A Malaysian e-commerce technology platform has claimed the top spot in Asia-Pacific’s most closely watched corporate growth ranking, as the region’s startup ecosystem continues to defy a challenging global economic backdrop.

Key takeaways

• Borong of Malaysia leads 500 Asia-Pacific high-growth companies with a staggering 295 per cent compound annual growth rate between 2021 and 2024.
• Singapore and India top the ranking by volume with 101 companies each, while Chinese firms make their first-ever appearance in the index.
• IT and software dominate for the fourth straight year at 21.4 per cent of the list, confirming technology as the region’s primary engine of corporate growth.

Borong, a business-to-business e-commerce platform headquartered in Kuala Lumpur, clinched first place in the Financial Times/Statista High-Growth Companies Asia-Pacific 2026 ranking, rising from second position the previous year. 

The company recorded revenues of $99.7 million, translating into a compound annual growth rate of 295 per cent over the three years to 2024, a figure that underscores the explosive appetite for digital commerce infrastructure across Southeast Asia.

The eighth edition of the annual ranking lists the 500 fastest-growing companies across the Asia-Pacific region, measured by organic revenue growth between 2021 and 2024. This year’s edition carries a notable milestone: Chinese companies appear in the ranking for the first time, expanding both the competitive field and the geographic scope of one of the region’s most prestigious business benchmarks.

South Korea Claims Two Podium Places

Borong’s ascent to the summit comes as South Korea cements its reputation as a breeding ground for high-growth technology ventures. Two Korean companies claimed the second and third positions respectively: Bznav, a tax software firm, and InPock, an e-commerce technology platform, reflecting Seoul’s growing influence in the digital services economy.

India and Singapore Dominate by Volume

When measured by the number of entrants, Singapore and India each contributed 101 companies to the ranking, more than any other market, highlighting the twin engines of the region’s innovation ecosystem. Japan followed with 82 companies, and South Korea placed fourth with 79.

The breadth of representation signals a maturing startup culture across diverse economies, from the technology hubs of Bangalore and Singapore’s financial district to the manufacturing corridors of Japan.

Technology Retains Its Iron Grip

For the fourth consecutive year, IT and software companies dominated the sectoral composition of the list, accounting for 21.4 per cent of all ranked firms. Fintech, financial services and insurance followed at 9.6 per cent, while healthcare and life sciences took 5.6 per cent, a share that reflects sustained post-pandemic investment in medical technology and digital health.

The persistence of IT and software at the top of the table points to a structural shift in how Asia-Pacific economies are generating value: less through manufacturing and commodities, and increasingly through scalable, asset-light technology platforms.

The Bar Is Rising

Entry into the ranking has become incrementally harder. The minimum compound annual growth rate required to qualify rose to 8.4 per cent this year, edging up from 8.1 per cent in the prior edition, a modest but telling signal that the pool of high-performing applicants is deepening.

The ranking is drawn from companies that voluntarily submitted and certified their revenue figures, signed off by a chief financial officer, chief executive or member of the executive committee, during an application window that ran from July to December 2025.

Methodology and Limitations

The ranking was compiled in partnership with Statista, which canvassed tens of thousands of companies across 14 Asia-Pacific territories, including Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, the Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam. Companies were required to have generated at least $100,000 in revenue in 2021 and at least $1 million by 2024, with growth driven primarily by organic means.

As with any voluntary ranking, the list does not claim to be exhaustive. Many of the region’s fastest-growing businesses remain privately held and decline to disclose financial data, meaning the true universe of high-growth companies is almost certainly larger than the 500 featured.

A special report accompanying the ranking is scheduled for publication on April 10, spotlighting some of the fastest-growing sectors shaping the region’s economic future.

Other People are Reading

The New York Times’ popular word-association game Connections delivered another brain-teasing challenge on Friday, March 20, 2026, with Puzzle No. 1013 featuring a mix of everyday terms, cultural references and clever misdirections that tested players’ pattern recognition and lateral thinking.

Released at midnight Eastern time as part of the daily rotation on nytimes.com and the NYT Games app, today’s puzzle drew praise and frustration in equal measure from the online community for its balanced difficulty and thematic variety. Solvers had to group 16 seemingly unrelated words into four themed categories of four words each, with yellow as the easiest and purple as the trickiest.

The 16 words in today’s grid were: ALARM, CONCERN, RATTLE, SHAKE, BOARDWALK, CHANCE, LUXURY, PARKING, FATE, FURY, MUSE, SIREN, CARTON, NOODLE, ROLL, TIMER.

As with every Connections puzzle, the goal is to identify the common threads without using more than four mistakes. Players receive color-coded feedback: yellow for the simplest category, green next, then blue, and purple for the most obscure.

### Hints for Today’s Puzzle

Before diving into the full answers — which contain spoilers — here are progressive hints to guide solvers who want to crack it on their own:

– **Yellow (easiest):** These words all relate to causing unease or disturbance, often in a physical or emotional sense.
– **Green:** Think classic board game real estate and random events — items you’d find listed on a familiar property-trading board.
– **Blue:** These evoke figures from ancient Greek stories, often tied to destiny, emotion, inspiration or allure.
– **Purple (hardest):** These complete the phrase “egg _____” — a common compound word or expression involving the word “egg.”

Many players reported starting with the yellow group, as words like “shake” and “rattle” immediately suggested agitation or fear. The purple category proved elusive for some, relying on idiomatic English phrases rather than literal meanings.

### Full Answers and Category Breakdown

Here are the complete groupings for Connections #1013 on March 20, 2026:

**Yellow: Disturb**
ALARM, CONCERN, RATTLE, SHAKE

This category captured synonyms for causing worry, fear or physical vibration. “Shake” and “rattle” evoke both literal trembling and figurative unease, while “alarm” and “concern” lean emotional. Solvers noted this as the most straightforward, often solved first.

**Green: Words on a Monopoly Board**
BOARDWALK, CHANCE, LUXURY, PARKING

A nod to the iconic Parker Brothers (now Hasbro) game, these are direct spaces or cards: Boardwalk (the priciest property), Chance (the card deck), Luxury Tax (a space), and Parking (Free Parking, the beloved rest spot). The category rewarded pop-culture knowledge of the classic American board game, with many players calling it a satisfying “aha” moment.

**Blue: Figure in Greek Myth**
FATE, FURY, MUSE, SIREN

Drawing from classical mythology, these represent archetypal beings: the Fates (who spin destiny), a Fury (vengeful deity), a Muse (inspirational goddess), and a Siren (seductive sea creature). The category highlighted how Connections often weaves in literary or historical references, challenging players beyond everyday vocabulary.

**Purple: Egg _____**
CARTON, NOODLE, ROLL, TIMER

The trickiest group completed familiar phrases: egg carton (packaging), egg noodle (pasta type), egg roll (appetizer), and egg timer (kitchen tool). This required thinking in compound words or set expressions, a hallmark of purple categories that often stump even seasoned players.

### Player Reactions and Difficulty Assessment

On forums like Reddit’s r/NYTConnections, users shared mixed experiences. Many achieved perfect solves in under a minute once yellow and green clicked, while others lost attempts to misfires like grouping “shake” with “roll” or “siren” with “alarm.”

“This one felt fair but sneaky — the Monopoly group was a giveaway, but egg phrases took forever,” one commenter wrote. Another praised the Greek myth tie-in: “Loved the blue category; reminded me of high school classics.”

Data from community trackers suggests average solve times hovered around 4-6 minutes, with a moderate mistake rate. The puzzle earned a difficulty rating of about 3.2 out of 5 from aggregate player votes, placing it in the middle range for recent entries.

### How Connections Works and Tips for Success

Created by the New York Times Games team and launched in 2023, Connections has grown into one of the most popular daily brain games alongside Wordle and the Mini Crossword. Players see a 4×4 grid of words and must submit groups of four that share a hidden connection. Correct groups vanish in their assigned color; four mistakes end the game.

Strategies include:
– Scan for obvious synonyms or themes first (yellow often falls quickly).
– Look for proper nouns, brands or cultural references.
– Consider multiple meanings — words can fit literal, slang or idiomatic senses.
– Avoid forcing groups; sometimes stepping away reveals connections.

Today’s puzzle exemplified the game’s appeal: accessible yet layered, rewarding both quick pattern spotting and deeper cultural knowledge.

For those who missed it or want to compare, the official archive on nytimes.com allows replaying past puzzles (subscription required for full access). The next Connections drops at midnight ET on March 21.

As the game approaches its third anniversary, its daily ritual continues to unite word lovers worldwide in a shared moment of mental gymnastics.

HSBC is weighing up plans to cut as many as 20,000 jobs globally over the next three to five years as it accelerates the use of artificial intelligence to streamline operations, in what could become one of the most significant workforce reductions in modern banking.

According to reports, the lender is exploring how AI can reduce reliance on back- and middle-office roles, with up to 10 per cent of its 210,000-strong global workforce potentially affected. While the bank declined to comment, the proposals align with a broader strategic push under chief executive Georges Elhedery to simplify processes and reduce operational complexity.

In the UK, where HSBC employs around 34,700 people, a proportional reduction could see approximately 3,500 roles impacted. The bank’s domestic footprint spans retail banking, corporate operations and asset management, alongside its London headquarters.

The potential cuts form part of a wider transformation agenda as HSBC seeks to embed generative AI across the organisation. Speaking earlier this year, Elhedery said the bank was rolling out AI tools to all employees, aiming to both improve productivity and enhance customer-facing services through more personalised interactions.

“We want to simplify processes, procedures and policies and reduce complexity,” he said at the time, while also highlighting the role of AI in equipping frontline staff.

The review of headcount began before the recent escalation in the Middle East, underscoring that the move is driven by long-term structural change rather than short-term economic shocks. Since taking over in 2024, Elhedery has already reduced staffing through divestments and a sharper focus on HSBC’s core markets, particularly in Greater China.

A reduction on this scale would place HSBC at the forefront of an emerging trend across global finance, where automation is increasingly targeting traditional white-collar roles. Industry estimates suggest banks could eliminate up to 200,000 positions worldwide in the coming years as AI systems take over tasks such as compliance checks, document processing and client onboarding.

Recent announcements from other sectors reinforce the direction of travel. Amazon has outlined plans to cut 16,000 roles, while Hewlett-Packard expects to shed up to 6,000 jobs over three years, both citing efficiency gains from AI. In the UK, Close Brothers this week confirmed 600 job cuts as it deploys AI “at pace” to reduce costs.

For HSBC, the financial incentives are significant. The bank reported a wage bill of $19.6 billion last year, up 6 per cent, and is targeting $1.5 billion in annualised cost savings ahead of schedule. AI-driven efficiencies are expected to play a central role in achieving those targets.

Pam Kaur, HSBC’s chief financial officer, recently emphasised the dual benefit of AI adoption, highlighting both revenue opportunities and cost reductions. “We are focused on the benefits we can get through AI, whether it’s on better productivity around the revenue line or just the cost benefit,” she said.

The shift also reflects a broader evolution in workforce strategy, with HSBC increasingly adopting a performance-led model in which top performers receive a larger share of bonuses, while underperformers are encouraged to exit.

However, the scale of potential job losses raises questions about the pace at which AI can deliver tangible financial returns. A widely cited study last year found that the vast majority of corporate AI initiatives had yet to materially improve profitability, suggesting that expectations may still be running ahead of reality.

Even so, sentiment among large corporates appears to have shifted. Businesses are now more willing to act on anticipated gains from automation, betting that AI can meaningfully reshape cost structures without undermining service quality.

For HSBC, the outcome of its deliberations will be closely watched across the financial sector. If implemented, the cuts would not only mark a major restructuring for one of the world’s largest banks, but also signal a tipping point in how AI is transforming employment across global finance.

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STOCKHOLM—A Swedish company is defying a downturn in green-technology funding by raising new capital as investors bet that its electric ferries can make a splash with public transport operators and commuters.

Stockholm-based Candela started out developing hydrofoiling electric leisure boats, but is now applying the technology and lessons learned from its speed boats to ferries.

Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Mumbai: HDFC Bank, which accounts for nearly an eighth of the Nifty by weighting, slumped more than 5% at close Thursday in the stock’s steepest single-day drop in 21 months after non-executive chairman Atanu Chakraborty abruptly resigned, citing “practices… not in congruence with my personal values and ethics.”

Analysts said the exit, coupled with uncertainty surrounding the term renewal of the incumbent CEO, may keep the stock under pressure in near term despite mouthwatering valuations. CEO Sashidhar Jagdishan’s second term ends in October.

The stock ended 5.3% lower at ₹798.2, its weakest close since August 2024, erasing ₹69,026 crore in market value. It had fallen to ₹770 apiece at the start of the day. The Nifty 50 fell 3.3% to 23,002.15. HDFC Bank has the strongest influence on the index movement with an 11.83% weight.

Brokerage Macquarie said the stock may continue to underperform in the near term.

“While fundamentals remain strong with good ROA, at this point in time governance concerns will weigh down heavily on the stock,” the brokerage wrote. “Investors would want more comfort from the board. Also now the uncertainty surrounding Sashi’s reappointment will weigh down on the stock.”

Macquarie has an ‘Outperform’ rating on the stock with a target price of ₹1,200.
Brokerage Bernstein noted that while the stock is already trading at or below Covid-era valuation levels, recovery from governance-related concerns will be neither quick nor easy. “Investors will likely wait to ensure that this doesn’t trigger any investigations from regulators that could take longer to conclude,” Bernstein said. The firm has a target price of ₹1,150. Technically, the stock may see some relief after sharp sell-off. HDFC Bank has dropped 24% over the past four months and has breached key support zones at ₹860 and ₹840.

“Momentum indicators are now in oversold territory, suggesting a potential pullback,” said Rohan Shah, technical analyst at Asit C Mehta Investment Intermediates. “But failure to sustain above ₹840 could renew selling pressure, with downside risk towards ₹750-730 over the coming weeks.”

He added that weakness in the broader Bank Nifty and the overall market could add to the drag.

At current valuations of about 1.7 times FY27 price-to-book, the stock offers an attractive entry point, said Sunny Agrawal, Head of Fundamental Research at SBI Securities. who has a target price of ₹1,100.

“The management clarified on Thursday that the resignation was solely due to personal relationship issues between chairman (non executive) and leadership team and does not impact the bank’s business performance or underlying values and ethics,” he said. “With RBI reaffirming the bank’s fundamentals and Keki Mistry returning to the board, we believe investor confidence should stabilise.”

Mumbai: Encube Ethicals has paused plans to sell a majority stake due to a valuation mismatch, said people familiar with the matter. Instead, the company is exploring the possibility of an initial public offering (IPO) by 2027, they said.

Global private equity firms including Warburg Pincus, EQT, and Partners Group had shown interest in acquiring the business at $1.5-1.6 billion (₹13,980-14,912 crore) valuation. However, this fell short of the $2 billion valuation sought by the promoters and existing investor Quadria Capital, said the people cited above.

“As the promoters plan an IPO in the next 12-18 months, Quadria Capital is likely to stay invested and partially exit through the public offering,” one of the persons said.

Promoter Mehul Shah and his family currently hold around 84.2% in the company, while Quadria owns 14.9%, with the remainder held by other investors and the ESOP pool. Quadria had acquired the stake in 2021 at a valuation of $800 million.

A consortium led by Warburg Pincus and Abu Dhabi sovereign wealth fund Mubadala Investment Company had emerged as the frontrunner to buy up to a 74% stake in the company, ET reported last month.

Quadria had appointed JPMorgan to run the sale process.
Encube is a generics-focused pharmaceutical contract manufacturer known for brands such as Soframycin. Founded in 1998, Encube specialises in topical formulations and has built a strong portfolio spanning creams, gels, and ointments catering to dermatology and reproductive healthcare. In 2021, the company entered the consumer healthcare space by acquiring brands such as Soframycin, Sofradex, Sofracort, and Soframycin-Tulle from Sanofi for India and Sri Lanka in a deal worth around ₹125 crore.

Unknown Executive

Greetings. Gary Fishman is having some technical difficulties. This is Bradley. I just wanted to say welcome to the RCI Hospitality Holdings Fourth Quarter and Year-end Earnings Conference Call. My name is Bradley Chhay.

You can find the company’s presentation on the RCI website. Go to Investor Relations section. All the links are on the top of the page. Please turn to Slide 2 of our presentation. Our speakers today are Travis Reese, Interim President and CEO; and Albert Molina, Interim CFO.

Please turn to Slide 3. RCI is making this call exclusively on X Spaces. To ask a question, you will need to join the Space with a mobile device. To listen only, you can join the space on a personal computer. At this time, all participants are on listen-only mode. A Q&A session will follow after the call. The conference is being recorded.

Please turn to Page 4. I want to remind everyone of our safe harbor statement. You may hear or see forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those currently anticipated. We disclaim any obligation to update information disclosed in this call as a result of developments that occur afterwards.

Please turn to Page 5. I also direct you to the explanation of RICK’s non-GAAP financial measures. Now I’m pleased to introduce Travis Reese, Interim President and CEO. Take it away, Travis.

Travis Reese
Interim President, CEO, Secretary & Chairman

Thank you, Bradley. Thank you all for joining us. Please turn to Slide 6. I’m pleased to report that we filed our 10-K today and announced our