Industry News

Millennium Hotels & Resorts (MHR) has announced a strategic loyalty partnership with Indian Hotels Company (IHCL), the custodian of the Taj Hotels & Resorts brand. This collaboration, unveiled as MHR celebrates 30 years in global hospitality, aims to enhance travel and stay benefits for members worldwide through the integration of MHR’s MyMillennium and IHCL’s Taj InnerCircle of NeuPass programme.

Headquartered in Singapore, MHR is recognised for its award-winning portfolio across Asia-Pacific, Europe, the UK, the US, and the Middle East. This partnership marks a significant step in MHR’s strategy to expand its international presence and strengthen its loyalty ecosystem. The collaboration is set to deliver greater value, choice, and recognition to travellers across key markets.

Puneet Chhatwal, Managing Director and CEO of IHCL, commented on the partnership, stating, “IHCL’s iconic brand Taj joining hands with Millennium Hotels & Resorts unlocks meaningful synergies within a global loyalty network. Through this collaboration, the integration of MyMillennium with Taj InnerCircle enhances the member experience.”

The partnership reflects MHR’s ongoing evolution over three decades, as it continues to forge alliances with like-minded hospitality leaders. By combining their loyalty programmes, both MHR and IHCL aim to offer enhanced benefits and rewards to their members, thereby increasing customer satisfaction and loyalty.

As the hospitality industry continues to evolve, such partnerships are crucial for maintaining competitiveness and offering customers more comprehensive and rewarding experiences. This collaboration is expected to set a precedent for future alliances in the sector.

UltraGreen.ai, a leader in fluorescence-guided surgery and digital health solutions, has achieved significant regulatory milestones with approvals for its Verdye (indocyanine green for injection) in the Philippines and IC-Flow Imaging System V2 in Malaysia. These approvals mark a crucial step in the company’s strategic expansion across Southeast Asia, a region experiencing a surge in healthcare demand.

The approvals enable UltraGreen and its local partners to support education, training, and the broader clinical adoption of indocyanine green-based techniques among surgeons in both countries. This development is particularly timely as surgical demand rises in oncology, colorectal, and reconstructive care across the region.

Fluorescence-guided surgery using indocyanine green has become an essential tool in various surgical procedures. The IC-Flow Imaging System V2’s approval in Malaysia facilitates the use of fluorescence imaging technology in clinical settings, whilst Verdye’s approval provides Filipino clinicians access to a globally recognised, high-quality product.

Declan Cassells, Chief Operating Officer of UltraGreen, stated, “These approvals represent far more than regulatory milestones – they pave the way for delivering proven surgical technologies to healthcare systems across Southeast Asia.”

UltraGreen’s commitment to advancing precision surgery through high-quality pharmaceutical, imaging, and data-driven solutions is further solidified by these approvals, strengthening its presence in Southeast Asia.

CapitaLand Investment Limited has announced its acquisition of a 20.2% interest in three data centres in India for S$99.73m. This strategic investment aims to bolster CapitaLand’s presence in the rapidly growing Indian data centre market, which is experiencing increased demand due to digitalisation and data consumption.

The acquisition, facilitated through the CapitaLand India Data Centre Fund, marks a significant expansion for the company in the region. The data centres are expected to enhance CapitaLand’s portfolio by providing robust infrastructure to support the burgeoning digital economy in India.

The investment underscores CapitaLand’s commitment to expanding its data centre footprint in key markets. The company has been actively seeking opportunities to capitalise on the growing need for data storage and processing facilities, driven by the surge in internet usage and cloud computing.

CapitaLand’s decision to invest in these data centres aligns with its strategy to diversify its asset base and tap into high-growth sectors. The acquisition is anticipated to generate substantial returns, given the increasing reliance on digital services across various industries.

This move is part of CapitaLand’s broader plan to strengthen its position in the global data centre market, which is projected to continue its upward trajectory in the coming years. As the demand for data centres rises, CapitaLand is poised to benefit from its strategic investments in this sector.

Standard Chartered and Ant International have transitioned their blockchain-based tokenised deposit solution from pilot to commercial launch, enabling real-time fund transfers across Hong Kong and Singapore. This innovative solution allows global entities to bypass traditional banking hours and settlement delays, facilitating seamless transactions in HKD, CNH, SGD, and USD.

The solution, developed on Ant International’s Whale blockchain platform, was created under the Hong Kong Monetary Authority’s Project Ensemble and the Monetary Authority of Singapore’s Project Guardian. It marks a significant step in enhancing liquidity and efficiency in financial markets through tokenisation.

Mahesh Kini, Global Head of Cash Management at Standard Chartered, highlighted the growing demand for real-time and 24/7 treasury management, stating, “Driven by a shared vision of shaping the future of cash management, we are pleased to partner with Ant International from the conceptualisation to the commercial launch of this solution.”

The integration of Ant International’s bank accounts with tokenised deposits ensures a near real-time flow of liquidity, significantly improving the management of treasury and working capital. Kelvin Li, General Manager of Platform Tech at Ant International, noted, “The new solution enhances our liquidity management by providing seamless and secure access to the working capital needs of our businesses globally.”

This development is expected to encourage more global businesses to explore the benefits of tokenised deposits, contributing to the growth of tokenised assets in Hong Kong and Singapore. As both companies continue to innovate, they aim to set a blueprint for commercial banks to facilitate the transition from traditional banking ledgers to blockchain technology.

Prism, a newly established managing general agent (MGA) headquartered in Singapore, has officially launched its operations in the Asia Pacific region, including Hong Kong, as of 18 December 2025. Backed by Convex and Efinity Insurance Solutions, Prism aims to provide innovative, technology-driven underwriting solutions in Marine Cargo, Onshore Energy, Power, and Renewables.

The launch of Prism marks a significant development in the insurance landscape, as it combines underwriting talent with advanced technology, data, and analytics to offer new capacity and expertise to clients and brokers. “Prism is entering the market at a pivotal time,” said Bobby Heerasing, CEO and CUO of Prism. “We are building a legacy-free, tech-enabled MGA that combines underwriting discipline with transparency and long-term value for capital partners.”

Prism’s founding team includes industry veterans such as Heerasing, Jason Smith, and Sergei Korol, who bring decades of experience in the insurance and reinsurance sectors. The company has secured strategic partnerships with Convex, which will provide underwriting capacity and expertise, and Efinity Insurance Solutions, which will offer operational and platform support.

The MGA plans to expand its offerings in Q1 2026 to include Facultative Property and Political Violence/Terrorism. John Potter, Head of Marine at Convex, expressed support for the launch, stating, “This investment is a perfect example of our strategic approach — backing exceptional teams with deep expertise and local insight.”

Prism’s approach is characterised by its legacy-free, technology-driven model, aiming to deliver efficiency, transparency, and scalability. As the company begins its journey, it seeks to blend Asia’s growth opportunities with mature portfolios in North America and Europe, positioning itself as a significant player in the region’s insurance market.

Digital travel platform Agoda has unveiled new research demonstrating the transformative impact of localisation strategies on Asia’s hospitality sector. The report, “Tailored to Win: How Hotels are Using Localisation to Capture Asia’s Tourism Boom,” reveals that hotels integrating localisation across marketing, booking, payment, and on-site experiences are experiencing significant business benefits, including higher guest satisfaction and increased repeat bookings.

The study surveyed 526 hoteliers across 12 Asian markets, identifying best practices for customising services to meet diverse traveller preferences. Hotels leading in localisation report a 99% improvement in guest satisfaction, a 95% increase in repeat bookings, and a 91% willingness among guests to pay more per room.

Andrew Smith, Senior Vice President of Supply at Agoda, emphasised the strategic importance of localisation, stating, “Localisation isn’t just a trend. It’s a strategic imperative for hoteliers looking to thrive in Asia’s dynamic tourism market.” He highlighted the need for a holistic approach, integrating language, payment systems, design, and marketing to enhance the guest experience.

The report also notes that Asia has become the fastest-growing travel hub, now accounting for nearly 28% of global international arrivals. With the region’s middle class expanding rapidly, the hospitality sector faces both opportunities and challenges. Agoda’s findings suggest that tailored, localised strategies are crucial for hotels aiming to secure long-term competitiveness in this vibrant market.

Momenta, a leader in autonomous driving technology, has announced a strategic partnership with Grab, Southeast Asia’s prominent superapp, to introduce advanced autonomous driving technologies to the region. This collaboration includes a strategic investment by Grab and aims to deploy autonomous services using Momenta vehicles integrated into Grab’s platform.

The partnership will focus on a factory-installed, mass production approach to autonomous driving, addressing the high costs traditionally associated with vehicle modification and hardware integration. Momenta’s dual strategy involves partnerships with automakers like Mercedes-Benz and BMW to equip vehicles with advanced driver assistance systems (ADAS) and the development of Robotaxi technology.

Dominic Ong, General Manager of Autonomous at Grab, expressed enthusiasm about the collaboration, stating, “We are excited to shape the future of mobility in Southeast Asia and Momenta’s impressive technological capabilities expands the ways we will explore that.” Momenta CEO Xudong Cao added, “Grab is the most influential mobility platform in the Southeast Asian market, and we are delighted to join hands with Grab to bring Momenta’s technology and experience to this vibrant region.”

This partnership marks a significant step in the internationalisation of Momenta’s “L2 + L4” parallel strategy and follows Momenta’s recent collaboration with Uber for L4 robotaxi testing in Munich in 2026. As Momenta continues to expand its global ecosystem, the cooperation with Grab highlights progress in making autonomous driving solutions a reality in Southeast Asia. Looking ahead, both companies aim to innovate and empower future mobility, making autonomous driving accessible to all.

The global toys and games market is set to reach US$287b in 2025, according to Euromonitor International. The growth is fuelled by nostalgia, collaborations, and affordability, with the Asia Pacific region leading the charge, accounting for 37% of the market. Blind box collectibles have sparked a craze in Southeast Asia, propelled by strategic expansion and localisation efforts.

Adults are increasingly driving demand, particularly for collectibles and nostalgia-driven products. This trend aligns with Euromonitor’s 2026 global consumer trend, “Comfort Zone,” highlighting consumers’ intentional curation of purchases that offer both tangible and emotional comfort. Loo Wee Teck, global insight manager for toys and games at Euromonitor International, noted, “Amidst global challenges and financial strain, consumers are increasingly finding comfort and nostalgia in their childhood toys and discovering social connection.”

Traditional toys and video games remain resilient, offering affordable escapism amidst economic uncertainties. The market is expected to grow by 14% from 2024 to 2029, reaching US$317b. In Southeast Asia, the popularity of blind boxes is driven by Chinese toy companies’ aggressive expansion and marketing strategies, with significant growth in Thailand, Indonesia, and Singapore.

Pop culture collaborations are also expanding audiences, blending entertainment, fashion, and gaming. These partnerships generate additional revenue by licensing intellectual properties to fashion and sportswear brands, transforming characters into pop culture icons and reigniting consumers’ emotional connections to childhood toys.

A recent study by Clearwater Analytics reveals that insurers across the Asia-Pacific (APAC) region are set to increase their risk profiles over the next two years. The research, which surveyed insurance asset management executives managing a total of $3.82t in assets, found that 85% of respondents expect their investment risk profiles to rise by 2027. This marks a continuation of a trend, as 72% reported increased risk profiles over the past two years.

Executives identified automation as the primary strategy for managing risk, surpassing the importance of increased regulation and stricter capital controls. Despite this, there are significant concerns regarding the allocation of time and resources towards portfolio analytics and risk management. Notably, 77% of executives believe more resources should be dedicated to regulatory and compliance tasks, whilst 86% see a need for increased focus on cross-asset risk aggregation.

Shane Akeroyd, Chief Strategy Officer and President of Asia Pacific at Clearwater Analytics, highlighted the growing risk appetite among insurers. He noted, “APAC insurers are embracing risk and plan to increase the risk profiles of their investments over the next two years. What’s striking is that whilst risk appetites are growing, executives are saying they need more resources for basic functions like regulatory compliance and risk integration.”

The findings underscore the need for advanced technology platforms to alleviate resource constraints by automating manual processes, thereby allowing teams to concentrate on strategic risk management. This shift could significantly impact how insurers in the region manage their portfolios and navigate the evolving financial landscape.

Vietnam Airlines and SATS have signed a strategic partnership agreement in Hanoi, marking a significant collaboration to enhance aviation services and logistics capabilities worldwide. This partnership builds on a previous memorandum of understanding (MOU) to develop cargo terminals in Vietnam, including at Long Thanh International Airport.

SATS, a leading provider of air cargo and ground handling services headquartered in Singapore, has been a key partner for Vietnam Airlines, offering services at major airports such as Singapore, Bangkok, and London. The new agreement designates SATS and Vietnam Airlines as preferred partners for ground handling and cargo services, with SATS providing enhanced operational support and Vietnam Airlines offering reciprocal benefits in suitable markets.

Lê Hồng Hà, President and CEO of Vietnam Airlines, stated, “The cooperation between Vietnam Airlines and SATS marks a pivotal step in our ongoing commitment to elevate service excellence, optimise operational costs, and reinforce our international operating capabilities.” Kerry Mok, President and CEO of SATS Ltd, added, “This partnership reflects our shared commitment to operational excellence and customer-focused solutions.”

The agreement also explores future collaborations, including the development of a new cargo terminal in Vietnam. It aims to align service standards with global best practices, supported by SATS’ technical expertise, to enhance customer experience and competitiveness in international markets. Additionally, the partnership will focus on joint research and the adoption of innovative technologies to drive operational efficiency and sustainable development.

Vietnam Airlines and SATS will begin implementing these initiatives immediately, aiming to deliver long-term benefits and advance the aviation industry’s overall development.