The Brief: Asia's economy, 30 October 2026

Economies

Singapore to Prioritise Economy, Green Initiatives as 2027 ASEAN Chair: Singapore's upcoming ASEAN chairmanship will address regional economic anxieties alongside climate goals, focusing on energy security and carbon market mechanisms.

Indonesia Seeks Funds for Coal Transition Livelihoods: Policymakers are urged to establish regional endowment funds, redirecting fossil-fuel revenues to support economic diversification in communities like Pulau Panggung.

Markets

Thailand holds key rate at 1%, lifts 2026 growth forecast on AI exports: The Bank of Thailand maintained its benchmark rate at a four-year low of 1% for the fourth consecutive meeting, citing manageable inflation and a 24% surge in September exports.

South Korean Bithumb, Daishin, Mirae Asset Face Cyberattacks: South Korean crypto exchange Bithumb confirmed a data breach affecting hundreds of customers, part of wider cyberattacks on financial firms Daishin and Mirae Asset.

Rupiah Hits Record Low; Bank Indonesia Intervenes Amid Fiscal Worries: Indonesia's currency closed at Rp 18,184 per US dollar on Wednesday, marking a new low as the central bank pledges market intervention against global and domestic pressures.

Vietnamese Dong Gains on Dollar in Unofficial Market: The US dollar declined 0.23% to VND26,080 at unofficial exchange points in Vietnam on Wednesday, 28 October 2026, as the State Bank of Vietnam also adjusted its reference rate.

Panth Infracon shares jump 10% despite Q2 profit halving: Panth Infracon's stock climbed over 10% on BSE today, reaching an intraday high of ₹13.99, even as the company reported a 54.61% year-on-year drop in net profit for the September quarter.

India's First Tokenised Bonds Total ₹1,025 Crore, Use Digital Rupee: Three Indian firms issued the digital debt securities, marking a shift towards blockchain-based settlement and reduced transaction risks, according to a PPFAS report.

Sea Explores Singapore Exchange IPO for Monee Financial Unit: NYSE-listed Sea's CEO, Forrest Li, revealed the potential listing for its payments and lending arm, suggesting it could accelerate Monee's growth.

Banking & Fintech

Singapore's OCBC Ranks Third Globally, Tops Asia-Pacific in Bank Strength: The Asian Banker's latest assessment places OCBC as the strongest lender in the Asia-Pacific region and third worldwide, marking a first for a Singaporean bank.

RBI Extends Lokapavani Bank Oversight to January 2027: India's central bank has prolonged its regulatory measures on the Mandya-based cooperative lender for an additional three months, effective from October 30, 2026.

Singapore Payments Network Names Derek Chan Inaugural CEO: The new entity, established by the Monetary Authority of Singapore and the Association of Banks in Singapore, will govern national payment schemes starting in early 2027.

JB Financial Group posts record nine-month profit: The South Korean banking group announced a record net profit of 595.7 billion won for the first nine months of the year, marking a 2.9 percent increase from 2025.

OCBC Ranks Asia-Pacific's Strongest Bank, Third Globally: The Singapore lender achieved its position in the TAB Global 1000 World’s Strongest Banks 2026, driven by diversified income and robust capital.

Industries

Philippines opens NLEX C5 Northlink, offers free passage until year-end: President Ferdinand Marcos Jr. announced the new section, connecting Quezon City and Valenzuela City, will waive tolls for motorists through 31 December 2026.

Apple iPhone Duo faces early screen cracking complaints: Customers report screens on Apple's new foldable iPhone Duo cracking within days of use, prompting the company to offer replacements for affected units.

China Permits Xpeng, VW Joint Venture for Robotaxi Operations: Xpeng's Yoyo driverless taxis can now carry paying passengers in Guangdong province, advancing China's autonomous driving sector.

Rystad Energy: LNG Importers Face $39 Billion Cost Hike for Less Volume in 2026: Middle East disruptions will push global LNG portfolio costs to $256 billion, forcing buyers to secure 60.7 million tonnes less supply at higher prices, Rystad Energy forecasts.

Keppel joins Vietnam financial centre, targets $1 billion real estate funds: Singapore's Keppel Ltd. has become an inaugural member of the Vietnam International Financial Centre (VIFC), planning to attract up to US$1 billion for property developments in the country.

Toyota Recalls 228,367 US Sienna Hybrids: The US National Highway Traffic Safety Administration (NHTSA) announced the recall over concerns that seat backs could disengage during frontal collisions, increasing injury risk.

Hong Kong Home Prices Decline 0.8% in Q3, Rents Climb: Hong Kong's lived-in residential property prices fell for the first time in over a year during the third quarter of 2026, even as September saw a second consecutive monthly increase.

OUE REIT acquires half-stake in Sydney Salesforce Tower for $864 million: Singapore’s OUE Real Estate Investment Trust purchased the interest from Chinese insurer Ping An, in a transaction confirmed over the weekend.

Manila Pushes Housing Amid 79,200 Unsold Condos: Pag-IBIG Fund disbursed P69.19 billion for housing in H1 2026, while Colliers noted 79,200 unsold Metro Manila condos by end-2025.

LG Earnings Bolstered by Appliances, Vehicle Components: The South Korean electronics giant reported an improved profit from a year earlier for its latest quarter, driven by appliances and vehicle components, even as overall earnings declined sequentially. Management anticipates continued challenging consumer spending.

Colliers markets S$85.2m Hillview Terrace industrial portfolios: Colliers is offering two distinct industrial property portfolios in Singapore's Hillview Terrace, valued at a combined S$85.23 million across approximately 50,980 sq ft of land.

Asia E-Commerce Growth Diverges: China Hits ¥13 Trillion: China's online retail sales of physical goods reached ¥13.09 trillion in 2025, while Southeast Asia and India each expanded by 20 percent, showcasing varied regional trends.

Wealth

Indian Platforms Groww, Zerodha Open US Stock Access: Indian retail investors can now access US equities through Groww, with Zerodha soon to follow, driven by domestic market underperformance and a weaker rupee.

India's Lab-Grown Diamond Sales Face New Tax Rules, Lower Resale Value: Buyers of lab-grown diamond jewellery in India now pay 3% Goods and Services Tax, with long-term capital gains taxed at 12.5% without indexation.