Daily Update: Andersen Expands in India; Vibefam Raises $1M; Hyundai Card Secures $85M; Shaw-InCorp Partner; JTB Acquires Exo Travel

ANDERSEN GLOBAL STRENGTHENS PRESENCE IN INDIA WITH JMP ADVISORS

Andersen Global Thursday said it has entered into a collaboration agreement with JMP Advisors in India, adding tax capabilities to its existing legal capabilities in the country.

Andersen Global is an international association of legally separate, independent member firms comprised of tax, legal, and valuation professionals around the world. 

Providing advice across tax, regulatory and transaction matters, JMP Advisors serves domestic and multinational clients operating in complex and evolving business environments. 

The firm provides services spanning international and Indian domestic tax, transfer pricing, cross-border structuring, foreign investment advisory, transaction support, succession planning and regulatory matters. Its clients include multinational corporations, growing enterprises, private equity and venture capital-backed businesses, and high-net-worth individuals and families.

“Our approach has always centered on delivering clear, actionable guidance that helps clients navigate complex situations and continue their business with a clear sense of direction,” said Jairaj Purandare, founder and chairman of JMP Advisors Private Limited. “Collaborating with Andersen Global allows us to extend that approach globally while continuing to provide thoughtful, well-structured advice to clients operating across jurisdictions.”

“JMP Advisors brings a strong understanding of tax and regulatory frameworks and business dynamics in India,” said Mark L. Vorsatz, global chairman and CEO of Andersen. “Their experience in advising organizations on complex tax and transaction matters strengthens our ability to support clients navigating business transformation in key markets.”

VIBEFAM RAISES US$1 MILLION TO BUILD AN AI-POWERED OPERATING SYSTEM FOR FITNESS BUSINESSES

Vibefam, Singapore-based operating system for fitness businesses, Thursday said it has raised a US$1 million seed funding round led by a Singapore-based family office. 

The investment will accelerate Vibefam’s to help fitness businesses launch, operate, and scale through a unified platform that combines operations, payments, customer engagement, and growth solutions within a single platform.

The funding comes at a time when fitness operators are increasingly seeking intelligent operating platforms that unify operations, payments, and customer engagement, replacing fragmented technology stacks and legacy software platforms.

“Fitness businesses deserve technology that works as hard as they do,” said Serene Lim, Co-Founder and CEO of Vibefam. “Many operators still juggle multiple disconnected systems to manage bookings, payments, customer communication, marketing, and reporting. We’re building a platform that brings everything together, helping businesses operate more efficiently while delivering better experiences to their customers.”

The newly raised capital will primarily be invested into artificial intelligence and embedded financial services, two areas the company believes will fundamentally reshape how service businesses operate.

In July 2026, Vibefam will launch Vibe AI, a messaging-native customer engagement platform that allows members to interact with fitness businesses through natural conversations. From answering enquiries and recommending classes to completing bookings and re-engaging inactive customers, the platform helps businesses deliver instant service at scale without increasing administrative workload.

The company is also expanding its embedded finance capabilities through a growing network of financial partners, enabling eligible businesses to access funding directly within the Vibefam platform to support expansion, hiring, equipment purchases, and working capital needs. By leveraging operational data already available on Vibefam, eligible businesses can gain faster access to growth capital with significantly reduced paperwork and approval times.

“We believe the future of business software will be proactive, intelligent, and deeply embedded into the daily operations of every business,” Lim added. “The opportunity extends far beyond managing bookings and payments. We’re building infrastructure that helps fitness businesses acquire customers, automate operations, access capital, and make better decisions every day.”

The funding will support continued product development, strategic hiring, and the expansion of Vibefam’s AI and embedded finance capabilities as the company continues its evolution into a comprehensive operating system for fitness businesses.

Vibefam is also backed by leading early-stage investors including Hustle Fund and Ignite Asia, alongside strategic investors and operators from the fitness and wellness industry who bring deep expertise in building and scaling consumer and service businesses.

HYUNDAI CARD RAISES $85 MILLION THROUGH KOREA’S KIMCHI BOND MARKET

Hyundai Card, one of Korea’s leading financial companies, Thursday said it has raised KRW 128.7 billion ($85 million) through Kimchi bonds. The latest Kimchi bond was issued publicly across two tranches: USD 20 million and CNY 440 million, totaling approximately KRW 128.7 billion. 

Kimchi bonds are foreign currency-denominated bonds issued in Korea. For Korean companies, they provide a way to raise foreign currency funding without directly accessing offshore bond markets. Following regulatory easing by Korean foreign exchange authorities aimed at easing supply-demand imbalances in the foreign exchange market and reducing depreciation pressure on the Korean won, Kimchi bonds have once again attracted attention as a tool for securing foreign currency liquidity while diversifying funding channels. Issuance has recently been increasing, particularly among Korean credit-specialized financial companies and blue-chip corporates. 

The dollar-denominated portion was structured as a one-year note priced at 77 basis points over SOFR, the risk-free benchmark. The yuan-denominated tranche was issued as a two-year bond carrying a 2.09% coupon rate.

Through this dual-currency Kimchi bond, Hyundai Card expects to broaden its funding channels and reduce currency-specific funding risks. 

In particular, the inclusion of a yuan-denominated tranche is expected to help the company reach a wider base of Chinese investors, who have recently shown increasing interest in Korea’s domestic bond market. It also allows Hyundai Card to tap into new investor demand beyond its existing dollar-centered foreign currency funding structure.

The company said it became the first Korean non-bank lender to issue a dual-currency Kimchi bond, securing funds in both U.S. dollars (USD) and Chinese yuan (CNY). 

The bond was issued as a green bond in accordance with the Korean Green Taxonomy Guidelines, with proceeds to be used for financial services related to Hyundai Motor Group‘s eco-friendly mobility businesses, including electric vehicles (EVs) and fuel cell electric vehicles (FCEVs).

“Amid heightened volatility in both domestic and global financial markets, the funding environment remains challenging,” a Hyundai Card official said. “This dual-currency Kimchi bond issuance is expected to help us expand our investor base and diversify currency-related funding risks. The company will continue to make proactive use of various funding methods to secure stable liquidity and strengthen our funding competitiveness.”

SHAW INVESTMENT A.P.A.C. AND INCORP SINGAPORE STRENGTHEN CHINA-SINGAPORE-ASEAN INNOVATION CORRIDOR

InCorp Singapore, an Ascentium company, and Shaw Investment A.P.A.C. have entered into a strategic collaboration to support the internationalisation of high-potential Chinese technology companies, innovation-led enterprises and family offices through Singapore.

The collaboration forms part of Shaw Investment’s China–Singapore–ASEAN internationalisation platform, supporting qualified enterprises aligned with China’s 15th Five-Year Plan to establish regional headquarters, access capital and international markets, and expand through structured, compliant cross-border investment frameworks.

Priority sectors include artificial intelligence, advanced manufacturing, robotics, digital infrastructure, semiconductors, biotechnology, life sciences, green energy, smart mobility, enterprise software and other strategic emerging industries identified as key drivers of China’s future economic development.

Dr Ivan Lew, Executive Chairman of Shaw Investment A.P.A.C., said: “China’s 15th Five-Year Plan places significant emphasis on technological innovation, advanced manufacturing, digital transformation, green development and the cultivation of globally competitive enterprises. As Chinese companies continue to move up the value chain, many will increasingly seek to establish regional and international operations beyond China as they pursue new markets, strategic partnerships and global growth opportunities.

Singapore is uniquely positioned to serve as the bridge between Chinese innovation, ASEAN growth opportunities and international capital. At Shaw Investment, we are creating an ecosystem that connects enterprises with family offices, financial institutions, technology partners and professional advisers across multiple markets.”

Under the collaboration, InCorp Singapore has been appointed as Shaw Investment’s preferred business services partner, providing corporate structuring, governance, accounting, tax, compliance, immigration and administrative support to companies establishing operations in Singapore and expanding across ASEAN and international markets.

KG Tan, CEO of InCorp Singapore, said: “International expansion requires much more than setting up an entity in another jurisdiction. Businesses need the right structure, strong governance, reliable compliance support and experienced advisers who understand how different regulatory environments interact. Through this partnership with Shaw Investment, we are excited to help participating Chinese enterprises translate their expansion strategies into well-structured and compliant operations in Singapore. Our goal is to give business leaders the operational confidence and local support they need to focus on long-term growth.”

Cody Lee, Executive Director of Shaw Investment A.P.A.C., said: “Shaw Investment is building a practical China–Singapore–ASEAN growth corridor through initiatives involving Zhongguancun, Forbes China AI50, leading financial institutions, family office networks and a growing ecosystem of public and private sector partners. We support international enterprises beyond incorporation by helping them access customers, pilot projects, strategic partnerships, capital and compliant cross-border investment pathways.

By combining Shaw Investment’s internationalisation platform with InCorp Singapore’s operational expertise and Ascentium’s wider global reach, we provide companies with a coordinated pathway from market entry and structuring through to execution, compliance and regional expansion.”

Gary Tok, Group Chief Commercial Officer of Ascentium, said: “This partnership brings together complementary capabilities across strategic advisory, capital deployment and professional services execution. Shaw Investment provides access to an important ecosystem of internationally ambitious Chinese enterprises, while InCorp and the wider Ascentium platform provide the infrastructure and expertise needed to support their expansion.

JAPAN’S JTB TO ACQUIRE EXO TRAVEL FOR GLOBAL GROWTH

JTB Corp., Thursday said it has reached an agreement to acquire all the shares of All Wise Holdings, the operator of Bangkok-based EXO Travel Group, a Destination Management Company in Asia. The acquisition will be made through a JTB group company in the Asia-Pacific region. EXO Travel operates in the B2B market, primarily across Asia Pacific. 

The companies did not disclose terms of the transaction. 

“JTB is evolving its approach to delivering its “Designing Human Moments” mission, moving from a traditional Japan-centric business model to a global network of interconnected regions.  This transformation aims to achieve further business expansion towards “Departing Globally, Arriving Globally,” the company said.

Additionally, Asia, including Japan, will be treated as a unified travel destination, building on EXO Travel’s international presence, to respond to the growing demand for multi-destination travel. As a globally operating DMC, the JTB Group will facilitate diverse global exchanges and foster enriching “Human Moments” that connect people, places and opportunities.