Day: January 24, 2026

January 22 delivered a compelling narrative of a global financial landscape in flux, where traditional equities soared on the wings of diplomatic optimism while the volatile realm of digital assets cooled significantly. The day was marked by a second consecutive session of gains for major US stock indices, a direct consequence of easing geopolitical tensions and a corresponding retreat of the US dollar. This confluence of factors painted a complex picture for investors everywhere, highlighting a clear rotation of capital back into regional markets and safe-haven commodities.

My view is that these events highlight a fragile market sentiment, heavily influenced by headline news and the immediate unwinding of risk positions. The market’s sharp positive reaction to President Trump’s reported “framework” deal over Greenland, which ostensibly cooled global tensions and averted a looming trade war with new European tariffs, reveals a nervous system quick to price in relief. This optimism was evident in the performance of the S&P 500, which advanced 0.55 per cent to close at 6,913.35, the Dow Jones Industrial Average, which rose 0.63 per cent (306.78 points) to 49,384.01, and the Nasdaq Composite, which gained 0.91 per cent to settle at 23,436.02. This movement was not without specific stock stories, as tech giants such as Nvidia, Microsoft, and Meta Platforms all ended higher, and Intel shares rose slightly ahead of their quarterly results. Conversely, Abbott Laboratories shares fell sharply, reminding us that company-specific fundamentals, such as the impact of higher prices on sales growth, always matter, even amid broader market rallies.

The easing of global tensions also had a palpable effect on commodities and currencies. The US dollar index was 0.5 per cent lower at 98.30, marking its biggest single-day fall in a month. This decline acted as a potent catalyst for gold, the traditional safe-haven metal, which soared to an all-time high, climbing above US$4,960 an ounce in the spot market. It is a classic market reaction: a weakening dollar and reduced global risk perception often see a surge in the appeal of the yellow metal. Concurrently, WTI crude futures fell below US$60 a barrel, declining more than two per cent to US$59.35, as the geopolitical risk premium that often elevates oil prices evaporated with news of the diplomatic breakthrough. The bond market remained relatively stable throughout, with the 10-year Treasury yield at approximately 4.25 per cent, little changed from the previous day’s close.

Also Read: JP Morgan acquires WealthOS in landmark Sri Lanka startup exit

However, a different, more cautious mood permeated the digital asset ecosystem. While traditional assets rallied, the crypto market fell 0.64 per cent over the last 24 hours, extending a seven-day decline of 6.5 per cent. This divergence suggests a distinct risk-off environment within the crypto space, driven by specific structural concerns rather than immediate global headlines. My take is that the crypto market is currently grappling with a crisis of conviction, primarily stemming from large institutional players. The data is clear: spot Bitcoin ETFs recorded US$1.58 billion in net outflows this week, a powerful signal of institutional profit taking and reduced exposure. This consistent selling pressure is outweighing retail buying, creating a market that lacks a necessary institutional bid to support prices.

The lack of institutional support is compounded by a significant plunge in trading activity. Total 24-hour trading volume fell 32.8 per cent to US$98.43 billion, with derivatives volume down 37 per cent. This sharp drop indicates low trader conviction and reduced liquidity, making prices prone to slippage even on modest sell orders. In thin markets, downward moves are often amplified. Technically, the market is testing a critical support level at the 78.6 per cent Fibonacci retracement level of US$3.01 trillion global market cap. The RSI sits at 43.74, neutral but weak. The conclusion I draw is that this is not a broad market panic but a targeted period of consolidation rooted in institutional caution and evaporating volumes.

For holders, the immediate future hinges on whether these ETF outflows persist and if that crucial US$3.01 trillion support level can hold firm over the next 48 hours. The contrasting performance of traditional and digital markets on this day provides a fascinating study of how different asset classes react to unique combinations of macro and microeconomic pressures.

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The lead image of this article is generated by AI.

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Singapore has launched a new Model AI Governance Framework for Agentic AI, positioning itself at the forefront of global efforts to regulate the responsible deployment of advanced AI systems, including AI agents.

Announced on January 22 at the World Economic Forum, the framework was introduced by Minister for Digital Development and Information Josephine Teo. Developed by the Infocomm Media Development Authority, the framework is the first in the world to provide a comprehensive, practical guide for organisations deploying agentic AI responsibly.

The framework builds on Singapore’s original Model AI Governance Framework for AI, introduced in 2020, and reflects the country’s balanced approach to AI governance. It seeks to put guardrails in place to manage risks while leaving room for innovation, ensuring that the benefits of AI agents can be realised in a trusted and safe manner.

Unlike traditional or generative AI, AI agents can reason, plan across multiple steps and take actions on behalf of users to achieve specific objectives. These capabilities allow organisations to automate repetitive tasks in areas such as customer service and enterprise productivity, freeing up employees to focus on higher-value work and supporting broader sectoral transformation.

However, the increased autonomy of AI agents also introduces new risks. These systems may have access to sensitive data and the ability to make changes to their environment, such as updating databases or executing payments. This raises the risk of unauthorised or erroneous actions, as well as challenges around human accountability. One concern highlighted is automation bias, where users may over-trust AI agents that have performed reliably in the past.

Also Read: Voice does not expire: How AI helps us keep our stories alive

To address these issues, the new framework emphasises that humans remain ultimately accountable for the actions of AI agents. It stresses the importance of maintaining meaningful human control and oversight throughout the deployment and use of agentic AI.

Targeted at organisations deploying AI agents either in-house or through third-party solutions, the framework offers a structured overview of key risks and emerging best practices. It provides guidance across four main dimensions: assessing and bounding risks upfront by selecting appropriate use cases and limiting agent autonomy and access; ensuring human accountability through clearly defined approval checkpoints; implementing technical controls throughout the AI agent lifecycle, including baseline testing and controlled access to approved services; and enabling end-user responsibility through transparency, education and training.

The framework was developed with input from both government agencies and private sector organisations. April Chin, co-chief executive officer of Resaro, said the framework fills a critical gap in policy guidance by addressing the specific risks associated with agentic AI. She noted that it helps organisations define agent boundaries, identify risks and implement mitigations such as agentic guardrails.

IMDA described the framework as a living document and said it welcomes feedback from interested parties, as well as case studies demonstrating responsible deployments of AI agents. Building on its existing starter kit for testing large language model-based applications, the authority is also developing additional guidelines focused on testing agentic AI applications.

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As AI agents move from experimental tools to operational systems with real-world impact, Singapore’s newly launched Model AI Governance Framework for Agentic AI is set to reshape how businesses deploy, manage, and scale these technologies.

Unveiled at the World Economic Forum in Davos, the framework is the first in the world to offer structured, practical guidance specifically for agentic AI, systems capable of planning across multiple steps and taking actions on behalf of users. While not a law, the framework is likely to influence business practices quickly, especially in regulated and customer-facing sectors.

For companies in Singapore, the message is clear: AI agents can drive productivity and transformation, but only if governance is designed into systems from the start.

Unlike traditional or generative AI, AI agents can initiate transactions, update databases or trigger workflows autonomously. This expanded capability raises new risks, including unauthorised actions, data misuse and over-reliance on automated decisions. The framework responds by emphasising that humans remain ultimately accountable, even as autonomy increases.

“Agentic AI systems will make decisions with real-world consequences,” said Elsie Tan, country manager for Worldwide Public Sector, Singapore, at Amazon Web Services, in a press statement issued by IMDA. “We need concrete mechanisms for visibility, containment, and alignment built into infrastructure, along with human judgment to use them wisely. Singapore’s Model AI Governance Framework is a step in the right direction.”

Also Read: Voice does not expire: How AI helps us keep our stories alive

In practical terms, businesses are expected to rethink how AI agents are authorised, monitored and approved. One of the framework’s core recommendations is to assess and bound risks upfront by selecting appropriate use cases and limiting an agent’s autonomy, access to tools and exposure to sensitive data. For enterprises, this means more formal approval processes for agent deployments, especially for systems that can trigger payments, modify records or interact directly with customers.

The framework also elevates the importance of human checkpoints. As AI agents become more reliable, organisations risk automation bias, the tendency to over-trust systems that have performed well in the past. By requiring defined moments where human approval is mandatory, companies can reduce the risk of silent failures or cascading errors.

For tech vendors and cloud providers, the framework may shape how products are built and sold. It encourages technical controls such as baseline testing, lifecycle monitoring and restricted access to whitelisted services, alongside non-technical measures such as training and transparency. These expectations could increasingly become standard requirements in enterprise procurement.

“Building trust in agentic AI is an ongoing, shared responsibility, and IMDA’s framework is a constructive first step,” said Serene Sia, country director for Malaysia and Singapore at Google Cloud.

She added that open standards will play a key role in enabling secure multi-agent systems. “Having pioneered open standards like the Agent2Agent Protocol and Agent Payments Protocol, Google has been playing a key role in establishing the foundation for interoperable and secure multi-agent systems.”

Also Read: Forward-looking governance: Why Asian boards must think like futurists

The impact will be felt most strongly in sectors where AI agents operate close to money, data or safety. Financial services firms, fintech companies and banks are likely to introduce stricter approval gates, audit trails and monitoring to meet expectations of accountability. E-commerce platforms and logistics providers may need tighter controls around customer service agents who can issue refunds or amend orders.

For organisations already deploying AI agents at scale, the framework offers validation and direction.

“At KBTG, we have already begun deploying AI agents across the bank and have a strong pipeline of additional agents ahead,” said Dr. Komes Chandavimol, principal AI evangelist at KASIKORN Business-Technology Group, the technology arm of KASIKORNBANK. “As we move toward deployment at scale, we are strengthening our agentic AI governance. The Model Governance Framework for Agentic AI is a timely and practical document that will help guide this journey.”

Small and medium-sized enterprises may face capability gaps, particularly around testing and monitoring. This could accelerate demand for managed services and “governed-by-design” AI agents that embed compliance features by default.

Positioned as a living document, the framework is likely to evolve alongside the technology. For businesses in Singapore, it sets a clear direction of travel: AI agents are welcome — but only with accountability, oversight and trust built in.

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The lead image of this article is generated by AI.

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Airwallex’s acquisition of Paynuri is less about headline-grabbing expansion and more about quietly doing the hard, unglamorous work that actually scales fintech: licences, local compliance, and settlement rails. Coming on the heels of its US$330 million Series G, the deal signals a clear strategic pivot — capital is being deployed to lock in regulated infrastructure, not just chase user growth.

Korea is a logical next frontier. It is a sophisticated, high-volume market with demanding regulators, strong domestic incumbents, and businesses that increasingly sell beyond national borders. For Korean merchants riding the K-wave — from e-commerce to entertainment — cross-border payments are no longer a “nice to have” but a margin issue. FX spreads, slow settlement, and fragmented providers quietly tax growth. Airwallex is positioning itself as the layer that removes that friction.

Buying Paynuri accelerates this ambition. Rather than entering Korea cautiously and negotiating licences over years, Airwallex gains speed, legitimacy, and local operational grounding. That matters in a market where regulators expect compliance first and iteration second.

For customers, the promise is straightforward: fewer intermediaries, cleaner FX, and faster access to global markets — whether you’re a Korean brand selling overseas or a foreign company localising into Korea. The bet is that payments infrastructure, not consumer-facing apps, will capture the most durable value.

Viewed through that lens, Korea isn’t a side quest. It’s a test of whether Airwallex can turn regulatory complexity into competitive advantage — and scale globally without losing its infrastructure-first discipline.

REGIONAL

Why Airwallex chose acquisition over patience in Korea: The purchase provides Airwallex a faster path to operate locally, at a time when cross-border commerce is rising and Korean businesses are trying to sell overseas without getting strangled by FX spreads, settlement delays, and fragmented payment rails.

Danantara to deploy US$14B this year: Launched in February 2025 with an initial US$20B, Danantara aims to support Indonesia’s economic transformation by investing in renewable energy, digital infrastructure, healthcare, and food security over the next 12 to 24 months.

Salesforce’s startup push in ASEAN is really a customer acquisition engine: Salesforce has rolled out its Startup Program in Malaysia and the Philippines as it looks to turn fast-growing local founders into long-term platform users. The program was started in 2021 and now supports a community of over 435 startups.

What Toku’s IPO reveals about demand for enterprise AI in Asia: The AI CX platform raised US$11.86M. Toku enters the market on a credible growth trajectory. It reported revenue growth of 47% and net revenue retention exceeding 150% over the past three years for its subscription and licensing revenue stream.

SCBX brings Korea and China’s digital banking playbooks to Thailand: The collaboration combines SCBX’s domestic banking muscle with KakaoBank’s mobile‑first product playbook and WeBank’s heavyweight tech stack, including AI and cloud‑scale infrastructure, to launch a new virtual bank in Thailand.

Vietnam fines TikTok over data privacy violations: In addition to TikTok, the commission also fined Zalo, a messaging platform operated by VNG Corp, US$30,900 for failing to provide mechanisms for users to control the scope of personal data they share.

Indonesia’s Hypefast plans 2027 IPO after rebrand: Hypefast positions itself as a full-stack operator managing brand manufacturing, distribution, and D2C sales, with over 10,000 retail points across Indonesia. Hypefast reported positive EBITDA and cash flow since 2024.

FEATURES & INTERVIEWS

Why Nansen believes AI agents are the future of on-chain markets: CEO Alex Svanevik talks about what this shift says about the maturity of crypto markets, the evolving role of AI in trading, and how access to institutional-grade workflows could reshape who gets to move first on-chain.

INTERNATIONAL

JP Morgan acquires WealthOS in landmark Sri Lanka startup exit: This acquisition signals global validation for Sri Lankan fintech, unlocking liquidity, talent flywheels, and confidence in product-led exits. UK-incorporated WealthOS builds software that helps financial institutions run wealth management digitally.

OpenAI’s Altman said to meet Middle East investors for US$50B round: OpenAI has previously raised billions to fund infrastructure costs such as chips and data centres and has committed to spending over US$1.4T on AI infrastructure in the coming years.

Jungle Ventures joins Indian travel tech startup Escape Plan’s US$25M round: Escape Plan sells luggage, backpacks, and travel accessories, with a strong focus on offline retail in non-metro markets. It aims to open over 200 stores across India and follows an inventory-led model.

Australia watchdog orders Airwallex audit over compliance issues: The regulator expressed worries that Airwallex’s transaction monitoring system may not fully address the risks, especially as it facilitates fund transfers across multiple jurisdictions.

Amazon reportedly to cut thousands more jobs: The layoffs are part of a broader effort to cut nearly 10% of its corporate workforce, affecting units such as AWS, retail, Prime Video, and HR. The company previously cut around 14,000 jobs in October, about half of its initial 30,000 target.

TikTok shifts US assets to Oracle-led joint venture: The JV, majority American-owned, will oversee data storage, content moderation, and algorithm security for US users, with Oracle managing data storage. The leadership team includes CEO Adam Presser and CTO Will Farrell.

CYBERSECURITY

AI vs AI: Inside Southeast Asia’s new cybersecurity war: As Southeast Asia’s digital economy tops US$1 trillion, escalating AI-driven cyber threats collide with rapid innovation, pushing startups and governments to build resilient, coordinated defences across the region.

Seqrite, Terrabyte Group partner to strengthen cybersecurity footprint in SEA: The collaboration brings Seqrite’s full-stack enterprise cybersecurity ecosystem to the region, enabling organisations to secure endpoints, networks cloud environments, data, users and applications through an integrated, AI-driven approach.

Super apps, fintech wallets and mobile payments: Southeast Asia’s fintech boom has driven near-universal digital payments, but super apps and mobile wallets are creating concentrated cybersecurity risks as fraud shifts decisively toward mobile-first attacks across the region.

SEMICONDUCTOR

Memory chip prices surge on AI demand, hit consumer electronics: Major memory chip producers Samsung, SK Hynix, and Micron report difficulty meeting demand, driven by prioritisation of data centre components. As a result, companies like Apple and Dell may face higher costs, potentially passing them to consumers.

China, Hong Kong dominate India’s chip imports: China supplied nearly 30% of integrated circuits and microassemblies worth US$5.8B from April to November FY26. Hong Kong contributed 18.5%, amounting to US$3.7B, with both sources increasing their shipments by 3.5% and 10%, respectively.

Intel shares fall over 13% despite Q4 earnings beat: The company reported a net loss of US$600M, compared to a US$100M loss a year earlier. Intel’s revenue was US$13.7B, beating analysts’ predictions. Adjusted earnings per share were 15 cents, above the expected 8 cents.

AI

Indonesia expects to finalise AI regulations within two months: The regulations include the AI Roadmap and AI Ethics. The AI Roadmap outlines national development and utilisation strategies, while the AI Ethics regulation sets principles for responsible AI use but does not specify sanctions.

Voice does not expire: How AI helps us keep our stories alive: AI expands how stories are told, but authenticity remains human. Voices evolve through technology, preserving meaning, emotion, and legacy while enabling expression beyond fear, format, or stage limitations.

AI in recruitment: Why precision hiring will matter more than ever in Southeast Asia: Regional startups face tighter capital and higher execution pressure, making hiring strategic. AI-driven precision hiring reduces bias, shortens cycles, and improves decision quality without replacing human judgment.

How AI, AR, and live streaming are changing the online shopping experience: As e-commerce becomes dominant, brands are using AI, live commerce, AR/VR, and generative tools to deliver personalised, interactive experiences that boost engagement, differentiation, and online sales globally.

THOUGHT LEADERSHIP

Why marketing agencies are more essential than ever in 2026: In 2026, marketing agencies thrive as strategic growth partners, blending human judgment, specialised expertise, and AI-powered execution to navigate complexity, culture, and competition beyond what tools or in-house teams alone can achieve.

Leading a multigenerational workforce: How Singapore’s employers can turn diversity into strength: Singapore’s multigenerational workforce blends Gen X resilience, Millennial adaptability, and Gen Z digital-native values, forcing employers to rethink leadership, technology adoption, communication styles, and flexible talent strategies.

Forward-looking governance: Why Asian boards must think like futurists: Asian boards must move beyond reactive oversight toward forward-looking governance, embedding foresight, adaptive structures, and strategic courage to anticipate regulatory, technological, and geopolitical shifts shaping long-term resilience across Asian markets.

Life in plastic, it’s not fantastic: Understanding the problems: Asia’s plastic crisis persists as recycling faces high costs, technology limits, quality degradation, poor traceability, and inadequate policy, limiting scale, discouraging investment, and demanding action from corporations, governments, and startups.

The data revolution: Innovation and evolution in APAC’s hospitality industry: Technology and data are transforming APAC’s hospitality industry, enabling personalised guest experiences, operational efficiency, and post-pandemic recovery—turning traditional venues into smarter, more resilient, growth-driven businesses.

How Southeast Asia’s Supermom retains its Fortune 500 clients: Supermom is Southeast Asia’s leading parenting data platform, connecting millions of moms, empowering peer influence and income creation, while supplying global brands with unique first-party consumer insights and client retention.

Profitable e-commerce: Making real money in the new year: Online sellers should focus on profitable growth, not raw revenue, by leveraging shopping tailwinds, preparing for stockouts, optimising pricing, and applying proven e-commerce best practices instead of chasing growth hacks.

Trump’s Davos reversal sparks massive relief rally in global stocks, cryptocurrencies: Global markets rebounded sharply as trade tensions eased, stocks surged, gold fell, AI optimism lifted tech, and crypto showed maturing strength amid whale accumulation and landmark institutional milestones worldwide confidence.

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India’s payments infrastructure firm Juspay has raised US$50 million from WestBridge Capital in a Series D follow-on round, valuing the company at US$1.2 billion.

The transaction combines primary capital with a secondary component that offers liquidity to early investors and employees holding ESOPs — the second such liquidity event Juspay has facilitated within a year.

Also Read: Juspay’s Nakul Kothari on building, scaling, and the future of fintech

That structure matters almost as much as the cheque size. Across Asia, secondary investments (purchases of existing shares rather than new issuance) are growing quickly as late-stage startups stay private for longer and IPO windows remain inconsistent. For investors, secondaries offer exposure to more mature businesses with clearer unit economics and governance; for founders, they can reduce pressure to “time the market” for an IPO; and for employees, they convert paper wealth into cash without waiting years for a listing.

In Juspay’s case, the deal also signals a shift in how late-stage capital is being deployed in the region: less about subsidising growth at any cost, more about backing infrastructure companies that can scale across markets while keeping stakeholders incentivised.

Juspay in numbers

Juspay sells payments infrastructure to enterprises and banks, sitting behind consumer-facing checkout flows and routing transactions across payment methods, gateways, and networks. The company claims its annualised total payment volume (TPV) now exceeds US$1 trillion and that it processes more than 300 million transactions daily for brands, including Agoda, Amazon, Flipkart, and Swiggy.

It also states 99.999 per cent reliability and a workforce of 1,500+ across offices, including Singapore, alongside San Francisco, Dublin, São Paulo and Dubai.

What is less clear from the release is how fast those topline metrics have grown over the last two years. Juspay does not provide year-by-year TPV, revenue, take-rate, or profitability figures, which makes it difficult to benchmark performance against other infrastructure players. Still, two datapoints stand out: the claimed US$1 trillion+ annualised TPV and the fact that it has created two liquidity events within a year, suggesting confidence in internal valuations and a desire to retain talent in a competitive market.

Sheetal Lalwani, Co-founder and COO of Juspay, said: “Our focus over the last decade has been on solving the core complexities of global payments through first-principles engineering and design.”

Secondaries are gaining traction in Asia

Secondary transactions are rising across Asia for structural reasons:

• Longer private-company lifecycles: strong companies are delaying IPOs, either by choice (more private capital available) or necessity (volatile public markets).

Also Read: Secondaries take centre stage: How VCs are navigating the exit drought

• Tighter growth funding: as primary rounds become more selective, secondaries help balance stakeholder needs without forcing aggressive expansion.
• Talent retention: periodic ESOP liquidity is increasingly used to retain senior engineering and product talent, especially in fintech.
• Cleaner cap tables and price discovery: secondaries can consolidate early positions and create a reference price without a full fundraise.

In India, in particular, where many startups built large ESOP pools during the boom years, employee liquidity is becoming a recurring feature rather than a one-off event.

India’s fintech growth in Asia — and the constraints

India remains one of Asia’s most influential fintech markets, driven by UPI, widespread smartphone adoption, digital-first merchants, and the broader “digital public infrastructure” stack that reduces friction in onboarding and payments. Indian fintechs are also increasingly exporting capabilities — especially in payments orchestration, risk, reconciliation, and compliance tooling — to Southeast Asia and the Middle East.

But growth is shaped by countervailing forces: regulatory scrutiny, persistent concerns around fraud and consumer protection, shifting economics across payment rails, and intense competition among infrastructure and aggregator layers. In short, the demand is massive, but sustainable scale increasingly requires compliance maturity and strong operational controls.

Juspay in Southeast Asia

Juspay already has a Singapore base and counts Agoda among customers, giving it a practical entry point into Southeast Asia’s cross-border travel and commerce flows. The region’s opportunity lies in its fragmentation: multiple domestic real-time payment schemes, wallets, bank transfer rails, and differing regulatory requirements across markets. That complexity typically pushes large merchants and platforms towards orchestration and infrastructure providers that can unify routing, retries, reconciliation, and risk controls across countries.

Also Read: What stands in the way of fintech growth in Asia?

If Juspay executes well, Southeast Asia offers a route to grow beyond India-centric rails into a broader APAC infrastructure play — especially as real-time payments and cross-border linkages expand.

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