Euromonitor International joined the Hong Kong FinTech Week (HKFW) 2023, identifying five key trends with global impact shaping the future of finance: namely cross-border transactions; artificial intelligence (AI); embedded finance; digitalisation and ESG opportunities. Besides cross-border transactions discussed in a prior article, this opinion focuses on the latter four key trends.
Cross-border transactions was a key trend discussed during the Hong Kong FinTech Week 2023, with a focus on better international inter-operability, faster speed, lower cost, higher security and more practical features.
Buy Now, Pay Later (BNPL), the modern-day credit, quickly reached even the smallest segments of retail and the services industries over the past years. Today, the payment alternative is commonly used to cover daily necessities. While there is no BNPL regulation in place to date, imminent regulatory frameworks will most likely accelerate market consolidation and a slowdown in development. However, the impact is expected to be proportional to the extent of regulation.
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?