, highlighting significant growth in mobile gaming engagement, particularly in the Asia-Pacific (APAC) region. The report reveals a global increase in gaming app sessions, with the paid-to-organic ratio rising by 61%, indicating a strategic shift towards user acquisition and retention.

APAC emerged as the frontrunner in this growth, with the paid-to-organic ratio climbing 45% from 2.05 to 2.97, underscoring intensified investment in paid user acquisition. Tiahn Wetzler, director of marketing at Adjust, noted, “As mobile gaming matures, growth is becoming less about scale alone and more about precision.” This reflects a broader industry focus on retaining high-value players and optimising engagement strategies.

The report details that strategy games experienced the most substantial session growth, increasing by 57% year-on-year, followed by casual and hyper-casual games at 37% and 31%, respectively. Slots, casino, and casual games also saw significant install growth, with increases of 46%, 22%, and 19% year-on-year.

In APAC, gaming engagement remained stable, with sessions per user per day slightly increasing from 1.69 to 1.70. Japan, Singapore, and Thailand recorded a 3% growth in sessions, whilst Indonesia, South Korea, and Vietnam saw a 2% rise. Day 1 retention rates in APAC held steady at 20%, with Japan leading at 25%.

Globally, App Tracking Transparency (ATT) opt-in rates rose to 39% in Q1 2026. April Tayson, Regional Vice President for INSEAU at Adjust, highlighted the sophistication of APAC gaming companies in their growth strategies, focusing on deeper player relationships and better measurement across the player journey. The report also explores trends such as AI-generated creatives and cross-platform strategies shaping mobile gaming in 2026.