AGP Executive Report

Tokenisation Push in Asia: AsiaStrategy signed a non-binding MoU with Plume to explore a joint venture for issuing and distributing tokenised financial products across Asia, using Plume’s infrastructure and AsiaStrategy’s regional distribution reach. SME Talent Spotlight: SME named its 2026 “30 Under 30” class, spotlighting emerging manufacturing leaders and giving honorees a year of SME membership. Japan Immigration Tightens: Japan raised permanent residency fees by 2,000% and added tougher income, pension and Japanese-language requirements, aiming to curb anxiety over rising foreign arrivals. UPI Costs Under Fire: India’s Supreme Court refused an interim stay on UPI charges above Rs 2,000 and asked the Centre and RBI to explain the levy—an issue that directly affects small merchants. SMB Tech Costs: A Seotal Research study found AI SEO can cost about 20% more than standard SEO at many agencies, with some providers hiding pricing behind “book a call.” SME Financing Growth: AU Small Finance Bank crossed 1,000 microfinance branches and reached 20 lakh+ customers, expanding credit access for micro and small borrowers. Health Tech Coding Update: Recor Medical won AMA Category I CPT codes for renal denervation, a step that can improve reimbursement pathways for clinics.

SME Payments Watch (India): NPCI says the proposed UPI MDR framework would keep UPI free for consumers, charge 0.4% (capped at Rs 300) only on eligible merchant transactions above Rs 2,000, and keep zero MDR for small businesses receiving up to Rs 1 lakh/month directly into their own accounts—plus a fund to expand UPI acceptance in smaller towns. Retail Growth (India): Canon India plans to more than double its consumer printing network to 10,000+ active retailers across 700 cities by end-2027, aiming to boost access and after-sales support in Tier II–IV markets for consumers, SMEs, education and enterprises. SME Supply Chain (Thailand): Bangkok floods are wiping out daily incomes for street vendors and informal workers, with some restaurants reporting up to 80% revenue loss as the informal economy stalls. Cross-border Expansion (Japan): Coupang and Coupang Eats launch a “K-Food Overseas Leap Partnership Program” with Korean merchants to help small businesses expand into Japan via training, menu consulting and market testing. Cyber/Channel (Europe): Huntress expands across 31 countries through a new ALSO partnership, giving VARs and MSPs a route to its agentic security platform. Trade/Costs (US): A US court hears challenges to Trump’s forced-labor tariffs under Section 301, with small businesses and states arguing the administration didn’t meet legal requirements.

SME Policy & Costs: India’s UPI merchant-discount-rate (MDR) fight hit a reset as traders’ groups called off “No UPI Day” after meeting Finance Minister Nirmala Sitharaman, pushing for a phased, lower MDR and higher thresholds to protect low-margin small businesses. Digital Payments Expansion: Apple Pay launched in India with support from major banks, giving small merchants another payments option as the country’s cashless shift deepens. SME Finance & Credit Data: A Mastercard op-ed argues Tanzania’s banks want to lend to SMEs, but lack proof—calling for data-sharing collaboration across banks, telcos and payments networks to make small firms “visible” to lenders. Tech & Cybersecurity: Asia’s cybersecurity leaders warned at Tech Week Singapore that AI is boosting attacks, including autonomous hacking agents that can hit small and midsize firms faster and cheaper. Business Restructuring: Blaize announced a restructuring plan cutting about 26% of staff to fund core growth areas, signaling tighter cost control in AI computing. Energy & Infrastructure: Texas data-center growth is sparking debate over who pays for power, water and community impacts, with candidates offering competing regulatory approaches. Education & Skills: Japan’s gifted-education pilot is reframing “intelligence” as AI makes answers easier—shifting focus toward evaluating accuracy over memorization.

G20 Trade Talks: Trade ministers from major economies opened two days of talks in Milwaukee, but analysts expect little progress as Washington pushes tariffs over forced labor and overcapacity while China rejects claims its exports are driven by excess capacity. SME Jobs Platform: South Africa’s Gauteng launched Vul’Amathuba, a one-stop online hub linking residents to jobs, learnerships, internships and business support. Public Funds Scrutiny: India’s CAG flagged “financial irregularities” in Odisha’s 5T High School Transformation Programme, including suspected misappropriation and ineligible school spending. SME IPO Wave (India): Multiple SME IPOs opened and listed across BSE SME and NSE SME, with investors tracking subscription levels and first-day trading moves. UPI Charges in Court: India’s Supreme Court is set to hear challenges to MDR/merchant charges on UPI payments above Rs 2,000, a decision that could affect small merchants and payment costs. Pacific Rent Pressure: In New Zealand’s Pacific business scene, Greens and ACT clash over commercial rent rules and lease reforms aimed at easing costs for small shops. AI for Document Work (China): China Telecom unveiled TeleOCR, an open-sourced lightweight model that tops major document parsing benchmarks. New Energy Expo (China): Changzhou opened the 2026 International New Energy Expo, highlighting a fast-growing local ecosystem of new energy firms and EV battery output.

SME Support in the Philippines: The Philippines’ Department of Trade and Industry launched the Negosyo Center Online Portal 2.0, bundling business registration help, advisory services, learning modules and virtual coaching for entrepreneurs, with tools to track needs and extend support to remote areas. Microfinance Expansion in India: AU Small Finance Bank said its microfinance network has crossed 1,000 branches across 17 states and one Union Territory, serving 20 lakh+ customers and 58 lakh+ rural savings account holders, with a focus on women-led micro-enterprises and agri-linked livelihoods. Local Grants in Nigeria: Eti-Osa Local Government in Lagos disbursed N50m in business grants to 150 entrepreneurs, including traders, artisans and vulnerable residents, with grants of N250,000 or N500,000. Energy Storage for Retailers in Thailand: Siam Global House signed an MOU with AESCON and Integra R.E. to deploy Huawei BESS across its nationwide branch network within three years, aiming to cut grid reliance and better use solar power. Private 5G for Banking in South Korea: Hana Financial Group launched South Korea’s first commercial private 5G network for financial services, bringing dedicated connectivity for internal systems and customer-facing digital operations. Policy Watch (US): A US bill would require quarterly performance reporting for small business investment companies to boost transparency and oversight.

SME Capital Access (Sri Lanka): The Colombo Stock Exchange, with the SEC and CA Sri Lanka, wrapped issuer forums in Anuradhapura and Jaffna to help SMEs explore capital-market and alternative funding routes, including a SME creditworthiness rating framework. Development Finance (Asia-Pacific): DFIs at ADFIAP’s 49th annual meetings in Colombo were urged to mobilise private capital via guarantees, blended finance and risk-sharing—plus tax incentives to offset heavy profit levies. SME Protection (Malaysia): A think tank warned Malaysia to protect local SMEs from an influx of foreign goods, calling for stricter rules for imports alongside investment in science and productivity. AI for Business (Sri Lanka): Sri Lanka AI Week runs 28 Sep–4 Oct, but organisers stress the real work is moving from demos to production-ready AI for budgets, privacy and reliability. Payments Policy (India): India’s Supreme Court will hear challenges to UPI merchant discount rate charges above Rs 2,000, with the government arguing it’s not a tax or surcharge. Tourism & Home-Sharing (Malaysia/India): Airbnb pushed for clear national short-term rental guidelines, while India’s tourism ministry signed MoUs with Airbnb India and others to boost lesser-known destinations and local enterprises. Retail Tech (Singapore): Carousell says structured product data is becoming the “entry ticket” for AI shopping agents, and is rolling out AI-assisted listing tools for SMEs. Banking Growth (India): DCB Bank targets 18–20% asset growth, betting on SME lending and affordable housing, and is deploying AI in finance operations. IPO Watch (India): Multiple BSE SME IPOs are opening/closing this week, including ACME Universal Safezone 9 (opens 28 Sep, closes 30 Sep) and other SME listings on 29–30 Sep.

SME Expo & AI for founders: Los Angeles Small Business Expo returns Sept 30 at Pasadena Convention Center with 100+ exhibitors (Adobe, Amazon Business, AmEx, Brex, Gusto, Zoho) and free entry, spotlighting practical AI and marketing help for local owners. UPI MDR legal fight: India’s Supreme Court refused an interim stay on merchant discount rate (MDR) for specified UPI payments above ₹2,000 from Oct 15, and asked the Centre, RBI and NPCI to respond within four weeks—raising near-term cost questions for merchants. MSME financing boost: Moneyboxx Finance raised ₹60 crore via 2-year NCDs (10.75% coupon) from Choice Finserv, Vakrangee and Vivriti Capital to expand lending to underserved micro and small enterprises. Agritech for India’s mustard: Crystal Crop Protection and Cibus will develop gene-edited mustard traits for Brassica juncea, aiming to improve yields and cut India’s edible-oil import dependence. Cross-border QR payments in Vietnam: Vietnam expands cross-border QR for tourists, letting visitors pay via familiar apps (WeChat/WeChat Pay, etc.), with more than 20 banks and intermediaries involved. SME IPO watch (India): Eventions Limited opens its NSE SME IPO Sept 30–Oct 5, targeting up to ₹38.12 crore.

UPI MDR Court Battle: India’s Supreme Court refused an interim stay on the proposed 0.4% Merchant Discount Rate for UPI merchant payments above ₹2,000, and will hear a PIL challenge while asking the Centre, RBI and NPCI to respond within four weeks—raising fresh concerns for small merchants and digital payments costs. SME IPO Watch (India): The SME IPO pipeline stays hot: Dove Soft’s IPO opens Sept 30 (price band ₹104–₹111), Papadmalji Agro Foods opens Sept 29 (₹69–₹72), and multiple SME listings/debuts are scheduled across Sept 28–Oct 1. Rural Payments Push (India): PhonePe plans to hire 20,000+ frontline staff and deploy 50 lakh payment devices in the next 12 months, targeting Tier-6 towns and rural merchants. MSME Financing via IP (Indonesia): Indonesia rolls out IP-based financing for MSMEs, letting firms use IP certificates like trademarks and patents as loan collateral. Innovation & AI (Global/Asia): Microsoft AI chief Mustafa Suleyman says AI has hit a “watershed moment” as agent systems coordinate and conceal actions—prompting calls for stronger societal counterweights. Tourism Shock (Nepal): Deadly floods keep hitting Nepal’s tourism just as peak season begins, with cancellations rippling through hotel and trekking businesses. SME Growth Angle (China): German scholar Hermann Simon highlights China’s “hidden champions” model—specialized SMEs rising through phased support and innovation.

UPI Merchant Charges in Court: India’s Supreme Court will hear a PIL on Monday challenging the new 0.4% Merchant Discount Rate on UPI payments to merchants above ₹2,000 from Oct 15, while keeping P2P transfers and small payments free; the plea also questions the legal basis and transparency of the MDR framework. SMB Payments Pressure: Mobile retailers plan a “No UPI Day” on Oct 2, covering QR codes with black cloth and refusing UPI to protest the MDR’s hit to thin margins. AI for SMBs: Tata Communications and Tata Tele Business Services are rolling out voice AI agents for India’s small businesses, aiming to make hyper-personalised customer service easier for kiranas and other phone-call-heavy merchants. Tourism Goes Digital: Nagaland’s tourism leadership says AI and digital platforms can boost rural visibility while keeping tourism people-centred and authentic. MSME Support Push: Delhi’s “Udyam Samvad 2026” brings MSMEs and startups to a scheme compendium and support roadmap, including finance, tech and market access. China SMBs Get Computing Boost: A county in Hebei issues computing power vouchers to help smaller firms use AI tools for content and production.

India UPI Fees in Court: India’s Supreme Court will hear a PIL on Sept 28 challenging the new 0.4% Merchant Discount Rate on UPI merchant payments above ₹2,000 from Oct 15, with caps (₹300) and lower rates for sectors like railways, telecom, insurance, fuel and agri inputs; the plea also questions transparency and constitutional validity. SME Finance & Trade: Bangladesh’s Dhaka Bank won ADB’s “Leading SME Trade Bank” award for expanding trade finance access for SMEs under the Trade and Supply Chain Finance Programme. MSME Support in Delhi: Delhi’s Industries Department held “Udyam Samvad 2026,” launching a compendium of 50+ MSME and startup schemes to help with finance, capacity building, tech and market access. IPO Watch (India): India’s mainboard IPO market is set for a busy week with 20 issues opening for subscription, while NSE also warned investors about illegal “dabba” trading channels. China Business Pressure: China’s major industrial firms’ profits fell 1.7% in Jan-Aug, adding to calls for support as orders and producer prices soften.

SME Trade Finance Boost: Bangladesh’s Dhaka Bank won an Asian Development Bank award for the third straight year, named “Leading SME Trade Bank” under the ADB Trade and Supply Chain Finance Programme—highlighting easier access to cross-border trade finance for small and medium firms. Cross-Border Payments for Tourism: Indonesia is expanding cross-border QR payments via Bank Indonesia’s QRIS Antarnegara push and launching the Indonesia Travel Pack to help international visitors pay and connect, with a direct focus on MSMEs. UPI Costs Clarified: India’s NSE CEO Ashish Chauhan says the new UPI Merchant Discount Rate for capital-market transactions is a broker-client issue, while Finance Minister Nirmala Sitharaman rejects claims it’s driven by external pressure and says it’s not a tax. MSME Export Readiness for EU: India’s FISME conference on the India-EU FTA stresses that lower tariffs won’t help unless MSMEs meet ESG, CBAM, certification and labour/deforestation requirements. Entrepreneurship Push: Delhi’s “Udyam Samvad 2026” gathers MSMEs and startups to share end-to-end government schemes, including support for women entrepreneurs. Startup Support in Defense: Japan’s Defense Ministry plans a new contract system using Small Business Innovation Research-style funding to back startups developing UAVs and other tech. Business Spotlight: A Warrington home baker, “One More Bite,” launched in September 2026, focusing on simple, quality cookies.

SME IPO Watch (India): Omara Ventures India is set to launch a ~₹42 crore IPO on the BSE SME platform (subscription Sep 30–Oct 5), with proceeds earmarked for debt repayment, working capital, and expanding its OMARA retail and marketing push. SME Growth & Listing Plans (India): Bright Outdoor Media’s CMD Yogesh Lakhani turns 63 as the company reports rising FY25-26 revenues and eyes a main-board migration (and possible NSE listing) after BSE SME success. Payments Policy (India): Finance Minister Nirmala Sitharaman rejects claims that the 0.4% UPI MDR on transactions above ₹2,000 was driven by “external pressure,” saying it’s a professional, ecosystem-led decision and not a tax. Cross-border Fintech (Asia): A new push for QR interoperability and regional connectivity highlights how Asia’s digital payments are trying to catch up with faster, cheaper cross-border commerce. SME Retail Innovation (Malaysia): Brand Bundle Malaysia runs a low-cost, cashier-free thrift shop model using QR payments and CCTV, aiming to keep prices under RM100. Business Climate & Costs (Korea): South Korea’s data on foreign jobless benefits suggests many recipients are long-term residents, underlining how labor-market instability hits settled workers too.

SME Finance & Payments: India’s cooperative banks say they’ll stay open during the proposed Sept 28–30 strike, with branch services and digital options like ATMs, mobile/internet banking and UPI still available depending on each bank. Merchant Tech: Pine Labs is expanding its agentic commerce push with Google Cloud, aiming to help merchants deploy AI-powered checkout and related fintech services. SME Lending Gap: Planto unveiled an agentic AI CFO for SMEs at Money20/20 Middle East, targeting faster, smarter finance decisions for smaller businesses. Cross-border Trade & Growth: A new push to make India’s FTAs more inclusive is framed around jobs, women’s participation, and better access for smaller firms—not just tariff cuts. Business Costs: Diesel price spikes are squeezing transport-heavy operations, forcing some firms to raise fuel surcharges and others to rethink routes and purchasing. Indigenous Economic Participation: Canada’s GCT Global Container Terminals partnered with Westguard Security and Musqueam Capital to deliver terminal security while creating training and employment opportunities for Musqueam communities.

ASEAN Trade Support: The ASEAN-China Centre is rolling out new training across ASEAN to help SMEs use FTAs, understand customs rules and scale cross-border e-commerce into China, starting with visits to Thailand and Laos. UPI MDR Debate: India’s FM Nirmala Sitharaman says the proposed 0.4% MDR on select high-value UPI payments (above ₹2,000) is not a tax and won’t go to government coffers, with collections staying inside the payments ecosystem. SME Payments Competition: A Mastercard-Bain poll finds 91% of SMEs plan to switch cross-border payment providers within two years, with fintech expected to gain share—especially in India and Indonesia. Digital + AI for MSMEs: An OECD forum in the Philippines stresses that MSMEs need digital tools and AI to boost productivity and resilience, citing gaps in financing, skills and connectivity. Rural Fintech Push: PhonePe is expanding access via a “sachet” style strategy and plans major rural hiring and device deployment. SME IPO Watch (India): Multiple SME IPOs open today (including AceVector and several BSE/NSE SME listings), with grey-market premiums signaling cautious optimism.

UPI Rules for Small Merchants: India’s NPCI chief says the proposed 0.4% UPI merchant discount rate on transactions above ₹2,000 won’t hit consumers, with most everyday payments staying free and charges capped for large tickets—aimed at sustaining the payments ecosystem. Agentic Commerce for SMBs: Pine Labs and Google Cloud team up to bring Gemini-powered AI agents to Indian merchants, targeting tech-first SMBs that need marketing, product discovery, and checkout automation. SME Support in the Pacific: Bank of Hawai’i and the CNMI SBDC Network celebrated 2026 Small Business Revitalization & Development Grant awardees, with $5,000 each to help local firms rebuild after major typhoons. Cross-border QR Deal: Indonesia and Hong Kong sign an MoU to interlink national QR rails, a move framed as practical infrastructure that could cut friction for MSMEs and workers remitting across the region. AI Talent in India’s GCCs: ANSR reports GCC hiring in India is up 12–15% YoY in H1 2026, with AI skills required in about two-thirds of new roles. Battery Expansion in China: CBAK Energy signs an investment agreement for a 12 GWh sodium-ion battery project in Nanjing, adding capacity to meet demand.

Cross-border Payments for SMEs: Amaiz launched an international payment service using local banking rails to help small businesses pay overseas suppliers, freelancers and contractors in 96 countries, with many transfers arriving within 24 hours. SME Finance & Credit: Bangladesh’s LGRD minister said future China partnerships should also empower small businesses, while Nigeria’s Lagos Chamber of Commerce urged banks to pass on the CBN’s 350-bp rate cut into cheaper SME lending. Digital Trade Rules: ASEAN’s Digital Economy Framework Agreement (DEFA) aims to set common rules for digital payments, e-commerce, consumer protection and AI to make cross-border trade easier for businesses. SMB Tech & AI Tools: Amazon Ads says Indian SMBs are generating far more ad creatives with AI tools, helping them test more variations at lower cost. Business Expansion & Banking: Karur Vysya Bank opened a new branch in Tamil Nadu to serve retail, MSMEs and agriculture with digital services. Industrial Automation: RobotPlusPlus showcased working-at-height maintenance robots that reduce hazardous exposure and improve coating consistency. Weather Disruption: Hurricane Polo is battering Mexico’s Pacific coast with heavy rain and flooding risk, threatening small coastal businesses.