Regional News

Malaysia’s Prime Minister, Anwar Ibrahim, inaugurated the Global Islamic Finance Forum (GIFF) 2025 in Kuala Lumpur on 13 October, as the Islamic finance industry targets US$7.5t in assets by 2028. The forum, organised by the Association of Islamic Banking and Financial Institutions Malaysia (AIBIM) with support from Bank Negara Malaysia, aims to advance business and empower communities through Islamic finance.

The opening session, titled “Unlocking the Power of Intra-OIC Investment,” highlighted the potential of Islamic finance to unify Organisation of Islamic Cooperation (OIC) member nations, fostering trade, investment, and sustainable growth. Panellists included Dr. Mahmoud Mohieldin, UN Special Envoy for Financing Sustainable Development; Dr. Sami Al Suwailem, Acting Director General of the IsDB Institute; and Professor Emeritus Dato’ Dr. Mohd Azmi Omar, President and CEO of INCEIF University.

Dr. Mohieldin emphasised the need for OIC countries to triple their efforts to achieve equitable growth, addressing a USD1 trillion funding gap for sustainable development. He advocated for regional solutions that localise finance and invest in human capital. Dr. Al Suwailem introduced a digital counter-trade platform initiative by the Islamic Development Bank Institute, leveraging fintech and blockchain to facilitate trade without hard currency.

Professor Omar highlighted Malaysia’s success in Islamic finance, stressing the importance of regulatory depth, talent development, and government commitment. He urged harmonised regulations and digital platforms to democratise access to Islamic investment instruments.

The session underscored the importance of human capital, trust, and regional cooperation for intra-OIC prosperity, with a focus on investing in the youthful population to drive innovation and economic growth. Dr. Mohieldin concluded by calling for improved data transparency and better communication of OIC countries’ economic strengths to global markets.

Lazada has strengthened its partnership with POP MART to offer a more seamless collector experience across Southeast Asia. Starting today, shoppers in Singapore, Malaysia, and Indonesia can benefit from faster dispatches, reduced shipping fees, and easier returns. Orders will be shipped within 48 hours and can arrive in as little as two days, thanks to optimised logistics. Additionally, POP MART is launching its first Lazada Indonesia store on LazMall, providing local fans with a trusted shopping channel.

The enhancements are part of Lazada’s mission to make the collector journey more effortless and rewarding. A Lazada spokesperson stated, “These enhancements are about more than speed; they’re about elevating the experience of collecting something you truly love.” The upgrades include a 30-day free return policy with localised processes, ensuring hassle-free refunds.

This collaboration with POP MART not only improves online access but also fosters community engagement through events like the Lazada x POP MART 5 KM Run and the POP TOY SHOW in Singapore. These initiatives highlight Lazada’s commitment to nurturing the art toy movement in Southeast Asia, blending commerce with culture to create a multifaceted collecting experience.

As Lazada continues to innovate, collectors can look forward to more seamless and exciting shopping experiences, both online and offline, across the region.

DBS Bank’s Chief Investment Office has released its 4Q25 CIO Insights report, “Ride The Trend,” offering strategic guidance on asset allocation and investment themes. The report emphasises the importance of staying invested in the current market climate, particularly in technology and Asia ex-Japan equities, despite global economic uncertainties.

The report notes that the bank’s Barbell portfolio, which balances income-generating assets with growth equities, has achieved a 16.3% net return year-to-date. Hou Wey Fook, Chief Investment Officer at DBS Bank, stated, “Time in the market beats timing the market,” underscoring the importance of maintaining investments through market fluctuations.

DBS anticipates a slowdown in global growth due to trade tariff uncertainties but does not foresee a US recession. The US economy is expected to be bolstered by AI-related capital expenditure, fiscal stimulus, and lower interest rates. The report suggests that these factors create a favourable environment for risk assets.

Key investment strategies include maintaining an overweight position in technology stocks and Asia ex-Japan equities, which are poised to benefit from valuation discounts and potential fund inflows. Additionally, the report advises hedging against market volatility with investments in gold, hedge funds, and private assets.

DBS also highlights the potential for investment-grade credit as the Federal Reserve continues its rate-cutting cycle. The report concludes with a call for portfolio diversification to manage risks amidst ongoing policy uncertainties and fiscal concerns.

Singapore’s office market is experiencing a bullish phase, with Q3 2025 marking the third consecutive quarter of rental growth, according to CBRE Research. Gross effective rents for Core CBD (Grade A) offices increased by 0.8% quarter-on-quarter to $12.20 per square foot per month, driven by strong occupier demand and a tightening supply.

Tricia Song, CBRE Head of Research for Singapore and Southeast Asia, highlighted the market’s resilience despite global economic uncertainties. Vacancy rates in the Core CBD have decreased from 5.9% in Q1 2025 to 5.1% in Q3 2025, indicating sustained leasing momentum. The IOI Central Boulevard development, the last major Grade A completion until 2028, achieved approximately 90% commitment by Q3.

Neighbouring submarkets such as Marina Centre and Beach Road/City Hall are also performing well, with less than 3% of space available. David McKellar, CBRE Head of Office Services, noted that sectors like banking, finance, and government are leading occupier activity. Outside the CBD, Paya Lebar Green is fully occupied following Visa’s relocation, reducing vacancy rates in decentralised locations from 7.9% in Q2 to 6.5% in Q3.

The market recorded a net absorption of approximately 510,000 sq. ft. from Q1 to Q3, with office rents growing 2.1% year-to-date. Looking ahead, the supply pipeline remains limited, prompting occupiers to secure quality space swiftly. CBRE maintains its 2025 rental growth forecast of around 3%, with potential upside as interest rates ease.

In the investment market, Q3 2025 office deals surged seven-fold to $1.794b, with the largest transaction being the 55% stake sale of CapitaSpring for $1.045b. Michael Tay, CBRE Deputy Managing Director, noted the sector’s positive sentiment, driven by rent growth and limited future supply. Investment momentum is expected to remain strong through the year.

Ampace, a global leader in energy storage solutions, made a notable appearance at Data Centre World Asia 2025, held on 8–9 October at Marina Bay Sands, Singapore. The company showcased its PU200 battery series, designed for Uninterruptible Power Supply (UPS) systems, and previewed its next-generation semi-solid-state battery technology, aiming to address the power challenges faced by modern data centres.

The PU200 Battery Series is engineered to provide mission-critical reliability with a 15-year float service life and high-power density, allowing data centre operators to optimise space and reduce total cost of ownership. Alongside this, Ampace revealed its advanced semi-solid-state battery technology, promising enhanced safety and increased energy density. This innovation underscores Ampace’s commitment to leading the industry towards more secure and efficient energy storage solutions.

The Ampace booth attracted numerous visitors, including data centre operators and engineers, facilitating discussions on the evolving energy landscape. A senior representative from Ampace stated, “Our presence here with both the commercially ready PU200 and our developmental semi-solid-state technology demonstrates our dual focus—delivering proven performance for current needs whilst investing in foundational technologies for a more resilient and sustainable digital future.”

Ampace continues to push the boundaries of energy technology, leveraging its strong research and development capabilities to accelerate the transition to a sustainable future.

HitPay, a leading payments platform in Singapore, has partnered with Triple-A, a licensed crypto payment solutions provider, to introduce stablecoin payments to over 20,000 local businesses. This collaboration, regulated by the Monetary Authority of Singapore (MAS), allows merchants to accept stablecoins and receive instant fiat settlements, eliminating the risks associated with digital currency volatility.

The partnership leverages HitPay’s expertise in merchant acquisition and checkout processes with Triple-A’s crypto payment technology. This integration provides a seamless and compliant solution for businesses aiming to tap into the growing digital currency market. Both companies are regulated by MAS, ensuring compliance and security for consumers and businesses alike.

Aditya Haripurkar, CEO of HitPay, stated, “Our merchants are always looking for ways to reach new customers without adding operational risk. By partnering with Triple-A, we make stablecoin acceptance as simple as any other payment method.” Eric Barbier, CEO of Triple-A, added, “Together, we enable businesses to reach crypto-native consumers whilst removing volatility and keeping compliance straightforward.”

The demand for digital currency payments is surging in Singapore, with a recent survey indicating that 60% of businesses plan to accept crypto payments within the next two years. In the second quarter of 2024, local merchant services received nearly $1b in crypto payments. This trend is part of a global shift, with blockchain transaction volumes expected to exceed $27t in 2025.

This partnership marks a significant step in integrating digital currencies into everyday transactions, providing a model for other regions to follow.

A recent study by Airwallex, a global financial platform, has highlighted the financial burden faced by Singaporean employees due to delayed reimbursements. The survey of 500 workers found that more than half spend up to $3,650 (S$5,000) annually on business-related expenses out of pocket, with some incurring costs exceeding $14,600 (S$20,000) before being reimbursed.

The hospitality and leisure sector is particularly affected, with 15% of employees reporting expenses above $14,600 (S$20,000). Manufacturing and education sectors follow closely. The study also revealed that 19% of respondents wait three to four weeks for reimbursement, and 8% wait over a month, despite 28% of employees believing payments should be made within five days.

Financial strain is a significant issue, with 41% of employees experiencing stress due to reimbursement delays. Younger workers, aged 18-34, are most affected, with 28% resorting to personal savings to cover costs. Additionally, 52% use credit cards for business expenses, risking debt if reimbursements are delayed.

The study suggests that implementing corporate cards and instant reimbursement platforms could alleviate financial pressure and improve workplace satisfaction. Lionel Tan, Director of Account Management at Airwallex, stated, “We’re focused on helping businesses remove unnecessary friction from day-to-day financial operations.”

As businesses face economic uncertainty and talent retention challenges, improving expense management processes could be crucial for supporting employee well-being and financial stability. The findings underscore the need for modern tools to create a more supportive and efficient workplace.

The M∙A∙C Clinic Publika officially opened its doors in Kuala Lumpur yesterday, with the ceremony officiated by Nancy Shukri, Malaysia’s Minister of Women, Family and Community Development. The event was attended by prominent figures from the local industry and community, marking a significant addition to the region’s healthcare landscape.

Located in the bustling area of Publika, the clinic is set to offer a range of health services aimed at improving community well-being. The opening of this clinic is seen as a step forward in providing accessible healthcare options to the residents of Kuala Lumpur. Nancy Shukri highlighted the importance of such initiatives, stating that they play a crucial role in enhancing the quality of life for families and individuals in the area.

The launch of M∙A∙C Clinic Publika is part of a broader effort to expand healthcare services across Malaysia, addressing the growing demand for quality medical care. The clinic’s strategic location in Publika is expected to serve a diverse population, offering both general and specialised medical services.

As the healthcare sector continues to evolve, the opening of new facilities like M∙A∙C Clinic Publika underscores the commitment to meeting the needs of the community. This development is anticipated to contribute positively to the local healthcare infrastructure, providing residents with more options for their medical needs.

Salesforce, the global leader in AI Customer Relationship Management (CRM), has partnered with Singlife to introduce an artificial intelligence (AI) agent designed to enhance customer service. Announced at Dreamforce 2025, this collaboration marks Singlife as the first insurer in Singapore to implement Salesforce’s Agentforce platform, which aims to elevate human potential rather than replace it.

The AI agent, integrated with Salesforce’s Data Cloud, will enable Singlife’s customer service executives to provide real-time, accurate responses to a wide array of product-related enquiries. This innovation is expected to significantly improve response times and service quality by allowing representatives to access information instantly, rather than manually searching through extensive materials.

Romil Sharma, Group Head of Technology and Operations at Singlife, highlighted the strategic importance of AI in their operations, stating, “Collaborating with Salesforce allows us to bring AI into the hands of our customer service executives in a practical way, helping them respond faster and with greater confidence.”

Salesforce’s Executive Vice President & Managing Director for South and Southeast Asia, Arun Kumar Parameswaran, expressed enthusiasm about the collaboration, noting that the integration of Agentforce and Data Cloud is set to redefine customer engagement in the insurance industry.

Singlife plans to extend the use of the AI agent to its network of financial adviser representatives, aiming to provide them with timely and reliable information to better address customer needs. This initiative is part of Singlife’s broader strategy to institutionalise AI across various business functions, including underwriting, claims, and distribution.

Hyundai Motor Group, in collaboration with Nanyang Technological University (NTU) and the Agency for Science, Technology and Research (A*STAR), has inaugurated the Corporate Lab at the Hyundai Motor Group Innovation Centre Singapore (HMGICS). This pioneering initiative in Singapore’s automotive manufacturing sector is set to drive advancements in artificial intelligence (AI), robotics, and smart manufacturing.

Situated within HMGICS, the Corporate Lab serves as a hub for research and development (R&D) and proof-of-concept activities. It aims to integrate cutting-edge technologies directly into factory operations, thereby accelerating innovation cycles. “The Corporate Lab marks an important milestone in bringing this vision to life,” stated Juncheul Jung, Executive Vice President at Hyundai Motor Group.

The collaboration combines Hyundai’s automotive expertise with NTU’s research capabilities and A*STAR’s deep-tech knowledge. The lab will focus on developing AI for smart manufacturing, robotics to enhance production efficiency, and 3D printing for auto parts. It also aims to improve defect detection and inspection accuracy through intelligent robotic systems.

Hyun Sung Park, CEO of HMGICS, emphasised the lab’s role in fostering talent development and creating high-value jobs. By engaging local small- and medium-sized enterprises (SMEs), the lab seeks to bolster Singapore’s R&D ecosystem and advance the Group’s Software-Defined Factory (SDF) vision.

The Corporate Lab is expected to set a new benchmark for industry-academia-government collaborations, strengthening local R&D capabilities and training the next generation in advanced manufacturing technologies.