AGP Executive Report

India-Canada Finance Push: Nirmala Sitharaman and Canada’s François-Philippe Champagne reiterated plans to wrap the CEPA trade talks by end-2026 and start a Bilateral Investment Treaty “at the earliest,” also exploring wider UPI use in Canada. Banking & Markets: Japan’s Nikkei climbed on tech strength but stayed cautious on inflation and Fed signals; Japan bond yields rose after a weak auction, lifting rate-hike expectations. Private Capital in India Healthcare: LeapFrog plans $80m–$100m healthcare investments in India over two years, betting on insurance penetration and diagnostics. Asia Fintech Spotlight: Mongolia’s Mandal Savings won WealthTech of the Year at the Asia Fintech Awards 2026. Renewables Deal in the Philippines: PetroEnergy will sell a 35% stake in wind assets to SMFL Mirai Partners for P1.7bn, reshaping its renewable ownership structure. China Economy Watch: Reuters poll points to a second straight month of factory contraction in August; yuan held steady as traders await Jackson Hole cues. Geopolitics & Energy: Iran’s oil sales to China appear steady despite US pressure, with large volumes reportedly sitting near key shipping routes. Tech & Infrastructure: Linktel plans $150m optical module capacity expansion in Malaysia as H1 profit fell; Japan expands body-worn cameras nationwide from FY2027 after trials.

Philippines-Renewables Deal: PetroEnergy is selling a 35% stake in its wind unit PetroWind to Japan’s SMFL Mirai Partners for P1.7bn, with approvals still pending, as the group reshapes ownership to boost direct exposure to renewables. Japan-Airline Finance: StarFlyer signed a 10-year lease for a CFM LEAP-1A spare engine to protect operations amid supply-demand tightness for replacement engines. Nigeria-Court & Banking: KC Luxury’s detention was extended by 30 days by a Lagos federal high court, with authorities freezing bank accounts in a cocaine-trafficking case. India-Canada Capital Flows: Finance ministers Nirmala Sitharaman and Francois-Philippe Champagne pushed closer economic ties, including easier cross-border remittances for 4 lakh+ Indian students in Canada. India-Japan Trade: Japan assured it will review measures to cut non-tariff barriers and help narrow India’s trade deficit under the CEPA framework. India Credit & Markets: S&P affirmed India’s BBB rating with stable outlook, citing strong growth prospects and external buffers despite fiscal pressure. China-Robotics Reality Check: Reuters reports humanoid robots remain far from replacing workers, while South Korea plans 2.3tn won by 2030 to scale domestic humanoids. Securities Watch: Multiple investor-rights class actions and lead-plaintiff deadlines were flagged, including Bloom Energy and several other listed firms. Disaster Update: Nepal-China flash floods killed at least 392 with 1,300+ missing, as rescue operations continue.

Nepal–China Floods: Flash floods on the Nepal–Tibet border have killed at least 162 people, with hundreds missing as rescue teams use helicopters and drones; officials suspect an earthquake-triggered glacial outburst, while Nepal and China coordinate relief and disaster response. India Fiscal Boost: India’s budget outlook brightened as asset-sale and disinvestment plans look set to beat targets for the first time in years, helped by stronger collections and easing fertilizer costs. Hormuz Energy Shock: The Strait of Hormuz crisis is adding about $22.5bn to India’s fossil-fuel import bill (March–August), with diesel and refined fuels hit hardest. Markets: India’s Sensex and Nifty opened lower as HDFC Bank and geopolitical jitters weighed on sentiment. Banking/Fintech: Tiger Brokers and Futu posted first financial reports after China penalties over illegal cross-border brokerage; both highlighted new client growth from Singapore, Malaysia and Hong Kong. Energy Transition: ADB launched a USD 2bn drive to restore degraded land and boost drought resilience across Asia-Pacific. Corporate/Industry: Hyundai said SUVs will be 80% of India sales by 2030 and confirmed next-gen Creta and i10 timelines; HAL and Safran signed to co-develop India’s high-power helicopter engine “Aravalli.” Climate/Finance Tech: August Energy and Energeia unveiled a USD 100m partnership to finance energy-efficiency projects via cooling-as-a-service.

Cybersecurity & Finance: India’s I4C is credited with blocking 15.75 lakh SIMs and taking down 3,718 predatory apps, while also reporting Rs 11,158 crore saved from 32.80 lakh cybercrime complaints—an effort that’s increasingly tied to banks and national reporting systems. Cross-border Digital Trade: ASEAN’s Digital Economy Framework Agreement is moving toward implementation, aiming for interoperable digital identity and trusted cross-border services across member states. Capital Markets Tech: Japan is studying blockchain for near real-time settlement of stocks and government bonds, with a plan targeted for early 2027. Tokenised Debt: India plans its first tokenised corporate bond in September (REC pilot under SEBI/RBI frameworks), with a secondary market targeted for December 2026. India-Canada Finance Push: Nirmala Sitharaman courted Canadian investors in Toronto, pitching deeper banking, fintech and capital-market links and aiming to finalize an investment protection pact by end-2026. ASEAN Green Jobs: Malaysia leads ASEAN’s green jobs agenda for 2026-2030, stressing workforce skills and inclusive transition.

IPO Watch (India): Gaja Alternative Asset Management jumped about 20% on debut, valuing the firm at ~INR 24.87bn (~$261m) and giving retail investors indirect access to alternative assets after a highly subscribed IPO. Payments & Banking (Asia): iFAST Global Bank rolled out enhanced 1.5% cashback (up to £2,000/month) for UK travellers using cross-currency QR payments via Worldwide Scan & Pay. Regulation (India): SEBI is consulting on online KYC relaxations for NRIs/OCIs/overseas investors, aiming to make India investing more frictionless. Capital Markets (India): Hindustan Copper’s retail OFS opened after strong institutional demand, with the government exercising greenshoe to lift the offered stake to 6%. Macro & Energy (APAC): IMF chief Kristalina Georgieva said the global economy has “weathered” the Strait of Hormuz oil shock better than feared, helped by AI-driven investment. China-US Sanctions (Geopolitics/Finance): China warned it will retaliate against US sanctions tied to Iran, saying cooperation is within international law and accusing Washington of destabilising finance. Rates (Thailand): Thailand’s central bank held its key rate at 1.00% for a third straight meeting. Tech & Markets (Japan): Japan’s finance ministry flagged a record ¥36.6tn debt-servicing bill as higher yields lift borrowing costs.

Japan–Finance: Japan plans next-gen market settlement using blockchain for instant stock and JGB settlement, with a study group involving the FSA, MoF, BOJ and banks; roadmap could start in 2027 and operations in the early 2030s. India–Payments: UPI marks 10 years as PM Modi hails the digital payments push, reinforcing India’s push to export its payments model. India–Markets: RBI data shows credit cards added 1.26m in July; spending rose but average transaction value fell, pointing to more frequent smaller payments. India–Capital Markets: India’s gold derivatives market tops ₹2.2 lakh crore daily turnover, with physical deliveries around 175 tonnes—options activity is expanding fast. APAC–Geopolitics & Risk: China warns it will take “all necessary measures” against US Iran sanctions, while markets react to the broader “Operation Economic Outcast” push. Tech & Trust: Deepfake detection is shifting from one-time checks to continuous protection across banking and fintech user sessions. Japan–Security Aid: Japan donates 60 vehicles to Papua New Guinea police to boost frontline response ahead of the 2027 election. Business & Growth: ZenaTech completes acquisition of ESM Software, adding strategy execution SaaS revenue across government, healthcare and financial services.

Digital Infrastructure Push: Malaysia is positioning data centres as a core growth strategy, with MIDA approving RM144.4bn in data-centre and cloud investments (2021–mid-2025) and RM34.6bn in Q1 2026 alone, as policymakers try to turn power-heavy buildouts into local value and productivity gains. India Satcom Entry: Singtel has applied for FDI approval to launch satellite communication services in India via a wholly owned unit, aiming to serve government and private customers using a constellation of geostationary satellites. Regulation & Markets: SEBI dropped proceedings in the ₹3,911 crore Max Financial/Max Life/Axis case, saying disclosure lapses and a fraudulent scheme weren’t established. Japan Immigration Fees: Japan will raise residence permit procedure fees from Oct. 1, while offering fee cuts for applicants meeting narrow financial-hardship and humanitarian criteria. Iran Sanctions Shockwave: Oil slipped as investors weighed US “economic D-Day” sanctions on Iran; China warned it will protect rights amid the expanding sanctions push. Asia Finance Innovation: China’s Payment and Clearing Association issued rules for agentic payments, requiring know-your-agent controls, clearer authorization boundaries, and stronger fund-safety measures. Corporate Funding: Roxas and Company secured nearly P2bn from China Banking Corp to refinance debt and fund general corporate needs.

Iran Sanctions Shock: US Treasury Scott Bessent launched “Operation Economic Outcast,” warning countries including China to stop all commercial ties with Iran or face exclusion from the US dollar system, alongside fresh secondary sanctions and new sector targets (digital assets, technology, gold, aviation, shipping). Markets & Rates: Investors are also watching Treasury’s bond-yield management plans, with Bessent telling markets to wait for Q4 updates, while Asia trading sentiment wobbled on AI and sanctions headlines. AI & Robotics Push: China’s robot boom drew fresh investor attention after humanoid and robotics companies showcased rapid progress, while Nvidia is reportedly in talks to fund Perplexity at $30B+ valuation—raising the usual “customer funding” scrutiny. India Finance & Banking: Sebi dropped fraud/disclosure charges in the Max-Axis Bank case, while IDFC First Bank and IIM Calcutta Innovation Park launched a Rs 2 crore IGNITE sustainability startup incubator. Energy & Climate Finance: Philippines (ASEAN chair) urged climate resilience to be built into the region’s security agenda and called for climate finance and tech; Uttar Pradesh and Japan signed a green hydrogen MoU, and Suzlon flagged Rs 10,000 crore-plus wind blade expansion in Andhra Pradesh. APAC Investment Themes: Asia-Pacific data centers are set for a $280B buildout to 2030, and Dubai-India trade hit record levels as cooperation shifts toward agentic AI and the digital economy.

Geopolitics & Markets: US prepares “largest financial war ever” sanctions on Iran, rattling Asia trading and keeping oil and FX in focus ahead of Nvidia’s earnings. FX & Rates: India’s rupee stays rangebound near 95.67/$ as RBI dollar support meets oil-driven demand; Japan’s yen drifts back toward 160/$ after earlier US-Japan intervention, fueling carry-trade jitters. AI Finance: Alibaba plans a $10.2bn Hong Kong share issuance for AI spending while investors watch Nvidia for proof the AI boom can still pay off. India Trade & Investment: Piyush Goyal says India is negotiating FTAs with 8–9 more blocs to cover ~75% of global trade, aiming to deepen India-Japan ties and double Japanese firms in India this decade. Banking & Credit: India banking credit growth hits ~20% YoY, but deposit growth lags, keeping loan-to-deposit ratios near decade highs. Corporate & Capital Markets: SoftBank targets a record ¥1tn retail bond sale in Japan to fund AI bets; Shein to compensate select pre-IPO investors ahead of its HK listing. Real Estate: Colliers says India drives over 70% of APAC office leasing in H1 2026 as Grade A demand and global capability centres expand.

AI & Data Governance (Philippines): The World Bank warns the Philippines’ fragmented data systems are holding back AI growth, urging more investment in data availability, quality and governance. ASEAN Finance Hub (Singapore): Singapore’s PM Lawrence Wong says the country will strengthen ASEAN centrality and unity while keeping trust and rule-of-law as its edge for global investors. Cross-Border Investment (Philippines–US–Japan): The US Trade and Development Agency will host the first Luzon Economic Corridor Investment Forum in Manila on Sept 10-11 to match financiers with ready infrastructure projects. India–Japan Trade Push: Commerce Minister Piyush Goyal leads a 200-member delegation to Japan for talks on semiconductors, AI, start-ups and investor engagement, as Japan targets $60,000 crore investment in India over a decade. FDI Liberalisation (India): India received $511.5m in FDI proposals under a new automatic route allowing up to 10% non-controlling stakes for land-bordering countries, including China. Compute as “New Grid” (India): Google India’s Preeti Lobana says data centres and compute capacity are foundational to India’s AI push, backed by a $15bn Visakhapatnam hub plan. Cybersecurity (India): India orders Google to remove dozens of Firebase accounts used in banking scams, highlighting how criminals exploit legitimate cloud tools. Energy & Power Trade (Bangladesh–India): Bangladesh faces a potential new charge on imported electricity from India, with delays in the settlement nodal agency agreement risking supply disruptions. Robotics (China): A Chinese humanoid robot “Tiangong Ultra” runs 100m in 9.39 seconds at Beijing’s World Humanoid Robot Games, beating Usain Bolt’s 2009 mark. Gold Flows (China): China bought over 40 tonnes of gold in June via London OTC, extending a long central-bank accumulation streak. Banking Deal (Egypt): ADCB Egypt signs EGP 618m financing for IDG’s New October industrial project. Wealth Planning (India): Barclays Private Bank estimates women in India could inherit at least INR 73tn over 10 years, with many starting but few fully structuring succession plans.

India–Space Economy: PM Modi says India’s space sector is now a “magnet” for global investors, with the space economy at $9bn and projected to hit $40–45bn in the next decade, as private startups and authorisations expand. FPI Flows: Foreign portfolio investors accelerated buying in Indian equities in August, adding Rs 23,544 crore so far on earnings revival and rupee stability, though they remain net sellers for 2026. Private Credit: EY flags India’s private credit market growth, but warns investors will get pickier on collateral, documentation and insolvency influence as IBC changes reshape strategies. Telecom Market Structure: A look at India’s telecom duopoly reality—Airtel and Jio dominate pricing power while Vi and BSNL struggle to wage a price war. Hong Kong IPOs: Hong Kong’s AI-related IPO boom raised nearly 100bn HKD in six months, about 55% of total IPO funds in the period, boosting market sentiment. UAE–Russia Trade: The UAE-Russia services and investment agreement enters into force, targeting sectors like fintech, logistics and professional services. Asia Tech & Robotics: Beijing’s World Humanoid Robot Games push robots into real workplace tasks, alongside record 100m runs that underline China’s robotics push. Sports Finance/Procurement: Fiji’s Pacific Games procurement dispute highlights how fast-track contracting can collide with public financial rules.

Cybercrime & Crypto Laundering: Assam-linked fraud network led by Rafiqul Alam allegedly stole Rs 1,071 crore, with Rs 16 crore routed to China via crypto and split into tiny bitcoin pieces through fake bank accounts. Digital Finance Security: India ordered Google to remove hundreds of Firebase accounts used in banking scams, as regulators and banks step up anti-impersonation controls. ASEAN Outreach: Malaysia, Indonesia, Thailand and Vietnam backed ASEAN Summer Festival 2026 in Astana to boost people-to-people ties and trade/investment links. China EV Export Push: QNB says China’s NEV exports surged (2.62mn in 2025; near 1mn in 1Q26), even as Beijing treats the sector as more mature under its 15th Five-Year Plan. Japan Macro Watch: Japan’s core inflation rose to 1.8% in July, keeping pressure on the Bank of Japan to tighten further. India Policy & Growth: Delhi CM urged India to become an AI creator, not just a user, while SIA-India and NESAC plan a Northeast India space workshop to turn the region into a space-enabled gateway. Markets: BofA data shows India lagging peers in 2026 YTD performance, with outflows from emerging equities continuing. Banking Deals: Bank Asia signed an MoU with DHS Autos to offer auto loans in Bangladesh; Japan’s NEXI will insure Brazil infrastructure loans. Investor Alerts: Rosen Law Firm urged FLOW crypto investors to check potential class action claims.

Philippines Credit Watch: Japan’s R&I kept the Philippines at A- with a stable outlook, saying corruption disruptions look temporary and growth should rebound toward the 5% range in 2027 as budget execution normalises. US-Iran Sanctions Pressure: Washington is preparing a new sanctions package aimed at Iran’s economic partners, with China flagged as the biggest test as oil and trade links come under pressure. India Cybersecurity for Banks: India’s I4C asked Google to remove Firebase pages impersonating major banks (SBI, ICICI, Axis) used in reward/credit-limit phishing scams, as losses from cyber fraud keep climbing. India Private Credit Turns to AI: EY says 67% of India’s private credit funds use AI moderately for sourcing and monitoring, while 11% have AI embedded in origination and credit analysis. Indonesia-China Deal Push: Jakarta and Beijing agreed to deepen trade, manufacturing and green energy cooperation, including an action plan for 2027-2030 and a China-Indonesia Energy Forum. Japan Fiscal Shock: Japan’s FY2027 budget requests are set to top 130 trillion yen, with defense spending targeted at a record level. China Robotics Surge: China’s “robot games” and IPO momentum underline a fast shift toward robotics exports and industrial scale-up. Pakistan FDI Snapshot: Pakistan drew $178.6m net FDI in July, with China the top source at $63.2m.

Philippines Credit Watch: Japan’s R&I affirmed the Philippines’ investment-grade “A-” rating with a stable outlook, citing resilient fundamentals and a recovery to ~5% growth from 2027 as governance and budget execution normalize. Malaysia–Singapore Banking & Industry: Maybank and the Singapore Manufacturing Federation signed an MoU to expand the Johor-Singapore Special Economic Zone, linking manufacturers to Maybank’s financing, payments, trade and supply-chain support. India IPO Pipeline: Online Instruments won Sebi approval for a Rs 750 crore IPO (plus possible pre-IPO placement), while Skyways Air Services raised Rs 174.5 crore from anchor investors ahead of its Aug 24 subscription. India FDI Easing: India reported 29 FDI proposals worth Rs 4,895.65 crore under the revised framework allowing up to 10% Chinese/HK non-controlling stakes via the automatic route. Cyber & Fraud Alerts: India ordered Google to remove Firebase accounts used in banking scams; meanwhile, a holiday photo AI scam is targeting tourists’ bank details. China Auto Safety: China ordered a record recall of ~4.3 million vehicles over hard-to-find emergency door releases, starting Sept. 25, with Tesla among the biggest affected. Japan Security Shift: Japan’s new cyber defense law will let authorities neutralize attack sources at the source, reflecting a broader security buildup.

India Banking & Markets: HDFC Bank raised $1.75bn via overseas bonds through GIFT City (split into 3-year and 5-year notes), as FCNR(B) timelines near end. Private Credit: India’s private credit hit $3.5bn in H1 2026, led by real estate, with domestic platforms driving most deals. Energy Storage & Solar Data: India’s Smart Grid Forum and the LDES Council signed an MoU to push long-duration storage, while MNRE ordered PM Surya Ghar rooftop solar inverter data to be stored on India-based servers and reported via a standard API. EV & Industrial Expansion: Euler Motors expanded its Palwal plant with INR 100cr for four-wheeler EV production; Volkswagen also signalled a bigger India push with a sub-4-metre SUV next year. China Macro & Policy: China stepped up fiscal support for consumption and expanded childcare fee waivers for 24m kindergarten children. China Property Fallout: A court accepted Evergrande’s liquidation petition for its main unit after the founder’s life sentence. Regional Security & Cyber: Japan’s new cyber defence law would let authorities neutralise attack-origin computers, while Asia-Pacific scam syndicates are expected to scale using agentic AI. Global Finance Risk: US Treasury chief Scott Bessent warned allies over Iran sanctions, lifting oil and feeding inflation jitters that weighed on Japan’s Nikkei.

India–Singapore Digital Push: India and Singapore signed MoUs and an LoI to deepen cooperation in maritime heritage, food safety, telecoms and broadcasting, while also advancing the UPI–PayNow linkage and exploring Project Nexus for instant payments connectivity. Bangladesh Bank Financing: Bangladesh Bank signed agreements with seven banks for Tk 41,000 crore in financing packages to support productive sectors, exports diversification, agriculture and rural hubs under a broader Tk 60,000 crore initiative. HDFC Bank Offshore Funding: HDFC Bank raised $1.75bn via twin-tranche offshore bonds ahead of the RBI’s earlier FCNR(B) window closure, aiming to mobilise foreign-currency deposits from non-resident Indians. China Evergrande Fallout: China sentenced Evergrande founder Xu Jiayin to life in prison and fined the group and affiliates over $2bn for “large-scale financial fraud,” underscoring ongoing stress in China’s real estate sector. China Offshore Tax Crackdown: Beijing’s offshore trust and wealth tax enforcement is pushing wealthy Chinese investors to reassess structures and offshore holdings amid tighter scrutiny of capital outflows. Robotics IPO Mania: Unitree’s Shanghai debut sent shares up about 460%, spotlighting investor appetite for China’s humanoid robot push beyond hype into commercial use. Green Finance in India: AMPIN Energy Transition secured $195m green financing for a 100MW hybrid solar-wind-plus-BESS project in Andhra Pradesh, arranged by SMBC and Rabobank. Japan–India Defence Tie-Up: Japan’s Defence Minister Koizumi met Modi in New Delhi as both sides agreed to expand maritime security cooperation and explore joint warship development under Make in India. Malaysia Contractor Cashflow: Malaysia’s construction sector got a “lifeline” of financing facilities via BNM, MARA and TEKUN Nasional to protect small contractors’ working capital amid West Asia geopolitical uncertainty.