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

The majority of institutions surveyed attribute their increased Renminbi usage to China’s investments and partnerships facilitated by the Belt and Road Initiative

The global use of Renminbi is influenced by geopolitics, macroeconomic conditions, infrastructure, and technology

A prominent player in Southeast Asia’s digital finance sector, the group saw significant growth in 2023, cutting losses by 29% despite a challenging economic environment

Surveyed institutions continue to adopt RMB in cross-border trade, driven by cost benefits and foreign exchange risk management

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

Digital transactions nearing 90% at leading banks reveal core technology deficiencies, prompting over 50% in Asia Pacific to adopt microservices for enhanced agility and scalability

DBS’ Business Advance+ card will streamline cross-border transactions, alongside its StartUp Movement to provide targeted financial and business support for small businesses in Singapore

Transaction banks in Asia are rapidly advancing through innovation, adopting sustainable practices, and leveraging technology such as APIs and AI to streamline treasury and trade finance processes