Banks in Asia Pacific invested an estimated $63 billion towards technology in 2022. The annual spending on technology is expected to increase by 7.5% in 2023 to $68 billion.

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

Banks have been investing in AI over the last few years, focusing on specific use cases. They must now scale AI across their business processes and incorporate emerging advancements in GenAI.

China's e-commerce rebounded in 2023, with Pinduoduo's remarkable performance surpassing that of Alibaba and JD.com. Alibaba responded with the 'Year-End Good Price' festival, emphasising a 'low price strategy.'

China’s wealth management market overcame regulatory hurdles and saw renewed investor confidence in the first half of 2023, with mutual funds surpassing the scale of bank wealth management products

The impact of the Renminbi as a commodity currency extends beyond trade transactions, influencing its broader usage in the global financial landscape

Banks increasingly focus on modernising technology architecture and ‘hollow’ their core systems to address the challenges of legacy systems and meet the evolving business needs, agility, scale, for future growth.

Despite China’s trade surplus, the RMB is depreciating against the USD and Euro due to lower yields on RMB-denominated assets, but this trend is expected to reverse in 2024 as interest rates align and exports recover

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

Al Rajhi Bank in Saudi Arabia remains the leading global Islamic bank, with Middle Eastern counterparts surpassing Asian ones in scale and profitability, while Asian Islamic banks exhibit stronger asset quality

Banks in the Middle East and Asia Pacific showcased outstanding operational efficiency, with Qatari banks achieving exceptional cost-to-income ratios by leveraging superior IT infrastructure, offering cost-effective digital services, and tailoring branch networks to cater to smaller populations

China’s macroeconomic outlook, open financial markets and continuous technological innovation create ideal conditions for international use of RMB based on a global survey by TABInsights with over 2,542 executives from financial institutions and corporations across 23 markets.