The Brief: Asia's economy, 11 September 2026

Economies

Singapore Tax Revenue Climbs 9.4% to S$97.3 Billion in FY2025–26: Singapore's tax revenue reached S$97.3 billion in the 2025–26 financial year, a 9.4% increase. This collection reflects robust economic activity and consumer spending, the Inland Revenue Authority of Singapore reported.

Hong Kong Luxury Spending Fuels Uneven H1 Economic Recovery: Hong Kong's economy recorded its strongest half-yearly growth in nearly five years. High-end consumption and a polarised property market drive this recovery, with residential assets outperforming commercial spaces.

Markets

JPMorgan: Yen Short Unwind Risks Dollar-Yen Below 155: JPMorgan strategists warn that a substantial unwind of yen short positions could rapidly strengthen the currency. This could happen if the dollar-yen rate falls below 155, risking further selling pressure.

South Korea Delays KOSDAQ Listing Rule Hike Amid Volatility: South Korea's finance minister postponed KOSDAQ market listing rule changes by six months. The decision follows concerns about rising interest rates and global market volatility.

China MIIT Launches Second SME Fund for Tech IPOs: China's Ministry of Industry and Information Technology (MIIT) is launching the second phase of its National Small and Medium-sized Enterprise (SME) Development Fund. This phase targets early-stage "hard tech" firms, focusing on initial public offering (IPO) incubation and attracting private capital.

US Dollar Gains on Dong; Rupee, Yen Strengthen Across Asia: The US dollar saw mixed results across Asia on Thursday, rising against the Vietnamese dong while weakening against the Indian rupee and Japanese yen. Domestic factors drove these varied currency movements.

Singapore Funds Attract S$1.3 Billion in Q2; Morningstar Sees Equity Interest: Singapore funds recorded S$1.3 billion in net inflows during Q2 2026, driven by allocation funds. Morningstar data reveals a growing underlying interest in local equities, despite overall equity outflows.

Banking & Fintech

State Street names Tim Helyar as new Asia Pacific chief: Mr Helyar moves to Hong Kong from Sydney, taking over the regional leadership role from Lochiel Crafter at the US global banking giant.

Laters.com, Crypto Flight Booker, Raises US$1.5M Seed Led by XBO: Singapore's Laters.com secured US$1.5 million in seed funding. XBO Ventures led the round for the flight booking platform, which processes payments with 70+ cryptocurrencies.

Industries

Zankore secures $3.1bn loan for Indonesia AI build with Nvidia: The newly formed AI infrastructure firm obtained the syndicated facility from five banks to develop GPU cloud capabilities in Southeast Asia.

Mixue Closes 89 Overseas Stores, H1 Net Profit Dips 15%: Mixue, the world's largest food and beverage chain, cut 89 overseas stores, notably in Vietnam and Indonesia. The company's net profit fell 15% in the first half of 2026, despite a 2.3% revenue increase.

Tunku Ismail's Singapore Land Sale Faces S$2 Billion Tax Burden: Johor's Regent Tunku Ismail Sultan Ibrahim confronts a significant land betterment charge, potentially S$2 billion, complicating his planned sale of prime Singapore property.

Aditya Birla UltraVolt Entry Dents Indian Cable Stocks: Aditya Birla Group's new UltraVolt unit, backed by a ₹1,800 crore investment, entered India's wires and cables market. This triggered declines for listed competitors like KEI Industries and Polycab India on the BSE.