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India Stalls Alipay+ Proposal to Link With UPI Over China Security, Data Concerns

By
Samuel Nwite
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0

India has stalled a proposal by Alipay+ to connect with the country’s instant payments network, Unified Payments Interface (UPI), over national security concerns and questions about how customer and transaction data would be processed and stored, according to three people familiar with the discussions cited by Reuters.

The decision, once again, brings to the fore the continuing sensitivity around Chinese involvement in India’s financial services sector, even as New Delhi and Beijing seek to stabilize relations following years of diplomatic and economic tensions.

Alipay+, operated by Singapore-based Ant International, submitted the proposal in January. It would have been the first initiative by a China-linked company in India’s financial services sector since New Delhi imposed tighter restrictions on Chinese investment following the deadly 2020 border clash between the two countries.

The proposal comes at a potentially significant moment in bilateral relations. India and China have been working to maintain peace along their disputed border, while Chinese President Xi Jinping is expected to visit New Delhi later this month for a BRICS summit, an event that could provide another opportunity for the two governments to improve ties.

India’s concerns over the Alipay+ proposal are linked to the company’s Chinese origins, potential data-security vulnerabilities and the possibility that customer information could be misused, the sources said.

Alipay+ proposed linking its payments network with UPI so that Indian travelers visiting China, Hong Kong and other Asian markets could use their domestic payment accounts at more than 150 million merchants within the Alipay+ network, Reuters reported when the proposal was first made.

A second phase would have allowed foreign visitors to India to use Alipay+ at merchants connected to UPI.

One of the sources said India’s foreign ministry had cited “political grounds” for putting the proposal on hold and that there was currently no clear route to resolving the objections.

Indian law enforcement agencies have also raised concerns over potential money-laundering risks and the possibility that data breaches could expose users to cyberfraud, two of the sources said.

The scrutiny goes beyond the basic question of whether payments can be processed securely.

Authorities are examining how transaction information would be handled, where it would be stored, who would have access to it and how disputes would be resolved, according to one of the sources. Such checks are standard for cross-border payment arrangements, but the review is considerably more stringent when a Chinese-linked company is involved, the person said.

That makes data governance a central issue for any attempt to connect Alipay+ to UPI. Cross-border payment links require the exchange and processing of transaction information across jurisdictions, creating questions for regulators over data localization, access controls, cybersecurity and oversight.

India’s financial system remains particularly sensitive to these issues because UPI has become a core part of the country’s digital payments infrastructure.

Alipay+ is operated by Ant International, a Singapore-based digital payments and financial technology company that was separated from China’s Ant Group as an independent company in 2024.

Its Singapore corporate structure does not eliminate the political and regulatory concerns surrounding its Chinese origins.

India imposed tighter restrictions on Chinese investment after the 2020 border confrontation, when relations between the two countries deteriorated sharply. New Delhi eased some restrictions on Chinese companies in March as bilateral relations began to improve, but the financial sector remains closely guarded, one of the sources said.

The Alipay+ case shows the limits of that rapprochement.

For India, opening parts of its payments infrastructure to a China-linked company carries considerations that extend beyond commercial benefits. UPI is one of the country’s most important pieces of digital infrastructure, and the government has sought greater control over financial data and payment networks as digital transactions have expanded.

At the same time, a connection with Alipay+ could provide Indian travelers with a more seamless way to make payments abroad while potentially reducing dependence on cards and traditional cross-border payment channels.

The proposal also comes as UPI and Alipay+ pursue wider international expansion.

India has been promoting UPI as a global payments platform, establishing links or partnerships with payment systems in markets including Malaysia, the Philippines, South Korea, Singapore and France. The objective is to make cross-border payments faster and less expensive while increasing the international reach of India’s digital-payments infrastructure.

Alipay+ has pursued a similar strategy by connecting different national and regional payment systems to its merchant network.

The potential market is substantial. Outbound cross-border payments from the Asia-Pacific region are expected to reach $23.8 trillion by 2032, almost double their 2024 level, according to data provider FXC Intelligence. That growth is encouraging governments and payment companies to connect domestic instant-payment systems rather than relying exclusively on traditional card networks and correspondent banking arrangements.

However, analysts expect that India’s expanding UPI internationally must be balanced against control over critical financial infrastructure and sensitive customer information. The Alipay+ proposal therefore sits at the intersection of two competing priorities: India’s push to make UPI a globally connected payments platform and New Delhi’s determination to maintain strict oversight of Chinese-linked companies and financial data.

The third source said the national security concerns had complicated the decision even though an Alipay+-UPI connection could deliver significant benefits for cross-border payments.

Dutch Central Bank Moves 86 Tons of Gold to London as Geopolitical Risks Rise

By
Samuel Nwite
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0

The Dutch central bank has moved about 86 metric tons of gold from storage in the United States and Canada to the United Kingdom, citing rising geopolitical tensions and the need to strengthen its ability to mobilize its reserves during a crisis.

De Nederlandsche Bank (DNB) said Wednesday that slightly more than one-quarter of its gold reserves held in New York and Ottawa were transferred to London between March and August. The gold is now stored at the Bank of England, one of the world’s major hubs for the storage and trading of monetary gold.

DNB said the relocation was primarily a contingency-planning measure designed to improve the liquidity and tradability of its gold holdings as geopolitical uncertainty increases.

Gold stored at the Bank of England can meet international trading standards and is considered among the world’s most readily tradable forms of bullion, allowing it to be mobilized more directly if the central bank needs to raise liquidity or conduct transactions during a financial or geopolitical emergency.

By comparison, DNB said gold held in the United States and Canada could not be deployed as quickly or as directly in a crisis.

“With this relocation, we have improved the tradability of our gold reserves. We expect that we will never need to use them, but we do need to strengthen our resilience and preparedness,” DNB Governor Olaf Sleijpen said.

The decision comes as governments and central banks reassess the location and accessibility of strategic reserves against a backdrop of heightened geopolitical tensions, disruptions to global trade routes and growing concern over the resilience of the international financial system.

The move also comes during an exceptional rally in gold. The metal, traditionally viewed as a store of value during periods of inflation, financial stress and geopolitical instability, has risen sharply over the past year. Gold was recently trading around $4,429.61 an ounce, up nearly 1% in the latest session and roughly 25% higher than a year earlier.

The continuing tensions involving the United States and Iran, particularly around the strategically important Strait of Hormuz, have added another layer of uncertainty to global markets. The prolonged disruption to the waterway has affected energy supplies, inflation expectations, shipping costs and financial-market risk appetite.

For DNB, however, the gold transfer is less about making a directional bet on gold prices than ensuring that the asset can actually be used when needed.

Gold is valuable as a reserve asset not only because of its market price but also because it carries no direct counterparty risk and can potentially be exchanged for currencies or used as collateral. The physical location of bullion therefore becomes relevant when authorities are planning for extreme scenarios in which access to financial markets could be impaired.

The Netherlands is not alone in reassessing where its gold is held. The Banque de France moved 129 metric tons of gold from the Federal Reserve Bank of New York between July 2025 and January 2026. French central bank Governor François Villeroy de Galhau said at the time that the relocation was not politically motivated.

The Dutch move similarly does not necessarily signal a loss of confidence in the United States or Canada. Rather, it points to a broader effort by central banks to diversify the geographic location of their reserves and reduce dependence on any single storage or financial jurisdiction.

Following the latest transfer, DNB said its gold holdings are now more geographically balanced. London accounts for 32.1% of its gold reserves, while 30.8% is held at DNB’s cash center in Zeist in the Netherlands. New York and Ottawa each account for 18.5%.

The redistribution gives DNB a larger concentration of bullion in London, where the established gold market infrastructure provides access to a deep network of banks, trading counterparties, clearing arrangements and bullion-market participants.

The shift also illustrates how the role of gold in central-bank reserve management is changing. After decades in which some institutions reduced their gold holdings in favor of foreign-exchange assets, central banks have increasingly emphasized gold as a strategic reserve asset amid geopolitical fragmentation, sanctions risk, inflation uncertainty and concerns over the security of cross-border financial assets.

The issue is not simply whether gold prices will continue rising. It is whether central banks can access their reserves quickly under circumstances in which conventional financial channels become disrupted.

DNB’s decision therefore underpins a relatively practical form of geopolitical risk management: rather than predicting where the next crisis will emerge, the central bank is positioning part of its reserves so they can be converted into liquidity more efficiently if circumstances require it.

Global Stocks, Bonds, Oil Rally as Investors Reassess Fed Rate Outlook Amid Iran Tensions

By
Samuel Nwite
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0

Global stocks and bonds rallied on Thursday as investors weighed fresh U.S. economic data and comments from Federal Reserve officials for clues on whether the central bank will raise interest rates this month, while a sharp rebound in the yen and renewed military strikes between the United States and Iran kept markets on edge.

A recovery in global bond markets helped improve sentiment across equities, even as investors continued to grapple with elevated government borrowing costs, geopolitical risks and uncertainty over the outlook for monetary policy.

The STOXX 600 rose 0.2% in Europe, snapping a three-day losing streak, while U.S. stock futures gained about 0.1%.

In U.S. premarket trading, Broadcom shares fell roughly 2% after the chipmaker issued a fourth-quarter revenue forecast that fell short of market expectations. Snowflake shares, meanwhile, surged more than 20% after the cloud data platform provider raised its annual revenue outlook.

The immediate focus for investors is Friday’s U.S. nonfarm payrolls report, which could provide a crucial signal on the health of the labor market after weaker-than-expected private employment data for August.

Fed Governor Christopher Waller is also scheduled to speak, following comments from New York Fed President John Williams on Wednesday that rising long-term Treasury yields appeared to reflect a solid economy rather than heightened inflation concerns.

Williams said he was still gathering information before making his next monetary-policy decision.

Markets have nevertheless become increasingly cautious about the Fed’s policy path. Money markets were pricing in roughly a 60% probability of a rate hike this month, up from less than 40% a week earlier.

That shift has added to volatility across bonds and currencies, particularly as investors attempt to determine whether elevated yields are being driven by inflation, fiscal concerns and geopolitical risk or by stronger underlying economic growth.

“There is an interpretation about why yields are moving higher — is it good, or bad? I feel that the negative reasons are more often put forward than the positive reasons,” said Samy Chaar, chief economist at Lombard Odier.

He pointed to concerns over heavy government debt issuance, fiscal risks, geopolitics and the normalization of risk premiums as oil prices rise, but said stronger nominal economic growth could also explain higher yields.

“If demand is strong and it’s demand that is keeping yields at high levels, it’s quite a good environment for multi-asset portfolios, in the sense that you want to be exposed to profit growth with equities, and you want to be exposed to carry as well, with credit,” Chaar said.

Bond Yields Retreat from Recent Highs

Sovereign bond yields fell on Thursday after reaching multiyear highs over the past week as markets priced in tighter monetary policy and growing concerns about government finances.

The benchmark U.S. 10-year Treasury yield fell 2 basis points to 4.77%, while Germany’s 10-year Bund yield also declined 2 basis points to 3.353%. The retreat provided some relief to equity investors because lower long-term yields can reduce the discount rate applied to future corporate earnings and make fixed-income assets relatively less attractive compared with stocks.

But the broader bond-market backdrop remains challenging. Investors are confronting heavy government borrowing requirements at the same time that central banks are reassessing the pace and direction of interest-rate policy.

That has made Friday’s payrolls report attractive. A strong labor-market reading could reinforce expectations for tighter monetary policy, while signs of further deterioration in employment could strengthen the case for a shift toward easier policy.

Yen Surges As BOJ Rate Expectations Build

Currency markets delivered an even stronger signal of changing expectations. The yen rose more than 2.5% over the previous two sessions to around 156.1 per dollar, putting it on course for its strongest two-day advance since coordinated U.S.-Japanese intervention in early August.

The move pushed the dollar index down 0.4%.

The yen’s rally has been fueled by growing expectations that the Bank of Japan could raise interest rates sooner rather than later. A stronger yen also reflects a narrowing of the interest-rate advantage that has supported the currency’s weakness for much of the past several years.

The dollar fell 0.5% against the Swiss franc, while the euro gained 0.18% to about $1.1609 and sterling rose 0.1% to $1.349.

The speed of the yen’s appreciation is likely to keep investors alert to the risk of further official intervention, particularly given the currency’s history of sharp moves when Japanese authorities have signaled concern over excessive depreciation.

Oil Rises As U.S.-Iran Conflict Adds Risk Premium

Oil markets remained highly sensitive to developments in the Middle East as the United States and Iran exchanged their largest barrage of attacks since July, reviving concerns that the conflict could broaden across the region.

Brent crude rose about 1% to $96.62 a barrel, extending its advance to a fourth consecutive session.

The latest military escalation has injected a fresh geopolitical risk premium into oil prices, with investors focused on the possibility that a broader conflict could disrupt crude production, exports or key shipping routes.

The rise in oil prices presents an additional complication for central banks. Higher energy costs can feed inflation while simultaneously weakening household purchasing power, potentially making it harder for policymakers to respond to slowing economic activity with lower interest rates.

Gold Gains As Investors Seek Protection

Gold also advanced, rising 1.1% to $4,434 an ounce. The metal is now nearly 13% above its seven-month low in June.

Geopolitical uncertainty has supported demand for the traditional safe-haven asset, while concerns over the long-term purchasing power of the U.S. dollar have provided another source of support.

The latest evidence of central-bank demand came from the Netherlands. The Dutch central bank said on Wednesday that it had moved a substantial portion of its gold reserves from North America to vaults in London over the previous six months, saying the relocation would improve its preparedness for a potential crisis.

The move adds to a broader pattern of central banks paying greater attention to the location and accessibility of their gold reserves amid heightened geopolitical uncertainty.

For global investors, Thursday’s market moves point to an increasingly complicated policy environment. Equities are benefiting from signs of economic resilience, bonds are caught between stronger growth and fiscal and inflation risks, currencies are responding to divergent central-bank expectations, and commodities are carrying a larger geopolitical premium.

The next major test will come from the U.S. payrolls report. A strong reading could revive the recent selloff in bonds by strengthening expectations for tighter Fed policy, while a weak report could reinforce the case for monetary easing and provide further support for risk assets.

Uber Launches Wayve-Powered Robotaxis in London as Britain Accelerates Autonomous Driving Push

By
Samuel Nwite
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0

Uber launched autonomous rides in London on Thursday using artificial-intelligence technology developed by British self-driving company Wayve, bringing robotaxis to the British capital as the ride-hailing giant expands its autonomous mobility operations across Europe.

The launch makes London the second European city where Uber offers autonomous rides, following the introduction of robotaxi services in Zagreb.

The initial service will operate with a licensed safety operator in the vehicle to monitor the autonomous system, with fully driverless operations planned for a later stage once regulatory requirements are met, the companies said.

Passengers requesting UberX, Uber Comfort or Uber Electric rides could be matched with a Wayve-powered Ford Mustang Mach-E at no additional charge. Fewer than 20 vehicles will be available when the service launches.

The limited fleet marks an early commercial test of autonomous driving technology in one of Europe’s most complicated urban environments. Uber and Wayve will be able to gather operational data and consumer feedback while regulators assess how the technology performs on London’s roads.

Uber’s Global Head of Autonomous Mobility, Sarfraz Maredia, said the service would help the companies demonstrate the technology’s capabilities to both passengers and policymakers.

The launch would “build credibility with consumers as well as with the government,” Maredia said.

British Transport Secretary Heidi Alexander described the rollout as an important step for the country’s autonomous-vehicle industry.

“This is a major milestone for the future of transport in London, as British innovation brings this technology onto our roads and gives passengers more choice,” Alexander said.

Despite Thursday’s launch, widespread driverless operation in London remains subject to regulatory approval. Transport for London, the city’s transport authority, has yet to authorize fully driverless commercial services, leaving a licensed operator in the vehicle during the initial phase.

That makes the London rollout both a technology demonstration and a test of Britain’s regulatory framework for autonomous vehicles. The companies will need to show that the system can operate safely across London’s dense traffic, complex road layouts, cyclists, pedestrians and frequently changing weather conditions before removing the human safety operator.

Wayve’s autonomous driving system, known as the Wayve AI Driver, is designed to learn from driving experience in a manner similar to a human driver. The company said the system can adapt to new roads, vehicles, weather conditions, and cities rather than relying solely on detailed pre-programmed maps and fixed driving rules.

That approach is central to Wayve’s technology strategy and could give it an advantage as autonomous vehicle companies seek to expand beyond tightly controlled operating zones.

Alex Kendall, Wayve’s chief executive and co-founder, said London was an appropriate location for the company’s first public deployment.

“We’re proud to introduce the Wayve AI Driver to the public for the first time right here in London, our home city and one of the most complex driving environments in the world,” Kendall said.

The rollout builds on Uber’s partnership with Wayve, which began in 2024 and included an investment by the ride-hailing company. The agreement was designed to support the deployment of Wayve-powered autonomous vehicles across multiple markets.

For Uber, autonomous vehicles offer a potential way to expand ride capacity while reducing the industry’s dependence on human drivers over the longer term. Rather than developing its own autonomous-driving system, Uber has pursued partnerships with technology companies and vehicle manufacturers, allowing it to focus on its ride-hailing platform and customer network.

The London launch also comes as competition in autonomous mobility intensifies. Companies across the industry are moving from testing self-driving technology to limited commercial deployments, making regulatory approval, safety performance and consumer acceptance important competitive factors.

Wayve’s London deployment is notable because the company is seeking to demonstrate that its AI-based approach can generalize across different driving environments. Successfully handling London’s unusually complex streets could provide an important validation of the technology as Wayve looks to expand internationally.

For now, the small fleet and continued presence of safety operators mean the service remains far from a fully autonomous transportation network. But the launch marks a transition from testing the technology to putting it directly in front of paying passengers. The next test will hinge on Wayve and Uber’s ability to demonstrate enough safety and reliability to convince regulators to remove the human operator and allow the service to scale beyond a handful of vehicles.

EUR/JPY, Bitcoin and Nvidia: Three Signals Shaping the Market

By
Paul Ugbede Godwin
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0

Global markets are entering September with three developments demanding attention: Arthur Hayes’ warning that a falling EUR/JPY could become an early liquidity signal.

Bitcoin’s technical struggle around its neckline with $71,000 in focus, and a major Nvidia insider filing that could test investor confidence in the artificial-intelligence trade.

Hayes, the BitMEX co-founder and current Maelstrom chief investment officer, argues that traders should pay close attention to the euro-yen exchange rate because it can provide an early indication of stress moving through global funding markets.

In his latest analysis, Hayes identified EUR/JPY as his macro “North Star,” arguing that a sharp decline could reveal growing pressure in European financial markets and eventually force additional liquidity support.

The logic is important for Bitcoin. A falling EUR/JPY can reflect changing interest-rate expectations, unwinding carry trades and rising demand for safer funding conditions. Hayes’ thesis is that if funding stress becomes severe enough, central banks—particularly the Federal Reserve—could eventually respond with additional liquidity measures.

Such an environment could become supportive for scarce assets such as Bitcoin, even if the initial market reaction is risk-off. Hayes has suggested EUR/JPY could eventually fall substantially from current levels, making the currency pair a potentially important warning indicator for crypto traders.

Bitcoin itself is currently caught between bullish momentum and a renewed technical test.

The cryptocurrency recently broke above the $71,000 area during its broader recovery, but analysts are now watching whether it can reclaim and hold important technical levels after losing an ascending neckline.

One technical setup identifies $71,000 as a potential downside target if the neckline retest fails. Conversely, a sustained recovery above the neckline would invalidate much of the bearish setup.

The broader chart structure remains more constructive than it was earlier in the year. Reuters noted that Bitcoin’s recent rally pushed it above several major moving averages and broke a sequence of lower highs associated with the previous bearish trend.

However, maintaining levels above roughly $71,781 remains important. A failure there could reopen lower support zones, while a stronger breakout could eventually expose significantly higher resistance.

While crypto traders monitor liquidity and technical levels, Nvidia investors are confronting a different kind of signal: insider selling. Nvidia director Mark Stevens has filed notice relating to the sale of five million Class A shares valued at approximately $1.09 billion.

The filing follows additional disposals this year, bringing the value of his potential and completed sales substantially higher. Yet the market has not interpreted the filing as an immediate bearish signal.

Nvidia shares recently climbed as investors continued to focus on the company’s powerful AI growth, while its acquisition of Hugging Face has reinforced expectations that Nvidia wants to deepen its position across the AI software ecosystem.

Nvidia officially disclosed the acquisition agreement in a September 2 filing. The three stories ultimately point to the same underlying theme: markets are becoming increasingly sensitive to liquidity, positioning and confidence.

EUR/JPY may provide an early macro warning, Bitcoin’s neckline could determine whether its recovery extends or reverses, and Nvidia’s insider activity offers a reminder that even the strongest AI trade can encounter profit-taking.

For investors, the message is not that any single indicator guarantees the next move. Instead, the interaction between currencies, liquidity, technical momentum and equity positioning may determine whether September becomes another leg higher—or the beginning of a broader market repricing.

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