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Innovative Payment Rails Accelerating Cross-Border Integration - DBS

Innovative Payment Rails Accelerating Cross-Border Integration - DBS

(30 May 2022 – Hong Kong) Being digitally ready is an increasingly important competitive advantage for corporates in all sectors and Hong Kong’s treasurers are leading the charge among their peers in Asia Pacific.

Recent DBS research, based on direct interviews conducted by East & Partners with 1,500 treasurers from the Top 100 corporates and middle-market companies in the region, found Hong Kong to be at a much more advanced digital state

  • 45 percent of treasurers say they have a clearly-defined digital strategy compared with 35 percent for the rest of Asia
  • Hong Kong corporates are also further ahead than their counterparts in the region in resourcing the delivery of their strategy at 21 percent and 17 percent respectively

A key driver of this digital success is the openness of Hong Kong treasurers to innovate and collaborate. For example, they show agility in changing work-flows and directions, as well as in enabling employees to work creatively, and across functions and teams.

“Finance teams open to digitally-led innovation and collaboration will be well-placed to benefit from disruptive forces in the cross-border payments landscape over the coming years” DBS Hong Kong Executive Director and Head of Cash Management Product, Phil Carmalt commented to CorproateTreasurer.

“Initiatives are underway to connect the existing domestic payment rails to cross-border payments. This is one of the innovations set to transform the treasury experience. New cross-border payment rails will foster industry changing over the next five years. It’s an exciting time for CFOs and treasurers. There will be new payment methods to try out with the promises of solving many of their problems, bringing efficiencies and cost savings. On the other hand, the new methods will initially be applicable only for a small fraction of their flows” Carmalt added.

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