Industry News

Carsome Group Inc, Southeast Asia’s largest integrated car e-commerce platform, has announced a strategic investment round exceeding $30m. This funding comes from a mix of new and existing investors, including the Hong Kong Investment Corporation Limited (HKIC), Gobi Partners, and Asia Partners. The investment underscores confidence in Carsome’s path to profitability and its long-term vision for the region.

The funds will accelerate Carsome’s growth, focusing on leveraging Hong Kong’s role as a regional gateway for advanced automotive capabilities and technology development. The collaboration aims to enhance Carsome’s initiatives in supply chain sourcing and technology, particularly in data and artificial intelligence (AI), to support its regional expansion.

Eric Cheng, Carsome’s co-founder and CEO, stated, “This strategic collaboration and fundraise is a vote of confidence in our continued momentum and long-term vision.” He emphasised the partnership’s role in providing access to innovation capabilities and cross-border networks.

Clara Chan, CEO of HKIC, expressed support for Carsome, highlighting the company’s alignment with HKIC’s mission to foster scalable innovation. “We look forward to supporting forward-thinking companies like Carsome in creating tangible value for the future of Hong Kong,” Chan said.

Chibo Tang, Managing Partner of Gobi Partners, noted Carsome’s potential to strengthen ties with Greater China, leveraging regional strengths. Gobi Partners has been a long-term supporter of Carsome, recognising its ability to scale across international borders.

Carsome operates across Malaysia, Indonesia, Thailand, and Singapore, aiming to digitise the used car industry in Southeast Asia.

Alibaba Group has launched Wukong, a new AI-native platform designed to streamline business operations by integrating advanced agentic capabilities directly into enterprise workflows. The platform, announced on 17 March 2026, is built on robust security infrastructure and aims to enhance productivity in business environments.

Wukong is the flagship product of the Wukong Business Unit under the newly established Alibaba Token Hub (ATH) Business Group. This launch underscores Alibaba’s commitment to advancing AI solutions for the enterprise market. Currently, Wukong is available for invitation-only beta testing and can be accessed as a standalone desktop application or as an embedded AI agent within DingTalk, Alibaba’s enterprise collaboration platform.

The platform is engineered to handle complex tasks such as document editing, spreadsheet updates, and meeting transcriptions by coordinating multiple agents within a single interface. It also offers enterprise-grade security features, including identity authentication and access controls, making it suitable for business environments where security is paramount.

Wukong will progressively integrate with other messaging platforms like Slack, Microsoft Teams, and WeChat, allowing users to access its features across various devices. Additionally, Alibaba plans to incorporate its broader ecosystem, including Taobao and Alibaba Cloud, into Wukong as modular agent skills, further expanding its functionality.

To cater to specific industry needs, Wukong has introduced One-Person Team (OPT) solutions across ten sectors, including e-commerce and legal services. These solutions provide industry-specific skills to help individuals and startups manage workflows efficiently.

This development is part of Alibaba’s broader strategy to integrate AI capabilities into practical applications, following the recent upgrade of its consumer AI application, the Qwen App.

QBE Re, the reinsurance division of QBE Insurance Group, has appointed Soichiro Tanaka as its Head of Southeast Asia. With 13 years of experience in insurance and reinsurance across Asia, Tanaka will spearhead the underwriting strategy for the region. He will be based in Singapore and report directly to Cindy Foo, Head of Asia, Treaty.

Tanaka joins QBE Re from Aspen, where he served as a Senior Underwriter, contributing to the growth of property, casualty, and speciality lines in Singapore. His new role will involve overseeing portfolio management and identifying growth opportunities as QBE Re continues to expand its presence in Asia.

The appointment of Tanaka follows recent strategic hires, including Cindy Foo in December 2025 and Sven Liu as Head of Greater China in January. Cindy Foo expressed confidence in Tanaka’s capabilities, stating, “We are delighted to welcome Soichiro to the role as we continue to grow our Asia portfolio. I am confident his strong technical expertise and breadth of multi-line experience in Southeast Asia will be an asset to QBE Re.”

QBE Insurance Group, listed on the Australian Securities Exchange, reported a gross written premium of $24b for the year ending 31 December 2025. The company is recognised as one of the world’s leading insurers and reinsurers, with a focus on building resilience through risk management and insurance solutions.

Manulife has announced an exclusive partnership with Guardant Health, a precision oncology company, to introduce the Shield Multi-Cancer Detection (MCD) test to its customers in Hong Kong, Singapore, and the Philippines. This marks the first time the innovative blood-based screening solution will be available in Asia, offering a significant advancement in proactive health management.

The Shield MCD test, which screens for 10 common cancers with high mortality rates in Asia, requires only a blood draw and has received Breakthrough Device Designation from the US Food and Drug Administration in June 2025. This partnership underscores Manulife’s commitment to providing innovative health solutions that address unmet needs.

Steve Finch, President and CEO of Manulife Asia, stated, “By being the first insurer in Asia to offer the Shield MCD test, we’re empowering our customers with a credible and valued service that encourages proactive health management.” This collaboration builds on the existing relationship between Manulife and Guardant Health in Singapore, where they offer the Guardant360 liquid biopsy test for advanced solid tumours.

The introduction of the Shield MCD test is expected to significantly impact cancer detection and management in the region, potentially improving health outcomes for many. As cancer remains a leading cause of death in Asia, this partnership aims to enhance early detection and treatment options for patients.

A recent report by Bain & Company highlights a growing divide in the performance of Southeast Asia’s conglomerates, with top performers achieving 20% annual shareholder returns from 2016 to 2025. This marks a significant shift from the sector’s average of 4%, as these leading conglomerates close the gap with pure-play companies.

The report identifies two archetypes among the top performers: “all-weather stars” that have consistently delivered strong returns over two decades, and “emerging stars” that have rapidly ascended through bold transformations. Jean-Pierre Felenbok, a senior advisory partner at Bain & Company, noted, “A subset of leaders has proven that reinvention can unlock substantial value even in a lower-growth environment.”

The findings suggest that the underperformance of conglomerates is no longer inevitable but rather a matter of strategic choice and execution. The report outlines four critical pathways for successful transformation: maximising core business value, actively managing portfolios, optimising capital structures, and transforming operating models.

Family-controlled businesses, which make up 80% of the region’s conglomerates, have historically outperformed their peers. However, the report warns that family ownership can amplify both strong and weak performance, emphasising the need for governance clarity and succession planning.

As generational leadership transitions loom, the next decade will be crucial for these conglomerates. Amanda Chin, a partner at Bain & Company, stated, “The next wave of transformation will determine which groups close the performance gap and which fall permanently behind.” The success of ‘Emerging Stars’ demonstrates that decisive transformation can propel companies from the bottom quartile to the top within three years.

Mastercard has unveiled the Asia Gourmet Circle programme, offering World Legend, World Elite, and World Select cardholders priority reservations at more than 400 award-winning restaurants across 10 Asia Pacific markets. This initiative, part of The Mastercard Collection, allows cardholders to secure tables at prestigious dining venues in countries including Australia, Japan, and Singapore, enhancing their culinary experiences both locally and abroad.

The programme caters to the growing demand for premium dining experiences, with Mastercard research indicating that 67% of Asia Pacific consumers are passionate about culinary experiences. Sandeep Malhotra, Executive Vice President of Core Payments at Mastercard Asia Pacific, noted, “Dining has emerged as one of the most meaningful ways cardholders express their passions, at home and especially whilst travelling.”

Participating restaurants include Michelin-starred establishments such as Bennelong in Australia and JAAN by Kirk Westaway in Singapore. Cardholders can enjoy additional privileges like dining credits or complimentary wine at select venues in Australia, Hong Kong SAR, and Singapore with a minimum spend.

The Asia Gourmet Circle is part of a broader suite of benefits under The Mastercard Collection, which aims to redefine premium cardholder experiences through curated dining, entertainment access, and travel privileges. This initiative underscores Mastercard’s commitment to enhancing consumer experiences by connecting them with world-class culinary delights.

Empyrean Sky Partners (ESP) has achieved the fastest first close of 2026, raising $90m towards its $200m target for the Global Technology Fund. The fund focuses on growth-stage companies at the intersection of artificial intelligence, robotics, and advanced manufacturing—sectors poised to transform industrial productivity and global technology deployment.

The fund is co-managed with Lion X Ventures, the technology venture investment partner of OCBC, combining ESP’s investment expertise with Lion X Ventures’ extensive network. This collaboration aims to identify and scale innovative companies by providing capital, global networks, and operational support to accelerate commercialisation. Additionally, the fund has formed a strategic partnership with Dreame Technology, allowing portfolio companies to benefit from Dreame’s industrial insights and engineering expertise.

The rapid execution of the first close, securing $90m in record time, highlights strong investor confidence in technology platforms that integrate AI with physical systems. Institutional investors, family offices, and industry participants have committed to the fund, citing ESP’s track record and access to industrial ecosystems as key advantages. Ming Lei, Chairman and Founding Partner of ESP, emphasised the fund’s goal to support founders in building the next generation of intelligent systems through long-term capital and industrial access.

With Asia emerging as a major innovation hub, ESP’s fund is well-positioned to support companies with global impact potential, focusing on businesses that integrate software intelligence with advanced hardware, including robotics and logistics automation.

The latest GEP Global Supply Chain Volatility Index reveals a significant rise in manufacturing activity across Asia in February, marking the region’s busiest month since October 2022. This surge, driven by increased purchasing in China, Japan, India, South Korea, and Taiwan, contrasts with a decline in North American factory input demand, reflecting a cooling in US manufacturing growth.

The index, which tracks demand conditions, shortages, transportation costs, inventories, and backlogs, showed global purchases of raw materials and critical components rising at the fastest pace in nearly four years. John Piatek, vice president of consulting at GEP, highlighted the impact of geopolitical tensions, stating, “The war with Iran is already creating an oil supply shock that will disrupt global supply chains.”

In Europe, industrial recovery is gaining momentum, particularly in Germany, though supply bottlenecks are emerging. The UK also reported full capacity in its supply chains. Despite these challenges, global reports of manufacturers stockpiling materials remain below typical levels, indicating a preference for lean inventories.

The index’s regional findings show Asia’s index jumping to 0.40, its highest since 2022, whilst North America’s index slipped to -0.26, indicating underutilised supplier capacity. Europe’s index rose to 0.05, and the UK’s increased to 0.01, suggesting robust activity.

As global demand for raw materials strengthens, companies are urged to assess their exposure to energy and shipping costs. The next release of the GEP Global Supply Chain Volatility Index is scheduled for 10 April 2026.

Visa, a global leader in digital payments, and Trip.com Group have announced a new global agreement to enhance travel payment experiences across Asia Pacific. The collaboration introduces a virtual travel card programme, launched in Singapore and soon expanding to the Netherlands and Hong Kong. This initiative is designed to simplify booking and payment processes for consumers and travel partners worldwide.

The virtual travel card, issued through Trip.com Group’s fintech arm, TripLink, aims to improve payment efficiency and security for travel suppliers, hotels, and agencies. By integrating Visa’s virtual card credentials, the programme seeks to streamline B2B payment flows, reduce manual reconciliation, and enhance data visibility for travel partners. This development is particularly timely as Visa’s research indicates that 55% of Asia Pacific consumers plan to travel in the next six months, with Japan, China, and Australia being top destinations.

Arturo Planell, Group Country Manager for Regional Southeast Asia at Visa, stated, “Travel should be exciting, not complicated. By working with Trip.com Group, we’re making payments simpler and more secure for travellers and the travel industry.” Zhe Wang, Head of Fintech at Trip.com Group, added, “Together, we aim to enhance every step of the travel experience and support the continued recovery of global tourism.”

The partnership also includes joint marketing efforts to connect travellers to more destinations and experiences, further supporting the recovery of international travel. As credit cards remain the preferred payment method for overseas spending, this initiative is set to play a crucial role in the evolving travel landscape.

The latest report from Sumsub highlights a significant 65% increase in fraud across the Asia-Pacific (APAC) region, as AI-driven fraud becomes more common. Released on 11 March 2026, the report indicates that 74% of crypto providers are now prioritising verification accuracy over onboarding speed, marking a shift in industry focus amidst regulatory pressures and sophisticated fraud tactics.

Sumsub’s fourth annual State of the Crypto Industry report reveals that whilst global fraud rates remained stable at 2.2%, APAC experienced a surge to 3.3%. This increase is attributed to fraudsters exploiting gaps in fast-growing markets. In Singapore, however, platforms maintained a high compliance rate with a 94% pass rate, demonstrating that stringent regulations do not necessarily hinder user experience.

The report also notes that 63% of APAC platforms encountered fraud at least once in 2025, with attackers using deepfakes and synthetic identities to bypass traditional checks. Andrew Sever, Sumsub’s Co-Founder and CEO, stated, “Crypto has entered a phase where operational discipline matters more than momentum.”

As the industry evolves, the focus is on balancing user experience with compliance. Verification times have improved, with APAC maintaining an average of 19 seconds. The report suggests that future growth will depend on integrating reliability into product design from the outset.

Globally, the period from 2025 to 2026 marks a regulatory turning point, with increased enforcement of compliance measures. As the crypto industry adapts to these changes, the emphasis on robust verification processes and fraud detection is expected to continue.