APAC

Global tech spending on banking hit $650b in 2023, but few benefitted.

Eight banks retained their stable outlooks, according to Moody’s Ratings.

Its Private Wealth client offering has surpassed US$2b in assets managed.

About 80% of global banking groups have stable rating outlooks.

These firms are adopting hybrid models that combine digital tools with limited human assistance.

Generative AI tools to streamline tasks can yield productivity gains of up to 30%.

Financial fraud has evolved into a sophisticated threat, growing in both scale and economic impact.

The ultimate goal is for cross-border payments to achieve “the speed of the internet.” 

Thanks to continued robust liquidity and strong capital levels.Citigroup and Citibank are expected to have a stable outlook, reflecting confidence in Citigroup’s transformation toward a simpler and safer business model, a core focus for the board, management, and regulators, according to Moody’s Ratings.

It also partnered with QR payment providers across the region for cross-border payments.Visa has introduced several new products and services aimed at enhancing payment flexibility and security in Asia Pacific.

Through this partnership, users can send funds in 21 currencies.

This ensures that payment credentials are not shared with third parties. 

Two annual credit facilities were also extended to Funding Societies.

The global mutual fund market is worth $63t.

It allows consumers to use their Mastercard cards at over 35 million merchants.

Each market has their own problems, such as floods and weak property demand.