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FinanceAsia's editorial team picks five of the biggest stories from the year across M&A, ECM, digital assets and Trump's tariffs.

YP05002, developed by Yao Pharma, is in Phase 1 clinical development in Australia and can potentially help with metabolic diseases; Yao Pharma will receive an upfront payment of $150m for a worldwide licence.

Cross was most recently chief financial officer at the Asian Infrastructure Investment Bank in Beijing.

Nelson has been interim chair since October 1 after Mark Tucker left the global bank to rejoin AIA.

The Central Bank of the UAE has approved Zand, a digital bank, to launch Zand AED, a multi-chain AED-backed stablecoin.

It is the group's largest public IABS issuance to date and its first in the Rule 144A/Reg S format with US onshore investors involved. Clifford Capital's group CEO told FA the deal "reflects the growing interest and appetite in infrastructure returns from institutional investors".

Starting on November 17 Chihiro Ashizawa has joined from Clifford Chance. Meanwhile Ashurst is looking to merge with US law firm Perkins Coie to create a top-20 global firm with a footprint in Apac and the Middle East.

The Asia-based travel experience platform revealed adjusted EBITDA profits for the first time in its public filing to the SEC.

In an opinion piece, Malta Financial Services Authority (MFSA) chairman Jesmond Gatt, shares his views on how Apac's financial community can work closer together with Malta, including across digital assets, insurance and family offices.