A good exterior acrylic works well. Wash clean first, remove any flaking previous paint.

Thats cement siding which has asbestos in it (if it's the type of shingle I'm thinking of). Somewhere on the web I've seen special products made for it. But because cement siding holds paint very well (there's no shrinking & expansion as there is with wood) the usual exterior paint would work well enough (as mentioned above)

Scrub off any flaking paint (use plenty of water).
Use a garden sprayer to apply UGL Drylock masonry sealer. Enough cots so it no longer soaks in quickly.
Any good exterior latex paint for the top coat.
Two coats are better for making sure there are no defects in the paint film to allow water to penetrate.

We had asbestos siding on our previous house. I wanted to take it all off, but we couldn't afford to. So we had it removed from just the front of the house, revealing original clapboard and trim in excellent condition. Once the whole house had a fresh coat of paint, you really didn't notice that the sides and back of the house had different siding than the front. And the restored front looked fantastic.

The asbestos siding held paint really well. The painters just powerwashed it, primed it, gave it two good coats. That was ten years ago, and it still looks good.