Industry News

Ascentium, a global business services platform, has announced a strategic partnership with Standard Chartered to streamline cross-border expansion for businesses across the Asia-Pacific (APAC) region. The partnership, formalised through a Memorandum of Understanding, will initially launch in Hong Kong, offering a fast-track banking service to help Ascentium clients open accounts swiftly and commence operations without delays.

The collaboration is set to extend beyond Hong Kong, with plans to introduce the model to other APAC markets soon. This initiative will provide businesses with direct access to Standard Chartered’s referral network in key markets, including Singapore, Mainland China, Malaysia, Vietnam, and India. By merging banking efficiency with Ascentium’s corporate services expertise, the partnership positions Ascentium as a comprehensive growth platform for businesses aiming to scale internationally.

Wendy Wang, Founding Management and Group President of Ascentium, stated, “This partnership reflects a shared mission to make expansion simpler, faster, and more human. By bringing together leaders in banking and corporate services, we’ve created a powerhouse that gives businesses clarity and confidence from day one.”

The partnership also includes joint marketing initiatives and co-hosted events in markets like Vietnam and Mainland China, which are already underway. Ascentium will join Standard Chartered’s Global Chinese Services network, enhancing connections with Chinese corporates and supporting businesses with global ambitions.

Xie Wen, Global Head of SME Banking at Standard Chartered, commented, “Our partnership with Ascentium allows us to offer our clients a smoother, end-to-end experience, from account opening to cross-border expansion, helping businesses scale with confidence.”

This strategic alliance marks a significant step in facilitating business growth across the APAC region, with future expansions anticipated to further bolster the partnership’s impact.

FedEx has unveiled its Global Economic Impact Report for the fiscal year 2025, showcasing a substantial $5.7b contribution to the Asia Pacific (APAC) economy. The report, developed with Dun & Bradstreet, highlights FedEx’s role in enhancing connectivity and innovation across the region, which is increasingly pivotal in global trade.

Operating in APAC for over 40 years, FedEx employs tens of thousands across 43 markets, linking them to the global economy. In FY25, the company indirectly contributed $1.6b to the region, with significant investments in the Transportation, Storage, and Communications sector, and the Manufacturing sector. Salil Chari, senior vice president of marketing and customer experience at FedEx Asia Pacific, noted, “Asia Pacific is one of the most dynamic and diverse markets in the world… Our customers span small e-commerce entrepreneurs to global manufacturers.”

Key developments in the report include new flight routes, such as a direct round-trip between Singapore and the US, and a new route connecting Guangzhou, Bangalore, UAE, Liège, and Paris. FedEx also opened new facilities in Bali and Thailand’s Eastern Economic Corridor to meet rising demand. The company spent $1.9b with suppliers in APAC, with 88% being small enterprises, underscoring its commitment to local entrepreneurship.

FedEx’s sustainability initiatives include adopting electric vehicles in multiple APAC markets and installing solar panels at its South Pacific Regional Hub in Singapore. These efforts are part of FedEx’s broader goal to achieve carbon-neutral operations by 2040. The report underscores FedEx’s ongoing investment in the region, aiming to make supply chains smarter, faster, and more sustainable.

A recent survey by UnaFinancial highlights a significant rise in year-end spending across Southeast Asia, with 79% of consumers increasing their festive expenses. The survey, which included 400 participants from Singapore, the Philippines, Vietnam, and Indonesia, also found that 46% plan to use digital loans for holiday celebrations. Travel emerges as the primary spending driver, particularly in Singapore and Indonesia.

In Singapore, 69% of consumers reported increased spending, primarily on travel, which accounts for 48% of their expenses. Despite this, only 27% of Singaporeans plan to borrow online, reflecting their conservative borrowing habits and access to traditional credit. Meanwhile, in the Philippines, 73% of respondents spend more during the festive season, with gifts and celebrations leading the way. Here, 45% intend to take digital loans, mainly for holiday trips and gifts.

Vietnamese consumers show the highest increase in festive spending, with 88% spending more, driven largely by shopping. In contrast, Indonesians focus on travel, with 84% increasing their spending and 51% planning to use digital loans for holiday expenses.

UnaFinancial analysts note, “Travel leads spending regionally—especially in Singapore and Indonesia. Vietnam’s booming e-commerce system pushes shopping to the forefront, whilst the Philippines’ family-centred traditions make gifts and celebrations the main driver of higher spending.”

The survey underscores a growing trend towards digital non-bank financing in Southeast Asia, with nearly half of the consumers open to this option, indicating a demand for fast and convenient access to funds.

Rockwell Automation, the global leader in industrial automation and digital transformation, has been awarded the 2025 Great Place To Work certification across the Asia Pacific region. This accolade is based entirely on employee feedback, with 80% of Rockwell Automation’s workforce affirming it as a great place to work. The certification spans multiple countries, including Australia, New Zealand, China, India, Japan, South Korea, and several Southeast Asian nations.

The certification recognises organisations that foster environments where employees feel trusted and supported. Evelyn Kwek, Managing Director of Great Place To Work ASEAN and ANZ, noted, “Over three decades of research and millions of employee voices collected in our data have shown that when that trust is strong, businesses grow in ways that lift people, communities, and entire economies.”

Scott Wooldridge, President of Rockwell Automation Asia Pacific, expressed pride in the recognition, stating, “This recognition across Asia Pacific is a proud moment for Rockwell Automation. It reflects our commitment to a culture of trust, inclusion, and innovation.”

Great Place To Work is a global authority on workplace culture, and its certification is a benchmark for outstanding employee experience. Research indicates that employees at certified workplaces are significantly more likely to enjoy their work environment and feel fairly compensated.

Rockwell Automation, headquartered in Milwaukee, Wisconsin, employs approximately 26,000 individuals worldwide. The company continues to connect human imagination with technology to enhance productivity and sustainability globally.

As 2026 approaches, the retail landscape in Asia is set for significant transformation, driven by advancements in artificial intelligence (AI) and the modernisation of technological systems. Genevieve Broadhead, Global Lead for Retail Solutions at MongoDB, highlights a growing divide between retailers adopting modern architectures and those hindered by outdated systems. This gap is increasingly impacting performance and innovation across the sector.

Retailers are urged to adopt an “AI First” mindset, preparing their data and systems for agentic commerce—a concept where transactions and protocols are managed by AI agents. Broadhead notes that whilst the future of online commerce through agents remains uncertain, the necessity for readily available data is clear. “Retailers are shifting to an ‘AI First’ or ‘agentic first’ mindset,” she states, emphasising the importance of flexibility and speed in system design.

The ability to maintain speed and availability, even under unpredictable workloads, is crucial. As consumer expectations rise, any performance issues could lead to lost revenue and brand damage. Retailers investing in modern platforms and focusing on agentic AI innovation are better positioned to succeed in this competitive market. Broadhead asserts, “The ability to release iteratively without downtime or complex schema change will be key to keeping your development teams shipping at the pace of the industry.”

Singapore has emerged as the most premium flexible office market in the Asia Pacific region, with prime desk rates averaging US$800 per month, according to research by Workthere, part of Savills Impacts programme. This positions Singapore ahead of other major cities like Tokyo and Sydney, driven by strong demand and limited supply in prime areas.

Globally, London leads with the highest average prime flex office desk rates at US$1,320 per month, followed by New York and Los Angeles. The Asia Pacific region, however, boasts the highest global attendance in flex offices, with an average of 4.13 days per week, highlighting the region’s emphasis on in-person collaboration.

The demand for flexible office spaces is accelerating, particularly from multinational corporations seeking agility in an uncertain business climate. In Asia Pacific, these corporates account for 41% of the demand, the highest globally, as they expand into emerging talent hubs like Bengaluru and Ho Chi Minh City.

Piers Mallitte, Head of Workthere Asia Pacific at Savills, noted, “Multinational’s use of flex offices across Asia Pacific has risen sharply, driven by the need to access cost-efficient talent pools and enter new markets quickly and efficiently.”

The evolving work patterns and employee expectations are reshaping corporate demands for flex office spaces. Features such as meeting rooms, phone booths, and collaboration spaces are highly valued, particularly in Europe, Asia Pacific, and the UK, supporting hybrid work models.

Looking forward, the emphasis on sustainability is growing, with Singapore and Australia leading retrofit activities in the region. This trend is expected to continue as companies seek to attract talent and meet net-zero commitments.

Abu Dhabi’s economic delegation, led by the Abu Dhabi Department of Economic Development (ADDED), has concluded a successful visit to India and Singapore, signing agreements aimed at strengthening partnerships across various sectors. The delegation’s efforts are part of Abu Dhabi’s strategy to enhance its Falcon Economy, focusing on smart, diversified, and sustainable growth.

During the visit, His Excellency Ahmed Jasim Al Zaabi, Chairman of ADDED, emphasised the importance of impactful partnerships with global economic powerhouses. “Our visit to Singapore and India comes as we continue to strengthen ties with top trade partners,” he stated, highlighting the emirate’s commitment to fostering a business-enabling ecosystem through progressive policies and world-class infrastructure.

In 2024, Singapore’s investments in Abu Dhabi increased by 25%, with a focus on manufacturing, education, and technical activities. Similarly, Indian companies operating in Abu Dhabi experienced a 31% rise. The discussions during the visits centred on deepening partnerships in strategic sectors such as life sciences, AI, fintech, and sustainable energy.

The Abu Dhabi Investment Forum in Mumbai provided a platform for Indian businesses to explore opportunities in the emirate. UAE Ambassador to India, Dr Abdulnasser Alshaali, remarked, “Today, the UAE and India partnership is entering one of its most dynamic chapters.”

The initiatives, including the UAE-India Startup Series launched in June 2025, aim to connect India’s talent with the UAE’s strategic capital, fostering innovation and investment. These efforts are set to create a corridor for ideas and growth, strengthening the economic ties between the nations.

A new report by the Association of Chartered Certified Accountants (ACCA), in collaboration with the International Federation of Accountants (IFAC), Chartered Accountants Australia and New Zealand (CA ANZ), and the Organisation for Economic Cooperation and Development (OECD), highlights that Singapore is among the top performers in public trust in tax systems. The survey, which included over 12,000 individuals across 29 countries, shows that Southeast Asia, particularly Singapore, leads in trust, digital experience, and perceptions of tax fairness.

The report, titled “Public Trust in Tax 2025: Asia and Beyond,” reveals that 64.7% of respondents in Southeast Asia view paying tax as a community contribution rather than a cost. Singaporeans share this sentiment, reflecting strong support for the fiscal contract. Furthermore, two-thirds of Asian countries believe that public services and infrastructure provide fair returns for taxes paid, a view less common in Europe and Latin America.

Singapore’s advanced digital tax infrastructure, managed by the Inland Revenue Authority of Singapore (IRAS), is noted for its positive user experience, aligning with regional trends. The survey also indicates that Singapore is one of only seven countries globally with a net positive trust rating for politicians on tax matters, contrasting with the high levels of distrust in Western Europe and Latin America.

Helen Brand, Chief Executive of ACCA, emphasised the importance of transparency and fairness in maintaining public trust, stating, “Asia’s strong public trust in taxation offers valuable lessons for the world.” The findings will be further discussed at a launch webinar on 11 February 2026, where policymakers and tax authorities will explore the implications of the report.

Tourism Malaysia has appointed VFS Global as its Marketing Representative agency in Oman, Bahrain, and Kuwait, aiming to strengthen its presence in the Gulf Cooperation Council (GCC) region. This strategic partnership, announced on 5 December 2025, is a significant move to enhance Malaysia’s visibility and engagement in these high-potential markets, with the goal of increasing tourist arrivals.

The GCC countries are crucial for Malaysia’s tourism sector, with visitor numbers from the West Asian region rising from 175,196 in 2023 to 211,701 in 2024—a 20.8% increase. These markets are among the top five in tourist spending per capita and have a longer average stay, making them vital to Malaysia’s tourism growth strategy. The collaboration with VFS Global is part of the preparations for “Visit Malaysia Year 2026,” themed “Surreal Experiences,” which aims to attract significant contributions from GCC visitors.

VFS Global will manage marketing, promotional, and brand-building initiatives through dedicated offices, supporting comprehensive campaigns and travel trade engagements. The agency will also assist the Malaysian Embassy in tourism-related initiatives, ensuring a cohesive promotional approach.

Mohd Faharuddin Hatmin, Director of Tourism Malaysia Dubai, emphasised the importance of the West Asia market, stating, “By partnering with VFS Global, we aim to strengthen our outreach and deliver impactful campaigns that showcase Malaysia’s diverse attractions.” GB Srithar, Head of Tourism Services at VFS Global, expressed excitement about the partnership, highlighting its potential to drive strong visitor numbers to Malaysia.

Looking forward to Visit Malaysia 2026, Tourism Malaysia aims to attract 50 million international visitors, showcasing the country’s cultural heritage, natural beauty, and sustainable tourism offerings.

SC Capital Partners Group, a Singapore-based real estate investment management firm, has started construction on a state-of-the-art data centre in Osaka, Japan. The project, with an initial investment of approximately $600m, secured building permits ahead of its groundbreaking ceremony on 3 December 2025. This development highlights the firm’s commitment to Japan’s burgeoning digital infrastructure sector.

Located on Nanko Island, the facility is strategically positioned with 100MW of allocated power, offering direct access to robust power infrastructure and major network routes. This makes it an ideal location for hyperscale and enterprise users. SC Capital Partners has already begun pre-leasing discussions, attracting interest from global cloud service providers and technology companies seeking scalable and energy-efficient solutions.

The project is backed by a consortium, including a subsidiary of the Abu Dhabi Investment Authority, a major Japanese real estate developer, and SC Capital Partners’ RECAP series of real estate funds. All necessary capital for the development has been secured. SC Zeus Data Centres, a subsidiary of SC Capital Partners, will manage the development and operations of the facility, which is expected to commence operations in early 2028.

Suchad Chiaranussati, Chairman and Founder of SC Capital Partners, stated, “We are among the few who have successfully broken ground in a prime location with secured power and a best-in-class design purpose-built for the AI era.” The firm is also exploring further data centre developments in Japan, South Korea, and other key Asia Pacific markets.