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FROM THE EDITOR
Payment technology is evolving beyond physical methods to seamless personal authentication. From biometrics to deepfake detection, we list eight trends to watch on page 6. Tech is also showing up in more tangible ways. In Tokyo, Rakuten’s delivery robots are now bringing coffee and groceries straight to doorsteps, navigating bad weather and low-light streets with LiDAR sensors. See how they work on page 8.
In the energy sector, a newly formed platform is taking a bold step forward, with plans to invest $700m in clean power across Southeast Asia. Backed by three major financial institutions, the platform’s initial projects in the Philippines and Vietnam are laying the groundwork for a more sustainable future. Read more on page 22.
Philippines-based Globe Telecom also enters a new chapter with a new CEO at the helm. Carl Raymond Cruz shares how expanding the company’s portfolio beyond mobile and finance may be the key to becoming number 1 in the country by market value. Read the full interview on page 14.
We also recognise Malaysia’s and Asia’s growing roles in shaping the future of business and leadership. Meet the country’s most outstanding firms and trailblazing executives in the Malaysia National, International, and Technology Excellence Awards on pages 34 to 39, then turn to pages 50 to 53 to see the winners of the Asian Management Excellence Awards. Congratulations to everyone!
Tim Charlton
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Hong Kong banks to prioritise resilience, costs in 2025: KPMG
Resilience, costs, and digital transformation are the top priorities of Hong Kong’s banking sector in 2025, as losses by banks and customers continue to make headlines, reports KPMG. Implementing existing regulations and new resilient requirements are expected to be a “strong focus” of the sector over the next year.
ONE’s first owned dual-fuel vessel sails to Latin America
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ONE Sparkle, a 13,800 twenty-foot equivalent unit container ship, was built by Hyundai Heavy Industries in Ulsan, South Korea.
Luxury home prices projected to grow 1.6% in 2025
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Entrepreneurship remains a pipedream for many Filipinos
Six of 10 Filipinos have identified financial security and starting a business as their main goals, which could be a challenge given the dearth of financing for budding entrepreneurs, analysts said. Enterprisers struggle with cumbersome loan requirements and high collateral, they added.
PHILIPPINES
From deepfakes to biometrics: eight trends every banker must know
Biometrics, new data standards, and the rise of artificial intelligence (AI)powered fraud such as deepfakes and voice-cloning are amongst the key trends to watch out for in the payment industry this year, according to analysts.
A new global standard for electronic data interchange amongst financial institutions is the single biggest change in the payment industry. Starting November 2025, financial institutions around the world must have a single file format for messages.
“Using common data formats will boost efficiency, streamline processes and simplify cross-border transactions,” Vijay Nagarajan, director of payments at data and analytics company LexisNexis Risk Solutions, told Asian Business Review.
Trend #1 ISO 20022
Whilst ISO 20022 introduces standardisation, it won’t completely fix all problems in crossborder payments and money transfers, Nagarajan said in an exclusive interview. He expects the payment industry to continue
grappling with rising transaction costs, payment failures, and delays.
A failed payment costs about $12.10 per transaction, according to a LexisNexis report released in 2023.
ISO 20022 will improve data flow through a unified framework between systems, according to Maxim Neshcheret, regional director for the Asia-Pacific region at Stockholm-based payment solution provider CMA Small Systems AB.
This will not only address integration issues but also enable more structured data collection, he added.
“Businesses must prioritise rolling out ISO 20022-based payment systems, standardising processes, optimising straight-through processing and ensuring compliance in vendor onboarding,” Nagarajan said. “These efforts will minimise friction and significantly improve payment success rates.”
Trend #2 Digital identity and deep learning algorithms
The world of passwords, security questions, and even card numbers will increasingly become a thing of the past as companies turn to modern methods like biometrics.
“Now and increasingly in the future, authentication will rely more and more on highly secure credentials — your face, fingerprints, and other biometrics,” said TR Ramachandran, head of products and solutions for the Asia-Pacific region at Visa.
“This shift will enhance security and convenience, reducing reliance on traditional PINs (personal identification number) and passwords,” he told the magazine.
Passkeys — password-less authentication powered by biometrics — will gain momentum in 2025, according to a January 2025 report by Mastercard.
Ramachandran expects deep-learning algorithms to become more sophisticated in analysing transaction patterns and identifying risks in real time. Visa, for example, has an AI solution that scores financial institutions using as many as 500 risk factors.
Trend #3 Embedded finance
Embedded finance, where third-party financial products and services become part of nonfinancial digital platforms, will become more integrated in the merchant ecosystem in 2025, Ramachandran said. “We’re also seeing an uptick in embedded finance lending products and white-label embedded finance payment solutions.”
Solutions such as buy now, pay later and product insurance likewise offer customers more flexible payment options.
“When done right, it’s a four-way win — providers gain from low-cost distribution; enablers tap into demand for simplicity and convenience; distributors improve platform engagement; and most importantly, endusers get contextualised financial services in one place,” Ramachandran said.
Trend #4 Automated fraud-handling
Financial authorities are expected to centralise their anti-fraud efforts using fraud centres, according to experts.
Malaysia’s central bank, for example, has launched a national fraud portal for fund recovery and has set a benchmark for similar projects. Kazakhstan has its own Anti-Fraud Center, which has prevented close to $2m in fraudulent transactions.
These centres use AI and machine learning to detect fraudulent patterns in real time
This shift will enhance security and convenience, reducing reliance on traditional PINs and passwords
Payment authentication will rely more on biometrics like faces and fingerprints
and streamline the process of handling scam reports, Neshcheret said.
Trend #5 AI-powered attacks
Just as financial institutions and payments increasingly use AI, so too will the bad actors.
“AI-powered attacks such as deepfakes and sophisticated FaceID bypass attempts are advancing steadily, creating more convincing attacks,” Jan Sysmans, head of marketing for Asia-Pacific and Japan at mobile app security provider Appdome, Inc., told Asian Business Review in a separate interview.
Basic data and code-level defence and protection from jailbreak, root and man-inthe-middle attacks are no longer adequate against these threats, he pointed out.
To stay ahead, the payment industry should use a security strategy that goes beyond traditional runtime application self-protection, which monitors and blocks cyberattacks in real time, Sysmans said.
Trend #6 Overseas payment links
Expect Southeast Asian countries to lead the development of more cross-border and realtime payment systems this year.
There’s the link between Thailand’s PromptPay and Singapore’s PayNow, allowing seamless transactions between them, said Hanspeter Jsler, a digital payment expert at German security technology company Giesecke+Devrient in Singapore.
“In a broader initiative, central banks in India, Malaysia, Thailand, Singapore, and the Philippines are collaborating to establish an instant cross-border retail payment platform by 2026,” he told the magazine.
There’s also the NEXUS project, which will start this year and represents a critical step to improve connectivity amongst countries. The project involving India, Malaysia, Thailand, Singapore, the Philippines, and Indonesia is expected to create an instant cross-border retail payment platform by 2026.
Trend #7 Click to Pay and stablecoins
Expect more e-checkout payment solutions when shopping online, Jsler said.
“Technologies like Click to Pay are emerging as solutions to this challenge, offering a consistent, secure and user-friendly e-checkout experience that works across devices, channels, and payment cards,” he pointed out to the magazine.
Click to Pay could help lessen cart abandonment due to concerns over security and convenience. Stablecoins also have a chance to expand in 2025 amidst changes in global rules, he added.
“With the introduction of MiCA in Europe and expected regulatory frameworks in the US, Stablecoins are set to gain wider acceptance,” Neshcheret said.
Trend #8 Alternative data
Payment systems will increasingly use alternative data to fill gaps in traditional credit systems, according to Carey Anderson, chief executive officer at New Jersey-based AI analytics company 1datapipe.
Alternative data include geolifestyle insights, transaction behaviours, and utility payment histories.
“These data sources enable advanced AI models to fill gaps left by traditional credit systems, creating opportunities for informal workers and small businesses to access financial services,” Anderson said in an exclusive interview.
AI models analyse alternative data to estimate income for informal and gig workers, giving a fairer and more accurate foundation for credit scoring and payment solutions, he added.
THE CHARTIST: ASIA-PACIFIC RETAILERS TAP SUBSCRIBERS TO DRIVE GROWTH
Retailers in the Asia-Pacific region have turned to selling subscriptions over traditional products as they brace for an economic downturn where consumers think twice about spending.
The subscription model is increasingly becoming a way for retailers to ensure stable revenue streams and deeper consumer engagement, according to Erik Almadrones, consulting customer and growth leader at Ernst & Young Asia Pacific.
“Subscription businesses are growing at a much, much faster rate than traditional product-based businesses,” he said. “Stability and predictability become key to the value proposition for subscription services.”
Almadrones said retailers should consider offering stable pricing for the first few years of a subscription to attract cost-
conscious consumers during uncertain times. Subscriptions replace one-off purchases, allowing brands to engage with consumers continuously, he added.
He noted that subscription businesses can achieve-two-and-a-half times the lifetime value of traditional retail customers, highlighting the potential for long-term customer loyalty.
Consumers in the region are increasingly choosing subscription services to save money and get discounts, according to a study by KPMG International Ltd. and GS1.
These services, which involve a fixed monthly fee for regular product deliveries, address key retail challenges such as the need for consistent reordering. Consumers in countries like Australia, Vietnam, Indonesia, Malaysia, Japan, India, and Thailand value “exclusive access to products or deals," the report stated.
APAC Card payments value ($ trillion), 2020-29
SINGAPORE TO HOST FIRST RETAIL TOKENISED FUND
Franklin Templeton has secured approval from the Monetary Authority of Singapore (MAS) to launch its first retail tokenised fund in the country.
The Franklin OnChain US Dollar Short-Term Money Market Fund aims to offer investors exposure to a portfolio of high quality short-term securities, consisting principally of transferable securities and money market instruments of governments.
It will also consist of eligible securities of companies of any nation worldwide, primarily US dollar denominated or hedged back into the US dollar.
Investors will be able to access the fund with a minimum investment of $20 or S$25.71.
The fund is structured as a subfund under the Franklin Templeton Investments VCC.
The fund will be managed by Templeton Asset Management Ltd, which in turn appointed Franklin Advisers Inc as sub-managers.
Shares of the fund will be issued using Franklin Templeton’s proprietary blockchain-integrated blockchain platform. It is the first tokenised fund registered for retail investors who are based in Singapore.
Public blockhain
Franklin Templeton first launched a tokenised money fund in the US in April 2021. It was the world’s first US-registered mutual fund to use a public blockchain to process transactions and record share ownership, the firm said.
“We believe that blockchain technology is fundamentally reshaping the financial services industry by enabling the evolution of traditional financial products and processes, and the new fund demonstrates the potential for increased interoperability in the financial system,”Roger Bayston, EVP, head of digital assets for Franklin Templeton, said in a statement.
Rakuten boosts last-mile runs with robots
Rakuten Group, Inc. is ramping up its autonomous delivery service with advanced robots from US-based Avride to improve lastmile logistics in Japan.
The delivery robots feature LiDAR (light detection and ranging) sensors — similar to those used in self-driving cars — and Avride’s proprietary autonomous driving algorithm, Fukutaro Yamashita, senior manager of unmanned solution department at Rakuten, told Asian Business Review.
The latest model boasts a 54-litre compartment, more than double the previous capacity, allowing larger orders and fewer trips along the sidewalk. Whilst they can carry multiple orders at once, they operate with one order per trip.
The robots can also deliver at night and in rainy weather up to 20 millimetres of rain per hour, with LiDAR and ultrasonic sensors helping them navigate in darkness and bad weather. However, during heavy rain, snow, or high winds, operations are paused to ensure safety.
Each robot runs for up to 12 hours on a single charge, with a recharge time
of about 3.5 hours. Rakuten operates five robots across Harumi, Tsukishima, and Kachidoki in Tokyo’s east, serving more than 90 delivery points.
Initially launched with deliveries from Starbucks Coffee Harumi Triton Square, Supermarket Bunkado Tsukishima, and Yoshinoya Harumi Triton Square, the service has since expanded to include Patisserie Hat and FamilyMart Harumi Center Building.
Japan’s food delivery market was valued at $5.41b (JPY800b) in 2024, according to German data portal Statista. The demand surged during COVID-19 and has remained high after the pandemic.
Whilst the robots can operate independently, Yamashita said a remote operator is required by law.
“No assistance is needed, but according to our regulations in Japan, remote operators are needed, but we don’t have to have the human by the robot.”
Japan also caps the robots’ speed at 6 kilometres per hour, keeping them in line with autonomous delivery models, Yamashita told the magazine.
A significant challenge has been integrating different robot models, since each has unique unlocking mechanisms for deliveries. “We’ve made it easy for customers by providing clear unlocking instructions based on the specific property they are in,” he said.
Rollout plans
Yamashita said the Japanese technology company is prioritising domestic growth before entering overseas markets. “First, we aim to grow the service in Japan. After that, we plan to develop a growth strategy and expand further.”
Since its launch in November 2024, the service has been used more, though it remains a small portion of overall deliveries. Rakuten said it is focused on expanding in Harumi, Tsukishima, and Kachidoki, targeting 24,000 households in the area.
Rakuten is also expanding its fleet to 10 Avride robots and has upgraded its delivery management system to improve robot allocation. The system has been tested successfully with a 10-robot setup.
clear unlocking instructions based on the specific property they are in
Rakuten sees the use of delivery robots beyond food and retail, with potential applications in business-to-business shipments and pharmaceutical deliveries, he said.
The robots use LiDAR sensors for navigation (Photo from Rakuten)
We’ve made it easy for customers by providing
Fukutaro Yamashita
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MRT train turned hotel offers compact rooms for work and rest
It’s also a living museum for a train car that once served Singapore’s Green Line.
Aco-living hotel repurposed from a decommissioned metro train has arrived in Singapore and is set to open its doors in the second half of the year, its founder said.
Train Pod @ one-north offers eight compact rooms, each about 7.5 square metres, featuring private bathrooms and Murphy bunk beds that fold neatly into the wall, letting guests convert the sleeping area into a functional workspace.
There is a premier room at the front of the train car that features the original driver’s seat, giving guests a rare chance to play conductor.
Seah Liang Chiang, founder of Tiny Pod, the company behind Train Pod, noted that whilst much of the train’s
interior had to be removed to meet structural and fire safety rules, original elements such as the train walls and decals had been preserved. The hotel also serves as a “living museum” for a train car that no longer runs on the tracks and once served Singapore’s Green Line for 30 years. The rooms are named after Green Line stations, including Jurong East and Raffles Place.
When checking in, guests are guided to use a mobile phone at the front desk, where they key in their booking details. The system then uses facial recognition to confirm their identity. Inside each room, guests scan a QR code to access the digital concierge for requests like dining recommendations, extra towels, or the Wi-Fi password.
Seah Liang Chiang
1 The MRT car used for the hotel served the Green Line for 30 years.
4 All rooms also have private bathrooms.
2 The premier room located at the front of the train features the original driver’s seat.
5 The deck is stocked with vending machines offering food and drinks and is also open to the public.
3 Each room has Murphy bunk beds that fold neatly into the wall.
6 Outside the rooms is a spacious deck where guests can relax or dine. (Photos from JTC)
Starbucks Korea brews an AR-powered coffee escape in Seoul
Its first reserve-only branch features AR art installations and a Mixology Bar.
Starbucks Korea is using augmented reality (AR) technology at its first reserveonly store, Jangchung Lounge R in Seoul, to meet consumers’ growing demand for an immersive and engaging coffee experience.
“Upon entering the store, customers are greeted by an augmented reality display that blends perfectly with the series of mural art in the garage,” said Jeong Youn Cho, director of store design for Starbucks Asia-Pacific told Asian Business Review.
She said this feature, created in partnership with Seoul-based art and design studio Orbit, acts as a portal that takes customers from the loud and busy streets of Jangchung-dong to a serene space where they can fully immerse themselves in the sensory experience of coffee.
The six mural pieces illustrate the journey of coffee beans — from
cultivation to brewing. The AR technology, meanwhile, highlights the various stages of the process to enhance customer understanding and appreciation for coffee.
Cho said customers could only experience these features in person. “Through technology, we were able to infuse a dose of whimsical fun into a heritage space,” she added.
The Starbucks director said the design of the store respects its original architecture, which dates back to the 1960s, and includes preserved elements that contribute to a more intimate atmosphere through smaller seating areas.
She said the AR display was integrated into the design due to the restrictions on building permanent structures. “AR helped us overcome these challenges, immersing our customers in the coffee story that is activated virtually whilst also tying in
Through technology, we were able to infuse a dose of whimsical fun into a heritage space
with their encounters at the Reserve Bar and Mixology Bar on the second floor,” Cho said.
Starbucks Korea is responding to key shifts in the coffee market by offering a more immersive experience, greater variety, and fast digital ordering options, Amol Akolkar, managing director of Store Development for Starbucks Asia-Pacific, told the magazine.
As a reserve-only store, Jangchung Lounge R exclusively offers Starbucks Reserve coffee, with beans that are sourced from smalllot coffee farms.
“These limited-edition offerings – including some of the most rare, limited availability coffees from around the world – present our discerning customers with a diverse spectrum of flavours and stories, ensuring an elevated coffee experience,” Cho said.
The Jangchung Lounge R spans three floors and has 180 seats
The store design preserves elements of the original 1960s architecture (Photos from Starbucks Asia)
An AR display showcases the coffee's journey from bean to cup A mixology bar offers innovative cocktails
Jeong Youn Cho
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Globe Telecom looks beyond telco to
be No. 1
It is banking on tech to overtake its main rival in revenue within five years.
Globe Telecom, Inc. is expanding its portfolio beyond mobile and finance amidst diminishing returns from its traditional telecommunication business, as it tries to become Philippines’ biggest telco by revenue.
“The long-term goal, from my side personally, is to be the largest, most profitable, and most admired telco operator in the country,” new CEO Carl Raymond Cruz told Asian Business Review in an exclusive interview.
He wants to hit that goal in five years, banking on the growth of units that are now trailing key rival PLDT, Inc., he separately told reporters on the sidelines of the company’s annual stockholders’ meeting on 22 April.
The company is banking on the technology side of its business, including data centres, and may partner with or form its own startup to drive innovation in the telecommunication space, Cruz said.
“The focus in the next couple of months and years will be to bring the focus back on innovation on core telco, at the same time, making sure that we continue to be the thought leaders in the techco (technology company) space,” he added.
Globe is the Philippines’ biggest telecommunication company by market value, but rival PLDT, which has a bigger enterprise business, is still No. 1 by revenue and profit.
Cruz said he expects revenue to grow by a “low single digit” this year, adding that he still sees room for growth on the telecommunication side by expanding their 5G and broadband fibre infrastructure.
Growth plans
“About the penetration of 5G, we are still behind in terms of potential, compared with markets like Thailand and Indonesia,” said Cruz, who previously led Airtel Nigeria and managed Unilever Plc’s West Africa business.
The Philippines was the fourth-lowest out of 39 countries across the world in terms of 5G connectivity, according to a 2024 study by GSMA Intelligence.
“We will continue to look at opportunities, whether in the connectivity, telco space, or within the adjacencies of the industry to enable nation-building through digital and financial inclusion,” Cruz said.
Amongst his priorities as CEO is the initial public offering (IPO) of GCash, Globe’s pervasive mobile wallet, that he said could happen in late 2025 or in the first half of 2026. The listing on the Philippine Stock Exchange has been delayed due to geopolitical uncertainty from a global trade war spurred by US President Donald Trump’s sweeping tariff increases.
“We did mention a few months ago that hopefully, we would be able to list sometime in 2025,” Cruz said. “But of course, due to the uncertainties of the geopolitical scenario at this point in time, we are still on a wait-and-see mode to
ensure that when the right time comes, we will do the IPO.”
“We want it to be really successful for the business, and of course, for the market to really benefit from,” he added.
News on GCash going public was first reported in as early as 2023. “The marching orders, the push button: we are ready for an IPO,” G-Xchange CEO and President Ren-Ren Reyes had earlier told Asian Business Review in an interview last November 2023. “It all depends on the market conditions.”
Cruz said that the current geopolitical scenario has put them in a “wait-and-see” mode. In April 2025, US President Donald Trump rolled out “reciprocal tariffs” affecting 60 nations globally. The Philippines was not spared, with its exports to the US getting a 17% tariff before Trump announced a 90 day suspension.
The focus in the next couple of months and years will be to bring the focus back on innovation on core telco
Looking ahead, Cruz is optimistic for Globe’s capacity to grow its businesses. “The business stands on two very strong legs: globe for connectivity, GCash for financial inclusion. We will continue to look at opportunities, whether in the connectivity, telco space or within the adjacencies of the industry,” the CEO told the magazine.
They will also explore opportunities for innovation, such as working with a startup or putting up a startup of their own, for example, through Kickstart Ventures or 917 Ventures.
“We cannot remain stagnant or not moving. We need to continue to evolve with the customers they industry in the country,” Cruz told Asian Business Review.
Carl Raymond Cruz, Globe Telecom CEO
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Swarovski polishes its TikTok playbook to define luxury for the Gen Z market
The Austrian crystal maker is working with influencers to connect with the younger Singaporean market.
Swarovski has taken its renowned luxury crystals and gems to TikTok as it taps tech-savvy Millennials and Gen Zs as part of a bigger “luxury at scale” strategy, whilst still keeping to its core aesthetic.
The family-owned Austrian crystal maker, synonymous with sparkle, is adapting to changing times by blending opulence and value. To connect with the Singaporean market, Swarovski is working with local influencers and global icons like singer-songwriter and actress Ariana Grande, whose charisma and individuality the company believes align with its brand's creativity.
“This trend is not just about representation, but also about creating pieces that resonate with a wider range of customers, making luxury what we call more accessible and relatable,” Nasr Sleiman, managing director for India, Southeast Asia and the Middle East at Swarovski, said in an interview with Asian Business Review.
Building an online presence
Swarovski's TikTok account has had 4.9 million likes from about 420,000 followers since its first video post in June 2022. It also has 8.5 million followers on Instagram.
Sleiman said they avoid getting lost in the noise by being part of relevant conversations. The marketing strategy “aims to help the brand grow, [to stay] top of mind, whilst at the same time being culturally relevant to all foundations around the world.”
According to Partipost’s 2024 Influencer Marketing Report, 75% of Southeast Asian consumers are more likely to buy products recommended by influencers, highlighting their strong influence over traditional ads. Furthermore, 80% have made a purchase based on an influencer's recommendation.
TikTok is the leading platform for influencer marketing, with 69% of brands utilising it—significantly surpassing Instagram at 47%, YouTube at 33%, and Facebook at 28%.
Sleiman said pop-up and experiential marketing could create a big buzz and attract new customers.
Singapore's luxury jewellery market is worth $301.6m, with an expected annual growth rate of 4.27% until 2029. There is a healthy demand for exclusive and high-end jewellery in the city-state despite its small size.
According to Sleiman, the younger post-90s generation is a key market for Swarovski, founded in 1895, especially in markets like Singapore where consumer spending remains subdued.
"In Singapore, we’ve seen a rise in consumers who are more selective with their purchases,” he said. “They want the luxury experience, but they also seek value. Our approach allows them to enjoy the best of both worlds.”
“We believe that fashion and jewellery should not be taken too seriously, but rather be an enjoyable extravagance and expression of one's individuality and unique sense of style,” the Swarovski executive said.
He added that Swarovski, one of the largest purveyors of
This trend is not just about representation, but also about creating pieces that resonate with a wider range of customers
crystal and a giant in the jewellery industry, continues to evolve as consumer trends and tastes change.
At the heart of Swarovski’s strategy is the seamless integration of online and offline experiences. “We ensure that luxury experiences transcend from online to offline,"
Sleiman told the magazine.
In 2023, Swarovski launched 12 pop-up stores, including three in Singapore, featuring exclusive products, interactive photo booths, and custom gifts. These events, with live music, refreshments, as well as local celebrities, drove a 56% increase in sales.
Swarovski Crystal Business, which makes crystal glass, jewellery, rhinestones, watches and accessories, posted 4% growth in global sales to $1.997b (€1.83b) in 2023, and a 10% like-for-like increase amidst a slowing luxury market.
Retail sales rose 4%, whilst business-to-business crystals were up 5%, it said in a statement. Its top 10 markets achieved like-for-like growth, with sales in key cities up 13%. In-store growth was 5% and 4% online.
Nasr Sleiman, managing director for India, Southeast Asia and the Middle East at Swarovski
Prudential, StanChart cement 25 years of bancassurance tie-up
They have the longest-running bancassurance partnership in Singapore and Asia.
Prudential Plc and Standard Chartered Plc's long-standing bancassurance partnership has averaged “double-digit” sales growth in the past 15 years, thanks to product innovation by their health and wealth segments.
The companies entered their 25th year of bancassurance partnership in 2024, the longest in Asia.
“Through geographical expansion, continuous enhancement of our wealth and health offerings, and the optimisation of technology-powered omni-customer journeys, we have deepened our market penetration across all customer segments, from affluent to personal mass,” John Chow, chief partnership distribution officer at Prudential Singapore, told Asian Business Review
“Today, this strategic bancassurance partnership spans 11 markets in Asia and Africa, and has averaged double-digit sales growth rate over the past 15 years,” he said in an exclusive interview.
Affluent people in Singapore and Hong Kong prioritise financial freedom but their perspectives differ, according to a 2024 study by Affluential released in September.
In Hong Kong, high-net-worth people largely focus on securing a
comfortable retirement in the face of uncertainties, whilst Singapore’s wealthy adopt a more optimistic outlook, prioritising a comfortable lifestyle, the report read.
“Customers today expect personalised, convenient, and seamless experiences, and both companies have collaborated to respond and adapt to them,” Chow said.
“Bancassurance continues to be a major distribution channel for insurers. We continue to feel positive about the future of bancassurance, with various opportunities for growth and innovation,” he added.
The tie-up between Prudential and Standard Chartered is the longestrunning bancassurance partnership in Singapore and across Asia.
“Navigating evolving regulatory challenges and staying ahead of market competition will be crucial for maintaining successful long-term partnerships,” Chow said.
The insurer’s new business profit from bancassurance rose 20% to $465m in the first half of 2024 from a year earlier, driven by annual premium equivalent sales growth in Taiwan, Hong Kong, and Singapore. Sales through the bancassurance channel increased 27%.
“In the past decade, as affluence
levels increased, we have also pivoted to meet widening clients’ needs,” Jeremy Ong, head of bancassurance for Singapore at Standard Chartered Bank, said in a separate interview.
Significant opportunities
Apart from savings and protection plans, legacy planning solutions were added to the bank for clients looking to pass on wealth.
In 2023, StanChart launched two US dollar-denominated insurance products, whose volume doubled in 2024 from a year earlier and now contribute to 30% of its sales, Ong told the magazine.
The bank-insurer tandem also provides medical insurance to their employees.
“We switched our medical insurance benefits provider to Prudential in April 2024 to provide employees with broader options in their insurance benefits, including comprehensive general practitioner care, specialist care and annual health screenings,” Ong said.
He added that the bank plans to conduct an annual survey starting this year to monitor service quality and satisfaction from the tie-up.
Both Prudential and StanChart expect significant opportunities for bancassurance growth, tech advancements and a stronger focus on customer needs.
“We will continue to work collaboratively with industry partners and authorities to drive the bancassurance industry forward and better serve customer needs,” Chow told Asian Business Review.
He said artificial intelligence (AI) could help them design more highly-personalised products.
“For example, automated underwriting, digital claims processing and AI-driven customer insights, seamless digital interactions and more will help to streamline and enhance customer experience and engagement,” he added.
The partnership spans 11 markets in Asia and Africa
HONG KONG
John Chow
Jeremy Ong
SMX Convention Center leads the way in building the Philippines as a premier MICE destination
SMX is expanding its footprint in Metro Manila, Central Luzon, and Cebu.
The M.I.C.E. (Meetings, Incentives, Conferences, and Exhibitions) industry in the Philippines has been a key player in its nation-building. As the leading and largest convention centre operator in the Philippines, SMX Convention Center (SMX) plays an essential role in promoting the country’s economic growth, global competitiveness, and its celebration of diverse cultural exchanges.
Transforming the event experience SMX has become a hub for local and international events, exhibitions, celebrations, and conferences. Its significant contribution to the economy through its hosting of conventions, trade shows, exhibitions, and corporate events is paramount to the overall economic standing of the country. By attracting global business leaders, professionals, and organisations, the Philippines benefits from increased spending in various sectors. These events taking place at SMX can create opportunities for business networking, collaborative partnerships, and profitable investments.
New developments across the country SMX is poised to expand its footprint by opening new properties in the coming years. Opening in early 2027, SMX Center for International Trade and Exhibitions (SMXCITE), an extension of SMX Convention Center Manila, will offer four expansive halls with a gross leasable space of 18,000 square metres at the Mall of Asia Complex, designed to host trade exhibitions, international conferences, and conventions. Widening its reach in the rapidly growing and bustling city of Cebu, SMX is also in the process of
opening a new convention centre, scheduled to open in 2026. Designed to surpass the size of SMX Convention Center Manila, this new venue will feature a gross leasable space of 21,000 square metres. It is expected to meet the growing demand for MICE facilities in the Visayas region. Strategically located
‘Ultimately, our goal is to bring exceptional event experiences closer to more Filipinos’
outside of Metro Manila, SMX Convention Center Seaside Cebu will offer businesses and organisations exceptional venues in the heart of Cebu’s dynamic and rapidly developing landscape. Further north, SMX Event Hall Cabanatuan is set to open by the
end of 2025, offering three trade halls with over 4,500 square metres of leasable space, extending SMX’s presence and supporting Cabanatuan’s growth as a business and tourism hub in Central Luzon. “Our expansion is both a deliberate strategy and a natural response to the increasing demand for event venues nationwide. Over time, we’ve witnessed the shift—MICE events like trade fairs, conventions, and entertainment expos are no longer concentrated in Metro Manila. Cities such as Cebu, Davao, Clark, Bacolod, and Iloilo are rapidly emerging as dynamic regional centres. Each new SMX Convention Center is thoughtfully placed within a larger ecosystem—co-located with malls, hotels, transport hubs, and commercial areas. This creates synergy amongst business units and provides unmatched convenience for organisers and guests alike. Ultimately, our goal is to bring exceptional event experiences closer to more Filipinos whilst contributing to the progress of key regions across the country,” said Michael Albaña, SMX’s Vice President and General Manager.
SMX and the road ahead
With its strategic expansion and continued commitment to excellence, SMX Convention Center is progressing steadily to solidify the Philippines’ place as a leading MICE destination in Asia. As the MICE industry continues to evolve, SMX remains a foundation of the Philippines' efforts to build a prosperous and globally connected future, where business, culture, and tourism meet.
SMX Convention Center Seaside Cebu is scheduled to open in late 2026, offering a total gross leasable area of 21,000 square metres—which will surpass SMX Convention Center Manila as the largest facility in the portfolio
SMX Center for International Trade and Exhibitions (SMXCITE) is slated to open in early 2027, featuring four expansive halls with a total gross leasable area of 18,000 square metres
POWER
SARA puts $700m behind 500-MW energy plan
The funding will cover solar, wind, and hydropower projects.
SOUTHEAST ASIA
Agreenfield renewable energy platform formed by three global financial institutions is investing more than half-a-billion dollars to build plants across Southeast Asia that will generate 500 megawatts (MW) of clean power, starting with the Philippines and Vietnam.
The investment by the Sustainable Asia Renewable Assets (SARA), a venture of UK-based finance institution British International Investment (BII), Dutch development bank FMO, and Swiss-based investment company SUSI Partners AG could go as high as $700m, Rohit Anand, regional head for Southeast Asia at BII, told Asian Business Review. The amount includes about $500m in debt that the parties will raise and a $150m equity capital, he said. Anand, who is also head of infrastructure equity for Asia at BII, further stated that the project would be built over three years.
Returns are estimated at 50% depending on the projects, according to Wymen Chan, managing director at SUSI.
Fossil fuels dominated Vietnam’s and the Philippines’s electricity generation in 2023, accounting for 58% and 78%, respectively, according to energy think tank Ember. Their renewable energy generation accounted for 42% and 22%.
Vietnam has set a goal to increase its clean energy generation to 50% by 2050, whilst the Philippine target is 50% by 2040.
Anand and Chan said the parties chose the Philippines due to its favourable regulatory environment, noting that it is the region's “most liberalised energy market.”
Vietnam is at a crossroads, Chan said. “With its macroeconomic fundamentals, it's going to need more power, but it's going to have a problem with power supply in the short run, so
that makes it an attractive opportunity to build more projects.”
The 500-MW target will cover solar, wind, and hydropower projects.
Some of the challenges they expect to face in the development of such projects are regulatory and construction risks in the initial years, Anand told the magazine.
“The second important one will be to set the right environmental, social and governance principles in place in the company, so that we are really building a reputation for being a toptier operator,” he added.
Chan also noted that there is no lack of capital that is ready to invest in the region’s energy transition.
“But there's a lack of high-quality assets along with high-quality management teams and operators, and our goal is to fill that gap with the right people and with the right kinds of projects,” he added.
Development plans
SARA has started its first project — the 40-MW Dam Nai wind farm in Vietnam’s Ninh Thuận province that SUSI bought in October 2024.
“The idea really is to build a scaled portfolio of 500 megawatts over the next three to four years to demonstrate that you can build high-quality businesses in this region,” Anand said.
“A lot of investors are waiting on the sidelines, and there is a need for certain investors to take the early-stage risk and build high-quality enterprises which can then be ready to receive capital from others,” he added.
According to an October 2024 report, the International Energy Agency said the region attracts only 2% of global clean energy investment despite accounting for 6% of global gross domestic product.
The level of investment will require a fivefold increase – with $190b needed in 2035 – with eight of the ten countries in Southeast Asia having net zero emissions goals at least by 2050.
“Where SARA stands differently is that we are going to implement all of these things ourselves,” Chan said. “If we can start this from scratch, we can maintain the standards better, more consistently across the different jurisdictions in Southeast Asia.”
The 40-MW Dam Nai wind farm in Ninh Thuan, Vietnam is SARA's first project (Photo from SUSI)
Wymen Chan
Rohit Anand
HR & EDUCATION
‘Top
talent’ lured by Hong Kong
still can’t find jobs two years on Critics say the job programme is too broad and not diverse enough.
Only a little over half of the best and brightest immigrants lured by Hong Kong’s top talent programme have found jobs in the past two years, putting into question the soundness of a labour policy that is meant to solve the city’s worsening brain-drain crisis.
These workers have mainly taken up managerial and professional jobs with median monthly earnings of about $6,369 (HK$50,000), Labour and Welfare Secretary Chris Sun told the city’s Legislative Council in January. A quarter of the talents earn $12,739 (HK$100,000) or more, the labour secretary added.
Almost 20% of their spouses have also found high-skilled jobs, he added.
Plug-and-play setup
Launched in 2022, the top talent pass scheme (TTPS) is part of Hong Kong’s broader strategy to develop its “eight centres” including finance, trade, shipping, aviation, and legal services by attracting elite professionals to the city.
The programme targets graduates from the world’s top universities and people who earn more than $318,482 (HK$2.5m) yearly, letting them enter Hong Kong without a job offer.
“Unlike the quality migrant admission scheme, TTPS is a more inclusive scheme and does not restrict or prioritise certain expertise or industries, but focus more on the applicant’s academic qualifications and ability to earn a high income,” Cynthia Chung, corporate commercial partner at law firm Deacons, told Asian Business Review in an interview.
The rise of flexible working spaces in Hong Kong has made it easier for foreign talent to establish themselves in the region, said Eugene Cheung, managing director at flexible workspace provider IWG Hong Kong & Greater Bay Area.
“We do see a lot of top talent, new entrants, and new businesses coming to Hong Kong using our offices as the first stop, as the first solution, because
we offer a plug-and-play setup,” the managing director said.
“When they want to start their business tomorrow, we can provide them with an office. As long as they sign the contract and pay, they will have an address. It’s a very easy solution for them,” he told Asian Business Review
Lawmakers have amended the programme by adding 13 universities to the list and extending the visas of enrolled participants. However, the top talent programme may need further changes, with some critics saying it is too broad and lacks diversity.
Balancing opportunities
Hong Kong is still quite finance-driven, so you will naturally see more bias towards the finance sector
The Labour and Welfare Bureau had received more than 116,000 applications as of December 2024, approving about 92,000 of them. More than 75,000 applicants arrived in Hong Kong with their families.
More than 90% of approved applicants are from Mainland China, according to Singapore-based Globevisa Group.
Despite government optimism, the Labour and Welfare Bureau said few visa extension applications have been
processed so far. The programme typically grants a two-year visa initially, which may be renewed based on continued employment and income.
Chung noted that to balance opportunities for Hong Kong citizens, employers who wish to hire workers who are not part of the top talent pass scheme are still required to justify why they were chosen over locals.
Cheung said workers in the city have diverse skills, with many working in the finance, trade, shipping, aviation, legal, and technology sectors.
“Of course, Hong Kong is still quite finance-driven, so you will naturally see more bias towards the finance sector," he continued.
The financial service sector is one of Hong Kong’s four pillar industries along with tourism, trading and logistics, and professional services. These generated $191m (HK$1.5b) in value-added in 2022 for a 56% share in economic output, according to government data.
These sectors employed 1.448 million people or 40% of the total jobs.
Eunice Wu, a corporate commercial associate at Deacons, noted that the government appears to be doing everything it can to help top foreign talent find available career opportunities in Hong Kong.
“However, whether the government will implement additional measures to further enhance the infrastructure and services of the city in an increasingly competitive environment remains to be seen,” she added.
HONG KONG
The programme allows top graduates and high earners to enter Hong Kong without a job offer
Cynthia Chung
Eugene Cheung
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EVENT NEWS: ASIAN BANKING & FINANCE SUMMIT - THAILAND
Thai digital banks urged to rethink playbook
They should acquire customers from the get-go with profit in mind.
Digital banks in Thailand should ditch the traditional “acquire now, make money later” if they want to start making money soon, according to analysts, in a market where only a fifth of about four-dozen so-called neobanks in Asia are profitable.
They should acquire customers profitably from the get-go instead of luring them with deals, Chalee Asavathiratham, president at Singapore-based fintech group Lightnet Group, told the Asian Banking & Finance and Insurance Asia Summit in Thailand in February.
“Digital banks are a hard business,” he said, noting that only nine of 45 banks in the region are making money. Less than 5% of the more than 400 standalone digital banks worldwide are profitable, according to Simon-Kucher & Partners.
“If you follow the traditional playbook of platform business — acquire first then figure out how to turn a profit later — that was usually
The problem that we are seeing in Thailand is structural — people rely on informal lending and loan sharks
true 10 years ago, but right now it’s a money-losing game,” Asavathiratham said in the summit.
“Think from day one how to acquire customers profitably,” he said. “How do you produce products that will generate a positive cash flow as soon as possible?”
Hong Kong-based WeLab is one of the groups vying for a digital bank licence in Thailand, whose central bank is set to issue three virtual bank licences in mid-2025. The group broke even late last year.
Risk management
Managing costs is another factor that successful digital banks in the region have in common, according to Dalad Tantiprasongchai, chief operating officer and international business officer at SCB X.
“The other is the customer experience, the value proposition that you bring to the market,” she told the summit. “It's all about risk management, both across credit
risk management and end-to-end risk management across the virtual banking engine as a whole.”
SCB X is part of another group consortium vying for a digital bank licence in Thailand.
Dalad said technological expertise is important, adding that virtual banks should be clear about how their products could add value.
“Everyone that has a mobile phone probably has all the banking apps already,” said Ittiphan Jearkjirm, executive vice president of digital business at Gulf Edge Co. Ltd. “And I believe that they have more than one," he continued.
Challenges for digital banks
Panel members led by moderator Kevin Kwek, a partner and head of Financial Institutions Group for Southeast Asia at consulting firm Kearney, agreed that one of the biggest challenges digital banks are facing now is sustaining growth.
They also said the market would have to look at Thailand's approach to digital banking differently; it won’t be about giving deals.
“I don't think I will ever target you as a potential customer in the digital bank that we're going to build,” Asavathiratham told Kwek, who had noted that mobile-savvy, banked customers do not end becoming loyal customers once a deal or promotion has ended.
“The virtual banks that we're creating are meant for the underserved,” he said. “We’re talking about the people who don’t have an easy time accessing credit from the banks," the president continued.
“These are the people who are probably going out of informal sources of funding — loan sharks, or some other means. These are the people who do not even want to put their money in the bank,” Asavathiratham added.
The SCB X executive said it is easy to grow one’s loan book very quickly “but it is hard to do that in a sustainable or profitable way.”
“The problem that we are seeing in Thailand is structural — people rely on informal lending and loan sharks,” she said. “This is something that we as a consortium and my colleagues here want to solve collectively as participants of the virtual banking game," she added.
Kearney partner Kevin Kwek led a panel discussion on sustaining growth in digital banking
EVENT NEWS: HEALTHCARE ASIA SUMMIT
How patient-focused care reduces costs and improves outcomes
The approach can also improve patients' adherence to treatment by 60%.
Acomprehensive grasp of a patient’s personal and living circumstances will not only substantially improve care but also slash costs, according to a Frost & Sullivan executive.
“Patient-centric care has been shown to reduce healthcare costs by 93% and improve patient adherence to treatment by 60%,” Sowmya Srinath, director of healthcare and life sciences at Frost & Sullivan, told the Healthcare Asia Summit 2025 in Kuala Lumpur in April.
It could also enhance health outcomes by 40% when hospital staff focus on individual patient needs and preferences, she pointed out.
Chan Si Yan, head of operations at Sunway TCM Centre in Petaling District in Selangor, said they incorporate traditional and complementary medicine into Western healthcare to provide leading-edge clinical practice.
“What we do is not just a coexistence of the systems, but an integration of both to help us [offer] the best care,” she told the forum.
Shaiful Azmi Yahaya, a senior consultant cardiologist and chief clinical officer at the Institut Jantung Negara Sdn Bhd, Malaysia’s biggest heart hospital, said patient-centric care means giving patients eligible for free care the same high-quality treatment
What we do is not just a coexistence of the systems, but an integration of both to help us offer the best care
that private patients get.
“For patient-centric care to succeed, governments need to create policies that support patient access to care and ensure the affordability of services,” he told the summit.
For instance, India plans to fully exempt 36 lifesaving drugs and medicines used for treating cancer, rare diseases, and chronic conditions from basic customs duty (BCD).
The announcement was made by Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman during her presentation of the Union Budget 2025 to 2026 in the Parliament of India.
Meanwhile, the budget proposes to exempt an additional 37 medicines, along with 13 new drugs under the 'Patient Assistance Programmes,' from BCD if supplied free to patients.
This requires investment in infrastructure to ensure underserved communities are not left behind, he pointed out.
Darshinia Ballasingam, head of medical services at Assunta Hospital in Selangor, said they serve these communities, where people earn less than $126 (RM538) a month, through community services.
“These services offer inclusive care, including free home care and palliative services for children in the community,” she said.
In Australia, the government is investing an additional $1.8m (A$2.8m) for paediatric palliative care and end-of-life care services across New South Wales. Twelve local health districts and specialist health networks have received additional funding to strengthen specialist care and invest in upgrades for physical spaces.
Planned improvements include the creation of multi-functional, homelike spaces, bereavement support, maternity services, and post-death care. These areas will also cater to children with chronic and complex medical needs.
Ballasingam said the investment will cover cosmetic upgrades, refurbishments, and general maintenance of special care nurseries, paediatric wards, and associated facilities.
She added that the hospital provides social welfare services, offering medical care to those who need secondary or tertiary treatment.
“Patients can meet medical officers and be referred to our consultants for free, along with services like computed tomography scans and magnetic resonance imaging sponsored by Assunta Hospital,” she said.
Community care
Ballasingam said the hospital also provides emotional and social support by helping patients access social benefits or apply for assistance.
Yahaya said using a system that allows medicines to be delivered directly to patients' homes is another form of patient-centric care. This has helped save not only time but also lives, he added.
The integrated patient care systems market is projected to hit $41.8b by 2030 at a compound annual growth rate of almost 12%, said Research and Markets.
Hospitals and health systems are the primary adopters of these platforms, particularly as they shift towards accountable care models and risk-based reimbursement structures.
Institut Jantung Negara's Shaiful Azmi Yahaya urges governments to create affordable care policies
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Award-Winning Innovation: PicoSure® Pro Sets New Benchmark in Picosecond Laser Technology
PicoSure®® Pro takes picosecond laser technology to unprecedented levels of performance.
Cynosure® Lutronic® brought home the Aesthetic Product Innovation of the Year category win at the Healthcare Asia Medtech Awards 2024 for its 755nm picosecond alexandrite wavelength device PicoSure® Pro that has been introduced across Asia since its launch in end-2022.
PicoSure® Pro
PicoSure® Pro delivers ultra-short pulses of energy to the skin through its advanced laser technology. It is able to deliver a more effective solution than before with its adjustable fluences, 50% more power, Turbo mode for hard to treat areas, platinum focus lens, faster start-up time, a new zoom handpiece, and optional wavelengths.
The device also allows for a much higher melanin to blood absorption ratio compared to other common picosecond wavelengths. It effectively targets melanin without the risk of pinpoint bleeding and causing other side effects, treating unwanted pigmentation in all skin types, reducing wrinkles, acne scars, and temporarily reducing pores with no downtime. PicoSure® Pro has been cleared by the FDA for treating melasma pigment, nevus of Ota, as well as Hori’s nevus.
Moreover, PicoSure® Pro has caught the interest of practitioners, publishing research studies about its cutting-edge technology and greater efficiency in providing patients with better outcomes. As of the moment, there have been 127 peer-reviewed studies published about the technology, with another eight currently in progress.
“PicoSure® Pro is an excellent option for the region’s practitioners to personalise, offer better and faster treatments to patients with a variety of skin concerns yet achieve optimal results, with minimal pain or downtime leading to improved outcomes, increased patient satisfaction and hence, better returns on investment (ROI) to practices and clinics,” Cynosure® Lutronic® said.
Empowering healthcare professionals Meanwhile, this technology also empowers doctors to transform patients’ lives as an effective and fast laser system to rejuvenate skin and reduce scars.
“Combining PicoSure® Pro’s 755nm wavelength and picosecond pulse width and Platinum Focus lens to perfectly calculate for optimum LIOB formation and placement, delivering energy that works with the body, unleashing natural cell signalling processes to create brighter, healthier, younger-looking skin with virtually no downtime,” the company added. Healthcare Asia Medtech Awards spotlights exceptional medtech companies across Asia who have consistently gone above and beyond to serve their customers with groundbreaking innovations and lifesaving solutions.
PicoSure® Pro is an excellent option for the region’s practitioners to personalise, offer better and faster treatments
Cynosure® Lutronic® takes home win at Healthcare Asia Medtech Awards 2025
Medical device system manufacturer Cynosure® Lutronic® scores another win with Aesthetic Product Innovation of the Year in the prestigious Healthcare Asia Medtech Awards 2025 for its specialised vascular laser DermaV™ that offers unmatched precision, safety, and effectiveness in treating vascular and pigmented lesions.
Designed as a faster, safer, and more versatile solution, DermaV is the first and only digital-powered dual-wavelength 532nm & 1064nm laser to feature both an Integrated Cooling Device (ICD) and Variable Sequential Pulsing (VSP) capabilities. By optimising wavelength, fluence, and pulse width, it delivers superior treatment outcomes with minimal discomfort, setting a new benchmark in dermatology and treating unwanted vascular and pigmented lesions.
All-in-one solution
This innovative platform has the capability to replace multiple older laser technologies as a comprehensive all-in-one solution, empowering dermatologists with efficiency, precision, and superior clinical outcomes. DermaV has been featured at multiple podium presentations across the APAC region, earning recognition for its breakthrough technology, superior efficacy, and enhanced patient outcomes for all skin types, including darker skin types.
“We are honoured to receive this recognition. This achievement underscores
our commitment to empowering doctors with cutting-edge solutions that enable them to deliver optimal patient care. It reaffirms our dedication to advancing medical technology, improving treatment outcomes, and expanding our presence across the region,” says Danielle Raballo, Cynosure Lutronic Asia Pacific.
Since its origins in Korea and initial launch in Vietnam in late 2021, DermaV™ has rapidly expanded across Southeast Asia, reaching Singapore, Indonesia, the Philippines, and
Thailand, with further expansion on the horizon.
About the awards
Healthcare Asia Medtech Awards spotlights the pioneers who are shaping the future of healthcare through medical devices, lifesaving software, or innovative healthcare solutions. Cynosure Lutronic’s latest recognition underscores its commitment to driving innovation and shaping the future of medical aesthetics.
‘This achievement underscores our commitment to empowering doctors with cutting-edge solutions’
Danielle Raballo at the Healthcare Asia Medtech Awards 2025
Powerhouse partnership: Cynosure® Lutronic®’s DermaV™ honoured for healthcare technology
Interview with Danielle Raballo, Cynosure® Lutronic® Asia Pacific
Cynosure® Lutronic® have once again proven the strength of the newly formed organisation with DermaV™, which has been awarded Healthcare Technology of the Year at the prestigious SBR Technology Excellence Awards 2025. This recognition marks DermaV™’s second major award and underscores its status as a groundbreaking advancement in vascular laser technology. To learn more about what this award means for the company and the future of medical aesthetics, we spoke with Danielle Raballo, Cynosure® Lutronic® Asia Pacific.
Q: Congratulations on DermaV™’s recent win at the SBR Technology Excellence Awards. What does this award represent for Cynosure® Lutronic®?
A: Thank you, it’s a huge honour and an exciting milestone for us. This celebrates not only DermaV™’s exceptional clinical performance and technological innovation but also highlights the strength and vision of the Cynosure® Lutronic® partnership. It’s a powerful validation of our shared commitment to advancing energy-based healthcare technologies, pushing the boundaries of aesthetic innovation and delivering best-inclass solutions that empower practitioners and improve patient outcomes worldwide.
Q: DermaV™ is gaining momentum as a breakthrough device. What sets DermaV™ apart in today’s aesthetic laser landscape?
A: DermaV™ is the first and only solid-state vascular laser to feature dual wavelengths 532 nm/1064 nm, designed to treat over 55+ skin concerns, including complex vascular and pigmented lesions across all Fitzpatrick skin
types. Its compact design includes a builtin contact cooling system, high-speed scanning and real-time skin temperature feedback, making it exceptionally userfriendly. With consistent, high-performing results and broad treatment capabilities, DermaV™ is truly setting a new standard in the vascular laser space.
Q: How will the merger between Cynosure and Lutronic contribute to the development and commercialisation of successful products like DermaV™?
A: The Cynosure® Lutronic® merger will redefine how we approach product development and innovation. By uniting Cynosure’s global commercial infrastructure with Lutronic’s engineering depth, we will streamline research processes, accelerate go-to-market timelines and bring high-performance devices like DermaV™ to clinics faster. It’s not just a merger of companies, it’s a merger of missions.
Q: What kind of impact is DermaV™ having on clinics and doctors?
A: DermaV™ was designed with the real-world needs of clinics and practitioners in mind. It delivers fast, effective treatments with minimal downtime, which means greater patient satisfaction and improved operational efficiency for clinics. For instance, in cases of rosacea, patients showed a 39% improvement after just three treatments, which helped reduce the appearance of linear vessels. With features like an integrated cooling system and intuitive pre-set protocols, it streamlines workflows and reduces the learning curve for new users. For practitioners, it offers a high degree of control, safety, and consistency, enabling them to confidently treat a wide range of concerns.
Q: The award celebrates excellence in healthcare technology. What specific innovations within DermaV™ do you believe earned that recognition?
A: DermaV™’s dual-wavelength solid-state laser platform is truly a standout. It gives practitioners the flexibility to tailor treatments to individual patient needs, whether they’re addressing vascular, pigmented lesions or acne scars. But what really sets DermaV™ apart is
its proven ability to deliver consistent, visible results across a broad range of indications and skin types. It’s next-generation innovation, grounded in real-world outcomes.
Q: What does this recognition mean for the future of DermaV™ and your broader innovation roadmap?
A: It reinforces our commitment to pushing the boundaries of what aesthetic devices can achieve. This recognition fuels our drive to keep listening to clinicians, refining our technology and enhancing our training and support. With DermaV™, we’re continuing to invest in clinical research, regulatory expansion, and platform upgrades that increase its capabilities. More broadly, this win energises our vision to lead the industry in safe, effective and inclusive aesthetic technologies.
DermaV™ is a strong example of the industry’s evolution towards intelligent, outcome-driven solutions. It supports clinicians in delivering high-impact, lowdowntime treatments that cater to a broader, more diverse patient base. As the demand for inclusive, scientifically backed aesthetic treatments grows, it’s about empowering professionals to deliver care that’s still personalised, precise, and backed by science. DermaV™ sets a new benchmark, and that’s the future we’re excited to lead.
DermaV™ was designed with the real-world needs of clinics and practitioners in mind
Danielle Raballo, Cynosure® Lutronic® Asia Pacific
Cynosure® Lutronic® recognised at the SBR Technology Excellence Awards 2025
DermaV™, the latest vascular laser system from Cynosure® Lutronic®, offers an all-in-one solution for 55+ skin indications.
Medical equipment manufacturer
Cynosure® Lutronic®’s DermaV™, the revolutionary all-in-one solution for dermatologists, has bagged a win in the Machine - Healthcare category at the recent SBR Technology Excellence Awards 2025.
Since its launch in Vietnam, DermaV™ has quickly gained traction, expanding its footprint across Southeast Asia, including Singapore, Indonesia, the Philippines, and Thailand. This advanced solution is designed to address 55+ indications, delivering faster, safer, and more effective treatments for a variety of skin conditions and skin types.
DermaV™ is a true breakthrough for both dermatologists and patients, combining two powerful wavelengths—532nm and 1064nm—delivering dual power for exceptional results. The integrated cooling system prevents heat buildup, ensuring a comfortable and safe experience during
treatment. Additionally, DermaV™ features IntelliTrak™ temperature sensing technology, Accelerated Rejuvenation with Tracking (ART™), an intuitive user interface, and optimal fluence, which allows the system to deliver
DermaV™ is setting new benchmarks in patient outcomes with its advanced solutions
three times the peak power. Its variable sequential pulsing (VSP) ensures energy is delivered with unmatched precision, making it faster, safer, and more versatile than traditional lasers. With its unique combination of wavelengths and innovative features, DermaV™ sets a new standard in dermatology,
particularly in the treatment of vascular and pigmented lesions.
"DermaV™ is setting new benchmarks in patient outcomes with its advanced solutions. The technology stands out for its exceptional precision, enhanced safety, and improved patient outcomes, reducing risk by providing a smoother treatment process with minimal downtime and discomfort. We are honoured by this win and will continue expanding our presence in the region, aligned with Cynosure Lutronic's strategy to provide advanced dermatological technologies to the growing APAC markets," said Danielle Raballo, Cynosure Lutronic, Asia Pacific.
The SBR Technology Excellence Awards recognises technological innovation from companies based in Singapore, honouring exceptional companies that are leading digital transformation and making a significant impact in their respective industries.
Cynosure® Lutronic® at the SBR Technology Excellence Awards 2025
EVENT: MALAYSIA AWARDS
Outstanding companies celebrated at the Malaysia Awards 2025
With innovation and excellence at the core of Malaysia’s economic success, businesses continue to push boundaries across industries. The Malaysia National Business Awards, Malaysia International Business Awards, and Malaysia Technology Excellence Awards have once again recognised outstanding companies and their achievements in the nation’s business and technology landscape.
Hosted by Asian Business Review, the awards programmes celebrated business excellence and innovation, honouring the winning companies at an Awards Dinner on 20 March 2025 in Malaysia.
This year’s awards programmes celebrated achievements in Malaysia’s business and technology sectors, recognising homegrown and international companies for their exceptional projects and innovations. The awards honoured organisations influencing
MALAYSIA NATIONAL BUSINESSAWARDS 2025WINNERS
Ambank Berhad
• Innovation Award - Banking
Aventra Group Sdn Bhd
• Excellence Award - Aviation
Axiata Group Berhad
• Initiative Award - Telecommunications
Az Zuha Group Travel and Tours Sdn Bhd
• Excellence Award - Tourism
CARSOME Sdn. Bhd.
• Excellence Award - Automotive
CGC Digital Sdn Bhd
• Initiative Award - Financial Services
CRE8 IOT SDN. BHD.
• Excellence Award - Technology
Etika Sdn Bhd
• Innovation Award - Food & Beverage
Ikonik Eye Specialist and General Health Centre Sdn Bhd
• Excellence Award - Healthcare Technology
IPP Malaysia
• Excellence Award - Manufacturing
Lumut Naval Shipyard Sdn Bhd (LUNAS)
• Innovation Award - Engineering
Malaysia Airlines Berhad
• Innovation Award - Transportation
• Excellence Award - Transportation
Malaysian Research Accelerator for Technology & Innovation (MRANTI)
• Innovation Award - Non-profit Organisation
MSM Holdings Berhad Malaysia
• Excellence Award - Food & Beverage
Malaysia’s dynamic and globally competitive business environment.
An esteemed panel of experts served as this year’s judges for the Malaysia National Business Awards and Malaysia International Business Awards, which included Murali Samy, Audit Partner, Deloitte; Victor Cheong, Partner, Audit and Assurance, RSM Malaysia; and Anand Chelliah, Managing Partner, Tax Services, Baker Tilly Malaysia.
For the Malaysia Technology Excellence Awards 2025, the panel of judges included Michael Lim Jr, Managing Director, Crowe Growth Consulting; Victor Cheong, Partner, Audit & Assurance, RSM Malaysia; Nazerim Amir, Associate Partner, AI and Data, Ernst & Young Consulting Sdn Bhd; William How, Group Innovation Lead, Forvis Mazars in Malaysia; and Lloydon Leong, Director, Strategy, Risk & Transactions, Deloitte.
Congratulations to all the winners!
Nasional Berhad
• Initiative Award - Oil & Gas
PLUS Malaysia Berhad
• Initiative Award - Diversified Services
Pos Aviation Sdn Bhd
• Initiative Award - Aviation
PR1MA Corporation Malaysia
• Excellence Award - Real Estate
SEO Services Sdn Bhd
• Innovation Award - Marketing
SMALL MEDIUM ENTERPRISE DEVELOPMENT BANK MALAYSIA BERHAD
• Initiative Award - Banking
Sunway Medical Centre Penang
• Excellence Award - Healthcare
Yayasan Bank Rakyat
• Excellence Award - Non-Profit Organisation
MALAYSIA INTERNATIONAL BUSINESS AWARDS 2025WINNERS
ANUGRAH INOVASI MAKMUR INTERNATIONAL SDN BHD
• Excellence Award - Health Products & Services
Asia Pacific Aircraft Component Services
• Excellence Award - Aviation
CITIGROUP TRANSACTION SERVICES (M) SDN BHD (CTSM)
• Initiative Award - Banking
• Initiative Award - Financial Services
McDermott
• Excellence Award - Engineering
Persistent Systems Malaysia Sdn. Bhd.
• Initiative Award - IT Services
Teleperformance Malaysia Sdn. Bhd.
• Excellence Award - Outsourcing
• Initiative Award - Outsourcing
Petroliam
MALAYSIATECHNOLOGY EXCELLENCE AWARDS 2025WINNERS
Ambank Berhad
• Digital - Banking
Appfuxion Consulting Sdn. Bhd.
• AI - IT Services
Aventra Group Sdn Bhd
• Enterprise Software - Business Services
Axiata Group Berhad
• Cybersecurity - Telecommunications
BeED
• AI - Education
Boost
• E-Wallet - Financial Technology
CGC Digital Sdn Bhd
• Fintech - Financial Services
Concentrix
• AI - Technology
Dexcom Malaysia
• Automation - Healthcare Technology
Emerce
• OTT - Sports
• Software - Sports
Fourier Intelligence Sdn Bhd
• Medical Technology - Healthcare Technology
German-Malaysian Institute
• IoT - Food Manufacturing
Hitachi Vantara
• Infrastructure Technology - Computer Software
IFCA MSC Berhad
• Proptech - Real Estate
IMPACT TECH SINGAPORE PTE. LTD.
• Enterprise Software - Marketing
Intellectual Property Corporation of Malaysia
• Mobile - Government Organisation
iTOOLS Sdn. Bhd.
• Online Services - Business Services
Juris Technologies Sdn Bhd (JurisTech)
• Enterprise Software - Banking
KENANGA INVESTMENT BANK BERHAD
• Digital - Financial Services
KG Information Systems Sdn.Bhd.
• Insurtech - Technology
LIAN SHUN TECHNOLOGY (M) SDN BHD
• IoT - IT Services
Malaysia LNG Sdn. Bhd. (MLNG)
• AI - Oil & Gas
• Automation - Oil & Gas
Malaysian Communications and Multimedia Commission
• Automation - Government Organisation
• Fintech - Government Organisation
• Malaysian Research Accelerator for Technology & Innovation (MRANTI)
• Augmented Reality and Virtual Reality - Oil & Gas
• Robotics - Oil & Gas
Sunway Money Sdn. Bhd.
• Fintech - Remittance
TDCX Malaysia
• AI - Outsourcing
• AI - Travel Services
Telekom Research & Development Sdn Bhd
• AI - Environmental Services
Toshiba Sales And Services Sdn Bhd
• Design Technology - Electronics
• Unilever (Malaysia) Holdings Sdn. Bhd. & Avinity Analytics Sdn Bhd
• Analytics - FMCG
University Malaysia of Computer Science and Engineering (UNIMY)
• Online Services – Education
UOB Malaysia
• APP - Banking
Vase.ai
• Software - Marketing Technology
Wellous Group
• AI - Wellness and Fitness Services
Zuellig Pharma Sdn. Bhd.
• Automation - Pharmaceuticals
• Digital - Pharmaceuticals
EVENT: MALAYSIA AWARDS
McDermott
Aventra Group Sdn Bhd
Teleperformance Malaysia Sdn Bhd
Axiata Group Berhad
CGC Digital Sdn Bhd
IPP Malaysia Lumut Naval Shipyard Sdn Bhd (LUNAS)
Yayasan Bank Rakyat
PR1MA Corporation Malaysia
Teleperformance Malaysia Sdn. Bhd.
Aventra Group Sdn Bhd
Boost
Concentrix
Dexcom Malaysia
IFCA MSC Berhad
IMPACT TECH SINGAPORE PTE LTD
iTOOLS Sdn Bhd
CGC Digital Sdn Bhd
Axiata Group Berhad BeED
EVENT: MALAYSIA AWARDS
Juris Technologies Sdn Bhd (JurisTech)
Malaysia LNG Sdn Bhd
Malaysian Communications and Multimedia Commission
MBSB Bank
Moomoo Securities Malaysia Sdn Bhd
Permodalan Nasional Berhad
RHB Banking Group
Sandisk PETRONAS
Mindvalley
Sarawak Energy Berhad
SARAWAK SHELL BERHAD
UNIMY
UOB Malaysia
Wellous Group
Zuellig Pharma Sdn. Bhd.
Zuellig Pharma Sdn. Bhd
Telekom Research & Development Sdn Bhd
Sarawak Metro Sdn Bhd
Delivering financial transformation through innovation and operational excellence
MCMCPAY by the Malaysian Communications and Multimedia Commission won Fintech - Government Organisation & Automation - Government Organisation at the Malaysia Technology Excellence Awards 2025.
Transforming financial operations is more than just digitising transactions—it's about building trust, improving service delivery, and enabling systems that work better for everyone. With this vision, the Malaysian Communications and Multimedia Commission (MCMC) developed MCMCPAY, a payment gateway solution designed to streamline and modernise its revenue collection processes.
Rooted in national initiatives such as the MyDIGITAL Blueprint and the Public Sector Digitalisation Strategic Plan (2021–2025), MCMCPAY reflects the commission’s commitment to supporting Malaysia’s journey toward a cashless and technology-driven future. By replacing fragmented and manual payment practices, MCMCPAY offers realtime, end-to-end automation that reduces turnaround time, enhances transparency, and improves accuracy in payment reconciliation—benefits that all directly translate to better service for the public.
Efficiency through automation
At the heart of MCMCPAY is a focus on public value. With seamless integration across multiple financial institutions, the system enables secure, efficient transactions whilst easing the user experience for individuals and organisations alike. By eliminating unnecessary manual processes
and automating integration with financial institutions, MCMCPAY empowers MCMC to manage a large number of transactions with zero human intervention. This innovation not only improves operational efficiency but also strengthens public confidence in digital government agencies' services.
Secure, digitally connected future
MCMCPAY's development is a reflection of the commission’s broader transformation agenda—an agenda that puts people, performance, and public service excellence
first. In line with this, MCMC is aligning its digital financial capabilities with national efforts to promote the DuitNow Online Banking Wallet, supporting a more seamless and inclusive payment experience for users. By adopting widely recognised digital payment channels, MCMCPAY contributes to Malaysia’s push toward a secure and digitally connected economy.
“MCMCPAY is not just a system upgrade—it reflects MCMC’s commitment to modernising our financial operations whilst supporting the national digitalisation agenda,” said Mr Cho Shi Chong, Chief Financial Officer of MCMC. “It enhances the way we manage revenue collection, making our processes more transparent, efficient, and aligned with the expectations of a digital-first public service. This award is a meaningful recognition of the team's dedication to innovation and operational excellence.”
Milestone achievement
The company's recognition at the Malaysia Technology Excellence Awards 2025, in both the Fintech - Government Organisation and Automation - Government Organisation categories, is a proud moment for the Malaysian Communications and Multimedia Commission project team. It marks a significant milestone, not only for the organisation but for the broader vision of a digitally empowered public sector that works better, faster, and smarter for the people it serves.
MCMCPAY contributes to Malaysia’s push toward a secure and digitally connected economy
Cho Shi Chong, Chief Financial Officer, Malaysian Communications and Multimedia Commission
MCMC Chief Financial Officer Cho Shi Chong at the Malaysia Technology Excellence Awards 2025
Empowering the future of healthcare supply chain through automation & digital transformation
Zuellig Pharma Malaysia’s award-winning strategy is redefining pharmaceutical distribution for a smarter, more connected value chain.
For Zuellig Pharma, automation and digital transformation are not parallel tracks but integrated pillars of a bold strategy to redefine pharmaceutical distribution and empower better healthcare outcomes.
By bringing together advanced automation and intelligent digital transformation, Zuellig Pharma is creating a future-ready supply chain that delivers more than just medicine—it delivers trust, transparency, and impact.
That strategy has now been recognised with two accolades at the Malaysia Technology Excellence Awards 2025.
Making healthcare more accessible in Asia
With over 100 years of experience, Zuellig Pharma has earned a reputation for reliability, integrity, and quality. Today, that legacy lives on through the company’s strong commitment to innovation, sustainability, and customer-centricity.
The company works closely with global pharmaceutical manufacturers, governments, healthcare professionals, and providers to expand access to life-saving medicines and healthcare products. Its operations span three core areas: Distribution, Commercialization, and Clinical Trial Support, underpinned by a technology-first and sustainable approach.
With a presence in over a dozen Asian markets, Zuellig Pharma is one of the region’s leading integrated healthcare solutions providers. Its purpose of Making Healthcare More Accessible drives every decision and innovation.
This holistic approach blends physical automation with digital capabilities.
Setting the standard in sustainability
Zuellig Pharma’s transformation isn’t just technological; it’s ethical. Sustainability is embedded in how the company operates,
innovates, and delivers healthcare. The company is the first and only in Asia-Pacific to achieve an outstanding performance score of 90 points from EcoVadis, placing it amongst just 60 top-performing companies worldwide out of over 130,000 respondents.
For the fourth consecutive year, Zuellig Pharma has also earned a Platinum rating from EcoVadis, ranking it in the top 1% globally for environmental and social performance.
Automation that moves with purpose
In 2024, Zuellig Pharma Malaysia launched a large-scale automation transformation at its Shah Alam Distribution Centre. Successfully completed in Q4 2024, this two-year initiative has redefined operational excellence for the company and their customer experience.
Key features include: automated shuttles, travelling at 1 metre per second and capable of carrying up to 1 tonne; 9 high-speed lifters ; high-density storage spanning 9 levels; and seamless integration with advanced warehouse management and control systems.
But this transformation is more than infrastructure. It enables a smarter flow of information and materials and lays the foundation for predictive logistics and realtime visibility, which are cornerstones of a truly digital supply chain.
Digitising customer experience with eZRx+
To complement the physical transformation, Zuellig Pharma has also expanded its digital ecosystem, delivering greater convenience, control, and insight to customers through its award-winning platform, eZRx+.
As ASEAN’s leading B2B healthcare e-commerce platform, eZRx+ supports over
59,000 customers, offering real-time stock visibility and smart product search; mobilefirst order tracking and digital documentation; seamless digital payments, automated returns, and backorder management; and 24/7 AI chatbot support and integrated customer service, and many other features available.
Together with the Client Portal, a singleentry platform for end-to-end procurement workflows, Zuellig Pharma has created a fully connected experience where healthcare providers can manage orders, track deliveries, and access insights with ease.
This powerful combination of automation and digital innovation gives customers the best of both worlds - the speed and precision of smart infrastructure, and the flexibility and transparency of intelligent digital tools.
Shaping the future of healthcare
As Zuellig Pharma continues to evolve, one thing remains constant: its commitment to Making Healthcare More Accessible for the communities it serves. By combining nextgeneration automation with transformative digital platforms, the company is not only solving today’s challenges—it’s building a more holistic healthcare ecosystem through its leading integrated solutions.
Scan QR to know more about Zuellig Pharma or visit www.zuelligpharma.com
Zuellig Pharma is creating a future-ready supply chain that delivers more than just medicine
Zuellig Pharma at Malaysia Technology Excellence Awards 2025
At the core of everything that we do, is the belief that progress belongs to everyone. Our recent win at the 2025 Malaysia Technology Excellence Awards for Best Robotics Automation, is a testament to our constant pursuit for a faster, more consistent and a better digitalized experience for all.
We look forward to pushing more boundaries and achieving more success with you.
BeED won the Malaysia Technology Excellence Awards 2025 for AIEducation, reinforcing its position as a leader in transformative education solutions.At the core of BeED’s ecosystem are its key solutions:
BeED Journeys – A Mobile Experiential Learning Platform that transforms realworld locations into interactive learning spaces, enabling learners to engage in on-site or virtual learning with or without internet connectivity.
BeED Nexus – A global education hub that unifies digital learning resources, providing institutions instant access to high-quality curricula, assessment tools, as well as educational content.
to focus more on student engagement.
The future of AI
BeED Travels – A premier education travel service offering customised study trips, corporate incentive travel, and team-building programmes, ensuring meaningful experiential and cultural immersion.
BeED envisions a future where AI-driven personalisation and automation create a fully integrated intelligent education ecosystem. Expanding BWiz beyond educators, BeED is developing a Personalized-Adaptive AI Learner Assisted System, tailoring learning experiences based on individual learner strengths, weaknesses, and progress. This system will provide customised learning pathways, AI-driven recommendations, and feedback, ensuring learners receive the right content at the right time.
BeED LMS – A pedagogically driven Learning Management System (LMS) designed to support multiple curricula, enhance interdisciplinary learning, and optimise teaching and assessment through
BeED has expanded its expertise into the AI sphere with BWiz, an AI-Powered Teaching Assistant for educators that streamlines lesson planning, assessment creation, and content development. By enhancing efficiency and personalisation, BWiz enables educators
From personalised learning for learners to AI-driven curriculum design and data insights, BeED is committed to redefining education through AI innovation. BWiz is just the beginning—BeED’s ongoing advancements will empower educators and learners, ensuring a smarter, more efficient, and engaging learning experience.
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Aventra Group Sdn Bhd makes business futureready with Intelligent Document Processing
Aventra has been keeping up with today’s fast-paced digital world with a solution that turns timeconsuming tasks into seamless and automated workflows.
Aventra Group Sdn Bhd has offered a solution to businesses flooded with documents such as contracts, invoices, claims, compliance reports, and more. Instead of sorting through them manually, which wastes time, money, and resources, Aventra came up with the Intelligent Document Processing (IDP) platform that is reshaping how businesses handle information.
Unstructured chaos into usable data
Aventra’s IDP system doesn’t just read documents—it understands them. It uses AI, machine learning, OCR, and natural language processing to automatically retrieve files from emails, databases, or business apps and extract key data.
It then transforms it into structured formats such as PDF, JPEG, or DOCX, which are all handled accurately and efficiently.
This approach resulted in a cut in the claims processing time from four to six weeks to just 24 to 48 hours; a 95% reduction in manual data efforts; and a drop in compliance review time from two to four months to just two weeks.
Since the IDP is platform-agnostic, it can integrate with virtually any system or compliance framework, making it a flexible, one-size-fits-all solution for companies across various industries.
What truly sets this IDP apart is its ability to power zero-touch workflows. Once set up, it classifies, extracts, and routes data into enterprise systems with minimal human intervention. But when human judgement is needed, the platform uses Human-in-the-Loop Technology (HILT) to support decision-making, keeping operations ethical and transparent.
This hybrid approach means businesses can enjoy faster, smarter document processing whilst still keeping control.
Acknowledging that automation plays a bigger role in business, Aventra has committed itself to doing it right—building its IDP platform on responsible AI principles, ensuring fairness, security, and trust.
This includes approaches such as a right AI model for each task that ensures accuracy and relevance; an inclusive, high-quality datasets that reduce bias; guardrails that prevent AI from generating incorrect or misleading results; and data governance and auditability that protect sensitive information and ensure accountability.
Agentic AI
Aventra isn’t stopping here. As businesses continue their digital transformation, the company is evolving its IDP into a nextgeneration platform—Agentic AI.
“IDP is undergoing a significant transformation into a true Agentic AI solution. This new approach integrates core AI capabilities, generative AI, configurable workflows, and a comprehensive API layer into a single, unified platform,” Aventra stated. “The result is a highly flexible system capable of handling a wide spectrum of enterprise IDP use cases, far beyond traditional tasks like invoice processing or compliance automation.”
It is designed to work across industries and technologies, allowing businesses to build their own workflows. It also integrates with existing tools and makes real-time decisions based on clean and structured data.
“What sets this evolved IDP apart is its ability to seamlessly produce outputs that can either feed into connected enterprise systems or be consumed directly for real-time decisionmaking. The platform can operate alongside
any complex enterprise system, regardless of the underlying technology or hosting environment,” the company added.
This model enables IDP to function not just as a tool but as a collaborative, intelligent system that is deeply embedded within the enterprise ecosystem and equipped to scale with the needs of the modern business.
A transformation partner
With delivery options through both Software as a service (SaaS) and Platform as a Service (PaaS), and a user-friendly experience tailored to modern needs, Aventra’s IDP is a powerful partner in digital transformation.
From insurance and banking to healthcare and logistics, IDP platform is building a more responsible, data-driven future.
Recognised in the Enterprise SoftwareBusiness Services category at the Malaysia Technology Excellence Awards 2025, Aventra’s IDP platform maintains the highest standards of trust and responsibility. With this, the company is leading the digital trend.
'Our value lies in ensuring automation in documentation processing are done with precision; ensuring our customers deliver beyond to their customers'
Aventra at Malaysia Technology Excellence Awards 2025
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Aventra Group Sdn Bhd revolutionises aviation training with Training Management System
The group’s introduction of TMS has helped businesses move away from slow and manual processes to smart and automated solutions.
Aventra Group Sdn Bhd’s introduction of the Training Management System (TMS) has positioned it at the forefront as industries accelerate their shift to digital. With this platform, the company has been empowering aviation service providers with smart, cloud-based solutions that simplify compliance and reduce administrative headaches.
TMS replaces outdated manual processes with a centralised digital tool for training and certification management. This approach has already made a difference, amongst them is its assistance to a top Malaysian aviation ground handler in transforming their workflow.
What once took 14 working days and seven employees to process now takes just 10 seconds per person, a record 99.8% increase in efficiency. Digital certificates, automated tracking, and instant reporting have significantly improved the certification process as well.
Ensuring
compliance and workforce readiness
More than just a scheduling tool, Aventra’s TMS is a full-fledged training ecosystem. It brings together training materials, staff profiles, job descriptions, and certification records into one easy-to-manage platform. As it is designed to meet the high standards, it ensures that every step, from emergency response to cargo handling, meets strict compliance requirements.
With real-time dashboards, automated alerts, and detailed reports, compliance
officers and training managers always have up-to-date insights on workforce readiness and certificate validity.
From aviation to all sectors
“We're expanding into maritime, logistics, and rail, customising TMS for state training centres like Pahang Skills to manage workforce skills. Strategically, we aim to collaborate with Microsoft or Telekom Malaysia for hosting and bundling, whilst partnering with aviation training schools to embed TMS into their digital ecosystem,” Aventra said regarding the company’s approach to stay agile and aligned with the latest compliance requirements. As it targets Malaysia’s 28 groundhandling companies, Aventra is offering subscription plans tailored to business needs—Starter, Pro, and Compliance. The company is also partnering with aviation training schools to embed TMS into their curriculum.
“Our commercial model includes monthly and yearly subscriptions, a credit system for modules and reports, and trial options for early adopters. Future upgrades will integrate AI to automate training schedules, license
renewal reminders, workforce planning, and build a centralised data system for industry insights,” the company added.
Looking to the future
Along with its plans to collaborate with Microsoft and Telekom Malaysia for hosting and bundling services, Aventra also aims to introduce AI-powered upgrades to handle automated scheduling, license renewals, and workforce planning. A credit-based system for modular features and trial options for early adopters adds flexibility for growing companies.
“We plan to upgrade the TMS into a modular, industry-agnostic platform with dashboards and compliance workflows, expanding beyond aviation to serve GLCs, hospitals, factories, schools, and government agencies,” the spokesperson said. “By breaking the TMS into components like scheduling, certification, and assessments— with API integration for HR and ERP systems—we aim to offer tailored solutions for state skills centres and national training bodies to manage workforce upskilling.”
The impact Aventra has made is real and award-winning, as it achieved the Excellence Award - Aviation at the Malaysia National Business Awards 2025.
With innovation at its core and scalability in its design, Aventra’s TMS is not just keeping up with change—it’s leading it.
‘We aim to offer tailored solutions for state skills centers and national training bodies to manage workforce upskilling’
Aventra Group Sdn Bhd wins Excellence Award - Aviation at the Malaysia National Business Awards 2025
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Asia's top leaders lauded at Asian Management Excellence Awards
In Asia’s rapidly evolving business landscape, companies are embracing digital transformation, fostering inclusive work cultures, and prioritising employee wellbeing to remain competitive and resilient. As industries continue to innovate and adapt, effective leadership and strategic vision have become essential drivers of long-term success and meaningful impact.
Recognising these efforts, the Asian Management Excellence Awards, presented by Asian Business Review, celebrated the outstanding achievements of Asia’s top companies, business leaders, and teams. Gathering distinguished leaders and innovators, an awarding ceremony was held on 6 February 2025 at the Conrad Bangkok in Thailand and highlighted top contributors driving
ASIAN MANAGEMENT EXCELLENCEAWARDS 2025WINNERS
Executive of the Year
• China Executive of the Year - Manufacturing - Dr. Mark Su, Johnson Matthey Greater China
• Indonesia Executive of the Year - Banking - Noviady Wahyudi, PT Bank CIMB Niaga Tbk
• Indonesia Executive of the Year - Healthcare - Dr. Benedictus Widaja, MANDAYA HOSPITAL GROUP
• Indonesia Executive of the Year - Oil & Gas - Muhamad Arifin, Pertamina EP Cepu Regional Indonesia Timur
• Indonesia Executive of the Year - Technology - Bayu Hanantasena, PT Aplikanusa Lintasarta
• Indonesia Executive of the Year - Telecommunications - Theodorus Ardi Hartoko, PT Dayamitra Telekomunikasi Tbk
• Indonesia Executive of the Year - Transportation - Adrianto Djokosoetono, Bluebird
• Nepal Executive of the Year - Financial Services - Tim Gocher, Dolma Fund Management
• Pakistan Executive of the Year - Food & Beverage - Imran Ijaz, Cheezious
• Pakistan Executive of the Year - Life Insurance - Mohammed Ali Ahmed, EFU Life Assurance Ltd.
• Philippines Executive of the Year - General Insurance - Ichiro Iwabuchi, BPI/MS Insurance Corporation
• Philippines Executive of the Year - Healthcare - Dr. Beaver R. Tamesis, Asian Hospital and Medical Center
• Philippines Executive of the Year - Human Resources ConsultingYu Ming Chin, Viventis Search Asia, Inc.
• Sri Lanka Executive of the Year - Oil & Gas - Dr. Niroshan J Pieries, LAUGFS Gas PLC
• Thailand Executive of the Year - Life Insurance - Chai Chaiyawan, Thai Life Insurance Public Company Limited
• Thailand Executive of the Year - Technology - Wichit Srikreephuthana, Pantavanij
• Vietnam Executive of the Year - Financial Services - Fabien Sanchez, Home Credit Vietnam Financial Company Limited
• Vietnam Executive of the Year - Oil & Gas - Mahesh Swaminathan, McDermott
Innovator of the Year
• Philippines Innovator of the Year - Banking - Dexter Lloyd C. Cuajotor, Bank of the Philippine Islands
meaningful progress across industries. This prestigious awards programme honours exemplary performance, recognising excellence in leadership, teamwork, innovation, and impactful corporate initiatives. It also acknowledges remarkable accomplishments in employee engagement, diversity and inclusion, and health and wellness categories.
This year’s distinguished panel of judges included Mark Maclean, HR Transformation Leader, Southeast Asia, Deloitte Southeast Asia; Jason Seng, Partner, People Advisory Services — Workforce Advisory, Ernst & Young Advisory Pte. Ltd.; and Wei Li Tea, Partner, Governance and Risk, KPMG.
Congratulations to all the winners!
• Philippines Innovator of the Year - Financial Services - Robert B. Jordan, Jr., Asialink Finance Corporation
• Thailand Innovator of the Year - Financial Services - Bangkok Commercial Asset Management Public Company Limited
Team of the Year
• Indonesia Team of the Year - Telecommunications - Mitratel, PT Dayamitra Telekomunikasi Tbk
• Pakistan Team of the Year - Healthcare - HR Team, Evercare Hospital Lahore
• Thailand Team of the Year - Energy - Khanom CSR Team, Khanom Electricity Generating Company Limited (KEGCO)
• Thailand Team of the Year - Financial Services - Whale & Friends Project Team, The Siam Commercial Bank PCL.
• Thailand Team of the Year - Food & Beverage - GRIFFITH FOODS COMPANY LIMITED
• Thailand Team of the Year - Hospitality & Leisure - Centara Digital Operation Innovation, Centara Hotels and Resorts
• Vietnam Team of the Year - Education - Vinschool Leadership Team, Vinschool Education System
Employee Engagement of the Year
• Brunei Employee Engagement of the Year - BankingBaiduri Bank Group
• Indonesia Employee Engagement of the Year - EnergyPT Pertamina (Persero)
• Indonesia Employee Engagement of the Year - Safety & SecurityPT G4S Security Services
• Indonesia Employee Engagement of the Year - TechnologyPT Aplikanusa Lintasarta
• Philippines Employee Engagement of the Year - BankingBank of the Philippine Islands
• Philippines Employee Engagement of the Year - Business ServicesGenpact
• Philippines Employee Engagement of the Year - Life InsuranceSUN LIFE GREPA FINANCIAL, INC.
• Thailand Employee Engagement of the Year - Financial ServicesThe Siam Commercial Bank PCL.
• Thailand Employee Engagement of the Year - Food & BeverageGRIFFITH FOODS COMPANY LIMITED
• Thailand Employee Engagement of the Year - Oil & Gas - PTG Energy
Diversity and Inclusion Initiative of the Year
• Indonesia Diversity and Inclusion Initiative of the Year - EnergyPT Pertamina (Persero)
• Philippines Diversity and Inclusion Initiative of the YearBusiness Services - Genpact
• Thailand Diversity and Inclusion Initiative of the Year - Oil & GasPTT Exploration and Production Public Company Limited
Health and Wellness Initiative of the Year
• Brunei Health and Wellness Initiative of the Year - Banking - BIBD
• Indonesia Health and Wellness Initiative of the Year - Oil & GasPertamina EP Cepu Regional Indonesia Timur
• Pakistan Health and Wellness Initiative of the Year - Life InsuranceEFU Life Assurance Ltd.
• Philippines Health and Wellness Initiative of the Year - HealthcareAsian Hospital and Medical Center
• Philippines Health and Wellness Initiative of the YearLife Insurance - AIA Philippines Life and General Insurance Company
• Thailand Health and Wellness Initiative of the Year - RetailWatsons Thailand
AIA Philippines
Asian Hospital and Medical Center
Bank of the Philippine Islands
Baiduri Bank Group
BIBD
BPI/MS Insurance Corporation
Centara Hotels and Resorts
EVENT: ASIAN MANAGEMENT EXCELLENCE
EFU Life
Johnson Matthey Greater China
Khanom Electricity Generating Company
Mandaya Hospital Group
McDermott Pantavanij
Pertamina EP Cepu
PT Aplikanusa Lintasarta
PT Bank CIMB Niaga
PTT Exploration and Production
Sun Life Grepa
The Siam Commercial Bank
Vinschool
Viventis Search
Watsons Thailand
PT Pertamina
EGCO Group’s Khanom Power Plant empowering communities through ‘Khanom Model’
Khanom Model has successfully implemented a three-pronged CSR strategy focussing on community development, environmental conservation, and educational promotion.
Since its inception as Thailand’s first independent power producer in 1992, Electricity Generating Public Company Limited (EGCO Group) has envisioned itself as “a major sustainable Thai energy company with full commitment to environmental protection and social development support.” In line with this vision, the company has operated power and energy-related businesses based on the principle of sustainable development, prioritising environmental protection, community and social development support, and corporate governance (ESG) for the past 32 years.
“Guided by the belief that ‘a good start will lead to successful outcome,’ EGCO Group has continuously promoted environmental preservation and social development in the areas where it operates. The concept has been implemented across our portfolio of more than 40 power plants in seven countries, ensuring sustainable economic growth whilst fostering harmonious coexistence between the power plants and local communities,” said Dr Jiraporn Sirikum, President of EGCO Group.
Success of the Khanom Model
Khanom Power Plant located in Khanom, is operated by Khanom Electricity Generating Company Limited (KEGCO). Apart from its mission of providing power security and reliability in southern Thailand for four decades, it is one of EGCO Group’s most remarkable power plants dedicated to CSR advancement and sustainable coexistence with the surrounding communities. Recently, the power plant was honoured with the
Thailand Team of the Year - Energy award at the 2025 Asian Management Excellence Awards in recognition of its success of the “Khanom Model” initiative. The model has successfully implemented a three-pronged CSR strategy that focusses on community development, environmental conservation, and education. Receiving this regional recognition is a testament to the cooperation and dedication of its executives, employees, and all stakeholders in making the Khanom Model a success.
‘A good start will lead to successful outcome’
The outstanding initiatives under the Khanom Model include the revitalisation of “Khanom Park,” which serves as a community hub for health and wellness and partners with health volunteers to promote healthy lifestyles. This has led to an annual health checkup programme for Khanom district residents, significantly raising health awareness amongst them.
The power plant also initiated the “Smart Farm” project, an organic vegetable farm that serves as a learning hub, allowing people from nearby communities to explore how technology can be integrated into organic farming for food safety. Through this project, the community has successfully reduced expenses, increased income, and improved
the quality of life by becoming a producer, consumer, and seller of organic products.
For environmental and biodiversity conservation, the Khanom Model’s activities are aligned with the United Nations’ Sustainable Development Goals (SDGs) to ensure a relevant, measurable, and broader positive impact. The power plant annually releases over 30 million freshwater and saltwater aquatic species. It also participates in the Thailand Mangrove Alliance to mutually conserve and develop the sustainable usage of marine and coastal resources, as well as to enhance biodiversity, mitigate the impacts of global warming, and support the sustainable livelihoods of local fishing communities.
Khanom Learning Center
Furthermore, the power plant has repurposed Khanom Power Plant Unit 1, the floating power plant that ceased commercial operations, into Khanom Learning Center to promote energy and environmental conservation knowledge amongst the youth, communities, and the general public. Since its opening in 2019, the learning centre has welcomed over 80,000 visitors, employed local staff and fostered relationships within the local networks, and generated a value of over THB4.5m a year.
Through these concrete actions under the Khanom Model, the power plant has successfully incorporated its vision of sustainable environmental and community care into its core operation.
Dr. Jiraporn Sirikum, President of EGCO Group
EGCO Group at the 2025 Asian Management Excellence Awards
“Khanom Model” initiative
Watsons Thailand takes home win at Asian Management Excellence Awards 2025
Watsons Wellness Club Committee offers a variety of activities and builds awareness for its people.
Retail company Watsons Thailand received the Thailand Health and Wellness Initiative of the Year - Retail category win at the coveted Asian Management Excellence Awards 2025 for the success of its wellness programme Watsons Wellness Club Committee in serving the mental, physical, social, and financial wellbeing of its employees.
Wellness initiatives
Amidst the different needs of various groups of employees, the company has created concrete action plans, programmes, and various support mechanisms, such as the initiation and organisation of Watsons Wellness Week.
The company also provides wellbeing tips and builds awareness for its people regularly. To support work-life balance, it enables flexible working and working hours to serve their different needs. At the same time, it also highlights extra personal leaves, paternity leave, collective point redemption for extra vacation days with pocket money, a career break of up to one year, emergency assistance, and a communication forum to hear employee concerns.
Watsons' wellbeing vision
This activity is part of Watsons Thailand’s People's Health and Wellbeing strategies and is a part of its three Social Responsibility and Sustainability Pillars.
“Our Wellbeing Vision is just a natural part of our everyday working lives in terms of
how we work together and influences all the decisions that we make. We want to provide an environment where we can look after our own wellbeing and that of our colleagues in a supportive and collaborative way,” the company said.
About the awards programme
The Asian Management Excellence Awards celebrates the most successful business leaders, innovators, and companies in Asia
by recognising exceptional achievements in various domains, including employee engagement programmes, diversity and inclusion projects, as well as health and wellness initiatives.
The prestigious awards programme was held on 6 February 2025 at the Conrad Bangkok in Thailand, gathering distinguished leaders and innovators to highlight their meaningful progress across industries. This year’s panel of judges included industry experts from Deloitte Southeast Asia; Jason Seng, Partner, Ernst & Young Advisory Pte. Ltd., and KPMG.
Our Wellbeing Vision is just a natural part of our everyday working lives in terms of how we work together and influences all the decisions that we make
Watsons Thailand receives the Thailand Health and Wellness Initiative of the YearRetail accolade at the Asian Management Excellence Awards 2025
Physical therapy faculty
Watsons wellness initiatives
Procurement Integrity Software: Future of eProcurement, protecting profits & reputation
Its adoption is a strategic investment to protect profits and corporate reputation.
In today’s fast-evolving business environment, procurement is more than just purchasing—it’s a strategic function that impacts cost efficiency, compliance, and corporate reputation. However, challenges such as fraud, inefficiencies, and lack of transparency continue to pose risks. That’s where Pantavanij, Thailand’s largest and most trusted eProcurement platform, plays a pivotal role in transforming procurement through digital innovation.
Vision behind transformation
Pantavanij’s journey to becoming Thailand’s leading digital procurement platform was driven by a clear vision to address long-standing inefficiencies in traditional procurement.
“My vision for Pantavanij stemmed from a deep understanding of the challenges and inefficiencies plaguing traditional procurement in Thailand. I saw firsthand the cumbersome paperwork, lengthy processes, and lack of transparency. I believed technology offered a powerful solution,” said Wichit Srikreephuthana – Managing Director Pantavanij.
Why Procurement Integrity Software?
Pantavanij’s Procurement Integrity
Software leverages AI-driven risk detection, real-time analytics, and automated compliance monitoring to help businesses safeguard profits by identifying waste and preventing procurement fraud; strengthen compliance with regulatory and internal procurement policies; enhance supplier relationships through improved transparency and risk management; and
optimise costs by identifying inefficiencies and driving better decision-making.
The growing need for procurement integrity
Procurement risks extend beyond financial loss. Fraud, corruption, and compliance failures can damage an organisation’s credibility, leading to legal penalties, loss of trust, and long-term reputational harm.
With this, companies that fail to modernise their procurement strategies are at risk of falling behind competitors who leverage technology for enhanced security, efficiency, as well as cost savings.
Advanced Procurement Integrity Software offers a proactive approach to mitigating procurement risks whilst enhancing efficiency and transparency. Key benefits include:
Centralisedprocurementdata
A unified platform consolidates procurement data, enabling real-time insights, streamlined decision-making, and better risk assessment. Having a single source of truth eliminates data silos and enhances collaboration between procurement, finance, and compliance teams.
Automatedriskdetectionandfraud prevention
AI-driven monitoring systems continuously analyse transactions, flagging anomalies and suspicious activities in real-time. This automation significantly reduces human error and prevents financial losses before they escalate.
Enhanced transparency& compliance
End-to-end visibility ensures every transaction aligns with corporate policies and regulatory requirements. By providing an auditable trail of procurement activities, businesses can reduce exposure to compliance risks and strengthen governance frameworks.
Vendormanagementandethicalsourcing
Managing vendors effectively is crucial for maintaining ethical supply chains and reducing operational risks. Procurement Integrity Software automates vendor due diligence, tracks supplier performance, and assesses potential risks—helping businesses build reliable and ethical supplier relationships.
Costoptimisation,procurementefficiency
By leveraging data-driven insights, Procurement Integrity Software helps identify areas of waste, optimise spending, and streamline procurement workflows, driving significant cost savings.
Operationalagilityandbusinessresilience
Procurement Integrity Software enables businesses to respond swiftly to disruptions, supply chain risks, and compliance changes. By utilising real-time analytics and predictive insights, companies can make informed procurement decisions that protect their bottom line.
Investment for long-term success
By integrating technology into procurement processes, businesses can mitigate risks, enhance transparency, and gain a competitive advantage in an evolving marketplace. Organisations that embrace digital procurement transformation position themselves for long-term success, ensuring not only cost savings but also sustainable and ethical business practices.
Advanced procurement integrity software offers a proactive approach to mitigating procurement risks
Mr Wichit Srikreephuthana, Managing Director who received the award of Thailand Executive of the Year - Technology
Vinschool honoured at the Asian Management Excellence Awards 2025
Vinschool continuously redefines education through innovation, global standards, and visionary leadership.
Vinschool has been awarded the prestigious title of Vietnam Team of the Year - Education at the Asian Management Excellence Awards 2025, solidifying its position as a leader in educational innovation and excellence. This achievement at the awards programme reflects Vinschool’s commitment to redefining education in Vietnam and setting new benchmarks for international standards.
Over the past decade, Vinschool has grown from a modest kindergarten with just 200 students into Vietnam’s leading educational system, now serving over 50,000 students nationwide. This transformation was driven by the strategic vision of the Vinschool Leadership Team, who introduced bold initiatives to address critical challenges in education.
Outcome-based education model
One of the key challenges was the reliance on textbook-based learning, which limited students’ ability to develop essential skills like critical thinking and problem-solving. To overcome this challenge, Vinschool adopted an outcome-based education model that focusses on building core competencies and preparing students for real-world applications. This shift not only modernised the curriculum but also empowered students to thrive in a rapidly changing global environment.
Meeting international standards
Another breakthrough was achieving full accreditation from the Council of International
Schools (CIS) across all Vinschool campuses. This milestone made Vinschool the first Vietnamese education system of its scale to meet international benchmarks. CIS accreditation has ensured operational consistency and quality, reinforcing Vinschool’s reputation as a leader in international-standard education.
Additionally, Vinschool introduced professional standards for teachers and school leaders, aligned with global best practices. This structured framework enhanced teaching methodologies and leadership capabilities, laying the groundwork for sustainable improvements in education quality.
These transformative efforts have led to outstanding achievements. Vinschool was named one of Vietnam’s Top 100 Most Powerful Brands in 2023 and 2024, climbing 20 ranks last year. The school also earned accolades at the Asian Technology Excellence Awards and ESGBusiness Awards 2023, recognising its advancements in educational technology, mental health initiatives, and climate change education.
The recognition at the Asian Management Excellence Awards 2025 underscores Vinschool’s role as a catalyst for change in Vietnam’s education sector. By embracing
innovation and aligning with international standards, Vinschool continues to enrich the learning experience for students whilst setting a benchmark for educational excellence in the region.
About the awards programme
The Asian Management Excellence Awards celebrates the most successful business leaders, innovators, and companies in Asia by recognising exceptional achievements in various domains, including transformative impact on education through innovation, global standards, and visionary leadership.
It also acknowledges remarkable accomplishments in employee engagement, diversity and inclusion, and health and wellness categories.
Gathering distinguished leaders and innovators, an awarding ceremony was held on 6 February 2025 at the Conrad Bangkok in Thailand and highlighted top contributors driving meaningful progress across industries. This year’s distinguished panel of judges included Mark Maclean, HR Transformation Leader, Southeast Asia, Deloitte Southeast Asia; Jason Seng, Partner, People Advisory Services — Workforce Advisory, Ernst & Young Advisory Pte. Ltd.; and Wei Li Tea, Partner, Governance and Risk, KPMG.
Vinschool continues to enrich the learning experience for students whilst setting a benchmark for educational excellence in the region
Vinschool at the Asian Management Excellence Awards 2025
The world is yours to explore. Across Thailand, Asia, the Middle East and beyond, find the place where you truly belong with Centara Hotels & Resorts. From family beach holidays and cultural experiences to exciting urban escapes, our warm Thai-inspired hospitality and world-class service make every stay unforgettable. We are proud to be named Thailand Team of the Year in Hospitality & Leisure at the Asian Management Excellence Awards 2025, recognised for digital innovations that create seamless, sustainable stays—combining effortless convenience with genuine care for you and our planet.
Centara Grand Mirage Beach Resort Pattaya
JUNHO LEE OPINION
The playbook for scaling ad revenue with onsite retail media
Traditional retailers are just beginning to unlock the power of digital retail media to revolutionise their business models and create new revenue streams.
What Amazon pioneered has now become essential for forwardthinking retailers across Asia: transforming their websites and applications from mere shopping platforms into valuable advertising channels. Think of it as the digital equivalent of a brand paying for premium placement at eye level in a physical store, but on a retailer's website or app where consumers are already browsing and shopping.
This evolution comes at a critical time. As traditional retail margins shrink and online shopping grows, retailers must find innovative ways to maximise their digital assets. Retail media offers a high-margin revenue stream that leverages existing digital traffic and data insights behind the traffic without major operational changes.
The opportunity is massive– the retail media industry is poised for significant growth in 2025, with Asia Pacific leading the charge at an estimated $97.8b revenue and 13.5% growth.
However, success is not guaranteed. Technology plays a critical role in whether an ad business thrives. Retailers who leverage their own customer information– first-party (1P) data and machine learning (ML) strategies, can reap higher returns, greater engagement and sales.
Unlocking retail media’s revenue potential
Retail media is proving a major revenue generator for retailers adopting cutting-edge ad technology. South Korea’s leading beauty retailer CJ Olive Young surpassed its initial digital transformation goals by delivering more than double the expected return on advertising spend (ROAS). A beauty brand advertising on CJ Olive Young discovered new customers and earned twice the return compared to their advertising campaigns on other beauty ecommerce platforms.
Online marketplaces, though traditionally not retailers, are also leveraging retail media. A leading food delivery platform in South Korea, Yogiyo, adopted an enterprise ML-driven ad solution to display real-time, hyper-relevant ads based on their user data. They saw a 94% increase in their advertising business and more than 95% advertiser retention rate, significantly improving ROAS.
For retailers of any size or category, the effective use of 1P data can create advertising opportunities — retailers earn new revenue, brands reach the right customers, and shoppers discover products they need and are more likely to purchase.
Breaking free from legacy ad networks
Despite retail media’s potential, retailers may still depend on outdated advertising systems or networks that do not utilise technologies such as ML. Traditional ad networks act as intermediaries, promoting products on external sites rather than retailers' own platforms, reducing control over ad placement and performance.
Such traditional ad networks rely on fixed rules rather than adapting to real-time customer behaviours, resulting in less relevant ads which then fail to attract high-value shoppers.
JUNHO LEE Head of RMP Business for SEA & ANZ Moloco Singapore
Advertisers may see poor returns and reduce ad spend, making it harder for retailers to build a sustainable ad business. These ads also do not contribute to core Gross Merchandise Value (GMV) transactions.
Additionally, many of these traditional models take a big slice of the advertising revenue. Even when ads are being showcased on their own platforms, without smart targeting and automation, retailers often face a tough choice between showing more ads, which can annoy shoppers, or preserving a smoother shopping experience.
If traditional models of advertising do not work, what is the best way to succeed in the retail media business?
Lessons from digital giants
Retailers do not have to reinvent the wheel – Amazon, Walmart, and other digital giants have shown the way by using 1P data to create tailored shopping experiences. Wayfair, one of the world's largest online destinations for home goods, utilised its 22.4 million customers to deliver highly relevant product recommendations.
However, 1P data alone is not enough. A trusted technology partner is needed to fully leverage their 1P data. ML ensures that ads are always relevant and personalised. Amazon’s mastery of product recommendations illustrates this compound advantage in advertising. Automation is also key. As retailers attract more advertisers, they need automation to scale without sacrificing performance.
From intelligent automation across operations to proactive alerts and recommendations for improvement and optimisation, ML allows advertisers to focus on performance and adapt to the changing market conditions. Yogiyo, for example, recruited over 25,000 advertisers within a month by offering a fully automated campaign environment powered by ML. With this playbook in hand, where should retailers focus their advertising efforts to get the best results?
Why onsite advertising should be your priority
For growth-focused retail media, onsite ads are a top priority. Unlike offsite ads on third-party sites, onsite ads appear within a retailer's own digital platforms. A significant portion of Amazon’s ad revenue comes from onsite ads, which engage consumers at key shopping moments.
Onsite ads excel because they engage with high-value consumers at every touchpoint of the journey. They drive significantly higher ROAS than offsite placements, as retailers control their onsite data and align their advertising strategy with consumers’ shopping experience. This type of marketing also offers a brand-safe, verifiable environment and native ad formats that align with brand values.
Another key advantage is the lack of media costs. Since retailers do not pay for external ad space, onsite ads can drive eight times more profits than offsite ad monetisation. According to a Boston Consulting Group study, onsite media margins can potentially reach 70% to 90%.
Retail media presents a huge revenue opportunity. But retailers must take ownership of their ad businesses, investing in technology that enhances performance, profitability, and long-term growth.
DORIS WU
Are luxury boutique hotels the new black?
DORIS WU Senior Brand Strategist Design Bridge and Partners
The luxury hospitality industry stands at a crossroads. As we move into the second quarter of 2025, the lingering effects of the pandemic continue to reshape not only how people travel but also what they value most in their journeys.
At the same time, challenges like the ongoing US tariffs are adding new layers of uncertainty to an already shifting landscape. These forces are shaping a new generation of travellers who are more intentional than ever, seeking experiences that justify every penny and every moment spent, prioritising authenticity, emotional connection, and holistic wellbeing over traditional notions of opulence.
The changing face of luxury hospitality
For modern travellers, luxury is no longer defined by extravagant amenities or brand names. Instead, it’s about spaces that inspire, stories that resonate, and moments that leave lasting impressions.
High-quality service and lavish room amenities have become baseline expectations—universal norms rather than differentiators.
Social media has amplified this shift, with travellers showcasing artisanal details, immersive cultural encounters, and locally inspired designs rather than generic suites or prestigious hotel logos.
The demand for individuality and meaningful connections has created a new benchmark for what constitutes true luxury. Yet many large-scale luxury hotels fall short, relying on standardised approaches that feel uninspired in an increasingly competitive market.
The drive for consistency across global portfolios can lead to homogeneity in design and service, making it difficult for larger brands to stand out. Vague brand narratives promising “exceptional service” or “unforgettable experiences” fail to articulate to its clients what makes a property truly distinct.
Without a strong sense of identity or emotional touchpoints, staff lack the tools to deliver meaningful, brand-specific interactions, and hotels risk delivering impersonal experiences. The result? Guest experiences that feel formulaic rather than personal, therefore undermining the very essence of luxury.
Redefining modern hospitality through the boutique hotel lens
Boutique hotels have emerged as icons of this new era, excelling at crafting hyper-localised, distinctive experiences that are designed to engage all your senses. Unlike large chains, boutique hotels operate on a smaller scale, allowing them to adapt quickly to cultural nuances and evolving guest preferences.
Their independence from tight-controlled brand standards enables them to innovate freely, delivering personalised, culturally immersive experiences that leave lasting impressions.
This trend isn’t limited to independent boutique hotels. Major hospitality groups have also launched their own boutique-inspired collections, such as Marriott’s Luxury Collection, IHG’s Vignette Collection, and Ascott’s Unlimited Collection.
However, replicating the authenticity of independent properties remains a challenge for larger brands, whose standardised approaches often limit their ability to deliver truly localised experiences.
To thrive in this evolving landscape, hotel chains must prioritise innovation, delivering a guest experience that inspires and leaves a lasting impression over pure expansion. Adding more properties to a portfolio is no longer enough; success requires reimagining what ‘luxury’ and ‘lifestyle’ mean in contemporary hospitality.
Curate an authentic story inspired by the destination
Each hotel within a chain should have a distinct story that reflects its location’s character whilst remaining relevant to the overarching brand narrative. When done thoughtfully, these individual identities come together to form a compelling global story.
Differentiation must go beyond surface-level aesthetics, ensuring it’s influencing every aspect of the guest journey. This approach elevates properties into destinations where guests feel a genuine sense of connection and belonging.
Crafting a brand story should be rooted in local culture, one with the power to inspire and connect emotionally. The unique location of a property should serve as the foundation for the story, one that excites guests and sets the offering apart. Resorts and hotels that embrace boutique-style concepts have often excelled at this, serving as valuable sources of inspiration for other brands.
W Maldives exemplifies how a global brand can seamlessly integrate its identity with the essence of a destination. After nearly two decades, as a leader in Maldivian luxury hospitality, the resort recently unveiled a bold transformation that redefines its connection to the island. At the heart of this brand reinvention is the concept of “The Original Wavemaker,” which has been brought to life through a reimagined “Above and Below the Water” design philosophy.
This approach harmonises the surrounding ocean and natural landscapes, delivering elevated guest experiences that reflect the rhythm and beauty of the island. This demonstrates how storytelling can transform a property into a seamless extension of its destination.
Banyan Tree’s newly opened Mandai Rainforest Resort in Singapore showcases how a property can bring its brand ethos to life through guest experiences deeply rooted in its surroundings.
Nestled within stunning greenery, the resort connects guests to nature through immersive wildlife encounters and eco-conscious design. At the same time, it reflects Singapore’s reputation as a familyfriendly travel destination by balancing wellness-focused programming coupled with activities designed for families.
These examples highlight how embracing local authenticity is redefining the future of luxury hospitality. Ultimately, the question isn’t whether boutique hotels are the new black—it’s about achieving true differentiation by crafting experiences that celebrate the unique character of a location, enabling guests to truly engage in and explore its culture, history, and traditions.
