Asia's Cross-Border Payment Innovations Continue To Be Unparalleled
"On Demand" banking is now, while the digital euro helps EU digital sovereignty
Thanks for reading the “Cashless” newsletter, an insider’s view on Asia’s fintech, CBDC, and AI for anyone striving to understand “the Asia Century.” I’m Rich Turrin, and these are my hard-hitting insights designed to educate and inform. Subscribe to get these emerging trends directly in your inbox every Sunday. Every week, I scan thousands of articles to find only the best and most valuable for you. Subscribe to get my expertly curated news straight to your inbox each week. Free is good, but paid is better.
Topics:
Asia's Cross-Border Payments Surge: Doubling To $24T By 2032
Blockchain and AI Break Payment Paradigms, Web3 Not Yet
On-Demand Banking Is Now -Not- The Future
Five Critical Mindshifts To Supercharge Growth With Agentic AI
Transatlantic Freeze: Digital Euro & EuroStack Reclaim EU Digital Sovereignty
Bonus Read: Be an "AI Value Creator" Not Just an AI User!
Happy Sunday!
Today’s artwork, by Turner, shows the transition from sail to steam in ships, which is a beautiful analogy to what we are seeing in Asia with the transition to new forms of cross-border payments.
Asia’s cross-border payment market is full of innovation that will make many of today’s payment systems look like sailing ships by comparison. Frankly, no other region even comes close.
From cross-border QR payments made possible by the BIS’s project Nexus to a future where CBDC transfers are the norm, Asia is simply without parallel. Many of the transformative technologies used in Asia’s cross-border payments will be put to work in the West in the next decade. Cards cannot hold on to their grip on payments forever.
While we’re on the topic of technological advances, let’s look at blockchain and AI, fueling paradigm-breaking payment changes. Blockchain is the basis of the stablecoins that the US will soon turn into its version of the digital dollar. At the same time, AI will continue to bring security to payments and a new “do-it-for-me” AI agent-driven economy.
Both of these technologies are integral to Web3 development, but frankly, Web3 is now so far behind in development that it is almost ludicrous. AI, as the latest bright shiny thing, has stolen much of Web3’s capital and thunder.
Given all of the changes in the payment sector, would you think banking would change to match? Good luck with that!
Banks continue to live up to their reputation as laggards and have yet to embrace the “on-demand” banking made possible by all their new technology. On demand means always-on 24/7 loans and other services. You know, just like Alipay did almost a decade ago!
Maybe banks should read IBM’s five critical mind shifts for supercharging agentic AI growth. The first of the five shifts is to “make courage your core.” Banks could use more of this courage!
IBM does a great job of outlining what is needed to apply agentic AI, and they are not joking when they say that courageousness and bravery are a requirement, as agentic AI will ask users to rethink core products and services.
Tariff wars are in the news daily, and one effect is that they have made all nations reevaluate their relationship with the US’s big tech companies to reclaim digital sovereignty. Even the EU is taking a long, hard look, as shown by its frequent penalties on US big tech.
The EU is looking to the digital euro and “euro stack” to reclaim some of its digital sovereignty. Remember, the EU depends on US cards for payments, and the digital euro is the only solution the ECB has to reclaim payment autonomy. This will help sell the digital euro as legislation needs to be passed this year and next.
Our bonus read is a great ebook by IBM that strives to turn us all into “AI Value Creators,” not just mere AI users. The book is full of examples and is hot off the press!
Thanks once again for reading. I appreciate each and every one of you opening your inbox for me!
Rich
PS
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Asia's Exciting Cross-Border Payment Innovations: No One Comes Close
Asia's Cross-Border Payments Surge: Doubling To $24T By 2032
Money 20/20 and FXCintelligence’s survey shows Asia’s cross-border payments are more exciting than ever and no other region even comes close!
What other global region is dominated by real-time payments, digital wallets, QR codes, and soon CBDC?
Blockchain and AI Break Payment Paradigms, Web3 Not Yet
Web3 is still a work in progress and needs to prove itself.
Deloitte proudly proclaims that blockchain and AI are the new payment paradigm, and I couldn’t agree more, but Web3 does not.
There is no doubt that the forthcoming use of US dollar stablecoins will change the paradigm for payments, despite their need for better infrastructure for use by the general public.
Similarly, AI is already hard at work bringing additional security to payments, and soon, with the arrival of agentic “do-it-for-me” systems, AI will further change the paradigm of payments.
But Web3? See why it’s not changing paradigms yet
On Demand Banking Is Now -Not- The Future
Customers are tired of waiting for the bank to get back to you
With all the talk of AI and agentic services for banking, there is little recognition of the end goal: "on-demand” banking.
On-demand means digital banking products and services are available 24/7, and banks are ready to give you the price when you want it.
See why on-demand is the “end-game” of digitalization…
Five Critical Mindshifts To Supercharge Growth With Agentic AI
IBM says pay-off will come when courageous CEOs embrace risk as opportunity
IBM just released a superb guide to help CEOs and their companies thrive in unpredictable times by embracing the greater efficiency and productivity gains brought by AI adoption, but it’s only for the brave!
What makes this paper special is that it contextualizes AI and its transformative power within our unpredictable and uncertain times.
See why this is the time to turn “turbulence into opportunity.”
Transatlantic Freeze: Digital Euro & EuroStack Reclaim EU Digital Sovereignty
Trump tariffs put digital sovereignty in the hot seat globally
Trump tariffs have made digital sovereignty a hot-button issue, and the European Central Bank (ECB) is questioning whether Silicon Valley, US dollar stablecoins, and a payment system reliant on the US’s Visa and Mastercard align with its best interests.
The ECB has long bemoaned the lack of a European retail payment system, which contributed to its launch of the digital euro program.
Bonus Read
IBM eBook: Be an "AI Value Creator" Not Just an AI User!
Only the best long-form reads make it into my "Bonus Read" section, and this IBM ebook is simply fantastic and will turn you into a "Value Creator."
This book covers AI from all angles with real-life stories and solid advice from industry experts to help you understand how to leverage AI to generate revenue.
From the Authors:
"We’ve arrived in a new era—GenAI and agentic AI are reshaping industries and decision-making processes across the board. As a result, understanding their potential and pitfalls has become crucial.
But to stay ahead of the curve, you’ll need to develop fresh perspectives on leveraging AI beyond mere technical know-how.
Geared to business leaders and tech professionals alike, this book demystifies the strategic integration of AI into business practices, ensuring you’re equipped not just to participate but to lead in this new landscape.”
Hot Topics for Premium Subscribers only
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Each week, I distill this ocean of information into five concise, high-value reports, sharing the most essential knowledge you need to stay ahead.
But that’s not all. I also collect additional exclusive, hard-to-find gems, which I put in the section below—all in PDF format with my brief expert commentary.
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Here’s what you’re missing out on this week in the Premium Subscriber-only section below:
Citi: The Corporate Case for Open Banking
This is a solid read, and Citi is correct that businesses should enjoy the same convenience retail customers enjoy with open banking. So far, they’re out of luck.
Stablecoins: The UK and Switzerland have differences
The Swiss and the British do not see eye to eye on stablecoins! Two great reads, one a cheerleader for stablecoins, the other even dared to publish a chapter on Stablecoin risks! There’s a big gap in tone, but both are solid reads
UNDP: A matter of choice: People and possibilities in the age of AI
The UNDP looks at Human Development in the age of AI. They are not always optimistic! “We are at a crossroads: while AI promises to redefine our future, it also risks deepening the divides of a world already off balance.”
And that’s just three of six reports. You’re also missing the infamous Chart of the Day, which today covers “The Biggest Industries of Tomorrow.”
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