This week in Banking News – SME confidence splits, remittance shake-up in the US, and leadership announcements at OCBC and Citi
Australia’s SME landscape is splitting and the gap is now at a record 48 percentage points.
ScotPac’s latest Growth Index reveals the most confident SMEs are forecasting +18% revenue growth over the next six months – while the most pessimistic expect a -30% decline. That’s the widest spread in the report’s 11-year history.
In total across Australia, 59 percent of SMEs expected to see half-year revenue growth, which is nearing the record high of 63 percent achieved in 2014.
“Despite the mixed results, it is encouraging that most SMEs are projecting a rise in short-term revenue” commented ScotPac Group Executive, Client Acquisition, Craig Michie.
“The surge in optimism from businesses in resource-rich states shows no signs of slowing, while SMEs with tight margins or high exposure to discretionary spending are understandably more cautious about the future,” Michie added.
Read the full insights here: https://lnkd.in/gRPrrhjw
In other banking news:
Global
– HSBC trims its investment banking team, laying off over two dozen analysts amid restructuring.
– Block to enable real-time bitcoin payments on Square terminals via the Lightning Network.
– Worldpay teams with BVNK to offer near-instant USDC payouts across 180+ markets.
– ACI Worldwide unveils an all-in-one cloud platform combining A2A payments, card processing, and AI fraud prevention.
Singapore
– Elaine Heng steps up as Head of Global Commercial Banking, succeeding Linus Goh after his planned retirement in September 2025.
– Citi appoints Prashant Thakker to lead its South and Southeast Asia Corporate Bank operations.
Hong Kong
– HSBC launches Hong Kong’s first bank-led tokenised deposit service, bringing blockchain to corporate cash management.
United States
– Trump’s proposed 3.5% remittance tax could hit non-citizens and disrupt the global money movement industry.
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