In addition to leading their institutions to support customers and communities, some bank bosses are also taking pay cuts or making charitable donations to support the fight against the COVID-19

Mobile-based payment platform OPay has grown exponentially since its launch in 2018, penetrating the unbanked and underbanked population in Nigeria. It allows users to send and receive money, pay bills, and order food and groceries, with a network of thousands of agents.

Chinese and Japanese banks again dominate the list of The Asian Banker 500 largest banks. Balance sheet growth accelerated in the first half of 2020 and some players are reinforcing their scale and competitiveness through mergers and acquisitions

Given that remittances are so lucrative in so many markets in Asia, and that new competitors are offering faster and cheaper services, banks will need to develop new models if they want to keep their customers.

The discussion on cybersecurity is being given increased importance in the boardroom as cybercrime goes global and data protection comes to the forefront

The financial services market size in the metaverse is predicted to drop from 22% to 6% by 2030—its fall from tech wonder to half-baked idea in financial services requires differentiation in its value proposition to secure success

Thirty-seven banks held assets surpassing $1 trillion, distributed among 16 in Asia Pacific, 13 in Europe, and eight in North America, representing 51% of the top 1000 banks’ total assets; overall asset growth has decelerated, with the US and some European nations experiencing steep declines and countries like Egypt demonstrating resilience

In 2023, China’s domestic systemically important banks grew to 20, led by China Merchants Bank in the TAB Global 1000 World’s Strongest Banks 2023 ranking, but some still require more capital despite improved capital ratios

Al Rajhi Bank in Saudi Arabia remains the leading global Islamic bank, with Middle Eastern counterparts surpassing Asian ones in scale and profitability, while Asian Islamic banks exhibit stronger asset quality

South American banks led with the highest average loan-to-deposit ratio at 109%, followed by Europe at 96%, with around 50% of South American and 42% of European banks with ratios exceeding 100%

China’s private banking sector has witnessed a significant migration of high-net-worth individuals to the country’s largest banks, underscoring a flight-to-safety trend and intensifying competitive pressures for smaller banks.

Despite recent market volatility and real estate downturns that resulted in a wealth decline in 2023, China’s wealth management industry is poised for continuous growth in 2024 and projected to exceed $100 trillion by 2025