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Asia-Pacific

India Leads Asia-Pacific Region’s M&A Deals in Q1 2024: S&P Global

India showed impressive numbers in merger and acquisition (M&A) deals in the Asia-Pacific region’s financial sector in the first quarter (Q1) of 2024, with 27 deals closed. This outpaced other countries in the region, such as Japan with 13 deals, Australia with 12, South Korea with 11, and Mainland China with nine, according to S&P Global Market Intelligence. The number of deals in India in Q1 2024 was one more than the previous year, while other countries saw a decline or stagnation in deal volumes. Overall, deal volumes in the region fell by 14% year-on-year, ending March 31, 2024, due to economic uncertainties, higher funding costs, and increased volatility from geopolitical risks. Leigh Howard, Chief Executive Officer of AsiaLink Business, highlighted India as a bright spot with a strong forecast and resilience, suggesting a reasonable expectation for continued robust deal-making. China experienced a significant drop in deal numbers, falling to nine in Q1 2024 from 24 the previous year. Australia saw a decrease to 12 deals from 26 a year ago. Four of the top 10 deals in value were closed in India, with a combined deal value of $845.79 million. The largest was Sumitomo Mitsui Financial Group’s (SMFG) acquisition of SMFG India Credit for $700 million. Other notable deals included Piramal’s acquisition of Annapurna Finance, Rajiv Rattan’s purchase of a stake from Lonestar Americas in RattanIndia Finance, and Muthoot Finance’s investment in Belstar Microfinance.

Singapore-London Partnership Secures $15M to Bolster Healthcare Cybersecurity in APAC

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Singapore is taking proactive measures to address the escalating cybersecurity concerns associated with the integration of medical devices into its health system. Concerns about the growing risks have led to a significant development—a $20 million grant from the National Research Foundation (NRF), Singapore. The grant has been awarded to Nanyang Technological University (NTU), Singapore, and Imperial College London for collaborative research aimed at enhancing the protection of health data and wearable devices. Imperial’s newly established overseas research center, Imperial Global: Singapore, is partnering with NTU researchers on the IN-CYPHER program. The initiative focuses on tackling existing security challenges and safeguarding emerging sensing technologies and their data from potential compromises. The four-year grant, totaling $15 million, aims to position Singapore as a global leader in health cybersecurity and AI for healthcare. Professor Anil Anthony Bharath from Imperial, co-leading the IN-CYPHER program with Professor Liu Yang of NTU Singapore, highlighted the need for heightened cybersecurity measures as healthcare embraces more data and technology. The research will specifically address security concerns related to various medical devices, including continuous glucose monitors, smart electronic skin patches, and activity monitors. With around 15% of medical devices in Singapore’s public health facilities connected to networks, the increased connectivity raises cybersecurity risks, potentially compromising patient data and disrupting treatment protocols. To counteract these risks, Singapore’s Cyber Security Agency introduced the Cybersecurity Labelling Scheme for Medical Devices, encouraging a security-by-design approach among manufacturers. A recent report by the Asia Pacific Medical Technology Association and L.E.K. Consulting emphasized the importance of a customized assessment of medical devices for remote care based on their risk level. The cybersecurity landscape in the Asia-Pacific region is evolving, prompting the need for tailored frameworks to support remote care management and protect patient data. The market for cybersecurity in medical devices is anticipated to grow, projected to reach $1.1 billion by 2027. Meanwhile, the IN-CYPHER program marks a significant step for Imperial Global: Singapore, contributing to the rapid scaling of scientific breakthroughs and technology for commercialization across Southeast Asia. The research center builds on the longstanding partnership between NTU Singapore and Imperial College London, further strengthening academic ties in healthcare and technological innovation.