Industry News

Investment in energy generation is on the rise across Southeast Asia, but a new report from consultancy TBH reveals that the real challenge lies in infrastructure and connectivity. As industrial growth and urbanisation increase electricity demand, the report argues that simply building more generation capacity will not suffice. Instead, the focus should be on moving, storing, and stabilising power, as well as enhancing cross-border connections for energy sharing.

The report, “Connecting Southeast Asia’s Energy Future,” examines the energy transition in Malaysia, Thailand, Indonesia, Vietnam, the Philippines, and Singapore. It emphasises the need for coordinated planning in generation, transmission, storage, and connectivity to achieve sustainable energy outcomes. Ali Nami, Director and Energy Lead at TBH, stated, “The ability to coordinate these investments and translate them into reliable outcomes will play a major role in shaping the region’s long-term energy future.”

Key insights from the report include Malaysia’s growing role as a data centre hub, Thailand’s expansion of solar energy, and Indonesia’s complex delivery challenges across its island network. Vietnam faces transmission network strains due to rapid industrial growth, whilst the Philippines focuses on energy resilience with offshore wind opportunities. Singapore is positioning itself as a hub for low-carbon electricity imports and cross-border energy connectivity.

The report also highlights the ASEAN Power Grid concept and the ASEAN Plan of Action for Energy Cooperation 2026-2030 as pivotal for regional energy integration. Michael Tan, TBH’s Country Manager for Malaysia, noted the importance of careful planning and coordinated investment to support the region’s energy growth. The full report is available for download on TBH’s website.

Julius Baer has released its Global Wealth and Lifestyle Report 2026, revealing that the Asia Pacific (APAC) region continues to be a leader in global affluence. The report highlights that Singapore has retained its title as the world’s most expensive city for high-net-worth individuals (HNWIs) for the fourth consecutive year. This is attributed to high residential property and car prices, alongside the strong Singapore dollar.

The report indicates that APAC’s average price increase of 7.4% in US dollar terms is below the global average of 10.2%, suggesting that currency appreciation in other regions has had a more significant impact than local inflation. APAC investors are noted for their adaptive behaviour, with over 74% increasing diversification in the past year. The region is also experiencing a two-track economy, with cities like Singapore, Hong Kong, and Shanghai benefiting from hi-tech growth, whilst others remain reliant on traditional industries.

Jen-Ai Chua, a research analyst at Julius Baer, commented on the economic dynamics: “The presence of cities in both the top and bottom five of the Lifestyle Index reflects the emergence of a two-track economy in the region.” Meanwhile, Singapore Branch Manager Yee Kim Tan noted the city’s appeal for asset diversification due to its stability and strong rule of law.

The report also highlights that APAC cities dominate the global rankings for luxury spending, with five of the top ten most expensive cities located in the region. This underscores APAC’s role as a powerhouse in global affluence, with a focus on future-oriented wealth accumulation and ethical investment criteria.

M-DAQ Global, a Singapore-based fintech specialising in foreign exchange and cross-border payment solutions, has announced a strategic integration with METech, the majority shareholder of PayME, a licensed payments service provider in Vietnam. This move allows M-DAQ to establish its own regulated payments infrastructure in Vietnam, enabling direct processing of collections and payments in Vietnamese Dong (VND), thus reducing reliance on third-party partners.

The integration is part of M-DAQ’s broader strategy to create a unified ASEAN Payments Hub, enhancing its ability to provide efficient cross-border payment flows. By combining METech’s local market expertise and regulatory knowledge with M-DAQ’s regional infrastructure, the partnership aims to strengthen cross-border payment capabilities within ASEAN and beyond.

Vietnam, one of ASEAN’s fastest-growing economies, presents significant opportunities for cross-border commerce. The country’s digital economy is projected to reach $72.1b by 2025, accounting for over 14% of its GDP. The government aims to increase this to 30% by 2030. M-DAQ’s integration with METech positions it to tap into this growth, leveraging Vietnam’s expanding digital and e-commerce markets.

Tan Choon Seng, Group CEO of M-DAQ Global, stated, “Vietnam is one of ASEAN’s most dynamic growth markets and a key pillar for the region’s digital transformation. We are proud to mark M-DAQ’s first direct presence in the country through this integration, advancing our ASEAN-focused strategy.”

With this integration, M-DAQ now holds five regulated licences across four key ASEAN markets, furthering its ambition to build a comprehensive payments footprint across the region’s economic corridors.

United Overseas Bank (UOB) and Avid Sports Singapore (ANTA) have signed a Memorandum of Understanding (MOU) to collaborate on enhancing customer engagement across the ASEAN region. This partnership combines UOB’s extensive network with ANTA’s diverse sports brand portfolio, including ANTA, DESCENTE, FILA, Salomon, and Wilson, to deliver integrated value to customers, partners, and businesses.

The collaboration will provide UOB’s Emerging Affluent and Affluent segments with preferential benefits through lifestyle offerings and targeted engagement strategies. Customers can expect exclusive offers, limited-edition releases, and curated brand experiences. From 10 July to 31 August 2026, UOB cardholders will enjoy a 5% discount and double reward points with ASCEND+ across participating ANTA brands in Singapore.

ANTA will utilise UOB’s regional platforms to increase awareness and engagement in markets such as Singapore, Malaysia, Thailand, Indonesia, and Vietnam. The partnership aims to promote a healthier lifestyle by enhancing sports engagement and customer experiences.

Additionally, UOB and ANTA will explore community engagement and talent development opportunities. ANTA will support UOB’s annual Heartbeat Run by producing 9,000 event T-shirts. The partnership also includes potential youth-focused collaborations, such as sponsorships and development initiatives, and future talent development opportunities for tertiary students.

Wee Ee Cheong, Deputy Chairman and CEO of UOB, expressed enthusiasm for the partnership, stating, “This reflects what we are already seeing in customer behaviour – a growing preference for quality products and experiences that fit their evolving lifestyles.” The collaboration is set to unlock new opportunities and foster sustainable growth across the region.

MUFG Bank and JCB have signed a Memorandum of Understanding (MOU) to establish a comprehensive strategic alliance in the ASEAN region. This collaboration seeks to leverage the strengths of both companies to expand business and create new value, particularly in the affluent customer segments and digital payment areas.

The alliance is driven by the sustained economic growth in ASEAN, which is increasing demand for sophisticated financial and payment services. MUFG Bank will combine its partner bank network and investments in digital businesses with JCB’s global payment network and service expertise. This integration aims to offer enhanced financial services, such as deposits and investments, alongside exclusive card products for affluent customers.

Key areas of collaboration include the introduction of a new premium card in Indonesia by the end of fiscal year 2026, marking JCB’s highest-tier card issued outside Japan. Additionally, the partnership will explore expanding cross-border payment solutions and mobile services to accelerate the development of digital payment ecosystems in ASEAN.

The alliance also aims to build partnerships with Japanese companies, promoting Japan as a tourism-oriented nation and enhancing the global reach of Japanese brands and services. This initiative is expected to contribute to strengthening Japan’s presence in ASEAN and support efforts to position Japan as a leading tourism destination.

Both companies plan to move forward with concrete initiatives based on this MOU, aiming for sustainable growth and the creation of new value in the region.

Syndicated lending in the Asia Pacific region, excluding Japan, has plummeted to a 13-year low, according to the London Stock Exchange Group’s latest report. The first half of 2026 saw loans totalling US$217.6b, marking a 20.2% decrease from the US$272.5b recorded in the same period last year. This decline reflects ongoing political and geopolitical challenges, including trade tensions and policy uncertainties, which have dampened borrowing activities.

The report highlights a significant shift in lending patterns, with a focus on refinancing and alternative funding due to tighter credit conditions. The number of loans also decreased, with 501 deals in the first half of 2026, down 29% from 706 in the previous year. Despite the overall downturn, mergers and acquisitions (M&A) loan volume rose by 22.8% to US$23.9b, driven by event-driven financings in the second quarter.

Australia emerged as the largest loan market in the region, contributing 26.1% of the total volume, despite a 4.6% year-on-year decline. Meanwhile, China and Hong Kong experienced significant drops in loan volumes, with China falling 61.8% and Hong Kong 22%, due to weak global demand and geopolitical uncertainties.

Looking ahead, the second half of the year may see a boost in activity, with ByteDance seeking a US$20b financing, potentially becoming one of the largest offshore loans from China’s technology sector. Additionally, Middle Eastern borrowers are returning to tap into Asian liquidity, despite ongoing tensions between Iran and the United States.

Asia Pacific’s logistics markets are experiencing a divergence, with tenant-favourable conditions expected to moderate as supply constraints shift the balance. According to Cushman & Wakefield’s Waypoint 2026 report, 47% of markets in the region currently favour tenants, up from 33% in 2025. However, supply and demand dynamics vary significantly across different markets.

In China, abundant supply and softer occupier demand have led to tenant-favourable conditions, with significant vacant stock reducing landlord pricing power. Despite these challenges, China remains a cost-competitive manufacturing hub. Tony Su, Managing Director and Head of Industrial & Logistics Services China at Cushman & Wakefield, noted that landlords are prioritising renewal quality and long-term asset value, whilst tenants remain price-sensitive.

Conversely, supply-constrained markets like Australia, Japan, and Singapore are seeing increased competition for space, with vacancy rates expected to decline due to limited development pipelines. This trend reflects a broader regional tightening, with 43% of APAC markets anticipating a decrease in vacancy over the next three years.

Dennis Yeo, Head of Investor Services and Logistics & Industrial Asia Pacific at Cushman & Wakefield, highlighted the differing growth stages across APAC markets, driven by resilient demand from e-commerce and manufacturing sectors. Southeast Asia, particularly Vietnam, Indonesia, and Thailand, is emerging as a key growth hub due to production shifts and regionalisation strategies.

Globally, tenant-favourable conditions are projected to decline from 52% in 2026 to 33% by 2029, as vacancy tightens and supply remains constrained. Dr Dominic Brown, Head of International Research at Cushman & Wakefield, emphasised the importance of resilience in real estate strategies to navigate future disruptions and capture long-term growth.

Fortinet, a global leader in cybersecurity, has announced the appointment of Luca Simonelli as Senior Vice President for the Asia Pacific region. Based in Singapore, Simonelli will oversee Fortinet’s operations across Japan, North Asia, South Asia, Southeast Asia, India, SAARC, Australia, and New Zealand. His role will involve driving regional strategy, strengthening customer and partner relationships, and accelerating the company’s growth in the region.

Simonelli brings over 30 years of international technology leadership experience, having previously held senior roles in cybersecurity, networking, and managed services industries. Notably, he spent nearly eight years at Fortinet, leading the company’s business in Europe, the Middle East, and Africa. His most recent position was with GCX Managed Services.

Joe Sarno, Executive Vice President of International Sales at Fortinet, highlighted the significance of the Asia Pacific market, stating, “Asia Pacific continues to be one of the most dynamic cybersecurity markets globally as organisations accelerate digital transformation, adopt AI, and modernise critical infrastructure.” He added that Simonelli’s expertise would further strengthen Fortinet’s leadership in the region.

Simonelli expressed his enthusiasm about rejoining Fortinet, saying, “Fortinet has built one of the industry’s most comprehensive and integrated cybersecurity platforms, bringing together networking, security, and AI to help organisations reduce complexity whilst strengthening cyber resilience.”

Fortinet’s commitment to enhancing cyber resilience is supported by its extensive portfolio of over 50 enterprise-grade products and its collaboration with public and private sector organisations globally.

Acadian Asset Management, a leader in systematic and quantitative investing, has announced the expansion of its Asia-based team with three strategic appointments. This move underscores the firm’s commitment to the region, which has seen a significant increase in demand for systematic investment strategies. The company has appointed Sheauyien Wang as Director of Southeast Asia Sales, alongside Portfolio Manager Minhao Leong and trader Danny Ly, to bolster its Singapore-based operations.

The expansion comes as investors increasingly turn to Acadian’s systematic capabilities for stronger diversification and improved risk management. Kelly Young, CEO of Acadian, highlighted the attractiveness of a data-driven approach amid market volatility and benchmark concentration. “We are seeing investors adopt our systematic capabilities in increasingly innovative ways,” Young stated.

Wang, who previously held senior roles at Lombard Odier Investment Managers and State Street Global Advisors, will lead institutional business development across Southeast Asia. “I am delighted to join Acadian and work alongside such a talented and collaborative team,” Wang said, expressing enthusiasm for deepening relationships with investors in the region.

Leong and Ly bring extensive experience in systematic investing and equity trading, respectively. Their appointments are expected to enhance Acadian’s investment platform in Asia. Alex Voitenok, Deputy Chief Investment Officer, noted, “Minhao and Danny further enhance the depth of our investment platform in Asia.”

Acadian’s Singapore affiliate, established in 1999, plays a crucial role in the firm’s global operations, supporting portfolio management and client servicing. With $195b in assets under management as of March 2026, Acadian continues to serve institutional investors across Asia, reflecting its enduring commitment to the region.

Enterprise Singapore and the Japan External Trade Organisation (JETRO) have renewed their Memorandum of Cooperation (MoC) for another three years, marking a significant step in deepening economic ties between Singapore and Japan. The signing took place at the JETRO Singapore 70th Anniversary Business Forum, with key figures such as Lee Chuan Teck, Chairman of Enterprise Singapore, and Ishiguro Norihiko, Chairman and CEO of JETRO, in attendance.

The renewed MoC introduces three key expansions: a sharper focus on digital and tech, and green transition and energy sectors; the addition of life sciences and healthcare as a priority sector; and broader support for high-growth SMEs and large corporates with strong technology and innovation capabilities. This expansion aims to foster collaboration in areas like AI, semiconductors, clean energy, digital health, and biotech.

Lee Chuan Teck highlighted the enduring economic partnership between the two nations, stating, “The renewal of our MoC today underscores both the strength of our ties and our shared ambition to foster stronger collaborations.” Susumu Kataoka, President of JETRO, echoed this sentiment, emphasising the long-standing partnership and shared ambition for future growth.

Japan remains a crucial economic partner for Singapore, ranking among the top 10 in trade and investment. In 2025, bilateral merchandise trade exceeded S$56b, and Japan was Singapore’s third-largest source of foreign direct investment. The renewed partnership is expected to further enhance economic cooperation and drive long-term competitiveness.