Thales has appointed Derek Cheng as Country Director for Singapore and Chief Executive Officer of Thales Solutions Asia. Cheng succeeds Emily Tan, who is leaving the Group to take on a new challenge.

In his new role, Cheng will oversee more than 2,000 employees across four sites in Singapore, spanning aerospace, defence and security, and cyber and digital businesses. 

The appointment comes as Thales looks to strengthen its local presence, expand strategic partnerships and build on its growth in Singapore and the wider region.

Leadership experience

Cheng joins Thales from Vertical Aerospace, where he served as Vice President and Head of Commercial Asia Pacific from 2022 to 2026. During his tenure, he built the company's advanced air mobility business from the ground up.

Before that, he held senior leadership positions at Airbus between 2016 and 2021, overseeing urban mobility, government and public affairs, and strategic partnerships across Asia Pacific.

Cheng also spent seven years at the Singapore Economic Development Board (EDB), supporting the development of the country's aerospace and high-technology sectors. His final role at the organisation was Regional Director for Europe, based in Frankfurt.

Strengthening Singapore operations

Cheng will lead Thales' operations across four Singapore sites, including the Group's largest multi-module Digital Identity and Security manufacturing centre at Ayer Rajah Crescent. 

Commenting on the appointment, Guy Bonassi, Senior Vice President for Latin America and Asia at Thales, highlighted Singapore's strategic importance to the Group's innovation agenda, particularly across air traffic management, defence, cybersecurity and artificial intelligence.

Bonassi said Cheng's experience spanning aerospace innovation, operational requirements and regulatory demands would support Thales as it deepens partnerships and builds on its established presence in Singapore and across the region.

Focus on strategic growth

In a LinkedIn post, Cheng said, "I look forward to leading Thales into its next phase of strategic growth, bringing our next-generation technology, and shaping Singapore’s aerospace, defence and digital security future.”

"We'll do it together with our people, customers, government and partners. I’m grateful for the warm welcome, and trust placed in me."

Cheng's appointment comes as Singapore continues to serve as a strategic base for Thales' activities across aerospace, defence, digital identity and cybersecurity, with the company looking to strengthen local capabilities and advance technology development through collaboration with government and industry partners.

Union Bank of the Philippines (UnionBank) is reducing its workforce across its digital subsidiaries, UnionDigital Bank and UBX, as it prepares to integrate both entities into the parent bank's core operations.

The restructuring involves organisational changes and workforce rightsizing, although the bank has not disclosed the number of employees affected. UnionBank clarified that the job cuts are confined to its digital subsidiaries and will not affect the workforce of its main banking operations.

In an official statement, the lender said it is extending outplacement support to affected employees, including opportunities to transition into vacant positions across the wider Aboitiz Group. A significant number of impacted employees have already received internal job offers, the bank added.

The workforce reductions follow UnionBank's decision to absorb UnionDigital and UBX into its core operations, subject to regulatory approval from the Bangko Sentral ng Pilipinas (BSP). The bank said operational continuity remains unaffected, with UnionDigital customers continuing to access their accounts and applications without disruption.

UnionDigital began commercial operations in 2022 as one of the Philippines' six initially licensed digital banks, while UBX was established to develop financial technology initiatives beyond traditional banking operations.

However, UnionDigital has faced financial challenges despite expanding its lending business. Regulatory filings cited by local media show that the digital bank accumulated a deficit of PHP 5.64 billion as of June 2026, despite having PHP 9.4 billion in capital stock.

Its loan book expanded to PHP 6.7 billion, while its non-performing loan (NPL) ratio declined to 21.39 per cent in June from 29.51 per cent in March. However, the NPL ratio remains elevated, pointing to continued asset-quality challenges.

UnionBank had earlier approved a PHP 1.3 billion capital injection into UnionDigital in December 2025 to support its operations. Of this amount, PHP 400 million was disbursed in January 2026, followed by another PHP 100 million in July 2026.

The integration comes as the parent bank reports stronger financial performance. UnionBank recorded a 53 per cent increase in net income to PHP 9.9 billion for the first nine months of 2026, as it sharpens its focus on cost discipline, operational efficiency and profitability.