Asia is no longer rising in unison. According to Nomura’s latest Asia Macro Outlook 2026: Mind the Gap, a sharp "North-South divide" is emerging, driven by the AI supercycle and shifting supply chains. While tech-heavy economies ride the wave, others risk being left behind.

Euben Paracuelles, Chief ASEAN Economist at Nomura, joins us to unpack this bifurcation. 

He explains why Malaysia is positioned as a clear "winner" with a forecasted 5.2% GDP growth, the potential impact of US transshipment tariffs, and his contrarian prediction that Bank Negara Malaysia may be the only central bank in the region (outside Japan) to hike rates in 2026.

We discuss:

• The North-South Divide: Why Korea, Taiwan, Singapore, and Malaysia are decoupling from laggards like Thailand and Indonesia.

• The AI Supercycle: Why Nomura believes this is a sustainable structural shift, not a bubble.

• The 'Second China Shock': How overcapacity in China is flooding markets with cheap goods and who is most vulnerable.

• Malaysia’s Outlook: The catalysts behind the 5.2% growth forecast, including the Johor-Singapore Special Economic Zone.

• A Contrarian Call: Why financial imbalances could trigger a Bank Negara rate hike in late 2026.

Image Credit: Shutterstock

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For years, many companies have treated Southeast Asia as a single, monolithic consumer market. But new research from Milieu Insight reveals a more complex reality: the region is actually split into three distinct "consumer economies," each with its own unique mindset, pressures, and motivations.

CEO Sundip Chahal joins us to unpack the findings of their latest consumer outlook report. He explains the "stressed digital" behavior in markets like Indonesia and Vietnam, the disciplined "strategic comfort" of Singapore and Malaysia, and how a simple question about spending $100 can reveal the financial pulse of an entire nation.

We discuss:

• Why Southeast Asia is fragmented into three distinct consumer economies.

• The "Stressed Digital" segment: why inflation isn't stopping spending in Indonesia and Vietnam.

• The "Strategic Comfort" segment: how Malaysians balance optimism with disciplined value-hunting.

• The "$100 Question": a simple pressure test that reveals consumer sentiment.

• Why a uniform regional pricing or promotional strategy is destined to fail.

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When we talk about global success stories, BYD stands out as the classic underdog. Once dismissed by Elon Musk as “not even in the same league,” it’s now the world’s largest EV maker, a brand that’s not just selling cars, but reshaping how Chinese innovation is perceived around the world. Yet its rise wasn’t only about technology or pricing; it was a masterclass in storytelling. According to new research by CARMA, the global media narrative around BYD was driven by its credibility, its leadership, and its sense of purpose. So what can Asian brands learn from China’s global underdog? Jeremiah Rodrigues, General Manager at CARMA Malaysia joins us to explore all that and more.

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Venture studios promise to "manufacture startups" at scale, offering a shortcut to high-performance growth. But according to Jeffrey Paine of Golden Gate Ventures, the reality is often far less glamorous, with many studios collapsing within 24 months.

In this episode, Jeffrey breaks down why he believes the venture studio model rarely delivers fund-level returns. He explains the dangers of "zombie companies," the misalignment of incentives between studios and founders, and why a non-standard equity structure can make future fundraising nearly impossible.

We discuss:

• The difference between a venture studio and a traditional VC.

• Why operational overload and a lack of discipline kill most studios.

• The "incentive trap": why studios struggle to kill weak ideas.

• How non-standard equity structures scare off future investors.

• What high-performance studios do differently (specialisation & surgical focus).

  For founders considering joining a studio and investors evaluating the model, this is a critical look at the economics and pitfalls of "manufacturing" startups.

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ASEAN is famous for its food, but a new report reveals a surprising statistic: only 23% of the region's F&B trade stays within Southeast Asia. What's stopping the flow of goods between neighbors? The answer lies in a complex web of "red tape," from confusing nutrition labels to divergent halal rules.

Dr. Evelyn S. Devadason, lead advisor for the latest ASEAN Integration Report from The Institute for Democracy and Economic Affairs (IDEAS) , joins us to unpack the hidden barriers choking regional trade.

She explains why non-tariff measures (NTMs) disproportionately hurt MSMEs, the high cost of information asymmetry, and why "capability access" is more critical than market access for small businesses.

We discuss:

• Why intra-regional F&B trade is shockingly low at 23%.

• The "regulatory distance" created by divergent food safety and labeling rules.

• How inconsistent halal standards create friction for exporters.

• The "say-do gap" between trade agreements and on-the-ground reality.

• Why MSMEs need "capability access" (digital & vertical integration) to survive.

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As 2025 comes to a close, it’s the perfect time to pause, reflect, and reset. But a true annual review goes beyond just listing resolutions, it requires deep introspection to uncover the painful lessons, celebrate the wins, and set a clear, strategic path for the year ahead.

Jeevan Sahadevan, Founder of Leverage Labs, returns for his annual tradition of guiding us through "25 Questions to Review Your 2025." He breaks down his framework for an 8 hour to 2-day deep dive into your year, designed to help you find closure, identify necessary endings, and define your "one-word theme" for 2026.

We discuss:

• The 25-question framework: from reviewing 2025 to planning 2026.

• Why you must identify your "painful lessons" before setting new goals.

• The "necessary endings": what you need to cut to move forward.

• The "law of the sixth": auditing the 5 people you spend the most time with.

• How to find your "one-word theme" to guide your entire year.

  For entrepreneurs, leaders, and anyone looking to level up, this is an essential guide to closing the chapter on 2025 and designing your best year yet.

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Malaysians have embraced e-commerce, but with maturity comes a shift in behaviour. Ipsos Malaysia’s latest data shows that promotions and discounts now outrank product quality as the top reason consumers shop online.

We speak with Kuan Sawu Fang, Senior Client Officer at Ipsos Malaysia, about how this obsession with value is reshaping the digital marketplace. Are platforms and SMEs caught in a never-ending cycle of discounts? And what happens to brand loyalty when price becomes the product?

We examine how Malaysia’s digital economy is being transformed by the way we shop, click, and spend.

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Malaysia’s micro, small and medium enterprises (MSMEs) are contributing more to GDP and exports than ever before, but many still struggle to break into global markets. High costs, customs challenges and unpredictable delivery timelines often hold them back, even when demand exists overseas.

Denise Wong, Head of Cross Border at Ninja Van Malaysia, discusses what MSMEs need to understand before expanding internationally, how 44 new shipping lanes are opening fresh opportunities in Southeast Asia, the Middle East and Latin America, and why logistics is becoming a strategic tool rather than a back-end function.

A practical, grounded conversation for founders and business owners who want to take their products beyond Malaysia’s borders.

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With Budget 2026 announced, the Finance Bill 2025 tabulated in Parliament last week has revealed key details. From clarifications on Capital Gains Tax (CGT) to a major shift in stamp duty compliance, businesses have a new set of rules to navigate.

Tax expert Thenesh Kannaa of TraTax joins us to break down some key updates. He discusses the new and clarified scope for CGT (including preference shares), the move to a self-assessment system for stamp duty and updates around returns and payments, and the upcoming changes to corporate tax installment schedules that will impact cash flow planning.

We discuss:

• Capital Gains Tax (CGT): How preference shares and liquidations are now in scope.

• Stamp Duty: The implications from the shift to self-assessment and the deadlines for filling returns and payment of duty.

• RPGT: New rules to improve cash flow and limit loss carry-forwards.

• Corporate Tax: The transition to a 12-month installment schedule within the financial year.

November Updates: OECD guidance on remote work and new Labuan substance requirements.

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Elite athletes spend years sharpening their minds, not just their skills. But what can business leaders learn from that discipline?

Today, Mike Way, the head coach of Harvard University’s squash programme, and Bharati Suresh Chand, Founder of Global Edge Pharma and Global Edge Consultancy, discuss how mental fitness shapes performance, decision-making, and consistency. They explain what separates mentally strong performers from talented ones, how pressure influences behaviour, and the habits that help athletes and leaders stay composed and focused.

They also reflect on insights shared at the recent Mental Fitness Sports Conference 2025, and discuss practical routines organisations can adopt to build healthier, steadier teams.

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