Industry News

The “Beauty from within” trend is rapidly gaining traction in the Asia Pacific and Australasia regions, becoming the second most important function in the vitamins and dietary supplements (VDS) market, which is projected to reach $65.8b by 2025. Euromonitor International’s recent webinar, “2025 Asia Pacific Outlook: Consumer Health trends & opportunities,” highlights the trend’s role in boosting the consumer health market, with the regions expected to contribute 41% of global growth by 2030.

The VDS category is anticipated to account for 62% of the total growth in the Asia Pacific and Australasia consumer health market, projected to be worth $135b. Yang Hu, Asia Pacific insight manager for health and beauty at Euromonitor International, stated, “Beauty supplements are poised to become the primary engine sustaining consumer health industry growth. We see emerging innovative formats, modernisation of traditional herbs, and new marketing claims fuelling consumer demand and expanding the market.”

Ingredient innovation is a key driver of this trend, with brands promoting the skin benefits of ingredients like vitamin C and traditional herbs alongside established ones such as hyaluronic acid and collagen. Countries like China and Japan have well-established beauty supplement markets, whilst South Korea and Australia are experiencing significant growth due to new brand entries.

The digital transformation of consumer health is also notable, with online penetration in the over-the-counter (OTC) market increasing from 9% to 13% between 2020 and 2025. For VDS, online penetration rose from 32% to 46% in the same period. Yang Hu noted that the evolution is not about online replacing offline entirely but rather a recalibration, with physical pharmacies strengthening their positions through mergers and acquisitions and expanding into wider Asian markets.

The Mastercard Economics Institute has released its 2026 Outlook, revealing that Asia Pacific (APAC) remains a beacon of stability amidst global economic shifts. Despite challenges such as tariff disruptions and evolving trade routes, the region’s growth is supported by robust consumer demand, easing inflation, and a resurgence in experiential spending.

The report underscores APAC’s central role in global supply chains, even as the US imposes tariffs affecting Japan and South Asia. AI adoption is identified as a significant growth driver, with countries like South Korea, Japan, India, and Hong Kong SAR leading the charge. “Given its centrality to global trade, Asia Pacific has shown remarkable resilience,” said David Mann, chief economist for APAC at Mastercard.

Travel and experiences continue to fuel economic momentum, with outbound and intra-regional travel surpassing pre-pandemic levels. Singapore’s outbound spend in H1 2025 was US$2.7b higher than in 2019, whilst Indonesia and the Philippines saw significant growth in travel spending.

The report provides market-level forecasts, predicting growth for China at 4.5%, India at 6.6%, and Japan at 1.0%. The ASEAN-5, Australia, and New Zealand are also expected to see varied growth rates. Despite a positive outlook, the region faces risks from trade fragmentation and technological disparities. Mann emphasised the importance of adapting to these challenges, stating, “How governments and businesses respond will shape the next phase of growth.”

SEAX Global, a leading wholesale connectivity provider in Southeast Asia, has announced the acquisition of a major stake in Interlink Telecom Public Company Limited, a prominent Thai fixed network telecommunications provider. This strategic move, revealed on 13 December 2025, aims to bolster SEAX’s presence across Malaysia, Singapore, Indonesia, and now Thailand, by integrating Interlink’s nationwide fibre network with SEAX’s existing subsea and terrestrial networks.

The acquisition is set to create a fully integrated regional connectivity platform, offering seamless, low-latency connectivity that supports the expanding digital economy in the ASEAN region. SEAX’s Group CEO, Louis Teng, highlighted the partnership’s potential, stating, “By bringing together our regional networks with ITEL’s deep local expertise in Thailand, we’re creating a powerful, customer-focused platform that can keep pace with the rapid digital transformation underway in ASEAN.”

Interlink Telecom will continue to manage operations within Thailand through its new subsidiary, ITEL Global, which will serve both local and global clientele. This collaboration aims to deliver a network footprint with improved reliability and customer-centric services throughout Southeast Asia.

The acquisition comes as Southeast Asia’s digital economy is projected to grow significantly, driven by increased digital adoption and expanding services such as cloud computing and online payments. This growth underscores the demand for reliable fibre connectivity and cross-border data solutions, which SEAX and Interlink aim to address through their combined efforts.

SEAX Global, established in 2013, specialises in submarine and terrestrial cable systems, providing high-performance connectivity across the region. The company, owned by Forbes Asia Billionaire Dato’ Dr. Low Tuck Kwong’s family, holds operational licences in Malaysia, Singapore, and Indonesia, allowing it to build and operate private fixed networks for enterprise use.

Sumitomo Mitsui Banking Corporation (SMBC) has announced the completion of its first Synthetic Risk Transfer (SRT) transaction in the Asia Pacific region. This significant financial manoeuvre references a US$3.2 billion portfolio of project finance loans across Australia and Asia. The transaction, finalised between September and October 2025, was executed in collaboration with strategic partners Blackstone, Stonepeak, and Clifford Capital.

The SRT is designed to enhance SMBC’s return on equity by optimising regulatory capital, allowing the bank to continue supporting financial needs across the region. This tailored solution aligns SMBC’s capital objectives with investors’ portfolio requirements, strengthening relationships with global and regional sponsors in project finance.

Katsufumi Uchida, Head of SMBC Asia Pacific Division, stated, “This inaugural SRT is a strategic step to further enable our client-centric growth in the region whilst optimising our capital returns.”

The transaction is part of SMBC’s broader strategy to develop capital-efficient solutions globally, following a similar SRT trade by its Americas Division earlier in April 2025. Dan Leiter from Blackstone highlighted the initiative’s role in financing large-scale infrastructure projects, whilst Andrew Robertson from Stonepeak emphasised the opportunity to provide investors with exposure to diversified infrastructure loans.

Nicholas Tan of Clifford Capital noted the transaction’s alignment with their mandate to promote capital recycling, enabling continued lending to high-quality infrastructure projects. This collaboration marks a pivotal step in enhancing capital efficiency for banks involved in the sector.

SMBC, headquartered in Tokyo, is a leading global financial institution with a strong presence in the Asia Pacific region, committed to sustainable economic growth and prosperity.

AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Ratings of “aa-” (Superior) for the life and health insurance subsidiaries of Manulife Financial Corporation (MFC). The ratings, which remain stable, reflect the company’s very strong balance sheet, strong operating performance, and favourable business profile.

MFC’s balance sheet strength is highlighted by its robust risk-adjusted capital position, as measured by the Life Insurance Capital Adequacy Test and Best’s Capital Adequacy Ratio. The company has strategically used debt and other financing channels whilst maintaining moderate financial leverage. Over recent years, MFC has derisked its business by reinsuring billions in low return-on-equity and non-core business lines, particularly in long-term care insurance.

The company’s stable earnings are supported by a diverse business model, including a wide range of insurance and wealth management products, and a strong market presence across Asia, Canada, and the US. AM Best also noted MFC’s very strong enterprise risk management, which supports its overall business strategy.

Despite these strengths, MFC still faces exposure to non-core business lines, including long-term care and universal life with secondary guarantees. However, AM Best acknowledges MFC’s prudent management of these areas through loss prevention, policy conversion, and conservative reserving practices.

Looking ahead, MFC’s strategic initiatives, such as the implementation of generative artificial intelligence and its entry into the Indian life insurance market through a joint venture, present additional execution risks but also potential growth opportunities.

Padang & Co, a Singapore-based innovation company, has unveiled its Southeast Asia Green Economy Landscape 2025 report, mapping 1,089 startups, scale-ups, and SMEs across six countries. The report identifies seven high-impact sectors crucial for the region’s energy transition, highlighting opportunities in distributed energy resources, grid flexibility, and clean energy imports. It emphasises the need for coordinated action to overcome fragmentation, permitting barriers, and limited grid readiness that currently hinder renewable energy expansion.

The report outlines urgent priorities for Singapore, Malaysia, Indonesia, Thailand, Vietnam, and the Philippines, focusing on sectors such as Nature, Agriculture & Food, Energy Transition, and Industrial Decarbonisation. It suggests that a full green transition could unlock $120b and create approximately 900,000 jobs by 2030. Adam A. Lyle, Executive Chairman of Padang & Co, stated, “Southeast Asia’s green economy cannot advance through innovation alone; we must build the systems, partnerships, and regulatory environments that allow solutions to scale.”

Singapore leads the region with 494 green economy startups, accounting for 45% of all mapped startups in the SEA-6. The report highlights Singapore’s need to enhance system flexibility and decarbonise industrial clusters. It also identifies five key innovation areas, including distributed energy resources and clean energy imports.

The report serves as a practical guide for corporates, governments, and investors to support the companies building the region’s green economy. Derrick Chiang, CEO of Padang & Co, noted, “The strongest opportunities emerge when corporations, governments, and entrepreneurs work side by side.” As Southeast Asia faces rising climate risks, the report provides a roadmap for enabling cross-sector collaboration and supporting climate-tech solutions.

CGS International has marked a significant year in 2025 by completing 14 initial public offerings (IPOs) across Singapore, Malaysia, and Thailand, reinforcing its role in facilitating capital flows in the ASEAN region. The company has successfully listed companies in diverse sectors such as technology, real assets, industrials, and consumer goods, showcasing its expanding regional influence.

The firm achieved notable milestones with listings on the Singapore Exchange (SGX) Mainboard, Catalist, Bursa Malaysia Main Market, and the Stock Exchange of Thailand (SET). Highlights include Info-Tech Systems’ Mainboard IPO in Singapore, raising $42.3m (S$57.4m), and China Medical System’s secondary listing, which saw a share price increase of 11.2% on debut. In Malaysia, CGS International facilitated Paradigm REIT’s Main Market IPO, raising $118.6m (RM560m), and in Thailand, it was a lead underwriter for Mr D.I.Y. Thailand’s significant IPO on the SET.

Jason Saw, Group Head of Investment Banking at CGS International, stated, “2025 has been a milestone year for CGS International’s investment banking franchise. Our work across Singapore, Malaysia, Indonesia, and Thailand showcases the depth of our One CGS platform.”

The company’s achievements underscore its growing influence in Asia’s capital markets, with a robust pipeline of mandates anticipated to further strengthen its leadership position. Through its integrated presence, CGS International continues to facilitate cross-border listings and regional fundraisings, enhancing connectivity among ASEAN’s capital markets.

MarinaChain, a burgeoning maritime decarbonisation technology firm from South Korea, has unveiled plans to form a joint venture in Singapore. This strategic move, announced on 11 December 2025, is part of the company’s global expansion efforts and aims to create an integrated carbon compliance hub. The hub will combine carbon accounting, alternative fuel trading, regulatory consulting, and data infrastructure into a single platform for shipping companies.

The decision to establish this joint venture in Singapore underscores MarinaChain’s commitment to advancing maritime decarbonisation on a global scale. Singapore, with its strategic location and robust maritime industry, offers an ideal environment for such an initiative. The hub is expected to streamline processes for shipping companies, enabling them to meet regulatory requirements more efficiently whilst adopting sustainable practices.

The establishment of the carbon compliance hub is anticipated to have far-reaching implications for the maritime industry, promoting the adoption of alternative fuels and enhancing regulatory compliance. As the industry faces increasing pressure to reduce emissions, MarinaChain’s initiative could play a pivotal role in facilitating this transition.

The joint venture is being formed with GreenMarine, a Singapore-based cleantech provider specialising in green methanol trading, sustainability consulting, and regulatory training. GreenMarine’s team includes seasoned experts from Europe, the world’s most advanced regulatory environment for maritime decarbonisation.

Looking ahead, MarinaChain’s joint venture in Singapore is poised to become a key player in the global effort to decarbonise the maritime sector, setting a precedent for similar initiatives worldwide.

Syfe, a leading Asia-Pacific wealth management platform, has reported a landmark year with client returns exceeding US$2b in 2025 and achieving group profitability for the first time in Q4. Operating in Singapore, Hong Kong, and Australia, the platform has demonstrated resilience amidst global market volatility, validating its business model and strategic execution.

The platform’s assets under management have surpassed US$10 billion, bolstered by the acquisition of Selfwealth in Australia and a US$80m Series C fundraise. Hong Kong emerged as a key growth driver, with assets under management increasing nearly six-fold.

Syfe’s mission to democratise investing has resulted in US$88m in fee savings for investors, compared to traditional benchmarks. Additionally, the platform distributed nearly US$127m in passive income, providing stability during market fluctuations. CEO Dhruv Arora highlighted the introduction of UCITS savings plans, enabling broader access to high-quality investment funds.

Looking ahead to 2026, Syfe plans to enhance its product offerings, including launching Options Trading for Singapore investors. This expansion aims to provide clients with tools for income enhancement and portfolio protection. Arora stated, “Achieving group profitability is further validation that our client-first, innovative approach is both sustainable and scalable.”

As Syfe continues to innovate and expand, it remains committed to leading the future of wealth management in the Asia-Pacific region, empowering clients with the confidence and tools for long-term financial success.

Sygnum Singapore’s APAC HNWI Report 2025 reveals that 60% of high-net-worth individuals (HNWIs) in Asia are planning to increase their cryptocurrency allocations, driven by a strong long-term outlook. The survey, which included over 270 HNWIs and professional investors across 10 Asia-Pacific markets, highlights a significant shift towards digital assets as a core component of wealth preservation and legacy planning.

The report indicates that 87% of respondents already include digital assets in their portfolios, with nearly half allocating more than 10% to these assets. A notable 90% of surveyed HNWIs view digital assets as crucial for long-term wealth preservation, moving beyond mere speculation. Portfolio diversification is now the primary driver for 56% of investment decisions, surpassing short-term trading and megatrend exposure.

Sygnum’s findings also show a strong demand for exchange-traded funds (ETFs) beyond Bitcoin and Ethereum, with 80% of investors expressing interest. Solana, with a 52% demand, is the next most sought-after digital asset. Additionally, 70% of respondents would increase allocations if staking yields were included in ETF products.

Despite regulatory uncertainties and security concerns, the report underscores a robust long-term conviction in digital assets. “APAC is rapidly becoming one of the world’s fastest-growing digital asset gateways,” said Gerald Goh, Sygnum Co-Founder and APAC CEO. The report suggests that traditional wealth managers need to adapt quickly to meet the growing demand for digital asset services within the region’s well-regulated frameworks.