The collapse of cryptocurrency giant FTX in late 2022 sent shockwaves throughout the crypto world. Previously valued at $32 billion, FTX filed for bankruptcy in November and its former chief executive officer Sam Bankman-Fried faces criminal charges. Countries around the world are expected to tighten regulations, leaving cryptocurrency platforms on shaky ground.

Disintermediation by digital wallets and decentralised finance platforms is shifting deposit business dynamics, requiring conventional banks to innovate and stay competitive

BoA, UOB and Deutsche Bank are the winning transaction banks in Asia Pacific in The Asian Banker Best Transaction Bank Rankings 2023, with leading positions in customer experience, technology and innovation, and digital capabilities

The financial services market size in the metaverse is predicted to drop from 22% to 6% by 2030—its fall from tech wonder to half-baked idea in financial services requires differentiation in its value proposition to secure success

Digital currencies are revolutionising global finance and erasing borders, and while DeFi and the creator economy drive privacy-focused systems independent of governments, the narrative centers on traditional finance and DeFi convergence

According to a TABInsights survey on technology investment, FI in APAC prioritise data management, advanced analytics and digital banking capabilities

Banks and other financial institutions in China are quicker to adopt new technologies to improve core banking infrastructure, strengthen lending, and enhance compliance

The shift in global supply chains is accelerating demand for new financing programmes and solutions that aim to accelerate and improve trade digitalisation processes

An altered operating environment has led treasury to reprioritise their investment and liquidity management strategy, with cash management providers offering enhanced solutions

Trade finance is gradually digitalising amid evolving e-commerce models, driven by technology and sustainability; the $2.5 trillion global trade finance gap affecting SMEs prompts innovation in blockchain, tokenisation, and sustainability, despite geopolitical complexities

Transaction banks in the Middle East are expanding services in non-oil businesses with high growth potential, in line with economic diversification, and to mitigate geopolitical instability in countries in the Gulf Cooperation Council

Financial institutions are swiftly adopting blockchain and cryptocurrencies, catalysing regulatory discussions and heralding a significant shift in the global financial system.