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Thai exports beat forecast in December, but set to slow in 2026, commerce ministry says

Thailand’s exports surged in December 2025, rising 16.8% year-on-year to about US$28.8 billion, significantly beating market expectations of around 8.7%. This strong performance was led by electronics and electrical appliances, contributing to a 12.9% full-year export growth in 2025 — the highest in four years and highlighting Thailand’s continued trade momentum. 

Despite the strong year-end figures, the Thai Ministry of Commerce warned that export growth could slow in 2026 due to headwinds such as a stronger Thai baht, rising U.S. tariffs, and ongoing global trade uncertainties, potentially dampening the export outlook for the year ahead. 

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ASEAN Is the Place to Do Business in 2026

With a stable operating environment, beneficial supply-chain adjustments, and opportunities arising from the Johor-Singapore Special Economic Zone, ASEAN remains an appealing region for business.
 
“This is a place to be, and the supply chain shifts are in favour of us. We are exporting a lot more to the US, selling to the rest of the world and also on our own, we have strong fundamentals – our population, our income growth – to support them,” said UOB head of research Suan Teck Kin.

He also stated that ASEAN will continue to benefit from the shifts in supply chain and trading with China. Additionally, the trade in Southeast Asia remains stable for exports and imports despite threats from US tariffs in 2025, further added that ASEAN continues to rank as a top destination for investment.

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Vietnam, Thailand Strengthen Bilateral Cooperation

The foreign ministers of Vietnam and Thailand held discussions to enhance bilateral relations, reaffirming their long-standing friendship and comprehensive strategic partnership. Both sides agreed to deepen political trust through continued high-level exchanges and to develop a concrete action plan for cooperation for the 2026–2030 period.

Economic, trade, and investment cooperation remains a key pillar, with both countries promoting the “Three Connections” strategy and expanding collaboration in energy, green transition, digital economy, and logistics. They also reaffirmed commitments to security cooperation and to maintaining peace, stability, and unity within ASEAN.

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Measures to enhance PH’s role in ASEAN’s economic landscape pushed

The country can strengthen intra-ASEAN economic linkages by reducing trade costs, improving micro, small and medium enterprises (MSME) participation in regional production networks and reviewing non-tariff measures, according to a new study by the Philippine Institute for Development Studies (PIDS).

The discussion paper, “ASEAN Economic Community through the Years: Benchmarking, Emerging Trends, and Future Pathways,” authored by PIDS Senior Research Fellow Francis Mark Quimba, Supervising Research Specialist Mark Anthony Barral, and former Research Analyst Alliah Mae Salazar, provides an updated assessment of the ASEAN Economic Community (AEC) Blueprint 2025.

The AEC Blueprint 2025, aimed at fostering deeper regional integration, competitiveness, and economic resilience, has recently been adopted. This as the Philippines prepares to chair the 2026 Association of Southeast Asian Nations (ASEAN) Meetings.

“The participation of MSMEs in ASEAN-wide production networks remains limited. This calls for dedicated technical support, finance access, and regional certification schemes to help scale and integrate MSMEs,” the paper said.

Quimba, Barral and Salazar said that while average tariffs decline, non-tariff measures (NTMs) –such as regulatory inconsistencies, technical standards, and border procedures– continue to impose hidden costs, and have become the main obstacle to deeper intra-ASEAN trade integration. 

“A review of existing and emerging NTMs, especially in agriculture, pharmaceuticals, and electronics, should be undertaken with a view toward streamlining and aligning with regional practices and standards,” they said.

The authors said the Philippines benefits from Regional Comprehensive Economic Partnership (RCEP) and ASEAN+1 free trade agreements, however, trade costs remain high due to fragmented border processes. 

“Harmonizing customs procedures, mutual recognition of standards, and real-time digital logistics tracking can significantly reduce costs,” they added. 

The paper also proposed developing targeted investment corridors in manufacturing, services, and agribusiness that are tailored for ASEAN investors. 

“Coordination between BOI (Board of Investments), PEZA (Philippine Economic Zone Authority), and subnational governments can be a key to offering consistent, predictable incentives, and land-use arrangements,” it said. 

The study likewise urged faster adoption of digital economy measures through improved regulations, rural connectivity, expanded digital skills programs, and enhanced interoperability across government systems.

It also underscored the importance of enhancing sustainable trade and investment policies and aligning these with climate and green standards, expanding renewable energy and climate-smart agriculture, and engaging proactively in ASEAN-level climate finance mechanisms. 

“As global supply chains demand compliance to sustainability standards, the Philippines should introduce carbon border measures, ESG (Environmental, Social, and Governance) incentives for exporters, and labeling schemes that are compatible with ASEAN and EU (European Union) green standards,” the study added. 

The private sector, meanwhile, is encouraged to deepen participation in regional supply chains, drive innovation through open collaboration, align with ASEAN sustainability frameworks, and support the green transition of supply chains. 

“Firms must diversify regional linkages beyond China and the US. The country must explore other markets and opportunities in its neighbors through strategic joint ventures or co-sourcing agreements,” the authors said.

PHILEXPORT News and Features
Photo Source: Canva and PIDS website
Published: January 23, 2026

Top trends redefining global trade in 2026 cited

Exports of services continue to grow faster than goods this year with digitalization accelerating servicification, while developing countries drive global export growth, according to the UN Trade and Development’s first trade report of the year. 

The January Global Trade Update identified 10 trends shaping global trade in 2026 –and the policies and actions needed to help countries navigate change and seize emerging opportunities. 

The report said that over the past decade, world services exports expanded by about 5.3 percent annually —more than twice the pace of goods trade— and now account for 27 percent of global trade. 

“In 2025, services export growth is expected to reach 9 percent, with momentum likely to continue in 2026. This reflects growing servicification, as services increasingly underpin production across sectors,” it said. 

“Advances in digital technology have made many services tradable at scale. Digitally deliverable services now represent 56 percent of global services exports, having grown at an average annual rate of 7.1 percent over the past decade,” it added. 

The report also cited the new barriers emerging as the global digital services trade rules tighten. Closing the digital divide –through infrastructure, skills and supportive regulation – will be critical if developing countries are to benefit from the fastest-growing segment of global trade. 

It said another trend shaping global trade this year is the surge in South–South trade, which is the trade between developing countries. 

South–South merchandise exports surged from about $0.5 trillion to $6.8 trillion between 1995 and 2025. Today, 57 percent of developing-country exports go to other developing economies, up from 38 percent in 1995, it added.

“This surge has been fueled largely by Asia’s regional value chains – especially in East and Southeast Asia – where high- and medium-tech manufacturing accounts for roughly half of South–South trade,” the report said, citing the United Nations Conference on Trade and Development (UNCTAD) calculations based on UNCTADStat data. 

The report said global economic growth in 2026 will moderate trade prospects, investment flows, and policy choices. 

“Slower growth affects trade through weaker export demand, tighter financial conditions, and greater exposure to shocks. Commodity-dependent economies may face heightened price volatility, while access to external finance could become more constrained,” it said.

As the impact on developing countries will be significant, the report said policymakers will need to adapt strategies —such as strengthening regional integration or digital trade– to counter global headwinds and build resilient development plans toward 2026. 

It said rising tariffs fuel trade uncertainty is another trend as governments are expected to continue using tariffs as protectionist and strategic tools in 2026.

“Smaller, less diversified economies are particularly exposed to rising tariffs and policy volatility. Limited capacity to redirect exports or absorb higher costs can lead to revenue losses, fiscal strain, and slower development. Tariff hikes on commodities may also threaten livelihoods and food security,” it added. 

Further, the UN report said trade-restricting and trade-distorting measures are on the rise as national policies reshape commerce.

In 2026, the use of non-tariff measures will expand, driven by environmental, social and security priorities alongside persistent protectionist pressures, it said. 

“While affecting global trade, their impact will fall unevenly, as smaller exporters and lower-income economies face rising procedural and compliance costs. More flexible global rules and targeted technical assistance will be essential to ensure inclusive implementation,” it added.

Other trends shaping global trade in 2026 include the reconfiguration of value chains, trade rule reform reaching a crossroads, environmental concerns remaining a key part of global trade initiatives, critical minerals facing volatility amid oversupply and geopolitical risks, and agricultural trade remaining vital for food security. 

“Nearly two-thirds of global trade occurs within global value chains, and changes in their configuration are creating new hubs and routes,” the report said. “Proactive measures, including improved logistics, workforce upgrading, and a stronger investment climate, are essential to remain integrated into global value chains.”

PHILEXPORT News and Features
Photo Source: Canva
Published: January 23, 2026

Singapore SME Summit 2025 Drives the Theme "From Local Strength to Global Impact"

Held at Marina Bay Sands Expo & Convention Centre on 03 December 2025, this year's summit convened more than 1,000 local and foreign business owners, founders, innovators, and ecosystem partners, reaffirming Singapore's commitment to strengthening its enterprise sector and supporting businesses in scaling beyond domestic borders.

Graced and officially opened by Guest of Honour, Mr Zhulkarnian Abdul Rahim, the SME Summit centred on the theme "From Local Strength to Global Impact."

In his opening address, Mr Zhulkarnian highlighted the importance of building strong business fundamentals, deepening enterprise capabilities, and accelerating innovation so that Singapore SMEs remain resilient and competitive in a rapidly globalising economy. He encouraged businesses to seize opportunities abroad while staying rooted in strong local values, industry collaboration, and community support.

A National Platform Advancing Enterprise Capability, Innovation, and Internationalisation

The SME Summit featured a full day of high-level discussions, keynote presentations, fireside chats, and thematic sessions designed to address the most pressing challenges and opportunities facing Singapore enterprises.

The full day summit's agenda covered key business topics and placed strong emphasis on:

1. Enterprise Capability Development

Sessions focused on practical frameworks for strengthening internal processes, financial resilience, leadership development, and future-ready talent strategies. Speakers emphasised that long-term competitiveness begins with strong core capabilities at home.

2. Digital Transformation & Innovation

Industry experts showcased the importance of cybersecurity adoption and implementation with SMEs and how advancements in digital tools, automation, data analytics, and artificial intelligence can boost operational efficiency and unlock new business models. Real-world case studies illustrated how SMEs can adopt scalable technologies without heavy upfront cost.

3. Global Expansion & Cross-Border Opportunities

The SME Summit brought regional and global market experts together to discuss emerging opportunities in Southeast Asia, the Middle East, and beyond. Several sessions explored international market entry strategies, global branding, cross-border partnerships, and the pivotal role of intellectual property in supporting overseas expansion.

4. Strengthening the Singapore Enterprise Brand

Panel discussions highlighted how the Singapore brand known for trust, reliability, and quality continues to give local enterprises an edge globally. Speakers shared how businesses can position themselves to ride on Singapore's reputation while differentiating their value proposition internationally.

One of the key highlights of the SME Summit was the fireside chat, titled "Scaling Beyond Singapore – SMEs for Global Expansion".

The fireside chat brought together business leaders and industry experts who shared insights on navigating new markets, building cross-border partnerships, leveraging digital tools and protecting intellectual property in global expansion efforts. The discussion emphasised the importance of capability building, innovation and strategic readiness as SMEs take bold steps toward internationalisation.

5. Recognising Committed Singapore SMEs for Business Excellence under the Singapore SME 500 Award

The SME Summit also provided a platform to acknowledge the commitment and perseverance of Singapore's SMEs that continue to uphold high standards of business excellence, capabilities and forward momentum.

As part of the SME Summit's agenda, outstanding and high performing local SMEs were recognised under the Singapore SME 500 Award (https://sme500.atc.sg) - one of Singapore's long running and highly regarded business award that celebrates enterprises strong business fundamentals, consistent fiscal performance, commitment to business excellence and the capability to scale.

These enterprises represent the resilience, adaptability and leadership that defines Singapore's enterprise community. Their achievements served as a testament to the importance of continues capability development and innovation, reinforcing the critical role SMEs play in driving economic growth and elevating the standards of the enterprise community.

The Singapore SME 500 Award also underscored ATC's commitment to honouring committed enterprises that embody the spirit of progress and business excellence, and are well positioned to scale further in the years ahead.

Showcasing Industry Solutions, Support for SMEs and Strengthening Partnerships

Alongside the conference programme, a dedicated exhibition segment brought together solutions providers, innovators, supporting agencies for local SMEs and ecosystem partners who showcased practical tools and resources that are designed to support SMEs in all stages their business development journey.

These included digital transformation solutions, cyber security providers, financial services, productivity solutions and foreign partners of ATC whom are ready to support Singapore SMEs' expansion across the border.

ATC expressed appreciation to all supporting partners, noting that strong and multi-stakeholder collaboration is essential to developing an enterprise ecosystem that is resilient, future ready and globally competitive. The SME Summit served as a meaningful platform for partners to meet business owners, exchange insights and explore new collaborations.

Growing Regional Recognition and Influence

Since the inaugural launch of the SME Summit, the summit has grown into a prominent regional platform for Singapore SMEs to congregate, network and collaborate.

Bringing Singapore SMEs and business leaders together from more than 15 industries and trade sectors, the SME Summit attracts increasing interest from ASEAN and Asia-Pacific markets. This year's turnout reflects the strong momentum and determination within Singapore's SME sector to elevate capability and pursue new frontiers of growth.

ATC also noted that with shifting global economic dynamics, supply chain realignment and rising digital adoption with the use of AI, the next decade presents one of the most significant windows of opportunities for Singapore's businesses to expand globally.

"The SMESummit 2025 underscores the readiness of Singapore enterprises to embrace innovation, scale their operations, and take their brands global.

This year's theme - 'From Local Strength to Global Impact' represents a clear ambition: to nurture strong business foundations locally while equipping SMEs with the capability, confidence and connectivity to grow internationally.

We extend our deepest appreciation to our Guest of Honour, partners, speakers and delegates for making this year's Summit a powerful and forward-looking platform for our enterprise community."

Dato Seri Ashraf Bakar, Council Member,
Association of Trade and Commerce (ATC)

About the Singapore SMESummit

The SMESummit, organised by the Association of Trade and Commerce (ATC), is an annual highly anticipated business event that brings together local Small-Medium Enterprises (SMEs), innovators, entrepreneurs, industry experts and thought leaders to explore the dynamic and ever-evolving landscape of our local SMEs.

ATC and partners of the SMESummit brings a wealth of experience and expertise, and with a keen understanding of the challenges and opportunities that SMEs face, the SMESummit agenda provides attendees with relevant insights, cutting-edge strategies, and unparalleled networking opportunities.

The SMESummit plays a pivotal role in connecting businesses, facilitating knowledge exchange, and ultimately contributing to the overall advancement of Singapore's SME sector.

Source: Straits Times, 10/12/2025 (Singapore SME Summit 2025 Drives the Theme "From Local Strength to Global Impact" as Singapore Enterprises Chart Their Next Chapter of Growth | The Straits Times)

Circular economy guide for SMEs launched

A free training book has been released providing concrete and comprehensive guidance on how Filipino small and medium enterprises (SMEs) can implement circular economy (CE) practices for plastics to reduce production wastage and increase resource efficiency. 

The “Circonomics Training Book Transforming Businesses through Circular Economy Practices: For SMEs in the Philippines” is a practical guide designed to help SMEs in the country and across ASEAN adopt circular economy practices. 

The book underscores how circular economy practices can help SMEs in particular to cut costs by maximizing resource productivity and minimizing waste and material inputs. “Resource efficiency can yield significant savings across production and operations as well as contribute to the overall economy of the nation,” it says.

Moreover, embracing CE principles such as reducing waste, reusing materials, and recycling resources can give SMEs a competitive edge. By aligning with circular trends, SMEs can meet supply chain requirements, access green financing, and appeal to a growing base of eco-conscious customers. 

“In essence, circular economy is business advantage. SMEs that embrace circular practices can stay competitive and unlock new opportunities,” says the manual.

In contrast, SMEs not practicing circularity can encounter setbacks such as profit leakage since they pay full price for materials they only use once; missed opportunity because they lose further value from a product’s end-of-life through resale, recycling, repair and upcycling; and inefficient inventory due to the lack of reuse or take-back systems, which leads to overstock or wastage. 

The paper points out that “reducing plastic waste does not always demand large investments and advanced technologies, and sometimes adopting or taking inspiration from proven practices (best practices) might be more efficient.”

These best practices illustrate that circularity is not limited to global brands, and that SMEs can also lead the way by redesigning packaging, rethinking delivery systems, and partnering with local recyclers or communities.

Some of these proven best practices include stopping automatically giving single use plastic items such as straws, cutlery, or plastic bags unless requested or charging extra for it; removing unnecessary layers of product packaging; motivating customers to bring their own cup or container to restaurants and cafés; and setting up refill stations in sari-sari stores and supermarkets, according to the book. 

The document is replete with tips, lessons, directions, and insights from regional case studies, hands-on exercises, as well as step-by-step guidance to help SMEs strengthen supply chains, optimize resource use, and tap into emerging financing opportunities. 

In particular, the Best Practices and Localized Solutions section focuses on the primacy of elimination over redesign, saying SMEs should first prioritize the elimination of single-use plastics (SUPs) before moving on to redesign.

If elimination is impossible, businesses should look at redesigning by reconsidering packaging design or using other packaging options that are reusable or biodegradable.

The book authors also dedicate a section to the big challenges circular SMEs face in trying to access external funding and support to develop innovative solutions. This chapter outlines the types of funding available, pathways to secure funding, how to prepare funding proposals, and identifies stakeholders offering support through partnerships and networks.

Finally, the training manual highlights the importance of strengthening regulatory and policy support for circularity adoption by the SME community, noting that “national regulations and strategies for CE remain fragmented, without a unified direction,” with proposals often reactive to current events and with little follow-through on implementation.

The training book was developed by the Regional Knowledge Centre for Marine Plastic Debris under the Economic Research Institute for ASEAN and East Asia or ERIA, and may be accessed at https://www.eria.org/uploads/Circonomics%20Training%20Book%20for%20SME%20Philippines.pdf/.

Circular economy is a system where materials never become waste and nature is regenerated. It is anchored on the cradle-to-cradle approach, which envisions products designed not for a single lifecycle, but to continuously flow within biological or technical cycles. This regenerative model encourages innovation in product design, materials science, and business models to eliminate the concept of waste altogether.

PHILEXPORT News and Features
Published: January 16, 2026
Photo source: Canva edited

Vietnam Shines in Global Trade with Record-Breaking US$900 Billion Turnover

Vietnam's total trade turnover has exceeded US$900 billion for the first time, representing a significant milestone in the nation's economic integration, as reported by the General Department of Vietnam Customs (GDVC).

This achievement positions Vietnam among the world's top 25 largest trading economies. According to the World Trade Organization (WTO), the country currently ranks 21st globally in exports and 20th in imports, reflecting increases of 11 and 12 positions, respectively, over the past decade. It also underscores the vigorous efforts of the business community and the collaborative involvement of various ministries and sectors, including the Ministry of Finance and the customs sector even though Vietnam continues to present substantial uncertainties as it remains vulnerable to natural disasters, storms, and floods, which pose challenges to production, business operations, and economic growth.

These initiatives have been bolstered by strategies that enhance import-export activities, effectively leverage free trade agreements, expand market access, develop logistics, and reduce operational costs for businesses.

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Thai online shoppers more value-conscious Smart and seamless shopping experiences with peace of mind matter as much as price

A survey by Milieu Insight indicates that the rapidly growing Thai e-commerce market, which sees $87\%$ of consumers shopping online monthly or weekly, has undergone a fundamental shift from being purely price-driven to value-driven. While price factors like discounts and free shipping remain important, consumers are now increasingly prioritizing factors that build trust and reliability, such as wide product selection and credible customer reviews, and are unwilling to trade confidence for lower prices. This shift means the new "battleground is confidence," with 84% of consumers willing to pay more for reliable delivery, and 45% having switched platforms due to perceived unfair treatment. To close this satisfaction gap, the top platforms—led by Shopee, TikTok Shop, and Lazada—must focus on five key missions: making delivery reliability non-negotiable (as 79% reported issues), eliminating hidden costs, strengthening buyer protection to address consumer feeling that platforms favor sellers, investing in convenience innovations like Buy Now, Pay Later, and rewarding good service over mere sales volume to build buyer confidence for sustainable growth.

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PH, 4 other economies seen main engines of Southeast Asian energy demand growth

The Philippines and four other economies are the main engines of Southeast Asian energy demand growth as electricity consumption across Asia-Pacific Economic Cooperation (APEC) is projected to increase by up to 96 percent by 2060, according to a new Outlook.

The ninth edition of the APEC Energy Demand and Supply Outlook produced by Asia Pacific Energy Research Centre said Southeast Asia’s share of APEC energy demand is projected to nearly double, rising from 8 percent in 2022 to 15 percent in 2060, both Reference Scenario (REF) and Target Scenario (TGT).

Aside from the Philippines, the Outlook identified Indonesia, Malaysia, Thailand, and Vietnam recording large increases in both scenarios.

“Despite efforts to reduce import dependence in TGT, the increase in energy demand in the Philippines, to continue driving its economic growth, will require more imports. Further efforts are necessary to retain the current import dependence of around half the total primary energy supply,” it said.

The Outlook said Southeast Asia’s natural gas demand is projected to rise significantly in the coming decades, primarily driven by the power sector.

It said domestic gas production in key economies like the Philippines, Thailand and Vietnam is either declining or unable to keep pace with rising consumption.

“Consequently, LNG (liquefied natural gas) imports are becoming increasingly vital to meet this growing energy need. However, several challenges complicate the sustainable expansion of LNG demand across the subregion,” it said.

The Outlook said affordability remains a significant concern while high and volatile global LNG prices have made governments and utilities cautious about entering long-term LNG supply contracts.

With increasing LNG imports, maintaining a secure supply, sufficient regasification capacity, and adequate storage facilities depends on ongoing investment in these sectors, it added.

The APEC Energy Demand and Supply Outlook, updated every three years, projects electricity generation rising from 18,971 terawatt-hours (TWh) in 2022 to 32,690 TWh under current policies, reflecting a structural move away from direct fossil fuel use toward electricity across transport, buildings and parts of industry.

Electrification, data-center expansion and shifts in transport are reshaping energy demand across APEC economies, according to the Outlook.

Transport electrification plays a central role in reshaping energy demand. By 2060, electric vehicles account for 60 percent of the vehicle fleet under current policies and 96 percent if economies meet stated targets, sharply reducing oil consumption while increasing demand for electricity, it said.

In buildings, electricity demand continued to climb, driven largely by the rapid expansion of data centers and artificial intelligence workloads, even as efficiency gains slow growth in other forms of energy use.

On the supply side, renewables account for a growing share of electricity generation, rising from 26 percent in 2022 to 55 percent by 2060 under current policies and 64 percent after economies meet stated targets, the Outlook added.

PHILEXPORT News and Features
Date Published: January 2, 2025
Photo: Canva edited

Thai consumer confidence hits six-month high in November: survey

Thai consumer confidence reached a six-month high in November, rising for the third consecutive month to $53.2$, fueled primarily by the government's economic stimulus policies, including a $44$ billion baht consumer subsidy program, and support for domestic tourism. Consumers expressed hope that these measures would lead to a short-term economic recovery. Despite this optimism, consumers generally felt that the overall economic recovery was slow and that the cost of living remained high. Furthermore, risks such as severe flooding in the South, ongoing trade tensions, and political tensions between Thailand and Cambodia continue to pose threats that could undermine confidence in the near future. A joint business group projected that the recent Southern flooding would trim economic growth both this year and next.


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Across digital gaps and borders, UOB’s FinLab helps businesses build bridges

STEPPING into the business after her grandfather passed, Claire Ariela Shen knew Dona Manis Cake Shop would be faced with a major challenge.

The traditional bakery, founded in 1992 in the basement of Katong Shopping Centre, would need to keep up with the times.

A previous partner had also exited the bakery, leaving Shen in charge of a business which had often operated along trust-based systems and personal relationships – neither of which she had been deeply involved in building.

“There was no proper cash register, transactions were largely cash-based, and records were kept in a handwritten booklet my grandfather maintained,” said Shen, chief heritage officer of Dona Manis. She saw that a digital transformation would be needed to keep the business sustainable.

These challenges are not unique to Shen’s case; many small and medium-sized enterprises (SMEs) in South-east Asia face similar obstacles when seeking to scale.

The relevant digital tools are difficult to identify; furthermore, SMEs with tight budgets and limited time are unable to experiment freely with such instruments.

UOB FinLab, the innovation accelerator launched in 2015, has spent the last decade helping businesses across the region bridge these gaps.

“UOB FinLab came at a time when we needed both structure and guidance – practical tools paired with a supportive ecosystem that understood the realities of small, heritage-rooted businesses,” said Shen, who participated in the Womanpreneur digitalisation innovation programme run by FinLab.

Structure came in the form of providing strategic frameworks to better understand her vision for the business, she said.

Meanwhile, guidance in the form of social media and communication modules proved to be enlightening for Shen, while access to resources such as preferential financing options and Web-hosting support enabled her to take tangible steps towards growing the business.

“Equally meaningful was the community itself,” noted Shen. “It reminded me that entrepreneurship does not have to be a solitary journey.”

Shannon Lung, head of UOB FinLab, explained that the accelerator was founded in 2015 with the mandate to support emerging technology innovators, mainly among fintech startups.

Ten years later, FinLab’s mandate has evolved to support SMEs – in all industries and across South-east Asia – to leverage its ecosystem and programmes to achieve growth.

This includes connecting businesses to UOB’s regional network, providing commercial validation pathways and running transformation programmes tailored to each market’s needs, Lung told The Business Times.

Nearly two years after Shen first participated in FinLab’s programme, she noted that Dona Manis has taken crucial steps to modernise.

“We now operate with a point-of-sale system and have expanded into online ordering and delivery platforms,” she said.

Shen added that much of the bakery’s internal documentation has moved to cloud-based systems, such as accounting and human resources software.

“While we still remain a relatively small team, these tools have helped us grow in a more sustainable and manageable way,” she said.

But for businesses across South-east Asia, FinLab’s support goes beyond its ability to drive local transformation.

“Our Asean footprint is our differentiating factor,” said Lung. “It transforms us from a traditional accelerator into a regional growth catalyst.”

UOB FinLab’s presence within South-east Asia spans Singapore, Malaysia, Indonesia, Thailand and Vietnam.

By connecting SMEs and startups with UOB’s regional network, FinLab enables these enterprises to ecosystem access to government agencies, solution providers, institutes of higher learning, Lung told BT.

This ecosystem also enables FinLab to connect companies with each other – through corporate partnerships, industry associations and even matching businesses with potential customers.

Such regional connections are critical to the expansion hopes of AltoTech Global, a Bangkok-based energy management solutions company which participated in FinLab’s GreenTech Accelerator programme in 2024.

This was a six-month programme spanning Singapore, Malaysia and Thailand, where SMEs were challenged to tackle real-world sustainability problems and create solutions.

Dr Warodom Khamphanchai, chief executive officer of AltoTech, said that the programme helped the company, which leverages artificial intelligence (AI) and Internet of Things technology to optimise heating, ventilation and air-conditioning operations, to refine its product for expansion beyond Thailand.

“Throughout the programme, we provided AltoTech with the strategic support essential for scaling, from deep-dive mentorship and industry matching to access to our strong regional ecosystem,” said Lung.

Through the Greentech Accelerator, the Thai company participated in the Singapore Fintech Festival, and even ran a pilot project within a UOB building.

Dr Warodom told BT that AltoTech intends to establish a stronger presence in Singapore over the next year, viewing UOB as a strategic partner in this endeavour.

He noted that not every market can be won over by technology alone; a potential entrant needs to build trust among local partners, while the capability to execute in foreign markets is never guaranteed.

“UOB’s ecosystem helps us connect with relevant stakeholders,” he added. “This reduces time (taken) to the first project and helps us adapt our delivery and commercial approach to each market’s expectations.”

Lung explained that cultural norms in different countries could influence business priorities and adoption rates unevenly.

“Each Asean market has distinct digital maturity, regulatory frameworks, and business culture expectations, which shape how we design and deliver our programmes,” he said.

Through FinLab, more specific support solutions can be tailored to different countries’ contexts, Lung noted.

For example, the Jom Transform programme for Malaysian SMEs was designed to aid businesses looking to enter markets for halal goods and services through obtaining the proper certifications and enhancing their digital capabilities to achieve growth.

Aligning with the growth trajectories of regional economies has also been a crucial element of FinLab’s mission to support innovation-driven transformation.

As regional economies and businesses sought to find their footing during the Covid-19 pandemic, FinLab chose to expand into markets including Vietnam and Indonesia, where initiatives related to sustainability and AI were launched to align with regional growth priorities.

“Ultimately, our ambition is to continue being a future-ready innovation partner,” said Lung.

“We help SMEs anticipate change, seize new opportunities and build the resilience they need for the decade ahead.”

 Source: Business Times, 29 Dec 2025 (Across digital gaps and borders, UOB’s FinLab helps businesses build bridges - The Business Times)

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