The Brief: Asia's economy, 2 November 2026

Economies

India's $20B Chip Support Attracts Global Tech Firms: New Delhi commits over $20 billion in government support for domestic semiconductor production and electronics, attracting major global tech firms.

EU Trade Deals May Link Tariffs to Deforestation Levels: The European Union's interim trade agreement with Mercosur, applied since May 2026, could set a precedent for future pacts, including those with Malaysia, Thailand, India, and Indonesia.

Thailand's AI Investment Boosts Economy in September: Private investment surged 21.6% month-on-month, driven by data-centre equipment imports, the Bank of Thailand reported on 30 October.

World Bank urges Vietnam growth model shift by 2045: Mariam J. Sherman stated the country's current labour-intensive approach will not achieve high-income status, citing a peak in working-age population in 2014.

Markets

Vietnam's SHB issues S$229m first CGIF-backed Singapore dollar bond: The dual-tranche offering by Saigon-Hanoi Commercial Joint Stock Bank (SHB) is the first Singapore dollar bond from a Vietnamese issuer, funding local small and medium enterprises.

Bank Indonesia Vows Rupiah Stability as Governance Fears Mount: Indonesia's central bank affirmed its commitment to the rupiah after it closed at Rp18,184 per US dollar on Wednesday, while officials warned of further weakening risks.

Binance covers 90% of US$6.3 billion hack losses: The world's largest crypto exchange used company funds to replace stolen tokens, with the FBI attributing the breach to North Korea's TraderTraitor unit.

Banking & Fintech

XTransfer Seeks New Bank Partners at Asia Fintech Events: The cross-border payments firm aims to expand its global clearing network for small and medium-sized enterprises, building on over US$60 billion in payments processed last year.

BDO Unibank nine-month profit rises 0.8% to P63.6 billion: The Philippine lender's January to September net income reached P63.6 billion, a marginal increase from last year, driven by significant loan book expansion.

Industries

ASEAN targets medicine self-reliance, Malaysia proposes dashboard: The regional bloc aims to reduce reliance on imported medicines and external shocks, with Malaysia advocating for a real-time security dashboard and a three-month buffer stock model.

Korean Chipmakers Prioritise Domestic Investment Over Europe Fabs: South Korean chip giants Samsung and SK Hynix are directing €510 billion into domestic expansion, with high European production costs and uncertain funding deterring major factory builds there.

PAGCOR's nine-month revenue drops 23.4%, net income almost 85%: The Philippine gaming regulator reported total revenues of P64.41 billion for January to September, down from P84.09 billion a year earlier, with online gaming experiencing the steepest fall.

Siemens CEO Outlines Industrial AI Adoption Path for Asia's SMEs: Roland Busch, Siemens' chief executive, late last week in Seoul detailed a step-by-step strategy to integrate artificial intelligence into smaller manufacturing operations, emphasising industrial data and gradual investment.

Thai Government Approves B6.7bn Fuel Subsidy, Orders Refining Margin Cuts: Thailand's Finance Ministry greenlit an initial 6.7 billion baht from the Energy Conservation Fund, while new measures will reduce gross refining margins to ease consumer burden.

Cambricon Co-founder Urges Universal AI Ethics Amid Cyber Risks: Chen Yunji, from Chinese chip giant Cambricon Technologies, called for a global “ethics checker” for leading AI models after systems caused high-profile cyberattacks and critical infrastructure threats.

Wealth

Policybazaar urges India: Secure home insurance for Diwali fire risk: Ahead of Diwali, Policybazaar's Ashwini Dubey advises Indian homeowners to review their insurance against fire damage, with premiums starting at ₹18 monthly.