The Brief: Asia's economy, 20 October 2026

Economies

Singapore NWC advises 6-8% pay rise for lower-wage workers, adds unprofitable category: Singapore's National Wages Council has recommended a 6-8 per cent pay increase for lower-wage workers, effective from December 2026, and introduced a new category for unprofitable firms with a S$120 minimum increase.

IMF: Asia growth easing to 4.8% in 2026 amid tech boom: The International Monetary Fund projects Asia will contribute 68% of global growth in 2026, shaped by an energy shock, accelerating AI, and trade shifts from tariffs.

Keralam Hikes State Dearness Allowance to 37% for Employees: The two-percentage-point increase for Keralam's government staff and pensioners will see revised payments begin in November 2026, with arrears due from January 1, 2026.

Markets

BOJ's Ueda: Japan's Core Inflation Nears 2% Target, No Further Rise: Bank of Japan Governor Kazuo Ueda stated last Friday that underlying price growth is close to the central bank's 2% goal, indicating no tolerance for additional increases.

Deluge Corp IPO Oversubscribed 3.86 Times, Nets S$20.13 Million: Singapore-based Deluge Corporation Limited’s public offering was 3.86 times oversubscribed, securing S$20.13 million in net proceeds, with trading commencing on 16 October.

Samsung, SK Hynix See Steepest Weekly Stock Drop Since 2008: South Korean chipmakers Samsung Electronics and SK hynix recorded significant share declines, driven by record foreign selling on the Kospi amid wider market concerns.

RBI to Auction ₹23,000 Crore in Treasury Bills on October 21: The Reserve Bank of India will offer 91-day, 182-day, and 364-day government debt, allowing retail investors to participate through its Retail Direct portal with a 5 percent allocation cap.

GCash Parent Mynt IPO Debuts October 20 on Philippine Exchange: Mynt, the company behind digital payments platform GCash, is scheduled to list on the Philippine Stock Exchange on October 20, with its P53 billion initial public offering reportedly oversubscribed.

Banking & Fintech

RBC Wealth Management names Daniel Soo Singapore Private Banking Head: RBC Wealth Management Asia appointed Daniel Soo as its Singapore Private Banking Head, alongside seven new team members across its Singapore and Hong Kong operations.

Singapore's Partior, Bahrain's NBB to Study Dinar Blockchain Settlement: The Memorandum of Understanding aims to integrate Bahraini Dinar settlements into Partior's blockchain network, targeting more efficient cross-border payments.

Industries

Southeast Asia E-commerce Captures 25% Retail Share, Targets $400 Billion: Online retail in the region now accounts for a quarter of all consumer spending, with major platforms growing at 33% year-on-year in Q1 2026.

Musinsa, Zozotown Bring Japanese Brands to Seoul Pop-up: South Korean fashion retailer Musinsa is hosting 15 Japanese brands in Seoul through a pop-up with e-commerce platform Zozotown, marking a shift in their partnership to include inbound sales.

SGX RegCo warns Bumitama, First Resources on haze disclosure: Singapore Exchange Regulation is seeking information from firms like Bumitama Agri and First Resources on their activities' contribution to the ongoing haze, threatening action for disclosure failures.

Tokyo rule, higher rates cool Japan property foreign investor interest: Tokyo's new requirement for all property buyers to declare nationality, combined with rising interest rates, could slow investment flows after a strong run.

Sabeco, Vietnam Fatherland Front launch 2026 community award: The Ambassador of National Progress Award, managed by Saigon Beer-Alcohol-Beverage Corporation and the Vietnam Fatherland Front, will honour 15 individuals for their community contributions.

ASEAN Energy Transition Roadmap Targets £520bn Annual Investment: Southeast Asia's new roadmap, developed with ACE and SEforALL, forecasts 8.6 million new jobs by 2050 as the region shifts from fossil fuels towards carbon neutrality.

Wealth

Value Research Warns India's Dhanteras Gold Buys Not Investment: Dhirendra Kumar of Value Research highlights high costs and illiquidity of traditional gold purchases, as India's gold jewellery loans doubled to ₹5 trillion by May 2026.