BIS Innovation Hub in its report, Project mBridge: Connecting economies through CBDC, has validated the proposition that CBDCs can substantially increase the speed of cross-border payments and settlement from multiple days to near real-time, while also reducing transactional costs of approximately $120 billion annually. More importantly, it allows EMDEs to use their national currencies and financial institutions to facilitate cross-border settlement, eliminating their exposure to the collateral effects of the monetary policies of the jurisdictions of major currencies and attendant financial stability risks, such as credit cycles, of the developed economies whose currencies, eg. the US and the dollar, the EU and the euro, etc., dominate international settlement today. In addition, it will lessen liquidity risks arising from disruptions in international financial markets and currencies of these developed economies.
Ping An Bank uses financial technology to create smart and inclusive products for traditionally underserved small businesses
Ijarah is a type of financing in Islamic banking that allows a client to use bank-owned assets or property for a specified period in exchange for rent. It is an approved form of financing in Islamic law for those who may not have the resources to acquire assets to meet their needs.
The financial services industry in Southeast Asia has seen the entry of standalone challenger digital banks, and while incumbents are competing by investing in digital-only banking experiments, creating a path to profitability will be the ultimate measure of success for these new businesses.
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.
The imminent entry of digital-only banks will further accelerate the digitalisation of the Malaysian financial industry. However, incumbents that are deep into their digital transformation journeys, especially during COVID, remain largely unfazed, and stand ready to compete
Growing transaction volumes are pushing Indian banks to rethink technology architecture to integrate cloud and data capabilities to meet growing transaction volumes. Indian fintechs and digital players see consumer growth, but also increased expectations and competition.
The next decade will see banks move beyond traditional banking services to become ‘financial operating systems’ for their customers. This evolution is essential for unlocking value in the previously untapped small and medium enterprise segment.
Chinese private banks are upgrading philanthropic planning services to cater to increased demand following the country’s ‘common prosperity’ policy
Central banks worldwide increasingly recognise the benefits of wholesale central bank digital currencies (wCBDCs) in making remittances and other cross-border transactions cheaper, faster and safer. Pilot projects set in motion seek to identify opportunities and risks as well as explore the possibility of having shared infrastructure to automate cross-border payments, foreign exchange and settlements.
By the end of 2021, 28% of Ping An Bank’s applications, some 1,700, had been built based on a new cloud- native platform
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