The Global RMB Internationalisation Survey 2024 reveals that usage in cross-border trade has surged, accounting for over half of China’s cross-border payments. The results show high engagement from financial institutions and companies in RMB-based transactions, with notable growth in cross-border cash management, trade financing and investments.

Transaction banks in Asia are rapidly advancing through innovation, adopting sustainable practices, and leveraging technology such as APIs and AI to streamline treasury and trade finance processes

Global trade is facing significant challenges as sanctions, tariffs, and shifting supply chains reshape the landscape. At the same time, digitalisation and emerging technologies are creating new pathways for efficiency and growth, particularly in regions like ASEAN and South Asia.

North America and Asia Pacific banks maintain overall balance sheet strength over those in other regions, with the Middle East showing some improvements. Profitability among all 1000 banks improved, driven by higher interest rates, while asset quality indicators stayed stable.

Jennifer Barker, global head of treasury services and depositary receipts at BNY, discussed the rapid evolution of cross-border payments in Asia Pacific, the impact of blockchain on FX transactions, and the pressing challenges in payment security.

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