The risks of letting AI run free

Jofie, Tech in AsiaOct 29, 2026

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IN FOCUS

The next big cybersecurity gap is protecting AI agents
Singapore could be an early winner in the robotaxi race
The list of 50 most funded AI startups in Asia

Hello [subscriber],

Concerns about AI potentially wiping out humanity have long been around, driven by predictions that the tech could become increasingly intelligent and eventually surpass human capabilities.

It’s frightening to imagine. But given how quickly AI is advancing, the risks may be closer to reality than we think.

Cybersecurity offers one example. The recent discovery of critical vulnerabilities in PHP, a programming language used by much of the internet, shows how AI can help researchers uncover flaws that went undetected for years.

But once vulnerabilities are identified, AI could also help attackers exploit them faster, leaving companies with less time to respond.

So while AI can strengthen digital security, it can also be a double-edged sword.

In today’s first Top Story, Llama Ventures principal Kyle Qi examines how the PHP incident exposes a broader question: Who is responsible for keeping AI agents in check?

Companies are increasingly exploring ways to give AI agents the autonomy to identify and fix bugs. But letting these agents modify systems with little human oversight raises its own security risks, particularly when their actions go beyond what they are meant to do.

Meanwhile, Waymo, Alphabet’s autonomous driving company, plans to launch a driverless ride-hailing service in Singapore by 2028. The move will test the economics of autonomous vehicles (AV).

In an interview with The Business Times’ Derryn Wong, Waymo co-founder Sebastian Thrun said AV tech had reached a point where economics, rather than safety concerns, had become the main factor determining its adoption.

Read more in the second Top Story below.

Jofie Yordan, journalist

Image credit: Ulla

AI can now find security flaws and turn them into working attacks faster than companies can respond. As businesses give AI agents more freedom to act, repeated security failures show how easily they can reach systems they shouldn’t.

While major cybersecurity firms are buying tools to secure AI models, only a few are addressing what agents can access and act on once deployed. This gap could create the next big cybersecurity company, but investors still need to prove that demand can translate into a viable business.

2️⃣ High car costs give Singapore a robotaxi edge: Waymo founder

The city-state’s high car ownership costs could make it one of the first markets where taking a robotaxi is more economical than owning a car. Waymo’s planned 2028 launch will also test whether self-driving taxis can compete with conventional ride-hailing services.

A DATA STORY YOU SHOULDN’T MISS

China dominates Asia’s AI funding race

Photo credit: Shutterstock

AI startups from China continue to dominate Asia’s funding landscape, accounting for six of the region’s 10 best-funded AI companies. Conversational AI firm Moonshot leads the pack, having raised US$2.5 billion to date.

Startups from South Korea, India, Singapore, and Japan also feature in the ranking, offering a glimpse of how AI investment is spread across the region.

China’s lead reflects the scale of its domestic tech industry, where established players such as Alibaba, Tencent, and Baidu are investing in AI alongside a growing crop of startups. Government-backed funds and local subsidies have also helped finance AI development, giving companies more avenues to raise capital.

AI firms in the country are also competing on price and accessibility. Companies such as DeepSeek and Alibaba have released models that developers can download, adapt, and run at relatively low cost, helping them reach users beyond China.

The ranking shows how heavily concentrated Asia’s AI funding is among a handful of companies, with China-based startups taking a leading share. It also highlights which players outside the country have attracted enough capital to compete.

Muse can connect to apps including Gmail, Google Calendar, and Instagram to help users manage emails, schedules, and saved content. Users can choose what the AI agent can access, and it asks for approval before taking sensitive actions like sending emails or making purchases, the company says.

2️⃣ Oracle expands AI chip lineup with Nvidia, Google, Cerebras

Oracle will reportedly deploy Vera Rubin servers at “multi-gigawatt scale.” At the same time, the company will replace some Nvidia networking chips with Acceleron, which it describes as its in-house SmartNIC platform for cloud and AI workloads.

3️⃣ Anthropic IPO to open to Australian retail investors

The offering will be available after the AI company lodges a prospectus with the Australian Securities and Investments Commission. However, Anthropic has not disclosed the number of shares on offer.

4️⃣ Nvidia-backed Zankore seeks $3.1b loan for Indonesia AI factory

The loan will carry an interest margin of 330 basis points over the Secured Overnight Financing Rate. Citigroup and United Overseas Bank are among the five original underwriters marketing the deal.

5️⃣ TGM, Enterprise Singapore team up on startup expansion

The Tokyo Metropolitan Government signed a memorandum of understanding with Enterprise Singapore on October 27. The partnership may cover knowledge exchange, support for startups expanding internationally, entering new markets, joint activities, and closer ties between startup ecosystems and partners in Tokyo and Singapore.

FROM INDONESIA TO THE REGION – AND BEYOND

In partnership with Xendit

Xendit acquired Dragonpay as part of its expansion into the Philippines / Photo credit: Xendit

Xendit is best known as an Indonesian fintech unicorn, but it’s made its mark across Southeast Asia and beyond. It first expanded into the Philippines in 2020 and then entered Malaysia, Thailand, Vietnam, Singapore, and Hong Kong in the following years.

This expansion journey was carefully planned, driven by a strategy that focuses on providing solutions and addressing needs and complexities specific to local markets. Xendit is also exploring new developments in the payments space, such as central bank digital currencies and agentic finance.

Learn more about Xendit and its offerings on its website.

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