Following Euromonitor International’s first article on cross-border transaction development in Asia Pacific, this second piece explains the latest developments in the region that can help support demand for travel, remittances and e-commerce, as well as identifying the challenges ahead.
In this first of two articles looking at cross-border transaction development in Asia Pacific, Euromonitor International analyses the key driving factors in economy growth, developing digital infrastructure, as well as growing travel, remittance, e-commerce and trading.
Commercial rental costs have increased in strategic locations in key markets such as Singapore which has posed serious challenges for traditional banks which are still largely relying on their offline staff and networks of retail branches to compete, despite launching apps and websites with banking product-centred design. Can their digital channels close the gap left by closed branches and removed ATMs?
Euromonitor International attended the Europe edition of the Finovate conference series, held in London in March 2023. The conference attracted over 1,000 attendees from financial institutions, tech firms, platform providers, regulators and investors – all to understand the underlying forces of the financial technology (fintech) industry and connect with key stakeholders.
Euromonitor projects total card payment value will increase by USD18 trillion over the next five years with the growth nearly evenly split between credit and debit cards. Cash reached the lowest rate in 2022 as a portion of consumer payment value at 22% as consumers turn to electronic and card alternatives.
Recent years have been a whirlwind for the fintech-enabled finance space. Online payments exploded at the height of the COVID-19 pandemic, meme stocks wreaked havoc on some financial markets, and QR codes made a somewhat triumphant return to North America.