Yi Wayn NgYi Wayn Ng, the newly appointed M&A team lead and corporate partner at Singapore law firm Donaldson & Burkinshaw, has acknowledged that ongoing geopolitical factors “will undoubtedly influence M&A dynamics in 2026”.
Among the immediate factors Ng cited were the recent outbreak of conflict in the Middle East and the United States’ shifting tariff policies, both of which were already intensifying regulatory scrutiny.
“The recent escalation of tensions in the Middle East has introduced energy price volatility and renewed shipping risk, while ongoing US-China strategic competition continues to reshape global supply chains and investment flows,” she told Asia Business Law Journal.
“These pressures have led to firmer regulatory scrutiny across major economies, including expanded foreign investment screening and heightened national security reviews. In response, corporations are placing greater emphasis on supply chain diversification to mitigate concentration risk.”
Despite heightened geopolitical tensions, Ng expects an uptick in M&A activity in Singapore, as well as in other Southeast Asian jurisdictions such as Vietnam and Malaysia.
“Geopolitical uncertainty has tended to redirect capital rather than suppress it. In periods of heightened risk, investors typically prioritise predictability, and Singapore’s regulatory clarity, legal infrastructure and institutional stability remain strong competitive advantages,” she said.
“As global groups reassess concentration risk, operating investment into Southeast Asia continues, with jurisdictions such as Vietnam and Malaysia attracting interest, and Singapore frequently serving as the structuring, financing and governance hub.”
Continuing to highlight the city-state’s advantages, Ng said artificial intelligence (AI) and digital infrastructure were likely to drive future M&A activity, especially since the country was “putting real weight behind capability-building, including a national commitment of more than SGD1 billion [USD75.5 million] to strengthen public AI research and reinforce Singapore’s position as an AI research hub”.
Assessing the regional landscape, Ng forecast that “Vietnam and Malaysia are likely to see some of the strongest growth in inbound activity”. She attributed this to Vietnam’s growing role as a supply chain hub and Malaysia’s Johor state emerging as a data centre hotspot.
“Vietnam continues to benefit from sustained manufacturing relocation and supply chain diversification, which is translating into larger platform investments and follow-on M&A. Malaysia, particularly in Johor and key industrial corridors, is gaining momentum in data centres, electronics and semiconductor-related investments, supported by infrastructure build-out and cross-border connectivity,” she added.
Having joined Donaldson & Burkinshaw from Oon & Bazul, where she headed the M&A practice, Ng’s goal during the next 12 months is to enhance the firm’s “transactional depth, particularly in cross-border corporate M&A, private equity and growth capital mandates where Singapore plays a structuring and investment hub role”.