Tech Mahindra (NSE: TECHM) announced on 1 May 2026 that it will acquire an 85% stake in Canada-based Avant Techno Solutions — also known as Alluri Technologies — in a cash deal valued at CAD 28 million (approximately USD 21 million). The remaining 15% stake will be acquired by 30 June 2029 under a pre-agreed valuation formula. This is the Pune-headquartered IT services giant's first acquisition since its purchase of Philippines-based BPO firm Orchid Cybertech in 2024, and the deal is expected to close by 31 July 2026. Avant reported annual revenue of CAD 58.6 million in calendar year 2025, up from CAD 53.7 million the year prior.

Founded in 2017, Avant brings deep expertise in payments modernisation and wealth management platforms, spanning real-time payments rails, ISO 20022 migration, wire modernisation, and cloud-based core payment transformation. The acquisition also adds identity and access management capabilities and creates new pathways in open banking, commercial lending, regulatory compliance, and fraud prevention — all critical priorities for North American banks upgrading legacy infrastructure ahead of upcoming regulatory deadlines. CEO Mohit Joshi had publicly flagged in late 2024 that Tech Mahindra wanted BFSI to rise to 25% of total revenue by March 2027, up from roughly 16% at the time. Buying Avant offers a faster route than purely organic capability-building.

The deal is a concise illustration of how India's mid-tier IT services sector is using targeted acquisitions to compete in high-value verticals against larger rivals. Tech Mahindra has historically been more dependent on telecom-linked business than peers such as Infosys or Wipro, making the BFSI pivot strategically urgent. While the CAD 28 million price tag is modest by IT-sector standards, Avant's established client relationships and domain talent in North American financial institutions give Tech Mahindra a credible beachhead in a market where ISO 20022 compliance and real-time payment rail modernisation are generating a multi-year services demand wave.

Australia's 'Big Four' banks — ANZ, CBA, NAB, and Westpac — are in the midst of multi-year core payments modernisation programs, many of which involve Indian IT service providers. A more capable Tech Mahindra in real-time payment rails and ISO 20022 migration is directly relevant to Australian procurement decisions. As Australia's NPP (New Payments Platform) ecosystem matures and banks compete on the speed and resilience of their payment infrastructure, deals like the Avant acquisition signal that Indian IT vendors are moving up the value stack and could displace European and American competitors in future contracting rounds.

Australian Banks Watch as Indian IT Firms Climb the BFSI Value Chain

For investors tracking Tech Mahindra on the NSE, the Avant deal is a strategically logical but execution-dependent bet. CEO Mohit Joshi set a public target of raising BFSI to 25% of revenue by March 2027 — from roughly 16% in late 2024 — and acquisitions are the fastest path to close that gap. Avant's CAD 58.6 million in 2025 revenue is small relative to Tech Mahindra's overall scale, but its talent pool and North American client relationships provide a foundation. Indian analysts will be watching integration timelines closely: the 85%/15% staged structure, with full acquisition by June 2029, gives both parties a long runway but also means full operational control is deferred.

Tech Mahindra's BFSI Ambition Gets a Boost, But Execution Risk Remains

Singapore remains the regional headquarters for many of the global banks that are also Avant's North American target clients. Tech Mahindra already maintains a regional delivery presence in Singapore, and the Avant acquisition's open banking and wealth management capabilities are directly applicable to Singapore's MAS-regulated financial institutions. As MAS continues to push for greater API interoperability and digital banking infrastructure, Indian IT firms with enhanced fintech domain expertise are well-positioned to compete for significant local and regional mandates alongside established players such as Infosys Finacle and TCS BaNCS.

Singapore's Fintech Hub Status Could Draw Expanded Tech Mahindra Attention

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What Tech Mahindra's first acquisition since 2024 tells you about Indian IT's race to own North American payments infrastructure before ISO 20022 deadlines hit.

CAD 28M deal signals Tech Mahindra's BFSI pivot

The Indian IT major acquires a specialist fintech to accelerate its push toward a 25% BFSI revenue target by 2027.

Across APAC, the Tech Mahindra-Avant deal will be watched most closely by institutional investors holding Indian IT sector equities and by competing services firms eyeing similar capability gaps. India's IT industry — historically a bulk-labour play for global banks — is increasingly competing on domain IP, and payments modernisation has become one of the clearest battlegrounds. The ISO 20022 migration cycle, which requires banks to overhaul how they encode financial messages across wire transfers and cross-border payments, is generating long-duration contracts that reward firms with deep fintech knowledge over generalist IT suppliers.

For APAC financial services institutions — including Singapore's major banks, Australia's 'Big Four', and India's rapidly digitalising payment ecosystem — the competitive landscape of technology service providers is shifting. A more capable Tech Mahindra in the payments and wealth technology space adds a credible, cost-competitive alternative to legacy Western IT integrators. Indian IT firms that successfully climb the BFSI value chain could reshape vendor selection decisions across the region over the next two to three years.

Tech Mahindra's CAD 28M deal reflects a structural rebalancing underway across India's IT sector as telecom revenues plateau.

Indian IT's BFSI Landgrab: Why Small Acquisitions Like Avant Signal a Bigger Shift

Tech Mahindra Buys Into North American Payments with CAD 28M Avant Deal

Trulioo, a leading global platform for identity verification, fraud prevention and credit decisioning, today announced that new innovations in Ultimate Beneficial Owner (UBO) entity resolution drove 51% year-over-year growth in Asia-Pacific (APAC) business verification volume in 2025. The company achieved a 40% improvement in UBO coverage for one of the world's largest social media platforms operating in APAC, with up to 98% UBO coverage in Vietnam, 70% in the Philippines (+69% uplift), and 81% in Singapore (+24% uplift), with overall coverage reaching 85% across tested markets. These advancements in Know Your Business (KYB) capabilities are enabling organizations to achieve greater ownership visibility and scale verification more effectively across complex markets.

The improvements translate directly into operational and productivity gains, enabling organizations to onboard more businesses faster, reduce reliance on manual review and strengthen compliance outcomes. With more complete and consistent ownership visibility, organizations can scale verification with greater confidence, particularly in SME-heavy and cross-border environments where legacy approaches often fall short. "Across APAC, the challenge isn't just verifying businesses, it's understanding who ultimately owns and controls them," said Zac Cohen, Chief Product Officer at Trulioo. "With obscure and unreliable ownership data across SMEs, traditional KYB approaches simply don't work at scale. We've built a fundamentally different way to solve this for our APAC customers."

The enhanced capabilities result in higher onboarding acceptance rates, reduced manual review and the ability to scale into new markets with greater confidence, positioning Trulioo as a differentiated global KYB provider. The company offers business and person verification across 195 countries and can verify more than 14,000 ID documents and 700 million business entities while checking against more than 6,000 watchlists. This APAC growth comes as regional businesses increasingly require sophisticated verification solutions to navigate complex regulatory environments and scale operations across diverse Southeast Asian markets.

Singapore's advanced digital infrastructure and business-friendly regulatory environment contributed to the 24% improvement in UBO coverage, reaching 81% overall verification rates. The city-state's position as a regional business hub makes sophisticated KYB capabilities essential for enterprises managing cross-border operations and regulatory compliance across ASEAN markets.

Singapore Sees 24% Boost in Business Verification Coverage

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How Trulioo's innovations in business verification achieved 98% coverage in Vietnam and transformed SME onboarding across Southeast Asia.

51% growth in APAC drives identity verification breakthrough

Vancouver-based identity platform drives expansion across Southeast Asian markets with enhanced KYB capabilities.

The 51% growth in APAC business verification volume reflects broader market dynamics as enterprises across Southeast Asia require more sophisticated identity verification capabilities. Traditional KYB approaches struggle with the fragmented business registration systems and complex ownership structures common across APAC markets, creating opportunities for platforms that can navigate these challenges at scale.

Trulioo's success in achieving 98% UBO coverage in Vietnam and significant improvements across the Philippines and Singapore demonstrates the commercial value of purpose-built APAC verification infrastructure. As regional businesses increasingly engage in cross-border commerce and digital onboarding, platforms that can deliver consistent verification capabilities across diverse regulatory environments are becoming essential infrastructure for regional growth.

Regional businesses demand sophisticated KYB solutions as cross-border commerce accelerates across Southeast Asia.

APAC Identity Verification Market Sees Platform Consolidation

Trulioo Reports 51% Growth in APAC Business Verification Volume

Malaysia's digital economy has generated over 1.25 million job opportunities between 2022 and 2025, with approved digital investments exceeding RM342 billion expected to create over 114,000 new positions, predominantly in high-skilled fields. The country's ICT sector continues robust growth, contributing RM451.3 billion or 23.4 percent to the national economy. The momentum reflects Malaysia's strategic positioning as a regional digital infrastructure leader.

The upcoming BICSI Southeast Asia Malaysia 2026 Conference in July will further cement Malaysia's position as a regional leader in the digital infrastructure ecosystem. Industry leaders emphasize that adopting internationally recognised certifications alongside structured training pathways will elevate industry standards while ensuring talent quality remains consistent with evolving technological needs. This approach addresses critical skills mismatches in the rapidly evolving tech landscape.

The skills gap has widened across Southeast Asia's tech, semiconductors, chemicals, and digital manufacturing sectors, with many roles staying open for months as reskilling became a strategic necessity rather than an HR initiative. 2026 represents a year of alignment between skills and market needs, with companies across Singapore, Malaysia, Philippines, and Vietnam shifting aggressively into skills-based hiring. Malaysia's investment surge positions it advantageously in this regional talent competition.

India crossed 1 billion broadband subscriptions in late 2025, with data costs plummeting 96% from ₹269 per GB in 2014 to ₹8-10 per GB in 2026. However, digital access in terms of devices, qualified teachers, and digitally-prepared students remains at only 9 percent, highlighting the gap between connectivity and meaningful digital participation compared to Malaysia's focused job creation approach.

India's Digital Divide Contrasts Southeast Asia Growth

Singapore faces intense competition for skilled tech professionals alongside other major IT hubs including Hong Kong, Japan, and Dubai. The city-state is shifting aggressively into skills-based hiring alongside Malaysia, Philippines, and Vietnam, positioning itself as a premium destination for specialized AI and cloud expertise.

Singapore Competes for Regional Tech Talent Pool

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How Malaysia's massive digital investments are creating over 100,000 high-skilled jobs and transforming Southeast Asia's workforce landscape

114,000 new tech jobs from Malaysia's RM342 billion digital push

Digital economy surge drives high-skilled employment across Southeast Asia's tech hub

Companies across Singapore, Malaysia, Philippines, and Vietnam are shifting aggressively into skills-based hiring, moving away from generalist tech roles to demand deep specialists who can implement AI solutions safely and at scale. Remote-first and hybrid models are becoming talent magnet strategies rather than perks, while salary inflation continues unabated in 2026.

Competition for skilled tech professionals remains intense across major IT hubs including Hong Kong, Singapore, Japan, and Dubai, with businesses offering higher salaries, flexible work arrangements, and long-term career stability. The regional transformation reflects a fundamental shift from hiring talent to developing capabilities internally.

Regional governments pivot to skills-based hiring amid unprecedented digital investment surge

Southeast Asia Races to Fill 100,000+ New Tech Roles

Malaysia's RM342 Billion Digital Investments Create 114,000 New Jobs

A comprehensive Deloitte study reveals that 90% of students and 72% of employees across Indonesia, Malaysia, Philippines, Thailand, and Vietnam have used generative AI, with daily usage expected to increase by 232% over the next five years. 56% of APAC businesses have already deployed chatbots, copilots, and AI assistants, outpacing Europe and North America. The acceleration comes as organizations shift from pilot programs to production-scale deployments driven by competitive pressure and economic uncertainty.

72% of APAC finance leaders expect AI to have significant impact on their finance function within three years, while Southeast Asia's micro, small, and medium enterprises are using AI-assisted development tools to enable staff to build applications and automate processes themselves. This democratization is particularly pronounced in markets where technical teams are scarce, creating new opportunities for AI-driven productivity gains.

From Singapore's financial hubs to Malaysia's factories, businesses are trading sprawling, generic models for precision-engineered AI built for specific industries. GenAI saves daily users an average of 6.0 hours at work and 5.3 hours at university, with 77% of Southeast Asians believing GenAI will enhance social outcomes and 69% expecting it will mean Asia Pacific has a greater role in the global economy.

Australian organisations are investing in AI, but the gap with global peers is growing when it comes to realising transformation at scale, with the real challenge shifting from pilots to production and unlocking full value across the business. While 28% of Australian respondents have moved at least 40% of their AI pilots into production, most remain in experimentation mode, though over half expect to reach production scale within six months.

Australian Firms Trail APAC Peers Despite AI Investment Push

59% of enterprise-scale organizations in India had AI actively in use, with 74% of Indian early adopters accelerating AI investment in the prior 24 months. The top barriers in India were limited AI skills and expertise (30%), lack of tools or platforms (28%), and difficulty integrating and scaling AI (27%). India has significantly lower regulatory hurdles compared to other markets, with only 9.6% of leaders citing regulation as a primary constraint.

India's AI Enterprise Adoption Reaches 59% as Investment Accelerates

86% of students and 67% of employees in Singapore have used GenAI, with daily usage expected to increase by 203% over the next five years. Those incorporating GenAI into work routines see benefits including increased speed at completing tasks and improved quality of outputs, with GenAI saving daily users an average of 4.4 hours at work and 4.5 hours at university.

Singapore Maintains AI Leadership as GenAI Usage Surges 203%

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New data shows Asian enterprises lead global AI adoption with 90% Southeast Asian students using GenAI, while 77% of APAC CFOs accelerate investment

72% APAC finance leaders expect AI impact within 3 years, outpace

Deloitte study reveals 56% of APAC businesses already deploy chatbots and AI assistants, outpacing global peers

56% of APAC businesses have already deployed chatbots, copilots, and AI assistants, outpacing Europe and North America, with this scale emerging under pressure to deliver competitive edge while weathering economic headwinds and geopolitical risk. The diverse regulatory landscapes across Australia, Japan, India, and Indonesia are strengthening localisation and AI governance frameworks, creating both challenges and opportunities for enterprises scaling AI across multiple markets.

2026 will be the year boardrooms define ROI as not just amounts saved, but also growth enabled, market share captured, and possibilities unlocked, with success increasingly defined by AI's impact on the company's ability to grow and thrive rather than survive. This shift reflects the maturing of AI from a cost-reduction tool to a strategic growth enabler across the region.

Regional enterprises outpace Western peers in moving beyond experimentation to measurable business impact

APAC Leading Global Shift from AI Pilots to Production Scale

APAC Enterprises Race to Scale AI as 72% Expect Business Impact

Talent scarcity has reached critical levels across Asia Pacific, with 77% of employers reporting difficulty filling key roles—nearly double the 45% in 2014, according to ManpowerGroup's 2026 Global Talent Shortage Survey. Asia-Pacific faces the steepest AI talent gap globally at a 1:3.6 ratio, with demand for AI specialists exceeding supply by more than three to one. AI skills have transformed from niche capabilities to foundational workforce competencies across the region, fundamentally reshaping hiring processes.

The skills shortage extends beyond basic IT to advanced specialties requiring hands-on experience in AI, cloud architecture, and data engineering. Malaysia particularly struggles with critical gaps in software engineering, semiconductor expertise, and cloud computing. This reflects structural failures in education systems, where tech skills have a 2.5-year shelf life while university curricula operate on 3-5 year revision cycles, leaving graduates with obsolete knowledge upon entering the workforce. Employers consistently report mismatches between graduate skills and market needs across Southeast Asia.

The crisis has forced a strategic pivot: 2026 marks the year organizations realize they cannot hire their way out of capability shortages and must develop talent internally. Companies across Singapore, Malaysia, Philippines, and Vietnam are shifting aggressively toward skills-based hiring rather than traditional degree requirements. While generic training programs show completion rates in the teens, role-specific training achieves 90% completion rates, indicating the path forward for workforce development.

India experiences the most severe hiring constraints in APME at 82%, second only to Japan's 84% regionally. The country is increasing focus on AI engineering and data science roles as it moves beyond traditional outsourcing to compete for global positions. Financial services sector competition for tech talent is driving significant salary increases for fintech positions across India.

India Reports Highest Talent Constraints in APAC

AWS data shows 65% of Singapore organizations focus only on basic AI use cases, with 43% citing skills shortages as the main barrier to scaling artificial intelligence. Even in Singapore's advanced talent market, fewer than one-third of workers report advanced capabilities in decision-making and cross-disciplinary thinking. Singapore maintains strong but selective hiring practices, emphasizing quality, specialization, and foreign talent calibration.

Singapore Struggles with Basic AI Implementation

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How Southeast Asia's worsening tech talent shortage is forcing companies to abandon traditional hiring for skills-based recruitment and internal training

77% APAC employers struggle filling AI roles amid 3:1 talent shortage

Regional employers report 77% struggle filling tech roles as AI talent demand outpaces supply 3:1

Despite 79% of APAC employers prioritizing AI talent hiring, 75% cannot find the skilled workers they need, while 79% lack knowledge of implementing workforce training programs. Skills assessments across Singapore and Malaysia reveal that while 70% of workers report advanced digital literacy, only 30% possess advanced computational thinking skills and 56% rate themselves basic in decision-making.

The resurgence of AI-driven demand has triggered intense competition for technology talent, with financial services leading salary increases for fintech roles, particularly in India and Indonesia. Salary inflation will persist meaningfully in 2026, but employers are shifting from reactive pay increases to strategic talent development investments.

Organizations abandon external hiring for workforce development as talent gap widens

APAC Skills Crisis Forces Internal Training Revolution

Southeast Asia Faces Critical AI Skills Crisis in 2026

Green and Smart Mobility Joint Stock Company (GSM) announced the launch of its Green SM Platform in Indonesia and the Philippines on April 13, 2026. The platform allows VinFast electric vehicle owners and renters to register as service partners, offering up to 90% revenue sharing with performance-based incentive schemes. The expansion marks a strategic milestone following more than two years of international expansion.

Both countries introduce comprehensive support policies through VinFast electric vehicle purchase and rental programs, with Indonesia offering access to VF 5, VF e34, VF 6, and Limo Green models. The Philippines rollout features VF 5 and Limo Green models with comprehensive policies covering registration, insurance, and operations. Drivers benefit from free charging policies through March 31, 2029, significantly reducing operating costs.

The launch addresses Southeast Asia's growing demand for flexible employment while accelerating electric mobility adoption. GSM's Global CEO Nguyen Van Thanh described the platform as "a solution to accelerate the transition to green mobility across Southeast Asia" by rapidly increasing electric vehicles in operation. The platform enables workers to access vehicles and generate stable income without large upfront investments, positioning GSM to capture market share in the region's expanding gig economy.

While GSM's initial launch targets Indonesia and Philippines, Singapore's established mobility ecosystem could be next as Vietnamese companies expand regionally. The city-state's emphasis on electric vehicle adoption and smart mobility initiatives aligns with GSM's positioning, though competition with existing players remains intense.

Singapore Watches as Ride-Sharing Rivalry Heats Up in ASEAN

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Green and Smart Mobility expands electric ride-sharing network targeting Southeast Asia's gig economy.

The Green SM Platform launch represents Vietnamese automotive manufacturer VinFast's aggressive push into Southeast Asia's ride-sharing market, directly challenging established players like Grab and Gojek. The move strengthens GSM's Southeast Asia expansion and accelerates green mobility adoption across two of the region's largest economies.

By focusing exclusively on electric vehicles and offering substantial revenue sharing, GSM is betting that environmental concerns and driver economics will differentiate its platform. The timing coincides with increasing regulatory pressure across APAC for cleaner transportation solutions and growing consumer awareness of sustainable mobility options.

GSM's regional expansion signals intensifying competition with Grab, Gojek in electric mobility space.

Vietnamese EV Giant Eyes APAC Ride-Sharing Dominance

VinFast EV Platform Launches Across Indonesia, Philippines

The Australian Government has established the Australian AI Safety Institute to respond to AI-related risks and harms, with operations beginning in early 2026. The institute receives AUD$29.9 million in government funding and will position Australia as a leader in global efforts to address AI safety by joining the International Network of AI Safety Institutes.

The institute will help government assess risks from advanced AI systems, coordinate insights across regulators, and provide guidance on AI opportunity, risk and safety through existing channels such as the National AI Centre. Australia is expected to firm up its AI guardrails by 2026, following governments across Singapore, Japan, South Korea, Australia, China, India, Hong Kong, Thailand, Indonesia, and the Philippines proposing regulations and testing frameworks since the EU AI Act went into effect in August 2024.

South Korea's AI Basic Act took effect on January 22, 2026, with authorities granting a one-year grace period before imposing administrative fines. This comprehensive artificial intelligence regulatory framework positions South Korea alongside the EU as having binding AI legislation. Australia's approach complements existing legal frameworks while positioning the country as a leader in responsible AI governance.

The AI Safety Institute will be the government's hub of AI safety expertise, operating with transparency, responsiveness and technical rigour to make Australians confident to use AI technology safely. Regulators will increasingly have in-house capacity to interrogate and test models, with participation in the international network meaning Australian expectations for testing and transparency will track those emerging in other leading AI jurisdictions.

The approach signals regulatory priorities including stronger oversight of automated decision-making, continued reliance on existing privacy and consumer laws, and international alignment. Rather than establishing mandatory guardrails for AI in high-risk settings, Australia will continue building on robust existing legal frameworks.

Australia Positions for AI Leadership Through Safety Institute

India's Digital Personal Data Protection Act enforcement is scheduled to begin in mid-to-late 2025, creating new obligations for AI systems that process personal data. India unveiled new AI governance guidelines under the IndiaAI Mission, proposing a robust governance framework to foster innovation and safely develop AI while mitigating risks.

India consulted on draft proposals in late 2025 that would introduce labelling requirements for AI-generated content, particularly in response to misinformation and deepfake risks, though these proposals remain under consultation. India's IndiaAI Mission promotes innovation and trust with emphasis on secure data use and accountability.

India Prepares Digital Data Protection Act Enforcement

Singapore is betting on frameworks and toolkits, like AI Verify, that companies can use to test and show accountability. APAC businesses are using Singapore's model AI governance framework as a regional reference point given its early adoption, practical structure and alignment with risk-based regulatory thinking.

The most mature AI governance regime in the region belongs to Singapore, with organisations operating across Singapore, India, and the UAE needing to navigate three distinct governance regimes simultaneously. Singapore maintains a light-touch voluntary approach through the Model AI Governance Framework and AI Verify, launched as the world's first AI governance testing framework.

Singapore's Model AI Governance Framework Sets Regional Standard

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New $29.9m institute becomes operational as South Korea's AI Act takes effect this month.

APAC countries face varying emerging AI standards creating cross-jurisdiction compliance challenges, with this fragmented approach leading to regulatory gaps and unequal protection across markets. APAC companies serving European markets must comply with both EU requirements and local regulatory frameworks, accelerating regulatory harmonisation across the region.

Singapore, India and South Korea are conducting policy talks to make ASEAN more unified, helping to set uniform standards for risk management, explainability, auditability and AI output labelling. By 2026, at least ten APAC economies are expected to have enforceable laws or binding standards governing AI, data usage, and algorithmic accountability.

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News Coverage

Tech Mahindra Buys Into North American Payments with CAD 28M Avant Deal

Tech Mahindra Buys Into North American Payments with CAD 28M Avant Deal

Trulioo Reports 51% Growth in APAC Business Verification Volume

Malaysia's RM342 Billion Digital Investments Create 114,000 New Jobs

APAC Enterprises Race to Scale AI as 72% Expect Business Impact

Southeast Asia Faces Critical AI Skills Crisis in 2026

VinFast EV Platform Launches Across Indonesia, Philippines

Australia Launches AI Safety Institute in Early 2026