Commercial banks such as DBS Bank and traditional exchanges such as the Singapore Exchange have one thing in common: they are setting up and adding digital exchanges and platforms to their existing business lines.

Africa’s payments services are rapidly growing, driven by concerted efforts between mobile money operators, banks and fintech as well as regulatory drives to implement real time payment systems, while rise in mobile money accounts and fintech threatens to make traditional bank account services irrelevant.

Electronic channels and bank agnostic platforms are transforming traditional trade finance functions across Asia Pacific

As trials move into actual implementations, global financial markets and monetary systems will be disrupted and transformed.

Central banks worldwide increasingly recognise the benefits of wholesale central bank digital currencies (wCBDCs) in making remittances and other cross-border transactions cheaper, faster and safer. Pilot projects set in motion seek to identify opportunities and risks as well as explore the possibility of having shared infrastructure to automate cross-border payments, foreign exchange and settlements.

With a large portion of Africa’s population still lacking access to traditional banking services, particularly in places banks fear to tread, payment providers have stepped into the breach, gaining in popularity for offering services beyond the usual payments, money transfer and savings

Member countries of the Arab Monetary Fund are enhancing global cross-border transactions through streamlined payments, improved compliance, and increased financial inclusion.