Exciting Times as The Tech Balance Tips Toward Asia
Balanced and responsible AI is a myth, while GenAI alone can't steady bank payments.
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 into what’s going on behind the news. Subscribe to get these emerging trends directly in your inbox every Sunday.
Topics:
Exciting Times as Asia Runs Away With The Fintech Trophy
AI for Emerging Markets: DeepSeek Leading the Revolution
One-Third Of The C-Suite Prioritizes AI Innovation Over Responsibility
Bank Payments And GenAI: A Toyota with an F1 Engine Is Still a Toyota
Digital Euro: Banks, Pay Attention Now and Ready the AI
BONUS BOOK: Mastering AI Agents: A comprehensive guide for evaluating AI agents
Welcome, and thanks for subscribing!
It's all a question of balance, and this week, we’ve got a few stories that show that, ever so slowly and subtly, the tech balance is tipping toward Asia.
Today’s artwork shows an Alexander Calder mobile. Imagine its arms slowly moving to hidden air currents in the room. That’s precisely how Asia’s innovation scene is slowly and delicately changing the balance in AI and fintech between East and West.
AI safety, bank payment systems, and digital euro development are also searching for that ever-elusive perfect balance. Read which are so overweight they might crash and which are nearing the center.
Thanks once again for reading. I appreciate each and every one of you opening your inbox for me!
Rich
PS
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Exciting Times as Asia Runs Away With The Fintech Trophy
This Milken Institute report, which follows two meetings of senior finance and technology experts from the East and West, reads like a lovefest for Asia.
The reality is that Asia is quickly running away with the fintech trophy, much of this due to its rapid growth in real-time payments and the ecosystems it creates.
Read why the balance is tipping toward Asia: HERE
AI for Emerging Markets: DeepSeek Leading the Revolution
Emerging markets have mostly been left out of the AI revolution, but DeepSeek represents an open-source revolution that may close the AI divide between the rich and the poor.
It is also a key change in balance between China and US in the AI race, tipping it toward China for the first time: HERE
One-Third Of The C-Suite Prioritizes AI Innovation Over Responsibility
It’s time to shatter your belief in responsible AI with one of the most consequential AI surveys I’ve ever seen, as a full 1/3 of C-suite executives surveyed prioritized AI innovation over responsible conduct!
This is dangerously out-of-balance! This article is STUNNING: HERE
Bank Payments And GenAI: A Toyota with an F1 Engine Is Still a Toyota
Yes, Gen AI will revolutionize banking, but it will not change payments as advertised in this and many other publications.
Saying that GenAI will change payments in banking is like saying that bolting a Formula One engine to a Toyota Corolla will turn it into a race car. It’s still a Toyota.
See why balancing GenAI and NEW payment rails, like the digital euro below, are so important: HERE
Digital Euro: Banks, Pay Attention Now and Ready the AI
Banks should start paying attention to the digital euro, which could launch in 2028, and get their AI teams working on it now!
Banks should see the digital euro as an opportunity to recapture payments from cards and shift the balance of power: HERE
BONUS BOOK: Mastering AI Agents: A comprehensive guide for evaluating AI agents
Want to learn how to build AI agents that tell the truth? Read on to learn more about 2025's hottest topic from a great e-book!
From the author:
"This e-book aims to be your go-to guide for all things AI agents. If you’re a leader looking to guide your company to build successful agentic applications, this e-book can serve as a great guide to get you started.”
Hot Topics for Subscribers only
What you’re missing in the subscriber-only section below:
Hong Kong’s digital currency future
Harvard Business Review on Enpowering Work with AI & Digital Transformation
AI and customer service in banking
Chart of the day: Dollar the Global Currency
Subscribe and don’t miss out on more great reads and help keep these great reads coming!
Hong Kong’s digital currency future
Let there be no doubt that Hong Kong will be a world capital for digital currency. This means everything from crypto to CBDC. Singapore will come in a close second, but Hong Kong’s role as the CBDC capital will push it ahead of Singapore.
Harvard Business Review on Empowering Work with AI & Digital Transformation
HBR provides a solid overview of how critical empowering workers with AI and digital transformation is. So, you’d think articles like this would be enough to get everyone on board with digital transformation? No luck because executives still need to understand workers’ pain points.
AI and customer service in banking
Do you think AI is going to take over customer service? Think again. This great book shows how humans are essential to keeping customers happy.
Chart of the day: Dollar the Global Currency
This got a fair amount of play online this week. Regular readers know that I write about de-dollarization and this chart shows how powerful the US dollar is.
I don’t dispute that the dollar is powerful but there are three caveats to consider when looking at this chart:
Much of the move away from the dollar won't be caught in official statistics as it is being processed off of SWIFT.
De-dollarization is a long-term process; it's tough to find in short-term data.
As proof of the above, consider that de-dollarization was roundly laughed at 10 or 5 years ago and considered inconceivable. Now, no one is laughing.
