Industry News

The Asia-Pacific Road User Charging Alliance has welcomed ITS Malaysia and ITS Singapore as new members, marking a significant expansion in regional collaboration on road user charging (RUC) policy and smart mobility governance. The announcement was made during the 2026 International Green and Smart Mobility Forum and the 1st Asia-Pacific Road User Charging Summit, held on 16 April in Taipei.

Originally founded by ITS Taiwan, ITS Thailand, ITS India, and ITS New Zealand, the Alliance aims to foster dialogue and cooperation on RUC frameworks and governance models. With the inclusion of the new members, the Alliance now connects a wider network of Intelligent Transport Systems (ITS) organisations across the Asia-Pacific region, focusing on sustainable transport financing.

The membership ceremony, part of the session titled “Shaping the Asia Pacific Path for Road User Charging,” saw ITS Taiwan conducting the signing on behalf of the Alliance. Founding members ITS Thailand, ITS India, and ITS New Zealand, along with ITS America, participated as witnesses, highlighting the growing global interest in regional collaboration on RUC policy.

Philip Tseng, Vice President of ITS Taiwan, emphasised the importance of RUC as a policy instrument in response to declining fuel tax revenues and the shift towards e-mobility. “The Alliance provides a platform for governments and ITS organisations to exchange experiences and develop future-ready mobility funding frameworks,” he stated.

The Alliance’s expansion is expected to bolster knowledge exchange, policy dialogue, and cross-border cooperation, advancing sustainable road user charging systems across the Asia-Pacific region.

The Hong Kong Productivity Council (HKPC) and the Federation of Malaysian Manufacturing (FMM) have signed a Memorandum of Understanding (MoU) to forge a strategic partnership aimed at industrial upgrading and technological innovation across the ASEAN region. The agreement, signed on 20 April 2026 in Kuala Lumpur, Malaysia, seeks to optimise global supply chain layouts and support enterprises in both Hong Kong and Malaysia.

The collaboration will focus on six key areas: Smart Manufacturing, Industry 4.0, Artificial Intelligence (AI), Robotics Innovation, Digital Transformation and Cybersecurity, Cross-border Business Ecosystems, and Talent Development. By leveraging FMM’s extensive supply chain network of over 4,000 member enterprises and HKPC’s research and development capabilities, the partnership aims to transform technological empowerment into a competitive advantage.

Hon Sunny Tan, Chairman of HKPC, highlighted the significance of the MoU, stating, “This not only deepens the partnership between the two organisations but also establishes a strategic hub connecting Hong Kong with the ASEAN market.” He emphasised the commitment to enhancing expertise in automation, AI, and robotics, and building business matching platforms to expand cooperation.

Jacob Lee Chor Kok, President of FMM, noted that the MoU is just the beginning, with plans for joint technical training workshops, technology visits, and pilot projects. “We envision a future where Malaysian and Hong Kong companies collaborate on research and development, pilot new technologies, and co-create solutions for emerging challenges,” he said.

This partnership is expected to create a resilient and innovative cross-border value chain, strengthening corporate resilience against supply chain risks and securing a proactive position in global supply chain competition.

Nam Cheong Limited has announced the sale of two offshore support vessels (OSVs) for US$36.7m, marking its first newbuild sale in over a decade. The transactions involve a new multi-purpose support vessel and a 120-tonne Anchor Handling Tug Supply (AHTS) vessel, sold to operators in Indonesia and Egypt, respectively. Both vessels were delivered in the second quarter of 2026.

The proceeds from these sales will be reinvested into Nam Cheong’s shipbuilding activities, supporting either external sales or fleet expansion. This move is part of the company’s strategy to divest ageing vessels and optimise capital recycling for its shipbuilding operations.

Chief Executive Officer Leong Seng Keat commented, “Our strong OSV shipbuilding heritage and established global clientele base allow us to identify and capitalise on market opportunities for vessel monetisation. This enables the Group to capture earnings upsides through the sale of both newbuilds and existing ageing vessels.”

The demand for OSVs is expected to remain robust, with offshore engineering, procurement, construction, and installation expenditure projected to rise by 32% to US$71b in 2026. Nam Cheong’s recent success in securing its first shipbuilding contract for four OSVs in over a decade further signals a growing demand for newbuilds.

As the global OSV fleet ages, Nam Cheong anticipates increased demand for new vessels, positioning the company to benefit from emerging shipbuilding opportunities.

Corporate real estate leaders in the Asia Pacific region are at the forefront of innovation, with artificial intelligence (AI) and workplace strategy becoming key components of future portfolio decisions. This insight comes from a global poll conducted by Colliers and CoreNet Global, which surveyed over 1,000 corporate real estate professionals at the 2025–2026 CoreNet Global Summit across Asia Pacific, Europe, and North America.

The survey reveals that AI is the primary driver of transformation, with 51% of respondents globally recognising its impact. Asia Pacific respondents, in particular, are showing a strong intent to innovate in areas such as portfolio strategy, workplace experience, and data-driven decision-making. Singapore and India have been highlighted as significant markets where talent, investment, and experimentation converge, alongside the UK and the San Francisco Bay Area.

Mike Davis, Managing Director of Occupier Services, Asia Pacific at Colliers, noted, “Asia Pacific is seeing innovation move from theory into practice. AI and advanced analytics are increasingly shaping how occupiers think about portfolio performance, location strategy, and the employee experience.”

The poll underscores the importance of integrating technology into everyday decision-making processes. As AI-enabled tools are scaled across forecasting, utilisation analysis, and performance measurement, the focus is on embedding innovation into routine operations. Davis added, “The organisations that are pulling ahead are those that are aligning technology, people, and strategy, using AI to support faster, more informed decisions across portfolios and workplaces.”

Asia Pacific’s role as a testing ground for new approaches in corporate real estate is solidifying its influence on global best practices. The region’s occupiers are increasingly focused on translating insights into action, ensuring that innovation is repeatable, scalable, and aligned with broader business goals.

OCBC, Lion Global Investors, and DigiFT have launched Southeast Asia’s first on-chain tokenised physical gold fund, the OCBC-LionGlobal Physical Gold Fund Token (GOLDX token). Available on the Ethereum and Solana blockchains, the fund allows institutional and corporate accredited investors to subscribe using stablecoins or fiat currencies, with tokens delivered directly to blockchain wallets.

The GOLDX token operates within a regulated environment, backed by the Monetary Authority of Singapore (MAS)-regulated entities, ensuring strong governance and risk management. This initiative provides investors with exposure to the LionGlobal Singapore Physical Gold Fund, which has seen significant growth, managing S$669.4m (US$525.9m) in assets as of 16 April 2026.

OCBC led the structuring of the GOLDX token, collaborating with DigiFT for tokenisation and distribution, whilst Lion Global Investors managed the investment framework. The token is expected to attract demand from Web3 participants, including family offices and high-net-worth individuals, who hold substantial capital in stablecoins.

Kenneth Lai, Head of Global Markets at OCBC, highlighted the strategic importance of this launch, stating, “We believe digital assets will play an increasingly important role in financial services.” Teo Joo Wah, CEO of Lion Global Investors, emphasised the fund’s robust governance, whilst Henry Zhang, CEO of DigiFT, noted the advancement in accessing gold through a regulated digital format.

This development aligns with Singapore’s ambition to be a hub for digital asset activities, enhancing efficiency and economic value.

ST Telemedia Global Data Centres (STT GDC) has unveiled a new study highlighting significant challenges faced by Asian organisations in advancing their artificial intelligence (AI) initiatives. Despite high adoption rates, with nearly 90% of firms embarking on AI projects, 71% remain stuck in the initial “Builder” stage, unable to scale their efforts into production environments that yield measurable returns on investment.

The study, conducted with research partner Ecosystm, surveyed over 600 enterprise and digital-native leaders across nine Asian markets, including Singapore, India, and Japan. It reveals that only 17% of organisations are “future-ready,” having invested in scalable infrastructure and operational expertise. Chris Street, Group Chief Revenue Officer of STT GDC, noted, “Without scalable infrastructure and operational readiness, it becomes difficult to convert early AI ambition into consistent business value.”

A significant barrier is the lack of infrastructure capable of supporting large-scale AI operations, compounded by a shortage of in-house expertise. This issue is particularly pronounced in Singapore, where 40% of organisations have moved beyond early-stage pilots, yet only 3% have achieved full “Leader” status in AI infrastructure maturity.

The report also highlights a disconnect between organisational priorities and needs. Whilst sustainability is increasingly critical, it remains a secondary consideration for many firms when evaluating infrastructure options. In Singapore, despite high awareness of sustainability issues, it ranks low in priority when choosing infrastructure providers.

The findings suggest that Asia’s next phase of AI development will hinge on execution capabilities rather than ambition alone. For Singapore, maintaining its regional leadership will require evolving infrastructure strategies to support scale, resilience, and speed.

Investment in Southeast Asia’s (SEA) tech sector reached $2.8b in the first quarter of 2026, marking a 110% increase from the same period last year, according to Tracxn’s latest report. This surge reflects a strategic shift towards mature enterprise assets, with late-stage funding dominating the landscape.

Late-stage investments accounted for $2.2b, highlighting a preference for established companies. Notably, DayOne secured a $2b Series C round, underscoring the trend of capital concentration in proven platforms. Meanwhile, seed-stage funding saw a 30% decline from the previous quarter, indicating a cautious approach towards early-stage ventures.

Enterprise Applications and Enterprise Infrastructure emerged as the top-performing sectors, attracting $2.4b and $2.2b, respectively. This shift signifies a focus on long-term, scalable assets. The report also noted a significant acquisition, with ST Telemedia Global Data Centres being acquired for $6.6b, validating the emphasis on enterprise infrastructure.

Singapore solidified its position as the regional capital hub, capturing 93% of the total funding. This dominance reflects investor confidence in its governance and regulatory environment. The quarter also witnessed three initial public offerings (IPOs) and 13 acquisitions, maintaining steady exit activity.

As the SEA tech ecosystem evolves, the focus on mature enterprise assets is expected to continue, potentially shaping future investment strategies in the region.

The latest HSBC survey highlights a significant gap between the anticipated growth of digital finance and the readiness of businesses to embrace it. Conducted among 3,000 international businesses and institutional investors, including 1,200 in Asia, the survey reveals that 91% of Asian corporates expect digital and tokenised assets to become standard in treasury operations within five years. However, more than half of these businesses, 53%, admit they lack the understanding needed to assess the impact on their operations.

The survey, released ahead of HSBC’s Global Investment Summit in Hong Kong, underscores the belief that digital assets will reshape capital markets over the next decade. Jo Miyake, Head of Banking, Asia & Middle East, Corporate and Institutional Banking at HSBC, remarked, “Whilst an overwhelming majority of decision-makers believe that the adoption of digital finance is poised to skyrocket, momentum isn’t matched by readiness.”

Despite the enthusiasm for digital finance, 25% of respondents do not currently prioritise it, awaiting clearer standards and regulations. In response to these findings, HSBC Hong Kong plans to launch a Hong Kong dollar-denominated stablecoin in the latter half of 2026, integrating it into popular digital platforms like PayMe and the HSBC HK Mobile Banking App.

The survey highlights the urgent need for education and preparation in the financial sector to ensure businesses can effectively innovate and scale using digital technologies. As the financial landscape evolves, the readiness of businesses to adapt will be crucial in leveraging the potential of digital finance.

Midea Building Technologies, a division of Midea Group, and Keppel Ltd.’s Infrastructure Division have announced a strategic partnership to develop AI-enabled, energy-efficient cooling solutions across Asia. The agreement, signed on 14 April 2026, was witnessed by Cindy Lim, CEO of Keppel’s Infrastructure Division, and Peter Guan, Vice President of Midea Group and President of Midea Building Technologies.

The collaboration aims to leverage Midea’s expertise in heating, ventilation, and air conditioning manufacturing alongside Keppel’s Cooling-as-a-Service (CaaS) and digital optimisation capabilities. Together, they plan to co-develop standardised, modular cooling systems that promise enhanced energy efficiency and adaptability across various projects in the region.

This partnership is significant as it addresses the growing demand for sustainable and efficient cooling solutions in Asia, a region experiencing rapid urbanisation and increasing energy consumption. By integrating AI technology, the systems are expected to optimise energy use, reduce operational costs, and contribute to environmental sustainability.

Peter Guan highlighted the potential impact of this collaboration, stating, “This partnership will enable us to deliver innovative cooling solutions that meet the evolving needs of our customers in Asia.” Cindy Lim added, “By combining our strengths, we aim to set new standards in energy-efficient cooling.”

As the partnership progresses, both companies anticipate expanding their reach and influence in the Asian market, potentially setting a precedent for future collaborations in the energy sector.

Deloitte’s latest report, “The future of commerce: Agentic shopping in Asia Pacific,” reveals that the region is poised to drive two-thirds of the world’s new retail sales over the next five years. With 4.3 billion shoppers and the fastest-growing middle class, Asia Pacific is uniquely positioned to lead the development of agentic commerce, where AI plays a pivotal role in reshaping the retail landscape.

Currently, 29% of consumer businesses in Asia Pacific are adopting agentic AI, a figure expected to surge to 76% within two years. Despite this growth, only 30% of AI initiatives reach production due to implementation challenges. Vivek Sharma, Consumer Industry Leader at Deloitte Southeast Asia, emphasised the importance of strategic vision and systemic transformation, stating, “Competitive advantage will not come from technology alone, but from strategic vision and systemic transformation with trust and governance at the core.”

The report outlines six key trends in agentic AI, including hyper-personal engagement and the evolution of physical stores into intelligence-driven environments. It also highlights six imperatives for retail leaders, such as building robust data foundations and reinventing core operations for speed and autonomy.

As AI continues to reshape the retail value chain, Deloitte’s findings suggest that businesses must adapt quickly to maintain a competitive edge.