Industry News

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.

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.