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
The Strongest Bank by Balance Sheet in Bangladesh in 2022 is Islami Bank Bangladesh. The bank is also the Strongest Islamic Bank by Balance Sheet in Bangladesh in 2022.
Stringent cost control and digitalisaltion led to steady improvement in operational efficiency of Qatar Islamic Bank. The top 10 most efficient Islamic banks among the world’s 50 largest Islamic banks comprise four from Qatar, three from Malaysia and one each from Egypt, Turkey, and the United Arab Emirates.
Digital wallets are driving a transformation of financial services around the world. The gross transaction value of all platforms in Southeast Asia grew by 9% in 2021. E-commerce is believed to be leading the charge, with the compound annual growth rate for digital wallets set to grow by 17% until 2025.
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