However, the study also noted about APAC’s asset and wealth managers managing less than a quarter of regional client assets, compared with nearly 40% in Europe and nearly 60% in North America, underlining the scale of the untapped opportunity.

“The key issue is that Asia-Pacific is not one market, but many: organizations capturing a disproportionate share of the prize will be those that resist the temptation to apply a single regional playbook and make clear choices about where to anchor operations, build capabilities, and serve clients across markets,” the report remarked.

“Singapore’s role in Asia-Pacific asset and wealth management is being shaped by structural advantages that are hard to replicate—HNW destination capital in the region; a deep sovereign wealth base; a progressive regulatory environment helping define tokenized finance; deepening capital markets; and a tax and fund structuring ecosystem built for cross-border capital. Asset and wealth managers cannot be everywhere, all the time, across a region as diverse and fast-moving as Asia-Pacific. They need to make clear choices about where to anchor operations, build capabilities, and serve clients across markets. Singapore is increasingly that platform—a place from which managers can execute regional strategies with credibility, connectivity, and scale,” said Paul Pak, Asia-Pacific and Singapore Asset and Wealth Management leader, PwC Singapore.

The Asian city-state, along with its principal rival, Hong Kong, has sought to attract wealth managers, banks, and family offices as important parts of their economies. The jurisdictions also benefit from a broader rise in the size of Asia’s affluent and HNW (high net worth) population in recent decades.

As per the Capgemini Research Institute in May 2026, Asia-Pacific posted the highest regional growth in wealth of 10.5% and population growth of 9.4%, as semiconductor demand boosted Asian stock markets.

“Japan and China were among the strongest performers, adding 436,000 and 154,000 millionaires, respectively. India and Australia also saw growth, with HNWI populations increasing by 11,300 and 18,100, respectively. In a separate wealth management report, Boston Consulting Group in late May reported that Singapore is the world’s third-largest cross-border wealth center, home to USD 2.1 trillion of such wealth, and slated to grow in this regard by 9% from 2025 to 2030. Hong Kong and Switzerland are equal first, with the former due to overtake the Alpine state in coming years,” the Capgemini Research Institute noted.

“An around 8% compound annual growth rate is forecast for Singapore’s AuM between now and 2030, compared with the region’s 6.8% CAGR forecast overall, making Singapore one of the highest growth markets in APAC. USD 4.6 trillion managed AuM in Singapore makes it one of Asia-Pacific’s two largest international investment hubs. Some 8% of global SWF assets—the second-largest Asia-Pacific sovereign wealth hub,” PwC stated.

“Singapore continues to attract regional capital. It currently hosts 8% of global sovereign wealth fund assets, making it the second-largest Asia-Pacific SWF hub, while also reinforcing its role as a destination for HNW wealth from across the region. Asia-Pacific HNW assets are predicted to reach USD 52.4 trillion by 2030 (6.9% CAGR)—the standout driver of regional client asset growth—much of which is expected to flow through Singapore’s wealth platforms,” it continued further.

Asia-Pacific-based SWFs (sovereign wealth funds) collectively hold USD 5.2 trillion in investable wealth, and around 28% is allocated to alternatives, compared with 34% in North America. The gap is more pronounced for APAC pension funds, which allocate 8% to alternatives versus 37% in North America, pointing to headroom for further growth in private market allocations as regional pools mature,” PwC said.

The PwC report also pointed to a series of government initiatives that are helping Singapore’s wealth management sector to continue its growth momentum and deepen its positions in the capital markets, including the “Equity Market Development Programme,” expanded from SUSD 5 billion (USD 3.89 billion) to SUSD 6.5 billion at budget 2026, with SUSD 3.95 billion being allocated to nine asset managers, alongside a SUSD 1.5 billion top-up to the “Financial Sector Development Fund” and the new SUSD 3 billion “Anchor Fund.”

“Adding to this momentum, a new Central Provident Fund (CPF) life-cycle investment scheme – announced at budget 2026 and set for launch in 2028 – could channel up to SUSD 9 billion annually into Singapore equities, providing a steady liquidity pipeline and deepening the city-state’s capital markets,” the report stated further.

MAS’s (Monetary Authority of Singapore) proposed long-term investment fund framework, as per PwC, will be the potential route for broadening retail access to private markets—covering private equity, private credit, and infrastructure. Private markets in the city-state have risen from 20.3% of Asia-Pacific AWM revenues in 2012 to 55.4% in 2024 and are projected to rise to 59.5% (USD 99.8 billion) by 2030.

“Singapore’s WealthTech ecosystem is one of the most developed in Asia-Pacific, with homegrown digital investment platforms reshaping the way retail and HNW clients access wealth services,” the firm said. With 77% of Asia Pacific AWM organizations citing technology and digital disruption as the leading megatrend reshaping the industry, Singapore’s digital infrastructure is positioning the city-state as a model that is now being replicated across the region,” PwC concluded.

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Comprising 4.3 billion people and accounting for more than 60% of world output, APAC is changing under the influence of four key forces: urbanisation, digital transformation, green infrastructure, and demographic changes.

APAC has a unique opportunity to shape the direction of economic growth thanks to the mix of young labour markets, advanced tech centres, hyperconnected megacities, and digital finance innovation.

This promise, however, has restrictions. If structural disparities, climate vulnerabilities, and geopolitical pressures are not handled quickly and foresightedly, those factors could limit or distort such growth.

Urbanisation and geographic rebalancing

Unprecedented in scope and speed, APAC’s urban growth is expanding. Megacities such as Jakarta, Bangkok, Manila, and Ho Chi Minh City are generating a boom in infrastructure investment, estimated at over $1.7 trillion yearly across the region.

Attracting foreign direct investment (FDI) has resulted in new economic zones, satellite cities, and logistics corridors that strengthen regional supply chains.

The World Bank predicts that the region’s urban population will rise from 2.3 billion in 2020 to over 2.8 billion by 2040. Another pillar of change is the emergence of a middle-class, tech-enabled customer base. APAC is currently the main driver of global consumption growth. Millions are rising into the middle class annually in nations such as Indonesia, Vietnam, and the Philippines. Domestic demand, not only exports, is driving GDP.

Southeast Asia’s digital economy is projected to grow from $300 billion in 2024 to $1 trillion by 2030. From healthcare and education to tourism and fintech, local consumption, on which dependency on export markets wanes, is generating strong new businesses.

A rebalancing is undoubtedly needed here. Countries like Vietnam and Malaysia historically depended on outside demand, especially from China and the United States.

APAC is already heading toward a self-sustaining ecosystem of demand, investment, and innovation as regional trade agreements like RCEP and the development of intra-Asian value chains take hold.

Tokenised finance and the digital economy

APAC’s forward momentum is most evident in its digital transformation. Comprising some of the highest mobile penetration rates and more than 2.6 billion internet users, the region is a powerhouse of digital adoption.

Since 2016, digital payment volumes in India have increased twentyfold, largely due to the growth of fintech. Currently, over 70% of people in Southeast Asia engage in digital commerce or mobile banking.

One of the most transformative developments is the rise of tokenised finance. Singapore, Hong Kong, and Japan are leading the way in developing regulated systems for digital asset trading.

With tokenised green bonds issued in many currencies totalling HK$6 billion, the Hong Kong government set a global first in sovereign tokenisation. Meanwhile, the Monetary Authority of Singapore (MAS) has tested initiatives to tokenise mortgages, private credit money, and other real-world assets (RWAs).

Institutional investors are embracing this change. A 2024 SBI Digital Asset Holdings research report indicates that approximately 70% of Asian institutional investors now possess digital assets, compared to only 40% in the United States. Family offices, sovereign wealth funds, and corporate treasuries looking for adaptable, real-time asset management drive this trend.

By launching tokenised bond offerings in Singapore, OCBC enables customers to trade bond tokens with daily liquidity, replicating the behaviour of conventional securities but with faster settlements and lower costs.

Technical and regulatory obstacles still exist, particularly in guaranteeing legal clarity and interoperability between countries, especially regarding decentralised finance and tokenised capital markets. But the momentum toward these markets is unstoppable. This positions APAC at the forefront of the next stage of global financial innovation.

Sustainable funding

The economic future of the Pacific depends largely on its climate resilience. Megacities like Jakarta, Manila, and Bangkok are facing existential risks from rising sea levels and extreme weather. The region has 15 of the 20 most climate-vulnerable nations.

However, APAC is also becoming a centre for green finance and climate innovation.

Investment in green infrastructure is sharply rising. Vietnam’s solar explosion has positioned it as a regional leader in sustainable energy. Indonesia’s energy transformation roadmap calls for the closure of 118 coal-fired reactors by 2040.

BloombergNEF claims that by 2030, the Asia-Pacific region will account for nearly half of global renewable energy investment. As part of their decarbonisation plans, nations including Australia, Japan, and South Korea are also investigating hydrogen and carbon capture technologies.

Speaking financially, APAC’s green bond market has grown exponentially. In 2023, ASEAN countries issued a record high of nearly $40 billion in green and sustainable bonds.

Regulatory changes can help drive the shift to climate-aligned portfolios. For all listed firms, Japan’s Financial Services Agency now requires TCFD-aligned climate disclosures, setting the standard for market-wide transparency.

Still, challenges persist. China and India still rely largely on coal, and many Southeast Asian nations have limited financial capacity to support greener changes.

Furthermore, lagging far behind mitigation efforts are climate adaptation, investments in water management, coastal defences, and disaster readiness. The climate issue could undo APAC’s development successes without faster finance and regional cooperation.

Human capital, labour, and demographics

The demographic landscape of APAC is both a fault line and a benefit. Young countries like the Philippines, India, and Indonesia have a sizable and growing workforce on the one hand. Conversely, ageing nations, including Japan, South Korea, China, and Singapore, deal with declining fertility rates, smaller workforces, and growing pension liabilities.

According to UN projections, India and Southeast Asia will account for more than half of the global new labour force by 2040. This offers a historic opportunity, if productivity and skills improve in line. Often touted as a model is Vietnam’s success in upskilling manufacturing workers to meet the needs of the electronics and renewable industries.

Offering adult workers government credits for upskilling in artificial intelligence, cybersecurity, and fintech, Singapore’s SkillsFuture programme has also become a global benchmark in ongoing education.

Still, digital and educational gaps remain sharp. Teacher shortages continue, and internet connectivity is still erratic in rural Indonesia and Cambodia. According to a World Bank analysis, more than 60% of students in emerging APAC nations lack basic digital skills, which is a major obstacle as automation and artificial intelligence transform sectors.

In South Asia, a growing gender disparity exists in labour force participation. Programmes aimed at including women in the formal sectors are becoming popular through microfinance, digital literacy, and parental leave incentives, but development is not uniform.

Coordinated policy action, such as investing in early childhood education, extending vocational training, and developing flexible labour regulations supporting both gig and formal employment, will determine the workforce of APAC going forward. Not only inexpensive labour but also human capital will dictate the direction of future growth.

Risk, control, and fragmented regions

The path for the Asia-Pacific region is filled with challenges, even though it is full of hope. Three main hazards loom large: geopolitical conflict, overly concentrated markets, and inconsistent government policies. Geopolitics remains a risky wildcard.

Strategic rivalry between the United States and China continues to change trade paths, tech alliances, and financial flows. Ongoing flashpoints include North Korea, Taiwan, and the South China Sea. The Belt and Road Initiative (BRI), the Indo-Pacific Economic Framework (IPEF), and trade treaties by ASEAN all mirror overlapping domains of influence that can split regional unity.

Moreover, domestic government challenges persist. Although nations like Singapore and Japan are known for their policy consistency and openness, others (like Myanmar or Cambodia) have ongoing problems with corruption, poor institutions, and inconsistent policies. Investors increasingly distinguish between “safe harbour” economies and those with opaque legal systems or political instability.

Market concentration also poses concerns. While some countries like Mongolia, Laos, and Brunei remain dependent on a limited range of exports or single international markets, making them sensitive to demand shocks and price volatility, economies like Vietnam and India are diversifying.

Pandemic-era nationalism and supply chain concerns have led certain APAC nations to re-impose tariffs and tighten capital restrictions, resulting in increased protectionism. This threatens the region’s historical advantage of unrestricted trade, free international financial movement, and deep integration.

Still, organisations like ASEAN and venues like the RCEP continue to provide frameworks for communication, standardisation, and conflict resolution. If used well, these can shield the region from global turbulence.

Different perspectives, but same goal

To ground the region-wide analysis, it’s instructive to look at key member states (Vietnam and Singapore), each illustrating different facets of ASEAN’s opportunity and risk profile. These country spotlights highlight how the common themes play out in specific national contexts, from growth strategies to unique vulnerabilities.

Vietnam has been one of Southeast Asia’s standout success stories. Often dubbed the “next Asian tiger,” it has transformed from a largely agrarian, post-war economy in the 1980s into a manufacturing dynamo and rising middle-income nation today.

Vietnam’s formula has centred on political stability, export-led growth, and a willingness to embrace globalisation. By offering investors a stable environment (under its one-party system), relatively low wages, and an industrious workforce, Vietnam became a magnet for foreign direct investment, attracting factories in electronics, textiles, and more. Global brands like Samsung, Intel, Nike, and Apple suppliers have set up large operations there.

This boosted manufacturing to account for about a quarter of Vietnam’s GDP and drove exports to surpass 100% of GDP, indicating that Vietnam exports more goods than the size of its economy, a clear sign of its deep integration into global supply chains.

As mentioned, Vietnam’s GDP growth has been vigorous, topping 7% in 2022, and is projected to remain in the mid-6% range for the coming years, among the fastest in Asia. Even during the COVID-19 pandemic in 2020, Vietnam managed positive growth thanks to effective virus containment and strong exports.

The country leveraged trade deals to its advantage, joining agreements like RCEP, the CPTPP, and a bilateral FTA with the EU, giving its exporters preferential access to major markets. This has buttressed industries from furniture to smartphones.

Notably, Vietnam has carved a niche as an alternative manufacturing hub to China; companies looking to diversify production (due to tariffs or to mitigate concentration risk) found Vietnam’s scale and improving infrastructure attractive. Vietnam’s rise has also challenged China’s dominance in certain sectors and is drawing comparisons to “the next China” for factory relocation.

Now, Vietnam is eyeing the next stage, which is moving up the value chain. It doesn’t want to remain just a workshop for low-cost goods. The government is pushing for the development of high-tech parks, encouraging sectors like software services, renewable energy technology, and higher-end electronics.

There’s also an ambition to emulate India’s success in IT services, turning Vietnam’s growing cadre of IT graduates into a force in software outsourcing and digital innovation. Cities like Danang and Hanoi have budding tech scenes, and Vietnamese startups in fintech and games have gained global recognition.

However, Vietnam faces a confluence of risks as it develops. Infrastructure, while improved, is still playing catch-up: ports are congested, the energy supply is stretched as power blackouts hit manufacturing in 2023 due to heatwaves and hydroelectric shortages, and roads and logistics need upgrading to sustain growth.

Vietnam’s youthful population is also ageing gradually. It needs productivity gains to compensate. Environmental issues are pressing: the Mekong Delta, Vietnam’s rice bowl, is under threat from climate-induced saltwater intrusion and upstream damming, which could hit agriculture and fishing livelihoods.

Industrialisation has also brought pollution. Hanoi and Ho Chi Minh City suffer severe air pollution at times, and industrial waste management is a growing issue.

The country’s rapid growth has also led to inequality between booming coastal cities and rural hinterlands, as well as corruption challenges in its bureaucracy.

Singapore presents a very different, but equally instructive, case—a high-income oasis in the region, known for its exceptional governance and innovation-driven approach. As a small city-state with 5.6 million people, Singapore leapfrogged into developed economy status (with per capita income on par with Western Europe), and established itself as a global financial and trading hub. For investors, Singapore often serves as the gateway to ASEAN. Its rule of law, stable politics, and ease of business provide a secure base.

Singapore’s economic model emphasises continual upgrading and diversification. Lacking natural resources or hinterland, it has invested heavily in human capital and infrastructure to stay competitive. The government’s foresight in policy planning is a hallmark. Through its national plans, it identified electronics, petrochemicals, and finance as pillars in the late 20th century, later moving into biotech, precision engineering, and now digital tech and green finance.

Today, Singapore is pushing frontiers in fintech, biomedical sciences, and smart city technologies. It has positioned itself as a leader in fintech regulation, enabling innovations such as digital banks and a vibrant startup scene in blockchain and payments.

It’s also a regional leader in AI and robotics research; universities and government labs are working on AI applications ranging from port logistics to healthcare. As noted, Singapore’s aggressive automation, such as building the world’s largest automated port, demonstrates its drive to mitigate labour constraints through technology.

That said, Singapore faces its own challenges as a mature economy. Growth has slowed to typically 2%-3% in recent years (aside from the volatile pandemic swing). An ageing population is a pressing issue, fertility rates are extremely low, and the workforce is ageing, requiring the country to rely on productivity gains and selective immigration to sustain growth. This is partly why automation and productivity are emphasised; Singapore sees technology as the key to doing more with a lean workforce. The city-state also must continue innovating to justify its high-cost base. It can’t compete on cost with neighbours, so it must provide higher value.

This includes positioning itself as a hub for high-tech manufacturing, such as semiconductor fabrication. Singapore is a global player in chipmaking, hosting companies like GlobalFoundries and Micron. Additionally, it aims to be a centre for services like wealth management and medical tourism.

Inequality and the cost of living are the talking points in Singapore. It has some of the world’s richest people, highly paid professionals, and a sizeable low-income immigrant worker population in construction and domestic work.

The government mitigates inequality through heavy subsidies in housing, healthcare, and education, with over 80% of Singaporeans living in subsidised public housing, and a progressive fiscal system. Still, wealth gaps have drawn more attention in recent years domestically, prompting policies like higher taxes on luxury properties and cars, and more social support for the elderly poor.

Considering the environmental and climate matters, Singapore is unique: a tiny island nation extremely vulnerable to sea-level rise. It has committed to net-zero emissions by 2050 and is investing in climate defences.

It’s also driving green initiatives like becoming a carbon trading hub, mandating sustainability reporting for companies, and electrifying its vehicle fleet (to phase out petrol vehicles by 2040). Given its limited land, it’s exploring importing renewable energy from neighbours. Plans are underway to import solar or hydro power from Malaysia, Indonesia, and Australia via subsea cables.

Singapore plays a crucial role in ASEAN as both an innovator and intermediary. It channels global capital into the region through its banks, funds, and investors such as Temasek and GIC, which are sovereign funds that invest across Asia. Additionally, Singapore shares its technical expertise with neighbouring countries by providing advice on urban planning and governance.

However, Singapore’s high level of development also means it sometimes has different interests. For example, it champions high-standard trade agreements and IP protection, which some developing ASEAN members are slower to adopt.

Singapore continues to be an appealing destination for investors seeking stable, although relatively lower, returns. This includes sectors such as real estate and high-end manufacturing, and serves as a hub for regional operations.

The Singapore government also provides incentives for emerging industries, particularly in areas like green technology, digital technology, and high-value manufacturing, which currently receive substantial support.

The country also has a stable currency, which eliminates the foreign exchange risks often seen in emerging markets. Essentially, this makes Singapore a low-risk option for investors looking to benefit from the high-growth potential of the ASEAN region.

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Alex Todd will be based in Singapore and will oversee the growth and performance of the insurer’s commercial property portfolio in the region. He will report to Grant Cairns, regional head of property & casualty for APac. He brings with him over 18 years of experience in the industry, specialising in commercial property across Asia, Australia, North America and the UK. Prior to joining Chubb, he worked at AIG, where he led a team of 50 and oversaw several first-party programmes and speciality lines across Canada.

Similarly, Jamie Park will oversee underwriting, product development, new business opportunities, as well as driving the overall profitability of Chubb’s financial lines portfolio in Asia. She previously served as the chief underwriting officer as well as head of portfolio management, casualty & financial lines and environmental liability in Korea.

In this regard, Grant Crains told the media, “Alex is technically and commercially astute given his breadth of experience over diverse geographies. He is well-positioned to support the continued drive and strategic direction of our growing property portfolio.

“Jamie is an ideal candidate for this financial lines role given her deep expertise across the various financial lines products. She is a capable leader with a strong work ethic and professionalism. I’m confident that under Jamie’s stewardship, we will continue to grow and excel as the market leader in financial lines across Asia.”

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During his stint in Visa, he was responsible for forging regional and global partnerships with third-party processors and BIN sponsors.  Prior to that, Gough was head of prepaid products, Asia Pacific, and head of issuer processing services, Australia and New Zealand, at Visa. 

Joanne Dewar, Chief Executive Officer of GPS, told the media, “We are thrilled to welcome Damien to the GPS team. His in-depth experience with supporting the launch and growth of many of the largest fintech issuance programmes in Asia Pacific, both prepaid and debit, will be immensely beneficial to the growth of GPS in the region. 

Damien has an good track record of effectively engaging ecosystem partners across Asia Pacific, including sponsor banks, eKYC vendors, fintech investors and various processors which will be pivotal to the strength of our partnerships in the fastest-growing fintech market in the world.”

With the support of the UK Department for International Trade’s Fintech Bridges and the Singaporean Economic Development Board, GPS expanded into the APac region in November 2019. The expertise, experience, breadth of APIs and local support provided by GPS to fintechs and digital banks, are helping to streamline what was once a complex process simple.

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Singapore-based Jia Min’s appointment will help to facilitate the rapid growth, as well as being a strategic move aimed at overcoming any language barriers with partners to ensure a truly seamless end-to-end service.

Jia Min said in a statement “APAC is a fast-growing market with great potential for growth. We’re seeing a mass adoption of credit cards and digital payments in response to the Covid-19 pandemic, which naturally means we’re witnessing a spike in the reports of fraud. Despite the demand for dispute management specialists in the region, there has been a distinct lack of support and solutions available on the market, which presents an ideal opportunity for Chargebacks911. There has never been a better time for us to focus our attention on this under-serviced region.”

Jia Min brings a wealth of experience to the role, having worked across the dispute technology, fraud prevention and risk management industries, and a background in the increasing pre-transaction risks such as advertising fraud and loyalty membership fraud.

Her knowledge in eCommerce operations, challenges and trends, as well as strong networking abilities, will further bolster Chargebacks911’s already impressive APAC outfit. Her multilingual skill set will prove invaluable when bolstering Chargebacks911’s offering in the market.

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BMT has appointed John Godwin who brings in more than 25 years of experience in defence and maritime. BMT will soon announce Singapore as its strategic hub for the region. However, John is based in Adelaide and will oversee the business development for APAC. He will be responsible for growing the company’s capability in the region.

With regard to his new role, John told the media, “I look forward to driving investment and working with partners and customers in one of the fastest-growing regions in the world. I will be pushing the team for significant traction in developing our products and services to better serve our Asia Pacific customers.

“With Singapore as our hub in Asia, we will continue to expand our long-standing presence in countries such as Vietnam, South Korea and Japan and aim to strengthen and expand partnerships in the region. Leveraging our global experience, we are looking forward to expanding into Defence markets in the region from Singapore, which is already a BMT hub for Maritime Design, Infrastructure and Environmental Solutions.”

Recently, BMT also appointed Peter Behrendt as its global Director of Strategy and Innovation. He has a strong background in operational, commercial, and business development positions in leading multinational companies. Prior to his appointment, he served as the managing director for the Australian Defence and Security business. He joined BMT in 2017.

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The bank also forecasts that economic activities will pick up next year and Indonesia’s economic growth would reach 5.3 percent in 2021.

ADB made the announcement in its supplement of its annual flagship economic publication, the Asian Development Outlook (ADO) 2020 released in the month of April.

ADB Country Director for Indonesia Winfried Wicklein said in a press release, “The COVID-19 pandemic has caused significant economic disruption globally and in Indonesia, with adverse impact on jobs and livelihoods, especially among the most vulnerable segments of society.”

According to media reports, Indonesia’s economy declined by 3 percent year-on-year in the first quarter of 2020.

Domestic consumption also dropped by 2.8 percent as households reduced discretionary spending. Meanwhile government consumption expenditure, on the other hand, showed signs of a gradual pickup as the government announced stimulus packages to help its citizens deal with the pandemic.

The bank further predicts that the overall growth of the Asia Pacific region would be around 0.1 percent in 2020. Earlier, it precited the region to witness a growth rate of 2.2 percent.

Economic activity in other countries in Southeast Asia such as the Philippines would also contract by 3.8 percent and Thailand by 6.5 percent, the bank said.

The World Bank also predicts that the global economy will shrink by 5.2 percent this year due to the pandemic. It predicts growth in East Asia and Pacific will fall to 0.5 percent in 2020.

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In the past year Avelacom has seen double-digit growth in new business volumes originating in the APAC region, driven by clients demanding professional-grade connectivity services between APAC venues and exchanges, as well as to those in Europe and the USA. The addition of this new PoP is in response to the demands of market makers, prop-trading firms, and investment bank trading desks that have both local and global interests.

With this third PoP in Tokyo, and combined with the existing PoPs at Equinix’s TY3 and at AT TOKYO’s CC1, Avelacom has created a comprehensive portfolio of services that address its clients’ needs to access Japan’s stock, commodity, FX, crypto, and derivatives markets regardless of how latency sensitive their strategy or their physical location.

“Our clients keep asking us to expand our presence in Tokyo, as they desire professional-grade services capable of supporting multi-asset trading in Japanese markets. With our new PoP in the AT TOKYO Premium Colocation Space we add more capabilities for low latency sensitive clients,” said Aleksey Larichev, Avelacom’s Managing Director.

In response to increased interest in Asian Capital Markets amongst institutional clients, Avelacom is further developing its services in the region to support global and intra-Asia trading. In November 2018 Avelacom announced the launch of the lowest latency connectivity between London and Tokyo, and the opening of its new office in Singapore.

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Suparna Goswami Bhattacharya

September 13, 2016: Asian firms are more vulnerable to cyber attacks than their Western counterparts, says a recent report. The findings by Mandiant Consulting, a FireEye company, states that APAC firms are frequently underprepared to identify and respond to breaches.

According to IDC Worldwide Security Market Q1 2016, the network security market in APAC is worth $541 million, which is less than 50% of the US and Canada market, which is worth $1.14 billion. Europe with a market size of $583 million also spends more on network security compared to APAC.

Rob van der Ende, vice-president, Mandiant Consulting, Asia Pacific and Japan at FireEye, states that being unprepared for a breach is business as usual in Asia Pacific. “The region’s governments and boards need to address this further. Organisations must bring together the technology, threat intelligence and expertise necessary to quickly detect and respond to cyber attacks. Firms can benefit by embracing modern response techniques rather than legacy approaches, which often fail to find the attacker’s needle in the haystack.”

Additionally, some attacker tools are used to exclusively target organisations in APAC. For instance, in April 2015, Mandiant Consulting uncovered the malicious efforts of APT30, a suspected China-based threat group that has exploited the networks of governments and organisations across the region, targeting highly sensitive political, economic and military information. “This group appeared to have operated uninterrupted for at least a decade. They likely had little reason to change their operating methods because they were not detected,” states the report.

Interestingly, incident investigation statistics show that organisations in APAC are not up to the challenge of detecting and responding to advanced threat actors. Firms in APAC allow attackers to dwell (time between compromise and detection) in their environments for a median period of 520 days before discovering them, much higher than global median of 146 days.

Chuan-Wei Hoo, CISSP, technical advisor, Asia-Pacific, (ISC)², states that a lot depends on which economy one is looking at. There are economies that have advanced ICT adoption and still suffer from cyber attacks and incidents. It just means with more ICT adoption, we are going to see more attacks and incidents.

“Worse, some of the Asian firms feel that they are not a big target, they need not spend on controls. It is important to note that sophisticated adversaries often target small and medium-size companies as a mean to gain a foothold on the interconnected business ecosystems of larger organisations with which they partner,” says Hoo.

While adoption of technology trends like IoT and cloud computing are increasing, with it the threat of attacks is also on the rise. However, more often than not, organisations continue to rely on security strategies developed a decade ago that can no longer support the ever increasing speed of business.

“A 2015 ZK Research Security Survey revealed that 43% of respondents admit to turning features off in security appliances to improve performance. To successfully compete in this new digital economy, organisations need to implement a tightly coordinated security strategy that can see and govern this data across an entire borderless network without compromising agility or performance,” says Rajesh Maurya, regional director, India & SAARC, Fortinet.

However, Xavier Larduinat, Gemalto, is of the opinion that it is unfair to target companies in APAC for cyber attack vulnerabilities. “It’s a worldwide issue and relates solely on the pro-active actions taken by enterprises. Vulnerability depends on the size of enterprises. Therefore, wherever a specific region has a high density of SOHO (Small offices/Home offices), the absolute number of attacks may be higher,” he says.

Steps to be taken

1. Review network ingress/egress points and use appropriate monitoring on each application service (web browsing, email, remote virtualised desktop solutions, etc.) that crosses the estate boundary

2) Review each security logging device and ascertain how security risks will be identified and alerted when they occur

3) Adopt a behavioural analysis detection approach with log data to identify high-risk security threats (such as APTs) because signature detection will only find known threats

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