Regional News

Singapore’s medical device sector is poised for significant advancement with the introduction of the first regulatory reliance pilot, a collaborative effort between Singapore’s Health Science Authority (HSA) and Malaysia’s Medical Devices Authority (MDA). This initiative aims to accelerate access to advanced medical technologies in the region by reducing duplicate regulatory reviews and leveraging mutual approvals.

The six-month Medical Device Regulatory Reliance Programme, running from 1 September 2025 to 28 February 2026, targets Class B, C, and D medical devices. It reflects a broader trend in Asia towards regulatory convergence, aligning with global best practices and reducing compliance costs for manufacturers.

Nidhi Bharti, a Medical Devices Analyst at GlobalData, stated, “Operationalising regulatory reliance marks a decisive move towards greater regulatory sophistication in the region, building shared expertise, accelerating innovation pipelines, and positioning Southeast Asia as an influential driver in global medtech development.”

Under this programme, both agencies will utilise reliance pathways, drawing on each other’s regulatory assessments to fast-track device evaluations whilst maintaining high standards of patient safety and product quality. This approach is expected to reduce review times by up to 30% for manufacturers in Singapore, encouraging more cross-border filings and improving patient access to life-saving innovations.

Bharti concluded, “By embracing regulatory reliance and deepening cross-border collaboration, Singapore is not only accelerating access to vital medical devices but also reinforcing its standing as a hub for regulatory excellence and global medtech innovation.” If successful, the pilot could serve as a model for broader ASEAN cooperation, boosting investor confidence and stimulating growth in the region’s medical devices industry.

High-calibre professionals arriving under Hong Kong’s talent admission schemes are significantly impacting the private residential rental market, according to JLL’s latest report. Whilst these professionals are driving a net annual leasing demand of 12,000 units, cross-border capital restrictions are hindering their ability to purchase homes, leaving the long-term housing market recovery dependent on policy changes.

Government data reveals a sharp increase in approved applications for talent schemes, rising from 38,559 in 2022 to 138,215 in 2024. The Top Talent Pass Scheme (TTPS), introduced in 2023, accounted for 30% of these approvals in 2024. With an arrival rate of 64% among visa holders, each TTPS holder typically relocates with 0.9 dependants, indicating a significant impact on population growth and housing demand.

Norry Lee, Senior Director at JLL, noted that 70% of TTPS holders rent private units, projecting an annual demand for 12,000 units from 2023 to 2027. This demand is particularly strong for smaller Class A and B units, which saw an average annual net take-up of 13,800 units from 2022 to 2024.

Despite the rental market’s growth, only 13% of TTPS holders have purchased properties, largely due to cross-border capital transfer restrictions. Cathie Chung, Senior Director of Research at JLL, suggests easing these restrictions to unlock homebuying potential and alleviate market pressures.

JLL recommends policy changes, including a fast-track quota system for TTPS holders, tiered investment thresholds, and a pilot programme in the Greater Bay Area to facilitate capital transfers. These measures aim to support homebuying among mainland professionals and stabilise the property market.

Saison Capital, the venture arm of Japan’s Credit Saison, has announced the launch of Onigiri Capital, a $50m blockchain investment fund. The fund, which has already secured $35m, is designed to connect global innovation with Asia’s established blockchain and financial networks, focusing on start-ups in sectors such as stablecoins, payments, tokenised assets, decentralised finance (DeFi), and financial markets infrastructure.

The launch of Onigiri Capital comes at a time when blockchain venture capital funding is experiencing a resurgence, reaching its highest levels since 2022. The fund aims to capitalise on the growing trend of real-world asset tokenisation, which is projected to reach a market value of $10 trillion by 2030. Major institutions like BlackRock, Goldman Sachs, MUFG, and Bank of China are already integrating blockchain into their traditional finance systems.

Co-led by managing partners Qin En Looi and Hans de Back, Onigiri Capital leverages the extensive network of Credit Saison Group and other financial institutions across Asia, including Japan, Korea, Singapore, Malaysia, Indonesia, and the Philippines. This provides portfolio companies with access to major distribution channels, regulatory expertise, and established credibility.

Qin En Looi highlighted the fund’s role in addressing a critical gap in the US market, stating, “Our institutional background and deep roots in the region instantly provide a launchpad for US founders and developers to drive real progress at scale and speed.”

Onigiri Capital aims to support blockchain innovation by offering a blend of Silicon Valley’s creativity and Asia’s institutional validation, ensuring high-quality solutions that meet global finance standards.

UPS has announced significant enhancements to its intra-Asia air network, aiming to facilitate faster and more reliable trade across the Asia Pacific region. These upgrades, revealed on 16 September 2025, include increased flight frequency and capacity, particularly between Shenzhen and Sydney, as well as improved transit times from Asia and Europe to Australia.

The logistics giant now operates five weekly Boeing 767 flights from Shenzhen to Sydney, quadrupling capacity on this high-growth trade lane. This expansion is designed to meet the rising demand in sectors such as healthcare, technology, and automotive. “We continue to see strong momentum across Asia Pacific,” said Wilfredo Ramos, president of UPS Asia Pacific. “Our network is designed to give our customers the agility, reliability, and assurance they need to grow confidently in a dynamic region.”

Key improvements include a reduction in delivery time from China, Hong Kong SAR, Japan, Malaysia, the Philippines, South Korea, Thailand, and Vietnam to Australia, now achievable in two business days. Additionally, next-business-day delivery is available for Friday pickups. The enhancements also mean exports to major Asian markets and imports from Europe will arrive one day earlier, providing Australian businesses with faster access to critical goods.

Furthermore, UPS has upgraded its Hanoi-Shenzhen route by deploying larger Boeing 747 freighters, doubling weekly cargo capacity to 570 tonnes. This move supports growing demand from Vietnam to China, Hong Kong SAR, Japan, Malaysia, and Thailand, offering next-business-day deliveries to China and Hong Kong SAR.

These developments follow recent investments by UPS in Malaysia and Japan, aimed at enhancing delivery capabilities and expanding services. As UPS continues to invest in its global network, these enhancements are expected to optimise supply chains and support business growth across the region.

CBRE’s latest report on Asia Pacific Hotels & Hospitality Performance & Outlook reveals a robust growth trajectory for the region’s hotel sector, with investment volumes expected to approach the record high of $16.3b set in 2024. As of August 2025, investments have already reached $12.1b, with Japan, Australia, and Korea leading the charge.

The report identifies several trends shaping the future of tourism and hospitality in Asia Pacific. Tourism is on the rise, influenced by macroeconomic factors and social media trends, which are reshaping travel planning and foreign exchange rates. This growth positions the region as a future global tourism hub.

Investment in co-living spaces is also accelerating, particularly in Korea, Singapore, Australia, and Hong Kong SAR. This trend reflects a demand for flexible living solutions in increasingly tight residential markets.

Despite the positive outlook, the report notes that hotel performance improvements require innovative revenue management strategies. Hoteliers are encouraged to adopt demand-based pricing, hyper-personalisation, and expand loyalty programmes to enhance profitability. However, the sector faces challenges with constrained supply due to rising construction costs, though opportunities exist in conversion and rebranding.

CBRE’s report underscores the dynamic nature of the Asia Pacific hospitality market, highlighting both opportunities and challenges as the region continues to evolve as a key player in global tourism.

Southeast Asia is set to invest $208 billion to develop 25 gigawatts (GW) of nuclear capacity by 2050, with Small Modular Reactors (SMRs) emerging as the preferred technology, according to a new analysis by Wood Mackenzie. This shift comes as the region seeks to decarbonise and enhance energy security amidst its current reliance on coal and gas.

Wood Mackenzie’s report, ‘What if Southeast Asia goes nuclear?’, highlights a significant departure from its base case scenario, which predicted no nuclear additions through 2050. The report suggests that SMRs, despite their higher generation cost of $220 per megawatt-hour (MWh) compared to $101/MWh for conventional nuclear plants, offer advantages in deployment speed and regulatory simplicity. Robert Liew, Director for Renewables Research at Wood Mackenzie, noted, “SMRs can move from approval to operation in just two to three years if supportive policies are in place.”

Vietnam is leading the charge, planning to expand its nuclear capacity to between 10.5 and 14.0 GW by 2050. Other countries, including Malaysia, the Philippines, Thailand, Indonesia, and Singapore, are also exploring nuclear options, albeit at varying scales and timelines.

The adoption of nuclear power could also open new opportunities in the corporate power purchase agreement market, providing reliable, low-emission baseload power. Liew emphasised the need for careful consideration of investment requirements and technological risks, stating, “The success of the region’s nuclear dream will depend on developing appropriate regulatory frameworks and securing experienced international partners.”

Allianz Trade has announced the appointment of Hassan Omaish as the new CEO for its Hong Kong Hub, which includes Hong Kong, South Korea, and Taiwan, effective 1 October 2025. Omaish will succeed Edmond Lee, who is retiring after 12 years with the company. Omaish, who will be based in Hong Kong, brings extensive international experience from his 15-year tenure with Allianz Trade, having held leadership roles across Europe, Asia, and the Middle East.

Omaish’s recent role as Global Head of Broker Management and Partnerships saw him leading global broker strategies and fostering partnerships. His previous positions include Commercial Director for ASEAN countries and the Hong Kong Hub, as well as Country Manager of Malaysia. He has also held senior leadership roles in the Gulf Cooperation Council region. Omaish holds a master’s degree in international business with a focus on finance from the University of Wollongong.

Rodrigo Jimenez, Regional CEO at Allianz Trade in Asia Pacific, expressed gratitude to Lee for his contributions and welcomed Omaish, highlighting his international exposure and strategic acumen. Omaish stated, “I am honoured to take on the role of CEO for Hong Kong, South Korea, and Taiwan. I look forward to rejoining the APAC region to lead our growth strategies across these dynamic markets.”

The rapid expansion of artificial intelligence (AI) is driving a significant increase in demand for neocloud services, according to JLL. The global neocloud segment is expected to grow at an 82% compound annual growth rate through 2025, as traditional data centres struggle to meet the rising demand for AI infrastructure. Neoclouds, which offer specialised access to graphics processing units (GPUs), are emerging as a crucial alternative to hyperscalers, providing faster deployment and flexible pricing for AI workloads.

Neoclouds, also known as GPU-as-a-service (GPUaaS), cater specifically to AI, blockchain, gaming, and scientific workloads. They offer tailored solutions and lower costs than traditional hyperscalers by partnering directly with hardware providers. Andrew Batson, Head of Data Centre Research, Americas, JLL, stated, “Demand for AI infrastructure is growing at an exceptional pace, and the global data centre market has become capacity constrained. Neoclouds have developed an advantage over traditional cloud providers by moving faster and pricing lower with flexible terms.”

Despite the advantages, neoclouds present higher investment risks due to their capital-intensive nature and shorter lease terms. However, they attract investors with rental premiums compared to traditional data centre tenants. Mohd Syafiq, Director of Data Centre Research, Asia Pacific, JLL, noted, “Funding will be a major factor to translate the potential of neoclouds into a reality capable of handling the AI load.”

Whilst neoclouds are gaining traction, JLL does not foresee them replacing hyperscalers. Instead, they are expected to complement the diverse computing services offered by hyperscalers, ensuring that global enterprises have access to a wide range of solutions. As AI continues to grow, the demand for specialised infrastructure like neoclouds is set to rise, presenting both opportunities and challenges for investors and service providers.

A new forum, the ASEAN Prosecutors/Attorneys General Meeting (APAGM), has been established to bolster cooperation among ASEAN member states in tackling transnational crime. The declaration was signed on 15 September 2025 by Attorney-General Lucien Wong of Singapore and nine other prosecutors and attorneys general from ASEAN countries in Bali, Indonesia.

The APAGM is designed to facilitate coordination on prosecution cases, promote capacity building, and enable professional exchanges among ASEAN prosecution agencies. This initiative comes in response to the increasing challenges posed by advancements in digital technologies and interconnected financial systems, which have led to a rise in transnational criminal activities. Lucien Wong stated, “It is essential for prosecution authorities of ASEAN member states to work together and enhance our mutual capabilities to tackle these challenges.”

The forum will also support the ASEAN Community Vision 2045 by strengthening prosecutorial cooperation and capacity-building efforts. It aims to coordinate with other ASEAN Sectoral Ministerial Bodies to address and counter transnational crimes effectively.

The APAGM will function as an ASEAN Sectoral Ministerial Body, with the establishment of a supporting Senior Officials’ Meeting to implement its strategies and initiatives. This move underscores ASEAN’s commitment to upholding the rule of law and justice across the region. The forum is expected to meet annually, with the chairmanship rotating alphabetically among member states.

APAC Realty has been downgraded from “Buy” to “Neutral” by RHB, with a revised target price of S$0.80, reflecting a 9% downside. The downgrade follows a 129% year-to-date increase in the company’s share price, driven by robust primary residential sales and a significant rise in first-half net profit. However, RHB analysts believe the current valuation, trading at 16 times the forecasted price-to-earnings ratio for 2025, is unsustainable as earnings are expected to decline slightly next year.

The downgrade comes despite a dividend yield of approximately 5%, which offers some mitigation against the potential downside. Analyst Vijay Natarajan noted that the share price has surged ahead of the company’s fundamentals, suggesting a correction might be on the horizon as sales volumes normalise.

This development is significant for investors who have been buoyed by APAC Realty’s recent performance. The company’s rapid share price increase has been a highlight in the market, but the downgrade serves as a cautionary note about potential overvaluation. The adjustment in rating and target price underscores the importance of aligning market expectations with realistic financial forecasts.

Looking ahead, investors will need to consider the implications of this downgrade on their portfolios, particularly in light of the anticipated normalisation in sales volumes. The dividend yield remains a positive aspect, but the overall outlook suggests a more cautious approach may be warranted.