Industry News

HSBC and Conferma have expanded their virtual card partnership to include supplier payments across Asia Pacific, specifically in Hong Kong, Singapore, and Malaysia. This development allows businesses to embed HSBC Virtual Cards directly into their existing enterprise resource planning (ERP), procurement, and accounts payable systems, eliminating separate payment steps and manual reconciliation.

The collaboration, which began in 2011 focusing on corporate travel, now extends to a broader range of business-to-business (B2B) transactions. Adam Williams, Head of Commercial, APAC at Conferma, highlighted the shift towards digital-first environments, stating, “Businesses across Asia are rethinking how they manage spend as digital transformation accelerates.”

The integration of virtual cards addresses the growing demand for seamless payment experiences and enhanced control over financial processes. Erika Yeung, Head of Commercial Cards, Asia Pacific at HSBC, noted that virtual cards are becoming a mainstream B2B payment method, extending beyond travel and expenses to modernise supplier payments.

The solution offers several benefits, including frictionless travel payments, embedded supplier payments, and enhanced visibility and control over transactions. As organisations aim to improve transparency and working capital management, virtual cards provide real-time insights and automate reconciliation processes.

This expansion is part of a strategic move to meet the projected $228b transaction value by 2028, as businesses seek to streamline operations and maintain control within their existing systems.

Family offices in the Asia Pacific (APAC) region are outperforming their global counterparts, according to Citi Wealth’s 2026 Global Family Office Report. The survey, conducted in June and July 2026, reveals that 26% of APAC family offices achieved returns above 15% year-to-date, driven by robust public equity markets, including a 30% rise in the Nikkei 225.

The report highlights APAC’s leadership in direct investing, with a 79% participation rate, the highest globally. A significant 77% of these offices rely on internal teams for sourcing investment opportunities, indicating a high level of professionalisation.

Artificial intelligence (AI) has emerged as a key investment theme, with 80% of APAC family offices identifying it as a primary focus. This is complemented by interests in healthcare, robotics, and software. Additionally, APAC offices show the greatest comfort with digital assets, with half reporting no significant barriers to adoption.

APAC family offices are also proactive in managing market volatility, with 62% adopting active management strategies and 49% implementing hedging, surpassing global averages. Concerns over global financial stability and market volatility are prevalent, partly due to geopolitical tensions such as the oil blockade in the Strait of Hormuz.

Bernard Wai, Head of Asia for Integrated Client Solutions and Global Family Office, Citi Wealth, noted, “Family offices across Asia Pacific have evolved to become increasingly sophisticated, requiring the talent, setup and governance for a sovereign wealth fund-like investment mindset. Whether it is expanding into direct investing programs, leveraging AI interfaces, or executing cross-border tax-aware transactions, family offices here are taking a more holistic approach to wealth stewardship.”

As APAC family offices continue to navigate complex market conditions, their focus on innovation and strategic risk management positions them for sustained success.

Chinese travellers are gearing up for Golden Week 2026, with Seoul, Singapore, and Bangkok emerging as the top overseas destinations, according to Trip.com Group data. Outbound flight bookings to these cities have increased year-on-year, with many travellers combining the Golden Week and Mid-Autumn Festival holidays for an extended break. Departures are expected to peak on 1 October, the first day of the official holiday.

The extended holiday period is encouraging longer trips, with a notable rise in hotel bookings for stays of seven nights or more. Multi-destination itineraries have surged by 84% year-on-year, reflecting a growing trend among travellers to maximise their time abroad. Popular combinations include Singapore and Bali, Hong Kong and Sydney, and Amsterdam and Milan.

Nature and coastal destinations are also gaining traction, particularly among Millennials and Gen Z. Searches for scenic trips have increased by 53% year-on-year, with Queenstown and Auckland seeing flight bookings rise by 314% and 276%, respectively.

In addition to outbound travel, China is experiencing a boost in inbound tourism during the Mid-Autumn Festival. Lesser-known cities like Yanji, Dunhuang, and Hailar are witnessing significant increases in flight bookings, whilst major cities such as Shanghai and Beijing continue to attract visitors. China’s rich cultural heritage and attractions, including the Mutianyu Great Wall and Shanghai Disney Resort, are drawing tourists from across Asia and beyond.

Twilio has unveiled new research indicating a significant disconnect between Asia Pacific (APAC) consumers and brands over AI interactions. The 2026 Customer Insights Series highlights that 70% of consumers have abandoned AI-powered customer service interactions because the AI failed to recognise them or recall previous interactions, with 5% severing ties with the brand entirely.

The report reveals that whilst 84% of APAC brands believe their AI systems effectively recognise returning customers, the reality for consumers is starkly different. Many find themselves starting anew with each interaction, leading to frustration and dissatisfaction. This issue, termed ‘AI amnesia’, is exacerbated when AI systems hand off to human agents, as 65% of consumers report needing to repeat information during these transitions.

Robert Woolfrey, Vice President, Asia Pacific & Japan at Twilio, emphasised the importance of context in AI interactions, stating, “AI is only as helpful as the context you feed it. By connecting customer data, brands can evolve from basic chatbots to smart assistants that remember every individual.”

The study also highlights a trust gap, with 70% of consumers wanting AI agents to identify themselves at the start of interactions, yet only 22% of businesses comply. As AI adoption grows, businesses are urged to prioritise transparency and control, with many already implementing features to build trust, such as explainability cues and easy access to human agents.

Looking forward, APAC business leaders anticipate AI agents will handle 65% of customer service interactions by 2027, up from 52% today. As AI-to-AI engagement becomes more prevalent, the focus will be on delivering context-aware and transparent experiences to earn consumer trust in an AI-driven future.

A recent survey by global analytics software leader FICO has highlighted a significant gap in scam prevention among Asia Pacific (APAC) banks. More than half of senior banking executives, 51%, expressed a lack of confidence in their ability to detect customer manipulation before funds are transferred. This concern arises as scammers increasingly manipulate customers into authorising payments themselves, bypassing traditional security measures.

The survey, conducted during FICO’s Banking Leaders Forum in Bali, involved 51 senior executives from leading APAC banks. It revealed that 77% of banking leaders support immediate intervention when behavioural warning signs indicate significant risk. However, 54% identified the need for improved behavioural analytics and connected fraud intelligence to enhance scam detection capabilities.

Dattu Kompella, Managing Director in Asia Pacific for FICO, emphasised the importance of early intervention, stating, “Scam prevention requires banks to look earlier in the journey. Changes in where or how a customer sends payments, navigates their account, sets up beneficiaries or behaves digitally can provide important signals that something is wrong.”

The survey also pointed out the challenge of sharing scam intelligence across industries, with 39% of respondents citing this as a major operational weakness. Additionally, 46% of banking leaders identified AI-generated personalised scam messages as the top emerging threat over the next three years.

As banks face increasing sophistication in scams, the need for modernising infrastructure and integrating AI-driven decisioning becomes crucial. The survey underscores the urgency for APAC banks to enhance their scam prevention strategies by leveraging AI-powered behavioural analytics and improving cross-industry intelligence sharing.

Kyndryl has announced the appointment of Megawaty Khie as Vice President and Managing Director for ASEAN and Korea. With over 25 years of experience in the technology sector, Megawaty will lead Kyndryl’s operations in the region, focusing on enhancing customer relationships and modernising technology environments to align with business priorities.

Megawaty, who succeeds Andrew Lim, previously held the position of Regional Managing Director for Southeast Asia at Avanade. Her extensive career includes leadership roles at Google Cloud, Microsoft, SAP, IBM, HP, Dell, and Singtel. She brings a wealth of experience in building high-performing teams and driving business growth across various markets.

“Enterprises across ASEAN and Korea are moving quickly to modernise their mission-critical IT systems for the age of AI,” Megawaty stated. “At Kyndryl, we are harnessing the expertise of our teams and partner ecosystems to create new value for our customers and building the technology foundations they need to accelerate their goals.”

Kyndryl, a leading provider of mission-critical enterprise technology services, operates in more than 60 countries, offering advisory, implementation, and managed services. As the world’s largest IT infrastructure services provider, Kyndryl designs, builds, manages, and modernises complex information systems globally.

BDx Data Centres, a Singapore-based operator backed by I Squared Capital, has commenced construction on a 640MW AI data centre campus in Jatiluhur, West Java, Indonesia. The project, known as CGK4, is supported by 845MVA of grid capacity from the state utility PLN, forming part of BDx’s 1.2GVA+ secured power position across its Indonesian sites.

The first of six planned buildings at the CGK4 campus will deliver 120MW of IT capacity in phases, starting from early 2027. This facility is designed to accommodate high-density AI workloads for hyperscalers, AI-native cloud providers, and enterprises throughout Southeast Asia. The groundbreaking ceremony was attended by West Java Governor Dedi Mulyadi and Purwakarta Regent Saepul Bahri Binzein, highlighting government support under Indonesia’s Special Economic Zone incentives.

CGK4 is strategically located approximately five kilometres from the Jatiluhur Dam and aims to utilise lower-carbon power options, including a hydroelectric arrangement with PJT. The campus has already achieved certification under the NVIDIA DGX™-Ready Colocation Data Centre programme, underscoring its readiness for advanced AI infrastructure.

Mayank Srivastava, CEO of BDx Data Centres, stated, “Indonesia is entering a new phase of digital and AI development, and CGK4 is a long-term investment in the infrastructure that phase requires.” The project is part of BDx’s broader AI-focused expansion in Indonesia, supported by a US$320m loan facility secured in 2026.

BDx’s initiative comes as power and water supply considerations increasingly influence the approval and construction of AI data centres across Southeast Asia, with countries like Malaysia and Thailand tightening environmental regulations. The CGK4 campus is expected to play a pivotal role in meeting the region’s growing demand for AI-ready capacity.

AsiaPhos Limited has announced the strategic appointment of two seasoned professionals to lead its foray into the data centre sector. Wong Ka Vin, formerly the Country General Manager for Malaysia and Indonesia at Singtel’s datacentre division, now known as Nxera, has been named Business Head of Datacentres. Alongside him, Goh Eng Teong, a veteran with over 20 years of experience in data centre technology and operations, has been appointed Head of Technology.

These appointments are a significant move in AsiaPhos’ diversification strategy, as the company seeks to build a comprehensive data centre platform across the Asia Pacific region. The initiative will initially focus on key markets such as Malaysia, Indonesia, Australia, and Japan.

Wong Ka Vin brings extensive leadership experience in data centre development and operations, having managed commercial and operational strategies for Singtel’s data centre portfolio. Goh Eng Teong, known for his expertise in technology architecture and cybersecurity, will contribute his strategic leadership to AsiaPhos’ growing team.

Chief Executive Officer Ong Eng Keong expressed confidence in the new appointments, stating, “Their combined experience positions AsiaPhos to move swiftly and decisively in establishing a credible and competitive data centre platform.”

The company plans to leverage its industry knowledge and networks to become a preferred partner for hyperscalers and enterprise cloud customers. This expansion marks a new chapter for AsiaPhos as it aims to tap into the region’s burgeoning digital infrastructure market.

HSBC Trust and Fiduciary Services (TFS) is commemorating its 80th anniversary in Asia, having been established in Hong Kong and Singapore in 1946. As a key component of HSBC Private Bank, TFS offers wealth and succession planning solutions, including trust administration, family governance, and philanthropy advisory. The service supports families across generations, adapting to market cycles and life events.

With a team of over 300 employees in Asia, TFS provides expertise in trust management, legal advice, and accounting. The business has seen significant growth, with Assets Under Administration (AUA) increasing by more than 40% over the past five years. Dimitri Anghelakis, Global Head of Trust and Fiduciary Services, emphasised the service’s commitment to preserving clients’ legacies and providing governance, asset protection, and cross-border planning.

TFS leverages HSBC’s international network to connect clients with investment expertise and banking capabilities. The HSBC Private Bank Prism Advisory service has enhanced trust portfolios, with Assets Under Management (AUM) growing by over 50% in 2025.

Philanthropy is a significant aspect of TFS’s mission, with charitable trusts donating an average of US$75m annually to global communities. Initiatives include supporting education, eldercare, and youth entrepreneurship. A notable partnership with The Project Futurus has provided 14,000 soft-meal servings to over 1,000 elderly individuals.

The 80th anniversary was celebrated with a dinner attended by HSBC’s management and clients, marking a milestone in the service’s enduring legacy in Asia.

Businesses across the Asia Pacific (APAC) region are increasingly prioritising digital sovereignty, with a new survey by Expereo and IDC revealing that over half of these organisations are seeking greater control over sensitive and strategic data. The survey highlights that 43% of APAC companies consider digital sovereignty a primary driver for technology investment, compared to 30% globally.

The findings underscore a growing demand for visibility and control over data across cloud, AI, and connectivity environments. This trend is driven by the need to navigate cross-border operations and comply with evolving regulatory requirements. Eric Wong, President of Expereo Asia Pacific, noted, “There is no single path to digital sovereignty across Asia Pacific. Businesses are navigating very different regulatory environments, cross-border data requirements, and geopolitical risks.”

The survey also indicates that 60% of APAC organisations not yet using AI cite security, data privacy, compliance, or digital sovereignty concerns as significant barriers to adoption. Furthermore, 54% of technology leaders in the region view new security risks as a potential consequence of AI use.

As AI adoption accelerates, the network’s role in managing complexity and enabling confident operations across the region becomes crucial. Wong added, “At Expereo, we help multinational businesses design and manage global connectivity around their regional, regulatory, and operational needs.”

The report highlights the commercial and regulatory pressures driving this shift, with 16% of APAC organisations citing customer or partner demands for data localisation as a key influence, compared to 22% globally. This emphasis on digital sovereignty is expected to shape technology strategies in the region significantly.