Hong Kong remains the world’s largest offshore renminbi (RMB) payments, processing 80% of all RMB payments according to date from SWIFT.
Although nearly 100 countries had RMB payments with Hong Kong and China in September 2012, 90% is concentrated in 10 countries; the UK has a 28% share (25% in January 2012) followed by Singapore with 26% (34% in January 2012).
Overall, RMB payments declined by 7.4 % compared to August 2012, whereas all currencies declined by 4.3%. The RMB remains its 14th position in the ranks of world payments currencies, with a share of 0.51% against 0.53% in August 2012.
The US money market fund reforms came into effect in 2016 and are already dramatically shaping US fund industry with investors flooding out of prime funds and into government securities. While the reforms are similar, they are not the same. GTNews interviews Yeng Bulter, global head of the cash business at State Street Global Advisors on the differences.
Despite being behind the likes of Europe and China, the US payments industry is now rapidly advancing, said Anish Kapoor, CEO of AccessPay told GTNews in an exclusive interview.
Treasurers are more interested in cross-border payments and automation than real-time payments, as they are consistently asked to do more with less, argues Rick Burke, head of corporate payments at TD Bank in an exclusive interview.
The top five sectors Asian fintech investors are interested in are data analytics, blockchain, lending, payments and regtech, according to Gary Hwa, EY regional managing partner.