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HANOI: Global IT firm FPT Corporation (FPT) has formed strategic partnerships with two of Thailand’s leading enterprises—Sunline and Buzzebees—underscoring the deepening technological and business collaboration between the two nations amid their shared momentum in digital economic growth. In terms of talent development, FPT also signed strategic partnership agreements with two of Thailand’s leading institutions in education and science & technology—Khon Kaen University and King Mongkut’s University of Technology. The partnership signing took place during the official visit of Thailand’s Prime Minister H.E. Paetongtarn Shinawatra – her first official visit to Vietnam since taking office in August 2004. On the sidelines of the Vietnam – Thailand Business Forum 2025, with both countries’ Prime Ministers and delegations in attendance, FPT signed a partnership agreement with Sunline – a global leading core banking solutions and services provider. FPT will support Sunline in system integration competencies across digital banking, digital lending, and core banking, drawing on more than two decades of experience delivering technology services and solutions to global banks, insurers, and financial institutions. FPT will help Sunline scale up the delivery capabilities of its Digital Core Banking Transformation Solution SunCBS to meet increasing market demands, especially as Thailand accelerates its shift toward a virtual banking future. Both sides aim to drive digital transformation for Thai financial institutions to improve customer experience, modernize legacy systems, and achieve operational resilience amid the country’s rapidly evolving banking landscape. Earlier at FPT’s headquarters in Hanoi, FPT also signed a strategic partnership agreement with Buzzebees—Thailand’s leading loyalty and digital engagement platform company. FPT and Buzzebees will deliver comprehensive, consumer-focused digital solutions to facilitate customer data exchange and cross-merchant loyalty programs for businesses, particularly in FMCG, retail, financial, and telecommunications sectors. Both sides will join forces to enhance customer engagement, modernize legacy systems, and boost operational efficiency. The partnership’s initial projects are expected to deliver tangible business results to clients within this year. In education, in the presence of the Prime Ministers of both countries, FPT University under FPT Corporation and King Mongkut’s University of Technology officially signed a memorandum of understanding to implement joint training programs and student exchange initiatives in Artificial Intelligence (AI), Robotics, and Automotive Automation. Additionally, FPT University and Khon Kaen University partner to jointly develop a semiconductor workforce training program for Thailand. This collaboration is part of the Thai Government’s Semiconductor Sandbox initiative, led by the Ministry of Higher Education, Science, Research and Innovation (MHESI). “Our future is digital, and businesses must embrace innovative solutions to stay ahead. Thailand is a dynamic market where consumers are actively experiencing new initiatives every day. “The partnership between FPT and Sunline will empower businesses with enhanced speed, quality, and scalability. Through the strategic partnerships with Sunline and Buzzebees, FPT aims to accelerate digital transformation for more enterprises across various sectors, such as banking, finance, FMCG, retail. Combining FPT’s technological expertise with our partners’ core competencies, we will empower businesses with enhanced speed, quality, and scalability. This provides a strong foundation for building future-ready, customer-centric business models”, said Levi Nguyen, Chief Executive Officer of FPT Thailand and FPT Taiwan, FPT Corporation. Thailand is among FPT’s key markets in the APAC region. The company has established its position as a trusted digital transformation partner for Thailand’s leading enterprises particularly in banking and finance, with renowned names like KBTG, SCB, KKP, TTB, Bangkok Bank, and other sectors including insurance, retail, automotive, manufacturing, healthcare, energy and utilities, consumer goods, and aviation. FPT currently boasts hundreds of local employees serving the Thai market, with a plan to double its workforce by 2027. As part of the Thai Prime Minister’s official visit to Vietnam this May, FPT Executive Vice President Pham Minh Tuan participated in a one-on-one meeting with the Prime Minister and Thai government delegation, during which the company reaffirmed its long-term commitment to forging potential tech collaboration across several industries, contributing high-quality technology talent, and providing comprehensive solutions for digital transformation. As a co-founder of the Vietnam–Thailand Chamber of Commerce (VietCham Thailand), FPT also plays an active role in strengthening bilateral cooperation. The company recently worked with the Thailand Board of Investment in Hanoi to promote trade and investment, as well as support Thailand with high-quality technology talents to meet the rising demand for digital transformation. In the first quarter of 2025, FPT reported robust results, with revenue increasing by 13.9% and profit before tax up 19.4% year-on-year. The technology sector continues to serve as a key growth driver, achieving a 15.3% year-on-year increase, underpinned by a 17% rise in revenue from global IT services.

A subsidiary of China Construction Bank in Hong Kong has launched an internal investigation into unauthorised transactions conducted via the Faster Payment System (FPS), following a complaint from a client who claims to have lost HK$20,000 despite never having used the platform. The affected client, a businesswoman identified as Ms Chen, reported that the funds were transferred on 1 April to an account under Ant Bank, registered in a mainland Chinese name. Although three subsequent transactions—totalling HK$30,000—were successfully intercepted, she expressed frustration with the bank’s initial handling of the case. According to Chen, the lender stated at first that no security irregularities had been detected. Chen was advised by the bank to file a police report. She was later informed by law enforcement that such breaches of the FPS are rare and that the bank bore responsibility for pursuing fund recovery from Ant Bank. Her case was reopened for review after she escalated the matter to the Hong Kong Monetary Authority (HKMA) on 2 May, in accordance with regulatory procedures. However, she noted that the HKMA made no assurances regarding any specific remediation steps by the bank. “There’s maybe some light in the tunnel,” Chen said. “But I’m still feeling somewhat helpless as the HKMA cannot guarantee the bank will be held accountable.” Cybersecurity experts described unauthorised FPS transactions as uncommon due to the platform’s robust encryption and authentication mechanisms. Francis Fong Po-kiu, honorary president of the Hong Kong Information Technology Federation, said successful FPS scams often involve the acquisition of one-time passwords and access to the victim’s device, potentially via malware. “Malware can hijack online banking if the user’s mobile phone or desktop is compromised,” said Fong, noting that Android devices are more vulnerable than Apple’s iOS ecosystem. Anthony Lai Cheuk-tung, director at cybersecurity firm VX Research, added that attackers could obtain banking credentials through phishing links or remote access enabled by malicious software. The FPS platform, introduced in 2018, has amassed more than 16 million registrations as of April 2025. A notable breach occurred in the launch year, prompting the HKMA to suspend the system temporarily after fraud losses exceeding HK$400,000 were reported. Responding to enquiries, a spokesperson for China Construction Bank (Asia) declined to comment on individual cases but confirmed the activation of standard fraud mitigation procedures, including instant suspension of digital banking, internal investigations, and fund recall requests. A representative from Ant Bank similarly refrained from commenting on the specifics of the case but reaffirmed the institution’s adherence to rigorous compliance and security protocols. Ant Bank is operated by Ant Group, an affiliate of Alibaba Group, which owns the South China Morning Post. Both banks stated that they are cooperating with local law enforcement, with China Construction Bank (Asia) participating in the police-operated 24/7 stop-payment mechanism and bank-to-bank information-sharing platforms, including the FPS suspicious transaction alert system. In a broader context, Hong Kong authorities are grappling with a sharp rise in digital fraud. Between January and February 2025, police handled 4,141 online scam cases, with total losses reaching HK$740 million. To strengthen preventive measures, the HKMA introduced an FPS warning mechanism in 2023, designed to alert users transferring funds to accounts linked to previous scams through the police-maintained “Scameter” database. In Q1 2025 alone, the HKMA received 203 fraud complaints, of which 165 involved unauthorised transactions. Last year, 828 complaints were filed with the authority, including 536 relating specifically to unauthorised transfers. -South China Morning Post

SINGAPORE: At least five companies based in mainland China or Hong Kong are considering initial public offerings, dual listings, or share placements on the Singapore Exchange (SGX) over the next 12 to 18 months, according to four individuals with direct knowledge of the matter. The move reflects a growing interest among Chinese firms in expanding their presence in Southeast Asia, as escalating geopolitical tensions with the United States drive a shift in strategic priorities. Among the potential listings are a Chinese energy firm, a healthcare group, and a Shanghai-based biotechnology company. While sources declined to disclose specific names as discussions remain preliminary, the developments mark a notable shift towards Singapore as a capital-raising hub. The planned activity would serve as a welcome catalyst for SGX, which has faced challenges in attracting large-scale listings and boosting trading volumes in recent years. In 2024, SGX hosted only four IPOs, significantly trailing Hong Kong Exchanges and Clearing Ltd, which recorded 71 new listings over the same period. According to Jason Saw, head of investment banking at CGS International Securities, Chinese interest in SGX surged following recent trade actions by the United States. “Enquiries about listings on SGX shot through the roof after Trump ramped up his trade actions against China,” he said. Former US President Donald Trump imposed tariffs of 145% on Chinese imports, prompting retaliatory duties from China of up to 125% on US goods. Although both sides recently agreed to a temporary 90-day pause, long-term uncertainty continues to influence strategic corporate decisions. CGS International, a subsidiary of China Galaxy Securities, is reportedly working with at least two China-based companies to debut on SGX within the year. Some of these firms could raise approximately US$100 million (RM429.6 million) through primary listings, one source noted. While SGX has historically not been the primary destination for Chinese offshore listings—Hong Kong remaining the preferred venue due to regulatory alignment and investor familiarity—recent geopolitical shifts and Beijing’s push to deepen ties with ASEAN markets are reshaping this outlook. “Singapore is an important gateway, whether it’s trade or business activity from China to the outside world,” said Pol de Win, Senior Managing Director and Head of Global Sales and Origination at SGX. “A listing in Singapore is an important component of that.” The Singaporean government has introduced measures to bolster its equities market, including a 20% corporate tax rebate for primary listings announced in February. Further initiatives are expected in the second half of 2025. According to Ringo Choi, Asia-Pacific IPO Leader at EY, these steps, combined with Singapore’s political stability and neutrality in global affairs, make the city-state an attractive proposition for companies seeking diversification outside of China. Despite growing interest, industry insiders caution that SGX is unlikely to rival Hong Kong in the near term, citing comparatively conservative investor behaviour and stricter listing criteria. “You need to make it easier for companies, especially technology companies, to list,” said the managing director of a Singapore-based multinational software firm, who spoke on condition of anonymity. Nonetheless, with many Southeast Asian startups headquartered in Singapore, the groundwork may already be in place for the city to evolve into a more prominent capital market hub for Chinese firms navigating an increasingly complex global trade environment. -Reuters