The Executives

In an exclusive interview with The Exchange Asia, Yogesh Sangle, Global Head of Instarem, shares how the company is transforming cross-border transactions for Malaysian small and medium-sized enterprises (SMEs) through efficient, cost-effective payment solutions. According to Sangle, SMEs that switch to Instarem benefit from faster transactions at lower costs compared to traditional banking systems. “Our solution is five times cheaper and twelve times faster than conventional banks,” he explains. A prime example is Andalusia Travel and Tours, which used Instarem to make instant payments to Southeast Asia, Europe, Thailand, and Vietnam. “By eliminating hidden fees and high costs, the agency saved up to 25% on transaction fees, streamlined its payment process, and strengthened relationships with international partners,” Sangle says. Similarly, an HR software company working with Instarem saved 25% on exchange rates and fees, allowing them to reinvest these savings and improve their operations. Despite these benefits, some SMEs encounter challenges when moving away from legacy banking systems. Workflow management is a particular hurdle, as businesses accustomed to traditional processes may struggle to adapt. Sangle emphasizes that Instarem provides personalized support to ease this transition. “We simplify workflows and offer dedicated onboarding tailored to each business’s needs,” he says, adding that ongoing support ensures businesses fully leverage the platform’s capabilities. Instarem’s technology also helps SMEs enhance cash flow management. With near-instant transfers and one-to-many payouts, businesses can efficiently pay employees, vendors, and freelancers across borders without delays or high fees. “For companies managing payroll in multiple countries, our system allows all payments to be processed in a single transaction, minimizing administrative burdens,” Sangle notes. Additionally, integration with popular accounting tools such as QuickBooks and Xero automates processes, providing even greater financial control. As Malaysia’s economy is poised for accelerated growth driven by higher consumer spending and stronger exports, Sangle highlights the importance of agility in financial strategies. “A stronger Ringgit offers SMEs an opportunity to lock in favorable exchange rates and reduce costs when settling international invoices,” he explains. Instarem equips businesses to capitalize on such market shifts, enabling them to make smarter financial decisions with greater speed. One sector that has particularly benefited from Instarem’s solutions is the Halal industry. “The global Halal market, valued at USD 2.8 trillion, presents immense opportunities for Malaysian manufacturers,” says Sangle. Instarem supports these businesses by offering competitive exchange rates, customized payment methods, and dedicated customer support. “This flexibility has been a game changer, allowing Halal companies to scale effectively and expand their global reach,” he adds. Regulatory compliance is another critical component of Instarem’s operations. “We operate under a robust network of licenses and work closely with regulators across markets to ensure the highest standards of governance,” explains Sangle. This means SMEs using Instarem can trust that their transactions comply with local and international regulations, without needing to navigate these complexities themselves. One of the platform’s notable success stories is Astana Armada Sdn Bhd, which switched to Instarem after struggling with slow transaction times and high fees with their previous bank. “With Instarem, they gained the ability to lock in foreign exchange rates and make payments on demand, improving their cash flow and international relationships,” shares Sangle. A dedicated relationship manager also provided personalized support, allowing the company to scale its operations and confidently enter new markets. Looking ahead, Instarem continues to innovate with features such as the fund-by-card option, which allows SMEs to use credit cards for both domestic and international payments. “This not only enhances cash flow but also enables businesses to earn rewards like cashback, points, or air miles,” Sangle says. Additional product updates are in the pipeline, aimed at driving efficiency and transparency for SMEs. Instarem’s collaboration with banks, fintech companies, and payment networks further enhances its offerings. Through partnerships and industry events, such as MIHAS and the Malaysian Halal Expo, the company stays connected with evolving SME needs and introduces solutions that meet local market demands. “Our parent company, Nium, also enables us to serve enterprise-level clients through API solutions, ensuring that we deliver scalable, flexible services across the board,” notes Sangle. For SMEs aiming to optimize their cross-border payment strategies, Sangle advises embracing digital platforms. “Traditional banking systems often lack the speed, cost-efficiency, and flexibility that smaller businesses need,” he points out. “Using multi-currency accounts to manage funds in different currencies can also reduce conversion costs and help businesses navigate currency fluctuations more effectively.” With a focus on innovation, tailored solutions, and strategic partnerships, Instarem is empowering Malaysian SMEs to thrive in an increasingly interconnected global economy. Through competitive rates, efficient processes, and compliance with international regulations, Instarem ensures that SMEs are well-positioned to scale their operations and seize new opportunities across borders.  

As ransomware attacks continue to grow in complexity, businesses across the Asia-Pacific (APAC) region are increasingly vulnerable. The rapid pace of digital transformation, coupled with the interconnectedness of industries, has opened new doors for cybercriminals to exploit. Daniel Chu, Vice President of Systems Engineering, APJ at ExtraHop, warns that ransomware remains a major threat to businesses, targeting their most critical assets and putting reputations and bottom lines at risk. Ransomware Payments in Singapore: A Major Business Concern Singaporean businesses are particularly susceptible to ransomware attacks, with companies in the country paying higher-than-average ransoms compared to global figures. “In 2023, 27% of companies in Singapore paid an average ransom of S$4.49 million (US$3.3 million), significantly higher than the global average,” Chu reveals. The manufacturing and construction sectors are especially vulnerable, with businesses often willing to pay ransoms to avoid operational disruptions. For businesses, the consequences of a ransomware attack extend beyond the ransom itself. Operational downtime, reputational damage, and the potential loss of sensitive data can have far-reaching impacts on profitability and market competitiveness. “As Singapore continues to position itself as a hub for finance and technology, businesses that hold valuable data and intellectual property are becoming prime targets for cybercriminals,” Chu explains. This heightened risk makes it essential for companies to invest in stronger cybersecurity measures. Malaysia’s Rising Cloud Security Threats Impacting Business Operations In Malaysia, ransomware incidents surged by 53% in the second quarter of 2024, with attacks increasingly targeting businesses using cloud-based systems. “40% of Malaysian respondents in PwC’s Global Digital Trust Insights expect a rise in attacks targeting cloud management interfaces and services,” says Chu. With more businesses adopting hybrid cloud models, the risk of cyberattacks on their systems has intensified. This trend is especially concerning for Malaysian businesses, as successful ransomware attacks can cripple supply chains, delay projects, and lead to significant financial losses. “The interconnectedness of APAC business ecosystems means that an attack on one company can quickly ripple across multiple sectors, including healthcare, finance, and manufacturing,” Chu notes. As a result, companies need to prioritize cloud security and ensure their systems are resilient against potential threats. The Financial Impact of Poor Cybersecurity Practices The financial fallout from a ransomware attack is not limited to the ransom payment. For many businesses, the cost of restoring operations, repairing damage, and rebuilding customer trust can be crippling. “The true cost of a ransomware attack often goes far beyond the initial ransom demand,” warns Chu. This is why businesses in vulnerable sectors, such as manufacturing and construction, must reassess their cybersecurity protocols and strengthen their defenses to avoid falling victim to these attacks. According to Chu, poor cyber hygiene remains a significant problem across APAC. “Over half of global cybersecurity incidents stem from poor practices like unmanaged devices and misconfigured systems,” he explains. Businesses that fail to address these basic vulnerabilities risk being repeatedly targeted by cybercriminals, which can lead to long-term financial instability. Employee Education and Cybersecurity: Reducing Business Risk One of the most effective ways businesses can protect themselves against ransomware is by focusing on employee education. Chu emphasizes that human error is one of the most common entry points for ransomware attacks. “Phishing and social engineering attacks often rely on employees unintentionally granting access to their company’s network,” he says. By implementing regular training programs on cybersecurity best practices, businesses can reduce their exposure to these kinds of attacks. Additionally, adopting a zero-trust security approach, where access is continuously authenticated and restricted, can help businesses limit the damage caused by ransomware attacks. “A zero-trust model ensures that only authorized users have access to critical systems, making it harder for cybercriminals to penetrate a business’s defenses,” Chu adds. The Shift in Ransomware Tactics: A Wake-Up Call for Businesses Ransomware tactics have become increasingly sophisticated in recent years, with attackers using techniques like double extortion and Ransomware-as-a-Service (RaaS) to target businesses of all sizes. Chu notes that “cybercriminals are shifting toward exfiltration-only attacks, where data is stolen without encrypting files. This allows them to act faster and with greater stealth.” These evolving tactics put additional pressure on businesses to strengthen their cybersecurity strategies. For businesses, this means that traditional security measures are no longer enough. “Organisations need to move beyond basic defenses and adopt a multi-layered cybersecurity strategy that includes real-time scanning, frequent data backups, and strict access controls,” says Chu. Failure to do so can leave businesses vulnerable to increasingly sophisticated attacks that not only threaten data but also their market reputation. Public-Private Collaboration: Strengthening Business Defenses Collaboration between the public and private sectors is becoming critical in the fight against ransomware. In Singapore, for instance, the Cyber Security Agency (CSA) has partnered with industry leaders to develop cybersecurity toolkits and provide training for businesses, particularly small and medium-sized enterprises (SMEs). “The SG Cyber Safe programme is helping businesses improve their cybersecurity posture by providing them with the resources and knowledge they need to defend against ransomware attacks,” explains Chu. Malaysia is also taking steps to safeguard its businesses with the Cyber Security Bill 2024, which mandates strict cybersecurity standards for critical infrastructure entities. However, Chu warns that “poor cyber hygiene practices still represent a significant vulnerability for businesses.” Companies need to take proactive steps to secure their systems and reduce their exposure to ransomware attacks, especially as cybercriminals become more adept at exploiting weaknesses. Preparing for the Future: AI and Machine Learning in Cybersecurity Looking to the future, businesses will need to adopt advanced technologies like artificial intelligence (AI) and machine learning to stay ahead of evolving ransomware threats. “AI is helping businesses detect ransomware attacks faster and more accurately, reducing the workload on cybersecurity teams,” Chu notes. ExtraHop, for example, has introduced AI-driven tools to help businesses identify threats more efficiently and respond to attacks more quickly. For businesses in APAC, building resilience against ransomware is no longer optional. “The future of cybersecurity will require businesses to adopt proactive, multi-layered defense strategies, including AI-powered detection tools and comprehensive employee training programs,” Chu emphasizes.

Boomi has identified the emergence of the AI economy as a crucial driver of future growth, particularly in Malaysia, where businesses are increasingly looking to harness AI to enhance productivity and competitiveness. In an interview with The Exchange Asia, David Irecki, Boomi’s Chief Technology Officer for APJ, explained, “AI agents are transforming how organisations operate by automating repetitive tasks and offering intelligent insights. In Malaysia, these agents can help businesses focus on high-value strategic initiatives while reducing operational costs.” AI agents—intelligent software applications capable of performing tasks autonomously—are set to revolutionise industries by streamlining operations without constant human intervention. Irecki highlighted the significant potential for AI in Malaysia: “We’re looking at an economy where AI could contribute a 14% uplift to GDP by 2030, especially in sectors like manufacturing and logistics, where operational efficiency and data-driven decision-making are key.” He emphasised that AI agents will play a pivotal role in helping Malaysia position itself as a leading AI hub in Southeast Asia. The AI Agent Framework: Driving Integration and Automation Boomi’s AI Agent Framework, a core element of its innovation strategy, equips businesses with tools to build and deploy AI agents that solve pressing integration and automation challenges. “Boomi’s AI Agent Framework gives organisations the ability to create agents tailored to their specific needs,” Irecki said. The platform offers a no-code development environment that allows both business and IT users to design AI-driven solutions. The AI Agent Framework includes several key agents, such as Boomi Answers, Boomi DataDetective, Boomi DesignGen, and Boomi Scribe, all integrated into the Boomi Enterprise Platform. “Our AI agents significantly reduce the time it takes to build integrations and automate processes. For instance, Boomi DesignGen can create an integration in just minutes by analysing the metadata from our extensive customer base,” Irecki explained. These capabilities are particularly beneficial for businesses in Malaysia undergoing digital transformation. Irecki noted, “Organisations can achieve faster integration and automation, which improves overall productivity and enhances their ability to compete in a rapidly changing market.” Tackling API Sprawl with Strategic Acquisitions Boomi’s recent acquisitions in the API management space underscore its commitment to addressing API sprawl, a common issue faced by enterprises today. By acquiring APIIDA’s federated API management business and API management assets from Cloud Software Group, Boomi aims to provide a robust solution that simplifies API management across the enterprise. Irecki stated, “APIs are critical to modern software architectures, and our goal is to give customers an enterprise-grade, federated API management solution that allows them to scale quickly and securely.” These acquisitions align with Boomi’s vision of offering an end-to-end platform that addresses the challenges businesses face in managing complex API ecosystems. Challenges in AI Adoption and How Boomi Helps Overcome Them For organisations in the APJ region, including Malaysia, two key challenges hinder AI adoption: data silos and poor data quality. “Data silos make it difficult to get a unified view, which is essential for AI to provide meaningful insights,” said Irecki. Boomi’s platform helps break down these silos by seamlessly connecting disparate applications and data sources, enabling organisations to harness the full potential of AI. Data quality is another significant challenge, particularly for large organisations with legacy IT infrastructure. “AI is only as good as the data it relies on,” Irecki remarked. “If the data isn’t accurate, AI models can’t deliver trustworthy results. Boomi’s Master Data Hub ensures data consistency and governance, which is critical for effective AI deployment.” Seamless AI Integration into Existing IT Infrastructures Boomi’s platform facilitates the smooth integration of AI solutions into existing IT infrastructures without disrupting ongoing operations. “Our approach allows organisations to build on the data pipelines they’ve already developed. We optimise the context in which AI operates, improving accuracy and ensuring the relevance of insights,” explained Irecki. This seamless integration enables businesses to automate processes and generate real-time insights that can be acted upon immediately. Real-World Impact: Boomi’s Solutions in Action Boomi’s technology has already made a significant impact in the APJ region. For example, the Australian Red Cross utilised Boomi’s platform to build a digital infrastructure that supports its emergency and disaster relief operations. “By connecting various applications and data sources, we were able to help the Australian Red Cross move faster and more efficiently,” Irecki shared. This partnership showcases how Boomi’s AI capabilities can drive innovation and operational efficiency in critical sectors. Shaping the Future of Enterprise Integration and Automation Looking ahead, Boomi’s strategic focus will remain on empowering businesses to streamline operations and enhance agility through AI-driven integration and automation. “We believe the future lies in democratising AI and integration tools so that non-technical users can participate in digital transformation,” Irecki said. The company’s low-code environment enables more employees within organisations to manage integrations, driving innovation from the ground up. Boomi’s introduction of AI Agents is part of its long-term vision to enable businesses to automate routine tasks and improve decision-making processes. “Our AI agents can learn from historical data and established patterns to deliver intelligent insights that enhance operational efficiency,” Irecki noted. This minimises the need for manual intervention and allows businesses to focus on strategic initiatives. Strategic Priorities for the AI Economy In the next 12 to 18 months, Boomi’s focus will be on enhancing its AI Agent Framework and supporting organisations in their digital transformation journeys. “We’re committed to helping businesses in Malaysia and the broader APJ region navigate the complexities of AI adoption and integration,” Irecki concluded. Boomi will continue to prioritise data governance through its Master Data Hub solution, ensuring that businesses can trust the data that powers their AI models. Boomi’s forward-thinking approach to AI, integration, and automation promises to be a game-changer for businesses in Malaysia, as they seek to stay competitive and innovative in an increasingly digital world.

Sick Building Syndrome (SBS) is a growing concern in various types of buildings worldwide, significantly affecting occupant health, productivity, and even property values. In an exclusive interview with The Exchange Asia, Vitaly Berezka and Avtandil Mekudishvili, Regional Spokespeople for PlanRadar, delved into the pressing issue of SBS, highlighting its prevalence and the challenges it poses to building occupants, businesses, and property owners alike. According to Berezka, the symptoms of SBS—ranging from headaches and respiratory issues to fatigue and emotional distress—are widespread. “We are seeing that Sick Building Syndrome (SBS) symptoms, such as headaches, respiratory issues, fatigue, and emotional distress, are affecting 57% of occupants in office buildings, 31% in university laboratories, and 23-41% in university administrative buildings globally,” Berezka shared. He further explained that the issue is particularly pronounced in newly constructed or renovated buildings due to off-gassing from new materials, combined with poor ventilation systems. “Up to 60% of workers in newly built or recently renovated buildings are impacted by SBS,” he noted, pointing out that indoor air pollution from new materials, coupled with inadequate ventilation, can make these environments particularly unhealthy.   Key Indicators of SBS Mekudishvili emphasised the importance of monitoring indoor air quality as a key diagnostic tool for SBS. “One of the primary indicators that building occupants or owners should watch for is ventilation efficiency,” he stated. “Poor air circulation or malfunctioning HVAC systems can cause a buildup of pollutants like carbon dioxide and volatile organic compounds (VOCs), which contribute to health problems.” Common symptoms include headaches, fatigue, and respiratory issues, which often signal that the building’s air quality is compromised. To address these issues, Mekudishvili highlighted the importance of regular maintenance.“Ensuring that HVAC systems are functioning correctly, with proper filtration and ventilation, is essential to maintaining healthy indoor air quality,” he added. “Proactively checking for excess humidity and mold growth can also help identify and resolve SBS-related issues before they escalate.” The Economic Impact of SBS The consequences of SBS extend well beyond individual health concerns. As Berezka explained, businesses operating in SBS-affected buildings can face significant economic repercussions. “SBS can lead to reduced focus and concentration among employees, increased absenteeism, and higher turnover rates,” he said. “These factors not only affect employee well-being but also contribute to a decline in overall productivity.” Health complaints such as respiratory problems, headaches, and fatigue can lead to dissatisfaction in the workplace, further exacerbating turnover and absenteeism. In addition to productivity losses, the financial toll of SBS on businesses can be severe. Mekudishvili warned of the long-term costs. “When SBS is left unaddressed, healthcare costs can skyrocket due to frequent doctor visits, sick days, and long-term health issues among employees,” he said. “There’s also a reliance on short-term disability claims, which can put an additional strain on company health plans and worker compensation schemes.” Moreover, SBS can have a direct impact on property value. “Buildings with poor indoor air quality or SBS-related issues can become less attractive to potential tenants or buyers,” Mekudishvili cautioned. “As businesses move out to seek healthier environments, property owners face increased vacancies and potential loss of rental income, leading to devaluation. The costs of reactive repairs or retrofitting can also add significant financial strain.” Preventative Strategies for SBS To combat the pervasive effects of SBS, Berezka stressed the importance of proactive measures in building design and maintenance. “The most effective preventative strategies include choosing low-emission, non-toxic building materials and furnishings,” Berezka advised. “By selecting products that release fewer VOCs, such as eco-friendly paints, carpets, and office furniture, building managers can greatly reduce indoor air pollution.” In regions with high humidity, moisture management is also critical. “Proactively addressing leaks, ensuring proper drainage, and maintaining optimal humidity levels can prevent mold growth, which is a major contributor to SBS,” Berezka continued. “Installing moisture barriers, sealing windows, and regularly inspecting roofing systems are all essential steps in maintaining a healthy indoor environment.” Leveraging Technology for Healthier Buildings Mekudishvili further elaborated on the role of digital solutions in preventing SBS. “Platforms like PlanRadar can provide real-time monitoring of key factors such as air quality, ventilation, and moisture levels,” he explained. “These tools enable building managers to be proactive in their maintenance, preventing major repairs by catching issues early, and ensuring that defects are addressed quickly.” The advantages of digital platforms extend to the identification of recurring problems. “PlanRadar allows facility managers to track patterns and trends, which supports more effective long-term planning,” Mekudishvili added. “By streamlining communication between teams and stakeholders, these tools improve collaboration and make it easier to maintain a healthy building.” Future Trends in Building Technology Looking ahead, both Berezka and Mekudishvili see exciting potential in emerging technologies that could further mitigate SBS. “We are witnessing advancements in smart air quality systems, advanced HVAC filtration technologies, and AI-driven building management systems,” said Mekudishvili. “These innovations will allow for predictive maintenance, ensuring that potential SBS-related issues are addressed before they affect occupants.” Berezka pointed to the future of building materials as a critical area of development. “We’re seeing the emergence of smart materials that can adjust to environmental conditions and detect pollutants,” he said. “There’s also growing interest in biophilic design, which integrates natural elements into buildings to promote healthier indoor environments.” Sick Building Syndrome is a multifaceted issue that requires a comprehensive approach to mitigate its effects on health, productivity, and property value. As Berezka and Mekudishvili explained, a combination of proactive building design, regular maintenance, and cutting-edge digital tools is essential in combating SBS. By prioritizing indoor air quality and embracing technological solutions, businesses and property managers can create healthier, more productive spaces that benefit both occupants and the bottom line.

Known as the driving force behind The Momo King, Shyam Thakur began his journey in Kuala Lumpur intending to transform a humble Himalayan Street food into a gourmet sensation. What started with one Momo shop has now expanded into a thriving F&B empire, stretching across Southeast Asia. In an exclusive with The Exchange Asia, Shyam reminisced on his unexpected rise in the industry and his hands-on approach that’s made all the difference.   You Never Know What the Future Holds For Shyam, it all began with a casual night out with friends. It all started with a casual night out with friends, when a chance opportunity to invest in a bar and restaurant presented itself. Without hesitation, Shyam seized the moment, unaware that this would ignite a passion and lead to the creation of an empire. His first venture quickly gained traction, and before long, Shyam had expanded his portfolio to nearly 12 bars and restaurants across Southeast Asia. Each of these establishments, from The China Bar to Anakron, reflects Shyam’s deep passion for food, and drink, and a personal touch that sets him apart.   The Key to Success: Loyalty and Authenticity Shyam believes his success comes down to the people who’ve been with him since day one. From friends who joined him at the start to waiters he treats like family, he prides himself on loyalty. “Loyalty is everything to me. Many of my key staff have been with me from the beginning, and I consider them family,” Shyam shared. “The trust we’ve built over the years is the foundation of everything we do.” Moreover, every one of his restaurants ensures authenticity by hiring chefs from the food’s origin—whether it’s a Himalayan momo or an Indian biryani. For Shyam, maintaining this level of detail and hands-on involvement keeps his empire thriving. “It’s that personal touch that I think makes the difference,” said Shyam. A Vision for the Future: Staying True to His Roots As his F&B ventures continue to grow, Shyam remains committed to staying true to his roots. He’s not just running a business; he’s creating experiences that connect with people on a personal level. For him, success isn’t just about expansion—it’s about keeping that human touch alive in everything he does.

In an exclusive interview with The Exchange Asia, Ada Choi, Head of Research for Asia Pacific at CBRE, delves into the key trends influencing the region’s office market. From a rising “flight to quality” among occupiers to the growing demand for sustainable, green-certified buildings, Choi provides a comprehensive overview of how office spaces are evolving across the Asia Pacific. As the region navigates a landscape shaped by workplace transformation, ESG priorities, and technological advancements, landlords and occupiers alike are adapting to new expectations to remain competitive in core locations. Flight to Quality: A Key Trend In recent years, the Asia Pacific (APAC) office market has witnessed a strong “flight to quality” trend, according to Ada Choi. Occupiers are increasingly gravitating toward core office locations, regardless of the size of their offices after relocation. This preference is particularly strong in Japan, Singapore, and Australia, where businesses are demonstrating the highest demand for premium office spaces. “The flight to quality trend is becoming prevalent across the entire Asia Pacific region, with occupiers seeking higher-quality office spaces in core locations,” Choi explained. Landlords Adapting to Workplace Transformation As workplace dynamics continue to evolve, landlords are responding by enhancing their assets to meet the changing needs of occupiers. These upgrades often include flexible seating, expanded collaboration areas, wellness amenities, and advanced indoor ventilation systems. Additionally, landlords are focusing on environmental, social, and governance (ESG) certifications and implementing technological improvements such as smart lifts and touchless technology. “Landlords are upgrading their offerings to align with the ongoing workplace transformation. These enhancements are critical in attracting occupiers who prioritize flexibility, collaboration, and wellness,” Choi highlighted. The Impact of Sustainability and Green Buildings Sustainability is increasingly influencing office occupier decisions, particularly in regions where green building adoption is gaining momentum. In markets like Australia and Singapore, a “flight to green” is driving the demand for prime office spaces. This trend is also noticeable in Greater China and India, where approximately 60% of new Grade A office leases signed in 2023 involved green buildings. “Green buildings now account for a significant share of new leases, with occupiers often willing to pay a premium for advanced green ratings as part of their global sustainability mandates,” Choi noted. Strategies for Maintaining Prime Office Status To maintain high occupancy rates and resilient rental performance, landlords need to adopt a holistic approach to designing future-proof buildings. Choi emphasized the importance of considering new development projects carefully, particularly in light of the growing polarisation between prime and non-prime office buildings. “Landlords must upgrade their premises with higher green or technology ratings to stay competitive in the market,” she advised. Competing for Occupiers Outside Core Locations For landlords with older properties in less desirable areas, Choi recommended considering alternative uses, such as converting office spaces into residential, senior, or student housing. Additionally, prioritising occupancy over rental rates by offering attractive terms can help secure tenants, particularly in markets with an oversupply of office space. Occupiers’ Lease Decisions: Cost vs. Quality According to Choi, occupiers are increasingly conducting “stay vs. go” studies to evaluate their options for renewing leases or relocating. In many cases, the decision is driven by cost, asset quality, and location. This is particularly true in mainland China, where occupiers are predominantly cost-conscious. “Occupiers who choose to relocate are prioritizing space quality over size, seeking core office locations and higher-quality spaces while looking for cost-saving opportunities,” Choi added. Supply and Demand Outlook for the APAC Office Market Choi noted that supply pressure is expected to persist in the short term due to ongoing oversupply issues and project delays. However, high construction and financing costs may help ease supply risks in the coming years. While Japan and India are showing strong leasing demand, the sluggish recovery in mainland China remains a challenge for the overall market. Challenges and Opportunities for Developers and Investors As the APAC office market experiences a repricing cycle, core office assets have seen more significant yield softening compared to other sectors, particularly in markets like Australia, Korea, and New Zealand. Despite cautious optimism in markets such as India, prime office assets in core locations are outperforming due to cost-driven occupier decisions. “Leasing demand is concentrated on top-quality assets in core locations that offer direct access to amenities and public transportation, with buildings boasting ESG credentials highly prized by investors,” Choi explained. The Role of Technology in Shaping the Future of Office Spaces While technology adoption in corporate real estate (CRE) is still in its early stages in APAC, Choi expects advancements to grow in the coming years, particularly in developed markets with multinational companies. Enhanced digital connectivity, energy-saving solutions, and smart office features are expected to become more prevalent, enabling landlords to negotiate higher rents and retain high-quality tenants. “Larger occupiers have an edge in adopting advanced technology functions, and they are willing to invest in workplace transformation,” Choi said. CBRE’s Recommendations for Navigating the Future Looking ahead, Choi advises occupiers to evaluate location, building quality, ESG credentials, and amenities when choosing office spaces. Landlords, particularly those with older portfolios, should consider prioritizing occupancy over rent by offering competitive terms, while also investing in high-quality, ESG-focused developments to meet the evolving demands of tenants. “As the market evolves, proactive pre-leasing strategies and ESG investments will be key for both occupiers and landlords looking to stay competitive in the Asia Pacific office market,” Choi concluded.

By Tara Yean As cost-of-living prices continue to increase, consumers tend to be more frugal when it comes to spending for other matters. One such matter is ride-hailing services. A single smartphone user might have multiple ride-hailing apps installed just so they can compare prices of the rides between the different services available. Meanwhile, InDrive is a mobility platform that can provide comparative prices for the convenience of the users. From its humble beginnings in a small town called Yakutsk in Siberia, Russia, the company is now based in Mountain View, California with over 3,000 employees. With the company having reached a value of US$1 billion, InDrive has also achieved the ‘unicorn’ status, with a presence in over 46 countries.     “We are one of the fastest growing online ride-hailing services as we are currently the second most downloaded app globally, in terms of ride-hailing. This shows that we are determined to be in the market and we are committed to get better in what we do,” said InDrive Malaysia Business Development Lead, Govin Kumar. According to Govin, the brand strives to emphasise its core messaging, which is ‘fairer fares’, to not only provide convenience to the passengers, but also benefit the InDrive drivers at the same time. “We refer to the concept of ‘fairer fares’ because it will be an amount that is agreed upon between both the passenger and driver. If one party does not agree on the price, then there will be no ride. “This will allow either parties to be in full control of whether the ride happens or not, which starts when the passenger bids for a price and it will be up for the drivers to accept the ride for that price or if they would prefer another figure to which they will be able to counter-bid,” Govin explained in an exclusive interview with The Exchange Asia. Apart from that, he also highlighted how InDrive is a service that upholds transparency for both sides. In this sense, Govin described how the driver can see how much the passenger is bidding for and the passenger can also see what the driver is counter bidding for or whether they are willing to accept the initial bid. “This way, there will be no hidden fees. Both parties will be clear on what they will pay or what they will receive at the end of the ride,” he said. Unlike most other ride-hailing services, InDrive prides itself in its ability to provide its drivers with 100% of the fares that is paid for the ride. Govin explained, “A lot of drivers prefer direct payments. Having that in mind, our system will enable the passengers to pay directly to the driver without any involvement from a third party.”   He further clarified that while the passengers have the freedom to set their own fares, the system will also display the recommended price of the ride based on the distance, typical fares, the number of drivers around the area and so on. This will allow the passengers to have a better guideline when considering their bid for the fare. On the driver’s side, they can also make their counteroffer known among the other drivers in the area to lock in the offer. In turn, the passengers will then be able to see how many drivers are interested in the bid, which will provide the passengers with full flexibility to choose which driver and counter-bid they would agree with. However, the system will set a limit and recommended fare on how low or high the prices can be offered for both the passengers and the drivers. “If the passengers bid too low, the price might not be attractive to the drivers so they might not take up the ride, which would affect the response time for the passengers to book a ride,” he added. Growth in Malaysia According to InDrive Business Development Manager for Southeast Asia and Overseas, Afanasiy Petrov, since its introduction in Malaysia, InDrive’s customer base has experienced steady growth year-on-year, which is a testament to the acceptance level of Malaysians in accepting the company’s business model. “Admittedly, our presence in Malaysia tends to spark some healthy competition with other ride-hailing companies, but ultimately, the main benefit will fall down to the customers as they would have more options to choose from. “Customers will also be presented with better deals that would suit their affordability. That is how we contribute to the community here,” Petrov noted. Aside from attractive prices, Petrov noted that InDrive also takes safety very seriously. For this, the app has an emergency button feature where the passengers and the drivers would be able to call for emergency services immediately, straight from the app itself. As an added safety feature for the passengers, the app also has a Ride Share feature that will enable the passengers to share their ride details with their friends and family for an extra layer of security, with 24-7 support services available. Meanwhile, Petroc also mentioned that the company is currently looking to enhance a number of its current features with plans to introduce more new capabilities in the near future. “We’re exploring introducing new tech in our system, with the current focus being on improving the ease of registration for passengers. “We are also looking to explore possibilities in the electric vehicle (EV) segment, but everything is still within the discussion stage at the moment. However, we already have partnerships with a number of EV producers in Indonesia and Thailand…Of course, we are considering options in Malaysia as well,” Petrov said, adding that InDrive is open to collaborating with any local EV manufacturers to ensure further growth of the company. Here to Stay When asked about the possibility of InDrive subsidising the installation of dashcams in the cars of the drivers, InDrive Head of Global Support for APAC and Developed Countries, Nava replied, “While it is not a requirement at the moment, we are actively looking for partners

In the competitive world of property investment, finding the right balance between aesthetics, functionality, and affordability can be a daunting challenge. Yet, this is precisely the gap that The Makeover Guys have successfully filled. Founded by Gavin Liew and Vince Koh, this innovative company has redefined what it means to furnish properties, offering smart solutions that cater to both property investors and homeowners alike. The Birth of The Makeover Guys The story of The Makeover Guys began with the personal experiences of its founders. As busy professionals and property investors, Gavin and Vince often found themselves thrilled to receive the keys to a new property, only to face the frustration of managing and furnishing it with little guidance. At that time, the market was dominated by rental properties furnished with outdated and unappealing furniture, leading to low tenant satisfaction and suboptimal rental yields. “Gavin and I realised that there was a real need for stylish, hassle-free furnishing solutions that could enhance the appeal and value of rental properties,” Vince recalls. “We believed that by offering well-designed interiors, we could not only attract better tenants but also increase rental returns.” This realisation led to the birth of The Makeover Guys, a company dedicated to providing property investors with a seamless solution that balances aesthetics, value, and functionality. Over time, their approach also attracted homeowners looking to create their dream spaces, expanding the company’s reach and transforming it into a leading player in the interior design industry. The Concept of “Smart Interiors” What sets The Makeover Guys apart from traditional furnishing services is their concept of “smart interiors.” This approach focuses on creating tailored solutions that meet the specific needs of different clients, whether they are property investors seeking quick turnover and high rental returns or homeowners desiring personalised and stylish living spaces. “Our smart interiors are all about efficiency without compromising on quality,” says Gavin. “For property investors, it means delivering a tenant-ready unit quickly, while for homeowners, it involves creating spaces that align with their lifestyle and preferences. We design our processes and products to cater specifically to these distinct needs, which is what makes our services unique.” Impactful Projects and Success Stories One of the most compelling examples of The Makeover Guys’ impact is their collaboration with Sime Darby for the Maya Ara development. In this project, the company offered fully-furnished packages as an option for homebuyers, resulting in an overwhelming 70% of buyers opting for these packages. Within just one day, Sime Darby achieved a 90% uptake. “This project highlights our deep understanding of consumer needs and the effectiveness of our smart interior solutions,” Vince explains. “By providing stylish, functional, and ready-to-live-in interiors, we not only increased the property’s appeal but also significantly enhanced its value and desirability.” Another success story involves a client at Sentral Suites who initially opted for a cheaper vendor but later turned to The Makeover Guys after months of frustration and financial loss. The Makeover Guys transformed his unit into a fully furnished home within 30 working days, leading to an impressive RM80,000 in annual rental returns from an RM45,000 makeover investment. “Sometimes, the ROI isn’t just about the rental income,” says Gavin. “It’s also about avoiding the mistakes, delays, and scams that are unfortunately common in our industry.” Guiding Principles and Sustainability At the core of The Makeover Guys’ approach to interior design are three guiding principles: quality, style, and affordability. Balancing these factors allows the company to cater to both the emotional and practical needs of its clients, setting them apart in a competitive market. “Our Center of Excellence is key to maintaining this balance,” Vince notes. “We streamline our internal processes, supply chain, and design directions to ensure we deliver high standards of quality and style while keeping costs manageable for our clients.” Sustainability also plays a critical role in The Makeover Guys’ choice of materials and designs. The company aims to minimise construction waste by utilising existing fittings and carefully selecting sustainable materials. They are also pioneering the use of in-house designed furniture made entirely from plastic waste, with plans to expand these sustainable practices further. Overcoming Challenges and Looking Ahead Scaling a business in the renovation landscape comes with its own set of challenges. For The Makeover Guys, the primary hurdles have been the manual and time-consuming nature of the entire process—from initial inquiry to execution and after-sales service. However, the company has successfully navigated these challenges by integrating technology throughout the customer journey, automating repetitive tasks, and improving project management capabilities. “We’ve dedicated significant effort to streamlining and simplifying our processes to enhance customer satisfaction,” Gavin explains. “But we also ensure that we maintain a human touch in our service delivery. Personalised customer care and effective communication are at the heart of everything we do.” Looking ahead, The Makeover Guys has ambitious goals for the next five years. Their vision is to expand their services beyond existing locations in Klang Valley, Johor Bahru, Kuching, and Kota Kinabalu, making quality home makeovers more accessible and sustainable. “We’re always going to pursue better ways to make a dream home more affordable, enjoyable, and aligned with lifestyle and sustainability needs,” Vince says. “Our ultimate goal is to enable more people to enjoy better homes, no matter where they are.”

After years of uncertainty due to the pandemic, the ease of restrictions by the year 2023 was a relief for the tourism and hospitality industry, which is now experiencing rapid growth, with increasing demands for technological proficiency, adaptability, evolving guest expectations and a preference for sustainability. However, the struggles that many players in the industry – hoteliers, travel agents, hospitality employees, airline travel, etc – had to endure to survive (and some were not so lucky, should not be forgotten. But what’s next for the hospitality industry as the world continues to adapt in hopes of reaching pre-pandemic levels of economic performance? In an interview with The Exchange Asia, Marriott International Country Director of Human Resources, Sabrina Abdullah said that the brand is adapting to the changes by investing in technology and training programmes to prepare its associates to deliver continuous exceptional service. One such service includes Marriott International’s highly-awarded travel programme, Marriott Bonvoy which gives its members access to transformative, eye-opening experiences around the corner and across the globe. Marriott Bonvoy’s portfolio of more than 30 extraordinary hotel brands offers renowned hospitality in the most memorable destinations in the world. Members can also earn points for stays at hotels and resorts, including all-inclusive resorts and premium home rentals, as well as everyday purchases with co-branded credit cards. According to Sabrina, Marriott Bonvoy took the pandemic as a lesson, by implementing several changes to meet the evolving expectations of its employees, including enhanced health and safety protocols, flexible work arrangements and greater emphasis on mental health and well-being. “We are committed to creating a diverse and inclusive work environment that attracts a wide range of talent, adapting to the evolving preferences of today’s workforce,” Sabrina noted. Additionally, Sabrina highlighted that Marriott Bonvoy offers a variety of initiatives and programmes to support career growth and development, mainly by establishing partnerships with local institutions like UOA Academy, UiTM, Taylor’s University and social initiatives like MyFutureJobs. “These partnerships are able to provide students with internships, apprenticeships and hands-on training. There is also a career development framework, ‘Become,’ which offers personalised career roadmaps for all associates, while our ‘TakeCare Culture’ focuses on the physical and mental well-being of our associates, providing them with the support they need to thrive both professionally and personally,” Sabrina explained. Finding the Right Talent With the rise of gig economy preferences, especially among younger generations, Sabrina pointed out that Marriott Bonvoy is even offering flexible work arrangements, allowing those involved to better focus on their unique career paths. “Through campaigns like ‘Be Bus’, we can highlight the many roles available, which include engineering, finance, marketing and other similar hospitality-related positions. We also emphasise career growth, competitive compensation and a supportive work environment to retain our associates long-term,” she added. In the interview, it was explained that the Be Bus campaign is a comprehensive recruitment initiative designed to address the growing need for skilled hospitality professionals in Malaysia and the initiative involved engaging with the local talent pool within numerous diverse communities. “We aim to invite these talents to join our team of 7,000 associates across 50 Marriott hotels and resorts in Malaysia. We also have access to a vast database of potential talent through partnerships with organisations like PERKESO, which significantly boosted our recruitment efforts. “This initiative aligns with our new people brand, ‘Be’, which focuses on empowering and supporting associates through innovative opportunities, further enhancing our ability to attract and retain top talent,” Sabrina said. However, being the Country Director of Human Resources, one of the biggest challenges in talent management and development, according to Sabrina, is keeping up with the rapid growth and demand for skilled professionals. “We must ensure that we have the right talent to maintain our high service standards, considering the current surge in travel and the increased growth in the hospitality industry,” Sabrina said, adding that another challenge is adapting to the changing expectations of employees, particularly in terms of work-life balance and career development opportunities. She further explained that Marriott Bonvoy tends to focus on strategic recruitment campaigns, partnerships with educational institutions and comprehensive retention initiatives in order to address such challenges. Moving forward, Sabrina believes that the industry will see continued emphasis on sustainability, digitalisation and personalised guest experiences, as well as a greater focus on wellness and mental health for both guests and associates alike. Hence, aspiring young professionals should learn to embrace continuous learning and stay adaptable. “In the ever-changing world of hospitality, having a growth mindset will help you thrive. Focus on building your interpersonal skills, expanding cultural awareness and developing technological proficiency. “By staying informed yet flexible to change, I believe that young professionals can build successful and fulfilling careers in the hospitality industry,” Sabrina concluded.