Watch APAC's Incredible AI Growth As the EU Lags Behind

The guy who wrote "Cashless" still thinks "Cash is King" and AI in Africa.

Portrait of Felix Feneon - Paul Signac, 1890 This neo-impressionist work of Paul Signac depicts the French art critic Félix Fénéon standing in front of a swirling background of color. The patterns, symbols and colors that make up the background visibly reference a variety of sources, including Japanese textiles and the mystical occult.

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:

• AI Race: APAC is the Region to Watch

• FinServ Tech Trends: Real-World Examples Show How It's Done

• AI Governance: Wild West For Banks As Their AI Run Wild

• Spotlight On Going Cashless: Never Forget Cash is King

• AI In Africa: Will 20% Of Humanity Be Left Behind?

• Bonus Read: Fast-Forward To 2035: Your Life In The Age Of AI

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Welcome back, you wonderful subscriber you!

This week, you’ll be glad you subscribed! I have stories covering the globe and one that might surprise you.

Our first travel destination is APAC, which once again is showing its love of betting big on technology- in this case, AI. Companies in the APAC region, particularly China and India, are beating those in North America and Europe in investing in AI. So, don’t be surprised when APAC becomes a leader in AI with stunning implementations.

As I’m fond of saying: “It’s not the nation who has the smartest AI that will win the AI race but the nation that implements it to better society.”

This lead story also has an important European side trip! The EU's AI investment numbers are so shockingly far behind North America and APAC that they’re barely even in the race. This does not bode well for the EU’s future and the productivity gains it so desperately needs.

We all know that banks are swamped by the new technology they should adopt. But what are they going to do with it?

A powerful report from Capgemini covers the latest trends for banks but has actual examples showing how leading banks and insurers are using everything from personalization to digital twins. These examples bring the trends in the report to life and show that banking will look very different in the next 5-7 years.

Speaking of banks, I have yet another excellent survey that shows how they lag with AI governance. This is the second time I’ve taken a bank AI survey and used the data buried in the back of the report to show how bank AI governance is inexcusably bad. I don’t see any solution until a bank AI goes rogue, lawsuits begin, and banks are forced to take action.

So why would the author of a book called “Cashless” promote cash use? Surprised? Don’t be! Even though I live a cashless lifestyle, I still see cash as a necessity and don’t want it eliminated. That’s why I still proclaim that “Cash is King.” I get upset when I see signs saying “No Cash.”

Our final travel destination today is the continent of Africa, where we look at how AI will make its way to the continent to help those who need it most. The answer is clear: open-source AI like DeepSeek because Africa will never pay license fees to Silicon Valley. The important thing is that Africa cannot be left out of the AI revolution.

Finally, in our “Bonus Read,” I have a fun paper that looks at how AI will change all of us in the next decade. Now that AI is our constant companion, how will society and humans change? Will they change for the better or worse? Read on to see how pessimists take the day!

Thanks once again for reading. I appreciate each and every one of you opening your inbox for me!

Rich

PS

Thanks for sharing with your friends! It’s a great way to say thanks.

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AI Race: APAC is the Region to Watch

APAC is leading the GenAI race, with China and India vying for first place while the EU lags far behind.

BCG just published this fantastic study showing how APAC companies are beating North America and the EU in the percentage of revenue spent on GenAI and the percentage of full-time employees involved in GenAI work.

But the most shocking statistic just might be how far behind the EU is….read on…

FinServ Tech Trends: Real-World Examples Show How It's Done

Capgemini produced a genuinely unique and powerful tech trends report because of the dozens of examples that show you how financial services are changing before our very eyes.

The examples in this report are fabulous and reinforce its message that the tech trends it promotes are concrete and attainable.

And for that, I think it’s one of the best I’ve seen! Read on to see how it passes my AI hype test…..

AI Governance: Wild West For Banks As Their AI Run Wild

This report on how banks and financial services (BFS) can become AI-first is good, but its survey of 505 leaders reveals that we’re still in the “Wild West” days of AI governance, and many are courting disaster.

If you think I’m exaggerating, this report shows that just 23% of BFS enterprises had mature AI governance and risk management practices.

Read for more stunning examples of how most banks are not in control of AI…..

Spotlight On Going Cashless: Never Forget Cash is King

Cash use is down, but how can we ensure it doesn’t go down for the count, with a mere 16% of all payments made globally at the point of sale?

This OECD paper examines governments' policies to prevent cash from slowly disappearing. I support all of them, particularly enforcing the acceptance of cash!

Even as the author of a book called “Cashless,” I do not believe that a world without cash is a good thing. Read on to see why….

AI In Africa: Will 20% Of Humanity Be Left Behind?

Africa’s young and increasingly digitally literate population must join the AI revolution to leverage their innovative talents in addressing their unique challenges; no one from the West can do it for them.

The alternative- that the continent falls further behind while the West surges forward, riding the wave of the AI revolution- is unthinkable.

Read on to see why tech may also have answers to some of Africa’s problems...

Bonus Read

Fast-Forward to 2035: Your Life in the Age of AI

Ebook Being Human In 2035

2.4MB ∙ PDF file

Download

This 300-page e-book from Elon University captures many different views of our AI future, from utopian to dystopian. I recommend checking out the text boxes and skim through those that inspire you.

Download

Are you concerned about how AI will change YOU and society over the next decade? You should be!

This e-book from Elon University looks into the future to see how we as humans will change.

How can we not expect changes in essential traits such as empathy, social/emotional intelligence, complex thinking, ability to act independently, and sense of purpose?

AI will be our partner and constant companion, so it's bound to have an impact, and none of us will be immune.

A group of 301 experts examined AI's impact, and if you're pessimistic about our future, you're in good company. The summary list of their changes (see the executive summary pg 3) has 12 changes for the worse and only 3 for the better!

Hot Topics for Premium Subscribers only

Imagine having someone combing through thousands of articles, over 50 RSS feeds, and 25 meticulously crafted Google searches—all to handpick the absolute best reports, just for you.

Each week, I distill this ocean of information into five concise, high-value reports, sharing the most essential knowledge you need to stay ahead.

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• E-Book: AI Liability: Who Pays when AI has Many Creators?

  So far, we haven’t seen an AI go rogue and blow up on its owner, but you can bet it's coming. When it does, how will we assess liability when so many different parties create an AI? This ebook sheds light on a real problem.

• EU AI ACT: Implementation timeline

  The EU AI Act is set to kick in by August 2026, which means that any company running an AI in the EU had better revise its systems. This practical implementation timeline can help companies solidify their compliance plans.

• AI Agent Risk

  It shouldn’t come as a surprise to regular readers that since AI Agents do more, you can be assured that their risks are even bigger! That’s not to say Agents are bad, but they will need even more control and, let me repeat it, “governance.”

• And that’s just three or eight reports and a free e-book about AI-liability that looks at the complicated answer of who pays when AI goes rogue. You’re also missing the infamous Chart of the Day which today covers “happiness” across Asia!