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The World Debt Situation Has Become More Unstable, Octa Broker warns
Ticking Fiscal Bomb
The U.S. mounting national debt has long been the subject of intense debate and concern among economists, policymakers, and the public. Apocalyptic predictions of a U.S. default and dollar collapse are nothing new. They first appeared decades ago and have been surfacing here and there regularly, attracting plenty of followers. However, these predictions have never materialised, while the doomsayers have been dismissed as amateur conspiracy theorists at best and irresponsible alarmists at worst. Still, while we are not inclined to take a grand stance on this issue, we cannot afford to ignore the latest market developments regarding the U.S. debt. Often called a ‘ticking fiscal bomb’, it has recently started raising fears about the nation’s long-term economic stability and potential impact on global markets.
‘On current trends, U.S. national debt is projected to reach $37 trillion in two weeks and may reach $40 trillion by the end of the year. This trend cannot continue forever. The Fed’s [Federal Reserve] printing press may have no limit, but market patience does have its limit’, says Kar Yong Ang, a financial market analyst at Octa broker.
Indeed, the market’s perception of risk regarding U.S. government debt has clearly risen. This is evident in the noticeable increase in the cost of insuring exposure to U.S. government debt over the past month. The spreads on U.S. credit default swaps (CDS)—a key measure of default risk—have reached their widest levels since the 2023 debt ceiling crisis in recent weeks (see chart below).
Market stress intensified even more following Moody’s downgrade and the passage of the U.S. President Donald Trump’s ‘One Big Beautiful Bill Act’ in the House of Representatives. The bill features $3.8 trillion in tax cuts and is widely expected to worsen the federal budget deficit outlook. As a result, investors started to demand higher returns for holding long-term U.S. government bonds, pushing the yields on 20-year notes above the important 5% level on 21 May.
Kar Yong Ang comments: ‘Policy uncertainty is all over the place. Tariffs, tax bill, debt ceiling. No wonder investors charge a premium for holding the debt of a country, which is not in a ‘triple-A club’ anymore. Investors want higher yield in order to provide long-term lending in the current uncertain climate’.
Indeed, the U.S. government actually hit its legal borrowing limit back in January and has been using special procedures to avoid exceeding it and potentially defaulting. However, these measures are expected to run out around late August or early September, at which point the government might be unable to meet all its financial commitments.
Yields of government bonds with the longest maturities have been rising sharply not just in the United States but also in Japan and the United Kingdom (UK) (see chart below). On 20 May, Japan’s 20-year government bond (JGB) auction had its worst results since 2012. The demand was weak, with the bid-to-cover ratio dropping to 2.50, while the lowest accepted price was just ¥98.15, some 2% below the expected price.
‘Japan’s auction signals poor liquidity and weak interest in new long-term securities as investors are concerned about excessive profligacy. It seems to me that the BoJ wants to stop buying bonds at the worst possible moment. Who is going to replace it?’, rhetorically asks Kar Yong Ang, referring to BoJ plans to taper its massive bond purchase programme.
Indeed, although yields on long-term JGBs have been rising since the COVID pandemic, the trend accelerated after the Bank of Japan (BoJ) moved toward monetary policy normalisation amid rising wage growth and inflation. Policy normalisation implied higher short-term rates and fewer bond purchases. Thus far, BoJ has ended its yield curve control (YCC), raised its benchmark interest rate from -0.1% to 0.5% and even embarked on quantitative tightening (QT). These factors contributed to the consistent increase in Japanese government bond yields. Today, however, the situation is complicated by additional fiscal stimulus, which could result in more government borrowing just as the BoJ prepares to slowly exit the debt markets. The Cabinet already approved a massive ¥21.9 trillion ($142 billion) economic stimulus package back in November 2024. Most recently, it approved an emergency plan to allocate ¥388 billion ($2.7 billion) from reserve funds to assist businesses and households affected by U.S. tariffs.
‘Investors are sending a very clear message: if we are the only ones left to finance these spending plans, then we demand higher returns’, concludes Kar Yong Ang.
The recent movements in the U.S., Japanese, and UK government bond markets paint a concerning picture of increasing investor unease regarding sovereign debt. From the rising cost of insuring U.S. debt and the poor reception of Japan’s long-term bond auction to the near 27-year high in the UK gilt yields, a common thread of heightened risk perception is evident. As Kar Yong Ang of Octa Broker points out, factors like policy uncertainty, fiscal profligacy, and the prospect of central banks reducing their bond purchases are prompting investors to demand greater compensation for lending to governments.
‘The problem is not just that governments have an enormous mountain of debt. The real problem is that the market is intricately interconnected. A small trouble in one place can morph into a major crisis elsewhere. What if higher JGB yields lure Japanese capital back home? If they decide to increase their JGB holdings, they may have to sell the U.S. Treasuries and that could be catastrophic given that Japan is a major holder of U.S. debt’, says Kar Yong Ang.
Investors should watch the upcoming BoJ meeting scheduled for 17 June. The BoJ will issue its regular policy rate decision and will likely announce its balance sheet reduction plan. According to MacroMicro, markets currently expect a gradual pace—around 6–7% reduction over two years. However, if the BoJ opts to speed up the process, it could put pressure on global markets
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Hashtag: #Octa
The issuer is solely responsible for the content of this announcement.
Octa
Octa is an international CFD broker that has been providing online trading services worldwide since 2011. It offers commission-free access to financial markets and various services used by clients from 180 countries who have opened more than 52 million trading accounts. To help its clients reach their investment goals, Octa offers free educational webinars, articles, and analytical tools.
The company is involved in a comprehensive network of charitable and humanitarian initiatives, including improving educational infrastructure and funding short-notice relief projects to support local communities.
In Southeast Asia, Octa received the ‘Best Trading Platform Malaysia 2024’ and the ‘Most Reliable Broker Asia 2023’ awards from Brands and Business Magazine and International Global Forex Awards, respectively.
Media OutReach
Etiqa Insurance Singapore Appoints Claudia Soh as Chief Executive Officer to Lead Next Chapter of Growth
Veteran insurance leader to accelerate growth, strengthen partnerships and drive customer-focused innovation
SINGAPORE – Media OutReach Newswire – 14 August 2026 – Etiqa Insurance Singapore today announced the official appointment of Claudia Soh as its Chief Executive Officer (CEO), effective 14 Aug 2026. Over the past six months, while serving as Acting Chief Executive Officer and continuing in her role as Chief Financial Officer, Claudia has led Etiqa Insurance Singapore through a period of sustained growth and transformation, strengthening the company’s foundations while driving initiatives focused on innovation, operational excellence, and customer-centricity. Her appointment reflects the Board’s confidence in her leadership and vision as the company embarks on its next phase of growth.
With more than 20 years of experience in the financial services and insurance industry, Claudia brings extensive expertise across finance, strategic planning, risk management, mergers and acquisitions, investor relations and auditing. Her career spans both the public and private sectors, including experience at the Monetary Authority of Singapore (MAS) and senior leadership roles within the insurance industry.
During her tenure at Etiqa, Claudia has helped build on the company’s strong momentum by supporting its growth agenda while advancing new initiatives. Her collaborative leadership approach and focus on long-term value creation have contributed to strengthening Etiqa’s capabilities for the future. She has also been an advocate for transforming the finance function from a traditional support role into a strategic business partner that helps create stronger outcomes for customers, employees and stakeholders.
“We are delighted to formally appoint Claudia Soh as CEO of Etiqa Insurance Singapore,” said Kamaludin, Group Chief Executive Officer, Etiqa Insurance and Takaful. “Claudia has demonstrated strong leadership, strategic clarity, operational excellence and resilience. Her ability to drive innovation, build strong teams and adapt to changing customer needs will continue to strengthen our market position in Singapore to deliver long-tern value for our customers, employees and stakeholders”
On her appointment, Claudia said, “I am honoured to undertake the role of CEO at Etiqa Insurance Singapore at a time of significant change for our industry. As customer expectations continue to evolve, we must remain agile, innovative and focused on delivering purposeful value. By combining digital innovation, data-driven insights and strong partnerships, we will continue to enhance the customer experience and help more individuals and businesses build financial confidence and resilience.”
Deepening Partnerships and Empowering Financial Readiness
As a leading composite insurer, Etiqa Insurance Singapore will continue to deepen its distribution capabilities and ecosystem partnerships to make protection more accessible and relevant to customers. Beyond its longstanding bancassurance partnership, Etiqa will work closely with Maybank to deliver more integrated financial and protection solutions, leveraging the strength of the Maybank network and customer ecosystem. Etiqa will also continue collaborating with partners across Singapore to develop innovative solutions that support customers’ evolving protection, savings and financial wellness needs.
Hashtag: #EtiqaInsuranceSingapore
https://www.etiqa.com.sg/The issuer is solely responsible for the content of this announcement.
About Etiqa Insurance Pte. Ltd. (Etiqa Insurance Singapore)
Protecting customers since 1961, Etiqa Insurance Pte. Ltd. (EIPL) is a life and general insurance company licensed and regulated by the Monetary Authority of Singapore and governed by the Insurance Act 1966. Having protected customers in Singapore since 1961 under the name United General Insurance Co. Sdn. Bhd., the company transitioned into the Singapore branch of Etiqa Insurance Berhad in 2009. Today, EIPL in Singapore stands as the pivotal operating entity of Etiqa Insurance Group, a leading insurance and takaful provider in ASEAN.
EIPL offers a comprehensive range of life and general insurance products accessible through its diverse distribution channels, including bancassurance, agents, brokers, financial advisers, partnerships, direct and online sales via Tiq by Etiqa. Etiqa is rated ‘A’ by credit rating agency Fitch for the group’s ‘Favorable’ business profile. The company is a member of the Maybank Group.
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Airwallex and Air Corporate Launch One-Step Setup for Hong Kong Startups to Deliver Day-One Transaction Readiness
New partnership turns incorporation into a transaction-ready business in a single application — and sponsors 10 founders every month with a free upgrade to the fully-managed Expert package
Hong Kong SAR– Media OutReach Newswire – 14 August 2026 – Air Corporate, a Hong Kong-based digital corporate services provider, and Airwallex, a leading global payments and financial platform for modern businesses, have announced a strategic partnership that eliminates one of the most persistent friction points in business setup: the need to complete two separate applications for company registration and opening a payment account. Through a single application with Air Corporate, eligible founders now receive both a registered Hong Kong legal entity and a live Airwallex multi-currency account. To mark the launch, Airwallex and Air Corporate are sponsoring 10 Air Corporate clients each month with a complimentary upgrade to the fully-managed Expert package, removing the cost barrier that has historically kept early-stage founders on slower, self-managed paths.
The Two-Application Problem
Until now, setting up a business in Hong Kong has required two distinct processes. A founder first incorporates the company, then separately applies to a bank or payment provider, often resubmitting the same KYC, director, and shareholder documents that were already provided during incorporation. Approval timelines vary, rejections occur, and an incorporated company may remain unable to transact after the registration is complete. For founders trying to move quickly, this gap between incorporation and payment readiness has long been an operational obstacle.
One Application, Two Outcomes: The Expert Package
The Expert package serves as the primary component of this initiative. When a client onboards with Air Corporate under this tier, Air Corporate facilitates the entire Airwallex account-opening process on their behalf, thereby eliminating duplicate paperwork and the need for separate submissions to multiple providers. This consolidated approach allows founders to proceed from incorporation to operational status in as little as one to two weeks, compared to the typical weeks to months required for traditional banking solutions.
The Sponsorship: 10 Founders Every Month
Airwallex and Air Corporate are sponsoring a complimentary Expert upgrade for 10 Air Corporate clients each month. Founders who qualify receive a fully managed Airwallex account opening service at no additional cost. This is the same service available through the paid Expert tier. Sponsorship spots reset each month, with new availability opening to qualifying founders on an ongoing basis. Eligibility applies to new Air Corporate clients proceeding with company registration in Hong Kong, and available spots can be confirmed directly with the Air Corporate team.
Why Hong Kong?
Hong Kong remains the leading jurisdiction for founders entering Asian markets. Offshore profits are not subject to local tax; there are no foreign exchange controls; incorporation is fast; and the territory serves as a direct gateway to Mainland China and ASEAN. For international businesses, Hong Kong company registration has become the standard first step in a regional expansion strategy, given that the legal, regulatory, and financial infrastructure required to operate internationally is already in place.
What Airwallex Brings to the Partnership
Airwallex provides the payment infrastructure that enables day-one operability. Its platform supports multi-currency accounts, local collection in major currencies, foreign exchange at market-leading rates, and global payouts, all managed from a single interface. For founders operating across borders, having this capability active from the moment of incorporation removes the lag that typically delays first revenue and complicates early cash flow management.
Speaker Quote
“Our goal at Airwallex has always been to empower businesses to scale globally without borders or operational friction. Partnering with Air Corporate allows us to tackle one of the earliest and most persistent bottlenecks that founders face: the lag between becoming a legal entity and actually being able to transact. By consolidating company registration and financial setup into a single, seamless step, we are giving startups day-one operability so they can focus entirely on growth and building momentum from the very start,” said Marcus Cheng, Associate Director, GTM Partnerships, SME & Growth, Airwallex Hong Kong.
Who This Is For
This solution is built for e-commerce brands, cross-border trade, professional service providers, , and first-time founders expanding into or out of Asia who need to be fully operational and able to collect payments upon registration, without having to manage two separate onboarding processes simultaneously.
Available Now
Founders can apply directly through Air Corporate and check the availability of the monthly sponsored Expert upgrade spots. Further information is available at Air-Corporate.com/hk/Airwallex. Terms and conditions apply.
Hashtag: #Air-Corporate
The issuer is solely responsible for the content of this announcement.
As a leading overseas payment service provider (PSP), PayerMax has integrated Rakuten Pay to enable international merchants to adopt this payment method in Japan. This integration marks a significant milestone in the technical collaboration, successfully supporting merchants in leveraging Rakuten Pay for their local operations.
The milestone not only enhances the localized payment experience for Last War players in Japan, but also demonstrates how international game publishers can leverage trusted local payment partnerships to accelerate market entry, strengthen localization and better engage Japanese consumers.
Connecting with Japanese Players Starts with Local Payments
As more global game publishers expand into Japan, localized payment experiences have become an increasingly important part of player acquisition, monetization and long-term growth.
As one of the flagship payment services within the Rakuten Ecosystem, Rakuten Pay plays a central role in Japan’s digital commerce landscape. The Rakuten Ecosystem connects more than 100 million registered members across e-commerce, financial services, travel, mobile and offline retail, and Rakuten Pay has become one of Japan’s most widely adopted local payment methods.
For international game publishers, integrating Rakuten Pay is about more than offering another payment option. It provides access to one of Japan’s most established consumer ecosystems, allowing games to deliver payment experiences aligned with local player preferences while building stronger engagement in one of the world’s most competitive gaming markets.
Supporting Last War Highlights PayerMax’s Local Payment Expertise in Japan
As one of the fastest-growing strategy games worldwide, Last War continues to expand its global footprint, with Japan representing one of its key strategic markets. As expectations for localized payment experiences continue to rise, enabling familiar and trusted local payment methods has become an important part of enhancing player experience and supporting sustainable growth.
With support from PayerMax, Last War successfully integrated Rakuten Pay, becoming a leading overseas game to support the payment method and offering Japanese players a more localized and seamless payment experience.
Designed to support international businesses entering Japan, PayerMax provides a unified payment solution that bridges the gap between global merchants and the local ecosystem. By leveraging PayerMax’s integration with Rakuten Pay, PayerMax serves as a gateway for international businesses to establish a strong presence in the Japanese market.
Faster Market Entry
Through PayerMax’s system integration with Rakuten Payment, eligible merchants benefit from a standardized integration pathway that shortens implementation timelines and accelerates go-to-market execution in Japan.
Reliable Compliance and Fund Management Enablement
Leveraging the established business relationships between PayerMax and Rakuten Pay, merchants are empowered to integrate Rakuten Pay through a streamlined, standardized pathway which is aligned with Japan’s local regulatory and operational requirements, thereby delivering a payment experience that resonates with the everyday spending habits of Japanese players. Furthermore, within this collaborative framework, PayerMax and Rakuten Pay facilitate the unified orchestration of critical processes including KYC, anti‑money laundering (AML) and fund management, effectively alleviating the operational complexities and associated costs of local payment execution. This enables merchants to refocus their resources on sustainable business growth and enriched player engagement.
Access to Japan’s Consumer Ecosystem
Through PayerMax, businesses can better engage local consumers, strengthen brand presence and build sustainable long-term growth in Japan.
The successful integration for Last War not only demonstrates the commercial value of the partnership between PayerMax and Rakuten Payment, but also provides a proven reference for more global game publishers and digital content companies expanding into Japan.
Executive Quotes
Hiroki Sogawa, Executive Officer, Rakuten Payment, said:
“We are pleased to partner with PayerMax and to see Last War, a leading title, successfully integrate Rakuten Pay as a payment option. Through this collaboration, we look forward to supporting more international businesses and digital content providers in delivering trusted, localized payment experiences for Japanese consumers.”
Will, APAC General Manager of PayerMax, said:
“Integrating with Rakuten Pay marks an important milestone in PayerMax’s expansion of local payment capabilities in Japan. The successful launch of Last War reflects the strength of our partnership and demonstrates our ability to help global game publishers and international businesses localize faster through trusted local payment infrastructure. Looking ahead, we will continue working with leading local payment partners worldwide to deliver secure, compliant and scalable payment solutions for global merchants.”
Strengthening Local Payment Infrastructure for Global Growth
The partnership with Rakuten Payment represents another important milestone in PayerMax’s strategy to strengthen local payment infrastructure across key global markets and further expand its local payment capabilities in Japan.
Today, PayerMax supports businesses across more than 150 markets and offers access to over 600 payment methods worldwide, backed by an extensive network of local payment partners spanning Japan, Southeast Asia, the Middle East, Latin America and other high-growth regions.
Rather than simply aggregating payment methods, PayerMax focuses on connecting businesses with the local payment ecosystems that shape consumer behavior in each market. By combining enterprise-grade payment technology with trusted local partnerships, PayerMax enables international businesses to localize faster, operate more efficiently and achieve sustainable global growth.
Hashtag: #PayerMax #RakutenPay
The issuer is solely responsible for the content of this announcement.
