BofA’s Winnie Chen charts real-time payment path

Companies want simplicity and certainty as they move funds across borders.

Instant payments and blockchain may dominate conference agendas, but in treasury operations, the fundamentals remain unchanged.

Companies still look to banks for dependable execution, interoperable systems, and strong safeguards against fraud.

“Instead of chasing every new rail, businesses are prioritising safe, predictable, well-governed flows, supported by the right infrastructure for each market corridor,” Winnie Chen, Asia-Pacific head of global payment solutions at Bank of America Singapore Ltd., (BofA) told Asian Banking & Finance.

Across the region, clients are dealing with interest-rate volatility, foreign exchange swings, and continued supply-chain reconfiguration. In that setting, Chen said companies want simplicity and certainty as they move funds across borders, not added layers of complexity.

Even as instant domestic systems expand, cross-border real-time capability faces structural barriers.

Regulations differ from market to market, data-privacy regimes are not aligned, and technical readiness varies widely. Those gaps, Chen said, prevent seamless regional interoperability.

Rather than promise sweeping change, BofA is expanding capabilities corridor by corridor and currency by currency before extending solutions into round-the-clock corporate workflows.

“Ultimately, clients want less complexity and more certainty, and our role is to cut through the noise, streamline cross-border flows, and keep their supply chains resilient,” she said in an emailed reply to questions.

What do clients want when they come to you?
Clients are asking for clearer macroeconomic guidance and greater certainty in their working‑capital flows as they navigate rate volatility, foreign exchange shifts, and rapid supply‑chain reconfiguration across the Asia-Pacific region. They want help in translating these dynamics into concrete liquidity, foreign exchange, and risk actions, especially amid fragmented regulations and uneven cross‑border readiness.

Where is the payment sector headed in the next five years?
The next unlock is responsible cross‑border real‑time capability. Our focus is on a phased approach that emphasises transparency, access, and efficiency, expanding across currencies and corridors in a controlled way before broadening into corporate and 24/7 workflows.

On digital assets, we stay grounded in client outcomes. Institutional usage for payments is still early, and most corporate flows must meet strict regulatory, interoperability, and compliance requirements.

Where frameworks are clear and aligned to client needs, we will explore targeted pilots. While recognising that, in the near term, the greatest progress for corporations will come from regulated, scalable cross‑border infrastructures: real‑time linkages, enriched [International Organization for Standardization] data, and greater foreign exchange transparency.

How did you get into banking? 
Working in the financial service industry was always the plan. I was drawn to the logic of capital, risk, and value creation. But it was an unexpected turn when it came to payments.

Early in my banking career, I found myself explaining to my mother in Taiwan.how I could send money home from the US  and that simple “How does this work?” moment sparked a lasting curiosity. From the US to Hong Kong and Singapore, I kept saying yes to stretch roles and learned new markets, regulations, and client needs along the way. 

Over time, I realized my strength was translating complex payment landscapes into practical client outcomes. 

How did more than 20 years in banking mold your payment strategy?
Working in different regions and countries taught me to appreciate the nuances of every market: how regulations, infrastructure, language, and culture shape our approach to finding solutions. You can’t copy‑paste solutions; you adapt first and innovate. 

My experience in credit grounded me in risk and resiliency. Relationship management sharpened my commercial instincts and client listening. Transaction banking gave me end‑to‑end operating discipline. Working across regions added cultural fluency and humility.

Today, those threads shape my leadership approach, which is focused on advising the right solution for the specific use case, bringing risk early, using data to enhance decisions, and empowering teams to execute. 

What's your take on women's leadership in banking? 
I’ve been fortunate to work in environments where gender wasn’t a barrier, or where I chose not to see it as one. I encourage women not to attribute career outcomes to gender, but to focus on delivering high‑quality results.

But presence isn’t powerful enough. Women often underestimate their impact and need to be more vocal about achievements and are less deliberate in seeking meaningful opportunities. What still needs to evolve is equitable access to high‑impact assignments, clearer advancement metrics, and work rhythms that support caregiving.  

What advice would you give to women starting their careers in banking or fintech?
Be curious and proactive. Read widely, ask questions, and be visible. Seek sponsors who will advocate for you. Build a strong skill stack: understand the profit and loss, learn risks, get fluent in artificial intelligence, data and the payment landscape development.

Practice communicating— repetition builds confidence. Learn from younger voices. Manage your energy as well as your time, and don’t avoid stretch roles; say yes and prepare hard. And advocate for yourself. Excellent work is essential, but visibility and self‑promotion matter just as much. Keep taking bold steps forward.