The rapid transformation of domestic and cross-border payments brings new opportunities and challenges for financial institutions.Amid shrinking payment margins, players are rethinking their business models to better monetise data insights and integrate financing options such as “buy now, pay later” (BNPL). Industry experts share their views on the impact of this changing landscape, emerging value propositions, and key technology enablers for future growth

Given that remittances are so lucrative in so many markets in Asia, and that new competitors are offering faster and cheaper services, banks will need to develop new models if they want to keep their customers.

As real-time processing becomes the norm in domestic payments, how long would it take for cross-border payments to catch up?

Implications of new regulations and emergence of digital-only players were hot button issues discussed this year at the Asian Banker Future of Finance ‘Global Transactions Re-invented’ track

Digitisation in the cross-border money transfer industry might leave fewer opportunities for incumbent banks and operators to grow. How they cultivate alliances and digital innovation to stay ahead of competitive will be critical moving forward.

The advent of new technologies is driving rapid upgrading of national payment systems around the world that are enabled with rich data and real-time capabilities.

It is clear that China’s goal of becoming the world’s largest economy by 2020 and the internationalisation of the RMB are two initiatives that are symbiotic in nature. With the recent IMF decision to include the currency in the SDR currency basket, what does the future hold for the RMB?

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