The Brief: Asia's economy, 15 October 2026

Markets

DAM Capital names HAL, BDL, MIDHANI top Indian defence stock picks: The brokerage projects up to 39% upside for Bharat Dynamics, forecasting broader growth drivers for India's defence sector beyond order volumes.

HKEX Pilots Green Electricity Certificates with Mainland China: HKEX's Core Climate platform facilitated the cross-border purchase of approximately 100,000 Green Electricity Certificates by 15 firms through the Guangzhou Power Exchange Centre.

MAS stablecoin rules to add regulatory status on crypto lists: Singapore's central bank has proposed a framework that would mandate regulatory status as a key metric for stablecoins, impacting how they are displayed and assessed on trading platforms for payments and settlement.

Asia Currencies Diverge: Won, Yuan Gain as RBA, Bank Indonesia Hike Rates: This year, the South Korean won and Chinese yuan advanced against trading partners, while the Philippine peso and Indian rupee lost ground as regional central banks adjusted policy.

Hanwha Investment & Securities Acquires Stake in Japan’s GI Capital: The South Korean firm has signed an agreement to acquire a stake in GI Capital Management’s securities division, expanding its Asian network to Japan, with completion expected by mid-2027.

Banking & Fintech

Salary Hero Raises US$7.6 Million for Malaysia Push: Thailand's Salary Hero, an earned wage access provider, secured US$7.6 million in Series A funding to support its expansion into Malaysia, targeting 50 corporate partners by late 2027.

AIWM Singapore Appoints Chiara Bartoletti President: The Association of Independent Wealth Managers (AIWM) Singapore has elected its new leadership committee, with Ms Bartoletti, Managing Partner at Eightstone, taking the top role.

UBS to hire 50 Singapore client advisers in 2024: Swiss banking giant UBS plans to add 100 client advisers across Asia-Pacific this year, with half designated for its Singapore operations.

Mastercard Extends APAC Dining Programme to 1,300 Restaurants: The Mastercard Collection: Dining now offers cardholders discounts up to US$200 across 15 Asia Pacific markets, effectively doubling its current restaurant network.

Industries

Chinese Miners Face ESG Lag, MSCI Rates 80% 'Laggard': Social safeguards and community engagement remain key challenges for Chinese mining firms operating overseas, despite efforts to align with global environmental standards.

Vietnam FDI: Ready-Built Factories Attract US$7.09bn in H1 2026: Savills Vietnam data shows these pre-constructed facilities captured 66.24% of new manufacturing capital in the first half of 2026, as rapid deployment becomes a key investor priority.

Vietnam Shifts FDI Strategy to Boost Local Supply Chains: Deputy Finance Minister Tran Quoc Phuong announced on October 8 that Vietnam will now select foreign investment partners based on their ability to enhance domestic capabilities.

Norway fines Microsoft's Xandr $9.6 Million for Grindr Data: The Norwegian data protection authority imposed a 92 million crown penalty on the adtech unit for unlawfully sharing sensitive user data from 2018 to 2020.

Singapore CBD Grade A Office Rents Climb 1.0% in Q3: Year-to-date growth reached 2.8%, matching 2025 levels, as vacancy rates fell to a 10-quarter low amid strong demand from technology firms.

Posco Future M, L&F Secure Multi-Trillion Won LFP Cathode Deals: Posco Future M secured a ₩6 trillion LFP cathode deal with Samsung SDI, while L&F agreed to a ₩1.6 trillion supply. This shift is driven by US tax rules.

Wheat Futures Fall on Black Sea Ceasefire Hopes: Chicago wheat futures dropped 1.3% on 12 October 2026 after US President Trump announced an "energy ceasefire" between Russia and Ukraine, easing Black Sea supply concerns.

JS-SEZ Drives Singapore Firm Investment in Johor's Senai: The Johor-Singapore Special Economic Zone is transforming Senai into a high-value manufacturing and logistics hub, integrating it with Singapore's financial and innovation centres.

Wealth

India's EPFO Replaces EPF Tax Forms 15G, 15H with Single Form 121: India's Employees' Provident Fund Organisation (EPFO) introduced Form 121 from April 1, 2026, simplifying tax deducted at source (TDS) relief declarations for eligible provident fund withdrawals.

Singapore AUM Reaches S$6.7 Trillion, MAS Calls for Broader Financial Guidance: The Monetary Authority of Singapore reported 10.1 per cent growth in assets under management for 2025, prompting a push for banks and fintechs to offer accessible financial planning to everyday families.