Category: 3. Business

In an interview with Fortune, Zhang said that his company, known for cross-border payments and foreign exchange, has diversified its product suite into a slew of other offerings, including business banking accounts and spend management, putting it directly in competition with not only Ramp and Stripe, but also Mercury, Brex, Revolut and a who’s who of fintech giants. “We’re competing with too many people,” Zhang joked. 

Airwallex still lacks the name recognition of its rivals, at least in the U.S., but that could soon change as the company accelerates its push into North America and Europe. Founded in 2015, it took nine years for Airwallex to reach its first $500 million in annualized revenue, but only one more year for that to double to $1 billion. With gross profit margins above 60%, according to Zhang, Airwallex is quickly becoming a formidable player in the U.S. The company was last valued at $6 billion in a May funding round, compared to Ramp’s last valuation of $22.5 billion and Stripe’s $106 billion. 

After achieving cash flow positivity at the end of 2023, Airwallex decided to re-invest in the business but is on target to reach profitability once again in the fourth quarter of 2025, a spokesperson told Fortune.

“A lot of the reason we’ve succeeded is we’re an outsider,” Zhang said. “We’re not part of the Silicon Valley ecosystem.” 

From Melbourne to San Francisco

Many fintech companies focus on one key product, often using it as a wedge to expand further into a company’s financial suite. For Ramp, it was corporate credit cards; for Mercury, business bank accounts; and for Stripe, payment processing.

Founded in Melbourne, Airwallex later moved to the Asian finance hub of Singapore after launching in the country in early 2022. Zhang said that his company has had to be globally focused from day one, given Australia’s relatively small market. While its initial focus was cross-border payments, Zhang said the company’s revenue is now spread over an array of products, with business accounts similar to Mercury comprising 34% of its revenue, spend management 20%, and payments 30%. Airwallex also offers its global network of licenses and services to other fintech companies through API integrations, such as facilitating Brex, Rippling, and Deel’s international expansions. “Our real moat is the infrastructure, both on the regulatory side and on the financial services side, that we built over the last decade,” Zhang said. 

As Airwallex pushes into North America, including opening a U.S. headquarters in San Francisco last year, Zhang admits that he won’t compete with a company like Ramp on U.S. focused customers. Airwallex’s focus, instead, is on companies that want a global presence and need to be able to issue employee cards, open bank accounts, and pay merchants across dozens of jurisdictions. Zhang said that North America and Europe now comprise close to 40% of the company’s revenue after sitting at zero just a few years ago. 

“If you’re a U.S. company and you only have operations in Ohio, you better go with Ramp,” Zhang said. “But if you’re a U.S. company that wants to sell in Australia, wants to sell in Singapore, wants to sell in the U.K., wants to sell in Canada, wants to do that efficiently, and wants to have banking, payments, spend, and treasury management all in a single platform, that’s where Airwallex comes in.”

Like for most other companies, AI is top of mind for Airwallex, with Zhang working on a wallet product that he says will serve as foundational infrastructure for global agentic payments. He says that he wants the AI agents business to scale to a “few $100 million” before he considers going public. 

The company has also hired stablecoin developers, another buzzy area of fintech, though he remains skeptical that blockchain can solve global money movement better than existing options. “The merchant adoption is still very low and there’s nothing happening on the B2B [business-to-business] side,” he said. “I’m 99% skeptical, 1% probability.”   

The BESS market in Europe is experiencing unprecedented growth, propelled by the continent’s renewable energy ambitions and the urgent need for energy security. According to the European Association of Energy Storage (EASE), Europe requires about 187 GW of energy storage by 2030, wherein battery storage accounts for 122 GW of capacity. As of 2025, the European BESS market is projected to reach US$32.71 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 16.06% from 2025 to 2030.

BESS plays an important role in:

• Grid stability and flexibility: BESS can help balance supply and demand for renewable energy sources by storing surplus energy and releasing it when needed, making the grid more reliable.
• Supporting renewable integration: Storage mitigates the intermittency of wind and solar power by storing excess energy when production is high and releasing it when it is low.
• Decentralized energy management: By storing energy locally, microgrids reduce transmission losses and help optimize how power is used across loads.
• Cost management: Batteries optimize energy use during high-demand periods, which can lower operational costs.

European renewable projects are increasingly combining large-scale solar and wind farms with BESS to address grid congestion, manage the intermittency of renewables, and meet net zero targets. This momentum is supported by significant funding (projected to reach €30 billion by 2030 ), from the European Investment Bank and various national governments.

Regulatory developments 

The evolving European regulatory landscape plays a pivotal role in shaping BESS deployment. EU policies and national initiatives are boosting BESS through regulations such as the European Green Deal which drives BESS development through funding for clean technologies and innovation, supportive policies like the EU Battery Regulation for sustainable production, collection, and recycling.

The updated Electricity Market Design emphasizes flexibility and market integration, encouraging the development of energy storage as a market asset. Additionally, the Renewable Energy Directive (RED II) and upcoming Renewable Energy Package promote streamlined permitting processes and grid access for storage projects.

Companies subject to the Corporate Sustainability Reporting Directive (CSRD) must disclose their impact on the environment to help consumers and investors make sustainable choices, including risks associated with energy storage and renewable projects. 

Mitigating risks associated with BESS

Failing to adequately address BESS risks can lead to increased insurance premiums or even the inability to secure coverage, posing significant challenges for developers and operators. These risks may include:

• Fire and explosion: Lithium-ion batteries are the most dominant technology used in BESS. However, thermal runaway of a lithium battery cell results in uncontrollable risk in temperature and extreme fire hazards. Insurers require comprehensive safety protocols, fire suppression systems, and regular maintenance to mitigate these risks.
• Climate and environmental factors: Cold winters in Northern Europe can impair battery performance and longevity. Insurers often seek evidence of thermal management systems and weather-resistant designs.
• Environmental liability: The lifecycle of batteries involves manufacturing, transportation, and disposal, each with environmental risks. Insurers are increasingly emphasizing environmental liability coverage and sustainable disposal practices.
• Cybersecurity vulnerabilities: BESS are susceptible to cyberattacks that could disrupt operations or cause safety incidents. Cyber insurance policies can address these evolving threats.
• Performance and degradation risks: Batteries degrade over time, potentially leading to reduced performance and increased operational risks. Insurance policies may include coverage for performance degradation and associated costs.
• Business interruption: Reducing single points of failure can prevent business interruptions and revenue loss. Insurers generally prefer projects that route power to the grid separately from the BESS, protecting operations and revenue by isolating potential damage to individual components.
• Regulatory compliance: Europe’s safety and environmental standards, reinforced by the CSRD and other regulations, necessitate comprehensive documentation and compliance measures, which underwriters often scrutinize.

Strategies for effective risk management 

To navigate these risks, project developers and operators should consider:

• Engage early with your broker: Collaborate with your broker throughout the development phase to assess the insurance and bankability prospects of the BESS project. Coverage should align with project specifics and regional risk factors.
• Comply with lender requirements: Project owners and lenders must manage and, where appropriate, transfer project risks. For bankability, insurance policies should adequately protect assets and revenue, be timely and cost-effective, and align with lender security documentation requirements.
• Implement robust safety protocols: Incorporate advanced thermal management, fire suppression, and security measures to minimize risk exposure.
• Embrace environmental and lifecycle planning: Sustainable practices should be used for battery disposal and recycling, supported by appropriate insurance coverage.
• Strengthen cybersecurity measures: Invest in cybersecurity infrastructure and protocols, and secure cyber insurance policies to mitigate digital threats.
• Carry out regular maintenance and monitoring: Use advanced energy management systems to monitor battery health and performance, reducing operational risks.

Unlocking BESS opportunities

Europe’s commitment to renewable energy, sustainability, and the integration of innovative projects presents significant opportunities for BESS deployment. However, the unique regional risks — climate, environmental, safety, cybersecurity, and regulatory — necessitate tailored insurance solutions and proactive risk management strategies.

With extensive industry knowledge, Marsh offers market insights to help clients in Europe and globally make informed decisions regarding project development and investment, while mitigating risks and enhancing overall project viability.

Glen Zhang is a highly accomplished R&D executive with over 30 years of experience in designing and developing advanced materials and novel delivery systems for bioscience applications, with a strong focus on agriculture, including pesticide and biosolution formulations, seed coating and treatment, and application technology. Providing strategic expertise in technology, innovation, and intellectual property, Glen has successfully championed groundbreaking scientific advancements, led the commercialization of new products on both regional and global scales, and built strong, lasting relationships with customers. Glen holds a PhD from the University of Toronto.

The Tata Group is India’s largest conglomerate, with a combined market value of around €283 billion, as of March 2025. Some of its best known companies include Tata Steel, Air India, and Tata Motors, owner of Jaguar Land Rover.

Also within the group is Tata Elxsi, a design and engineering firm. Known for working closely with the Indian Space Research Organisation, the company has an additional focus on developing solutions for the automotive industry.

By 2035, the EU has decreed that no new internal combustion engine (ICE) cars will be sold in the bloc. But, with just ten years left on the clock, are we where we need to be?

In this episode of The Big Question, Hannah Brown is joined by Manoj Raghavan, CEO and Managing Director at Tata Elxsi, to discuss how design innovation could help Europe achieve its EV targets.

How many EV chargers does Europe need?

According to Manoj, the cost of EVs and the availability of chargers are the two key factors holding Europeans back from going electric.

“Europe needs, in my understanding, a minimum of three and a half million public charging points, and up to 8 million public charging points,” Manoj explained.

There’s currently estimated to be around 1 million chargers across Europe, mainly concentrated in major cities in the Netherlands, Germany and France.

“However, the challenge is not just about the number of public chargers, the challenge is also about the number of fast chargers that are available,” he added.

Right now in Europe, there’s only around one charger for every 13 EVs. Manoj estimated that number should be around 1:2 or 1:3, to make it a convenient option for the masses.

What’s more is that we need around 60-70% of those to be fast charging stations, but only 13% have that capacity right now, he said.

“As you have more EVs on the road and especially during either peak hours or during holiday season, when everybody is on the roads and the chargers are clogged, that doesn’t give a good user experience, so people will soon start missing their ICE engines,” Manoj added.

“So I think unless the charging infrastructure keeps up, it will be difficult for the EV industry to sustain growth.”

Battery innovation

EVs have been around a little while now, meaning issues with battery fires, faults and costs have been dramatically reduced, though many would argue that high prices remain a barrier to uptake.

One of the major issues facing the industry today is the cost, both financially and to the planet, of the raw materials to make the batteries and the security of their supply.

“I think the best-case situation for Mother Earth is that we have some alternate material that is available in abundance. Maybe silicon, maybe sand, maybe sodium and so on — there’s a lot of research that is happening, in which case, then, we really don’t need to do all this mining for lithium and the other rare earth heavy metals,” Manoj explained.

Manoj also suggested that the development of new battery materials will, over the next 5 to 10 years, allow users to add 1000km of range within 5 minutes.

He also stressed the need to boost recycling capacity for the current generation of EV batteries. In a 2024 report published by NGO Transport & Environment, it’s estimated that local recycling of EVs batteries could provide enough metals to produce over 2 million EVs in 2030 in Europe.

“Tata Elxsi has built a battery passport solution…to really help companies track some of these materials right from the mining all the way up to end of life and second use,” Manoj explained.

“[Manufacturers] definitely need to have such a solution because as they launch vehicles, there will be multiple variants of batteries that will be in the field. Even for them, it’ll be a nightmare to manage all the types of batteries that they are selling, and tracking each of them.”

He continued: “So along with the [battery passport], you also have the digital twin solution that we have built, where we can really track the performance of each battery. You can go down to the cell level as well. So, these are all tools and techniques that are available and of course, by using some of these, what we do is we encourage recyclability, we encourage reuse of lithium, and so eventually hope that it will reduce the stress on Mother Earth.”

The Big Questionis a series from Euronews Business where we sit down with industry leaders and experts to discuss some of the most important topics on today’s agenda.

Watch the video above to see the full discussion with Tata Elxsi’s Manoj Raghavan.

MARKET WRAPS

Watch For:

Manufacturing PMI for eurozone, U.K., Germany, France, Italy; trading update from Ryanair

Opening Call:

European stock futures traded higher early Monday. Asian stock benchmarks were up; the dollar weakened; Treasury yields were unchanged; while oil futures and gold strengthened.

Equities:

Stock futures started the new month higher, after the Organization of the Petroleum Exporting countries and their allies agreed to boost oil production next month but pause further production gains for the first three months of 2026.

Market participants would have looked to a U.S. jobs report for direction this week, but with the continuing government shutdown, the report is suspended for now. Economists and investment analysts anticipate that once more jobs data becomes available, it may reveal a more sobering picture of the labor market.

“If you enter a period where you’ve got net job losses, eventually it’s going to hit the economy and it’s going to hit equity markets,” said Luke Tilley, chief economist at Wilmington Trust.

Forex:

The U.S. dollar is likely to bottom in early 2026, as the Federal Reserve is expected to cut interest rates further and there is a lack of clarity over who the next Federal Open Market Committee chair will be, HSBC Global Investment Research said.

The bank said that dollar bears will face fresh tests this week, with several Fed speakers and U.S. activity indicators on the radar. ISM purchasing managers index readings and the ADP national employment report due this week will likely play a bigger role in driving the dollar over the coming days, it added.

Bonds:

Europe’s three biggest economies are stuck in a cycle of weak growth, leading to widening budget deficits. France is the epicenter of this shift and remains mired in a budget and political crisis, while the U.K. is eyeing tax hikes to try to narrow the gap and avoid spooking markets. Famously frugal Germany and the Netherlands are taking on debt, albeit from lower levels.

Meanwhile, southern countries like Spain have emerged as a rare bright spot for European growth, with governments that 15 years ago faced insolvency like Greece running nearly balanced books.

“The fiscal homework was done in southern Europe in the aftermath of the sovereign debt crisis,” said Filippo Taddei, a senior economist at Goldman Sachs. “In each of these countries, the fiscal outlook is remarkably more cautious than in the case of France, or even the Netherlands and Germany.”

Energy:

Brent crude oil is expected to trade in a range of $60-$65 a barrel in 2026, MBSB Research analysts said. Oil supply is projected to rise by an additional 2.4 million barrels a day next year. Downside risks are expected to persist due to a rising supply surplus that demand might struggle to absorb fully.

Growth could also be modest on the demand side, they said. However, a few factors could help support oil prices above $60 a barrel despite the anticipated supply-demand imbalance. These include China’s efforts at oil stockpiling and potentially lower Russian supply due to recent U.S. sanctions.

Metals:

“Investors in China were disappointed with new legislation from the Ministry of Finance that scrapped a long-standing gold tax incentive,” ANZ Research analysts said in a report, citing reports of China’s Finance Ministry ending a tax incentive for sales of the precious metal effective Nov. 1.

Retail investors are no longer able to offset the value-added tax when selling gold bought from the Shanghai Gold Exchange, the analysts added. The regulatory move could have wide repercussions as China is one of the world’s biggest gold consumers.

–

Copper fell, after disappointing economic data from China raised concerns about weaker demand, ANZ Research analysts said in a note. Fed Chair Powell’s comments about reining in expectations for a December rate cut also likely weighed on sentiment, they added.

–

Iron ore weakened in Asian trading. Short-term positive factors on macroeconomic levels have largely been priced in, and focus is shifting back to fundamentals, Nanhua Futures analysts said.

Supply stays elevated and port inventories continue to build, they said. If the pressures persist, current valuations could face correction risks, the analysts added.

TODAY’S TOP HEADLINES

Europe’s Role Reversal: The Problem Economies Are Now Further North

The European debt crisis of the early 2010s created an image of a continent cleaved in two: The fiscally responsible core countries led by Germany versus the spendthrift southern periphery of Portugal, Italy, Greece and Spain-disdainfully dubbed PIGS.

Nowadays, there has been a role reversal. Europe’s three biggest economies are stuck in a cycle of weak growth, leading to widening budget deficits. France is the epicenter of this shift and remains mired in a budget and political crisis, while the U.K. is eyeing tax hikes to try to narrow the gap and avoid spooking markets. Famously frugal Germany and the Netherlands are taking on debt, albeit from lower levels.

How the U.S. Economy Has Defied Doomsday Predictions on Tariffs

When President Trump announced sweeping tariffs in April, economists predicted surging inflation and raised the odds of a recession. Companies and consumers stockpiled to get ahead of price rises. Those worries now seem overblown.

Inflation, while too high, is lower than forecasts. And the economy continues to grow despite the steepest tariffs in almost a century.

The Latest Buzzy Tech Investment: Ukrainian Drones

Ukraine has pioneered the use of drones in battle. Now Western investors are trying to get a piece of the action.

Foreign investment in Ukrainian drone makers and other defense technology has risen this year, founders and investors say, driven by the prospect of the battle-tested technology winning a slice of rising military spending.

OPEC and Allies Agree to Boost Oil Production, Then Pause

The Organization of the Petroleum Exporting Countries and its allies agreed to boost oil production next month but signaled they would soon pause output increases.

Eight OPEC+ members led by Saudi Arabia said they would raise production by 137,000 barrels a day in December-the same output increase agreed on for November and October-the group said Sunday after an online meeting.

Why Pfizer Can Still Prevail in the Obesity Fight With Novo Nordisk

The gloves are off in the obesity-drug fight. But Novo Nordisk might be swinging so hard it risks losing its balance.

The maker of Ozempic has been losing ground to Eli Lilly and a crop of copycat GLP-1 makers such as Hims & Hers Health. Novo’s new chief executive, Mike Doustdar, deserves credit for shaking up a once-stodgy Danish pharma with a move fast and break things mindset. He inherited a company rapidly ceding share, and his response has been urgent: layoffs to free up cash for reinvestment, and a dealmaking spree that included the acquisition of Akero Therapeutics, a company with a liver-disease treatment, for up to $5.2 billion.

Write to singaporeeditors@dowjones.com

Expected Major Events for Monday

01:01/IRL: Oct Ireland Manufacturing PMI

05:30/NED: Sep Retail turnover

06:00/NED: Oct Netherlands Manufacturing PMI

07:00/TUR: Oct Turkey Manufacturing PMI

07:00/TUR: Oct CPI

07:00/TUR: Oct PPI

07:30/SWI: Oct CPI

08:00/POL: Oct Poland Manufacturing PMI

08:15/SPN: Oct Spain Manufacturing PMI

08:30/CZE: Oct Czech Republic Manufacturing PMI

08:30/SWI: Oct procure.ch Purchasing Managers’ Index

08:45/ITA: Oct Italy Manufacturing PMI

08:50/FRA: Oct France Manufacturing PMI

08:55/GER: Oct Germany Manufacturing PMI

09:00/GRE: Oct Greece Manufacturing PMI

09:00/EU: Oct Eurozone Manufacturing PMI

09:30/UK: Oct S&P Global UK Manufacturing PMI

10:00/CYP: Sep Retail trade

16:59/AUT: Oct Unemployment figures

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  November 03, 2025 00:26 ET (05:26 GMT)
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US President Donald Trump says he does not know who Changpeng Zhao is, despite pardoning the cryptocurrency multi-billionaire last month.

Trump was asked about the pardon during an interview with CBS News’ 60 Minutes programme, which was broadcast on Sunday.

Zhao, who is also known as “CZ”, pleaded guilty to enabling money laundering in 2023. He served four months in prison and agreed to step down as the chief executive of Binance, the crypto exchange he co-founded.

His companies have partnered with firms linked to Trump on new digital-currency projects including Dominari Holdings, where his sons sit on the board of advisers and which is based in Trump Tower.

The host of 60 Minutes, Norah O’Donnell, asked Trump why he pardoned Zhao even though government prosecutors had said he caused “significant harm to US national security.”

“Okay, are you ready? I don’t know who he is”, the president responded.

Trump added that he did not recall meeting Zhao and had “no idea who he is”, only that he had been told that the businessman was a victim of a “witch hunt” by the administration of former US president Joe Biden.

During the interview, Trump also discussed his support for cryptocurrencies and said that the US had to make sure it was a leader in the industry or risk China and its rivals gaining an advantage in the emerging technology.

The president’s pardon lifts restrictions that had stopped Zhao from running financial ventures, but it is unclear whether it changes his standing with US regulators or his role at Binance.

At the time of the pardon, White House Press Secretary Karoline Leavitt called Zhao’s prosecution under the Biden administration part of a “war on cryptocurrency”, pushing back on critics who said the pardon appeared motivated by Trump’s personal financial interests.

“This was an overly prosecuted case by the Biden administration,” she said, adding that the case had been “thoroughly reviewed”. “So the president wants to correct this overreach of the Biden administration’s misjustice and he exercised his constitutional authority to do so.”

The Binance platform remains the most used crypto exchange in the world for trading digital assets.

The Trump administration previously halted a fraud case against crypto entrepreneur Justin Sun, after his investments in the Trump family’s crypto firm, World Liberty Financial.

He has also pardoned founders of the crypto exchange BitMEX, who faced charges related to money laundering, and Ross Ulbricht, founder of the Silk Road, the dark web marketplace known as a place for drug trade.