Asia-Pacific is experiencing the most rapid growth of wealth in history, due to the economic expansion of China and emerging Asia.Currently in the Asia Pacific, total household wealth grew by 3%, or $3,346 billion, since mid-2017, to $114,561 billion. Furthermore, wealth in the region is expected to grow at 5.9% per year to reach $153 trillion in 2023, with the number of millionaires expected to increase by 7.6% annually to reach 15 million in 2023. The ultra-high net-worth segment in the same period is expected to grow by 8% annually, with contributing 46%.
Stablecoins are raising pressure on bank payments and deposits, pushing ANZ and UOB to focus less on the form of digital money and more on client liquidity, settlement, asset distribution and interoperability.
Stablecoins are raising pressure on bank payments and deposits, pushing ANZ and UOB to focus less on the form of digital money and more on client liquidity, settlement, asset distribution and interoperability.
Anouska Ladds of Mastercard and Johnson Poh of Singapore’s Infocomm Media Development Authority argue that AI agents will scale only when financial institutions can govern, trace and supervise their actions inside live operations.
As wallets, instant payments and embedded finance reshape how customers interact with payments across Asia Pacific, card issuance is often assumed to be losing relevance. David Lim of Alliance Bank Malaysia, Anshul Sabherwal of Standard…
Customers in Malaysia increasingly expect international payments to be as seamless as local transfers. At a closed-door roundtable convened by TAB Global with Visa, participants examined how banks are adapting to these expectations while…
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