Generative AI revolutionises banking operations, regulatory frameworks adapt to innovation, and digital banks expand in global markets, marking significant shifts in the financial services sector set to define its trajectory in 2024.

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

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

TABInsights’ global benchmarks in retail and digital banks, and financial platforms, signal a significant shift towards digital transformations

Philippine digital banks saw rapid growth in 2023 alongside mounting concerns over credit quality as gross NPL ratios soared

AVIC Trust leads China’s dynamic family trust sector with assets over $69 billion, demonstrating innovation and expertise, and spearheading transformative trends

TAB Global’s annual Retail Finance Leader of the Year in Asia Pacific award recognises outstanding contributions to sustainable banking and institutional transformation, and we invite our readers to offer their feedback on these nominations

Banque Saudi Fransi leaders Millaniyage Nuwan Perera and Ali Najim Alkhamis stressed Saudi Arabia's strategic initiatives toward economic diversification, infrastructural investment, and trade digitalisation. They emphasised Riyadh's economic transformation potential and goal to become a global financial, entertainment, and cultural hub.

Deema Shaath, Head of Consumer Banking Digital Strategy at the National Bank of Kuwait (NBK), outlines the bank's innovative digitisation strategy. Shaath emphasises the integration of technology and customer-centric banking and NBK's commitment to excellent services tailored to changing consumer needs.

Fintech funding dropped 42% in 2023 due to economic challenges, yet top firms like Stripe and Investree saw significant investments, demonstrating resilience amid market volatility and uncertainty

Dwaipayan Sadhu, CEO of Trust Bank, explains the company's plans to become Singapore's fourth largest digital retail bank. Backed by Standard Chartered, Trust Bank pioneers seamless banking experiences through strategic partnerships and innovation, setting new standards for speed, simplicity, and trust in fintech.

Sunny Quek, head of global consumer financial services, and Serene Koh, head of group digital business and digital transformation, discussed how OCBC is changing consumer banking with innovative services and security features. Their focus on wealth management has resulted in a significant rise in assets under management, particularly among high-net-worth clients.

Charles Wong, CEO of GXS Bank, leads the charge in Singapore's digital banking landscape, targeting underserved segments with innovative solutions. Backed by market giants Grab and Singtel, GXS pioneers personalised banking experiences for gig workers, entrepreneurs, and everyday consumers, marking a new era of financial inclusion.

The bank’s CEO Effendy Shahul Hamid outlined its strategy for ASEAN leadership, emphasising local market focus and practical, value-centric digital solutions for seamless retail services across the region.