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Hong Kong Issues One Of The Biggest Digital Green Bonds

Dec 19, 2025 Finance Desk

In mid-November, the Hong Kong government priced an approximately HK$10 billion ($1.3 billion) tokenized green bond offering. It is the first global government issuance to permit settlement via digital fiat currencies and one of the largest digital bonds issued globally.

The Hong Kong Monetary Authority, the territory’s de facto central bank and bank regulator, issued the bond in four tranches across several currencies. The Hong Kong dollar and yuan tranches can be settled using e-HKD and e-CNY, digital versions of those currencies based on blockchain technology, alongside traditional settlement methods.

Sovereign tokenized bonds indicate financial centers no longer compete on just cost or liquidity, “they are now competing on infrastructure,” says Dor Eligula, co-founder of BridgeWise. “Hong Kong’s move accelerates a shift toward markets where data is auditable in real-time, and settlement becomes a feature rather than a friction. That ultimately reshapes the global hierarchy of capital markets.”

“Riding on our established strengths in financial services, this issuance will further consolidate Hong Kong’s status as a leading green and sustainable finance hub,” said Christopher Hui Ching-yu, secretary for financial services and the treasury, in the November 11 announcement.

Specifically, investors purchasing the HK$2.5 billion, two-year tranche would receive 2.5% in annual interest for two years. The 2.5 billion yuan ($351 million), five-year tranche yielding 1.9% annually, with the $300 million, three-year tranche returning 3.6%, and the €300 million ($348 million) four-year tranche paying 2.5% annually.

The offering drew total demand of more than HK$130 billion, with subscriptions from a range of international institutional investors, including multinational banks, investment banks, insurers, and asset management firms, according to an HKMA prepared statement.

The current bond offering will finance and refinance projects under the government’s Green Bond Framework. The government issued two batches of tokenized green bonds—an HK$800 million batch in February 2023 and another worth around HK$6 billion in February 2024.

The latest issuance extends the tenor up to five years. Compared with previous issuances, the number of investors has also “expanded markedly,” according to the HKMA.

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FATF Removes 4 Countries From Watchlist

Dec 19, 2025 Finance Desk

The intergovernmental Financial Action Task Force (FATF) in October removed South Africa, Nigeria, Mozambique, and Burkina Faso from its “Jurisdictions under Increased Monitoring” list, commonly known as the FATF gray list. The decision followed on-site assessments and noted improvements in the four African countries’ anti-money-laundering (AML) and counter-terror-financing (CFT) frameworks.

FATF President Elisa de Anda Madrazo described the removals as “a positive story for the continent of Africa.” She highlighted:

  • South Africa’s use of enhanced tools to detect money laundering and terrorist financing
  • Nigeria’s improved inter-agency coordination
  • Mozambique’s increased financial intelligence sharing, and
  • Burkina Faso’s strengthened oversight of financial institutions.

The four nations’ departure from the gray list is Africa’s largest simultaneous improvement in FATF ratings in a decade. Some jurisdictions continue to face structural challenges in curbing financial crime. Still, delisting signals to global investors that the continent’s banking systems are gaining credibility.

It’s also a sign to global banks, investors, and correspondent-banking networks that systemic risk in these countries is diminishing. As a result, it could potentially unlock cross-border lending, trade finance, and capital flows.

Why Delisting Matters

Remaining on the FATF gray list can have tangible economic consequences. The International Monetary Fund estimates that grey listing reduces foreign capital inflows by roughly 7.6% of GDP. The FATF estimates that globally, 2% to 5% of GDP—around $800 billion to $2 trillion annually—may be laundered through financial systems.

South Africa’s National Treasury said the delisting reflected a year-long effort to address nearly all 22 items on its FATF action plan. “Removing the designation is not a finish line, but a milestone on a long-term journey toward building a robust and resilient financial ecosystem,” noted Edward Kieswetter, commissioner of the South African Revenue Service, 

Nigeria’s Financial Intelligence Unit emphasized that the country has “worked resolutely through a 19-point action plan” to satisfy FATF requirements. President Bola Ahmed Tinubu described the decision as “a major milestone in Nigeria’s journey towards economic reform, institutional integrity, and global credibility.”

Despite progress, some African countries, such as Tanzania, Cameroon, and Mozambique, remain under FATF scrutiny. “Getting off the list could make it easier for capital to enter these markets,” says LexisNexis Risk Solutions’ Vincent Gaudel. “Banks will expand correspondent services and trade-finance operations will run more smoothly.”

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Bayer’s New CFO HasA Risky Mountain To Climb

Dec 19, 2025 Finance Desk

Judith Hartmann, taking over as Bayer’s CFO next June, is a skilled mountaineer. Earlier this year, she climbed Aconcagua, a 22,838-foot peak in Argentina; it taught her “perseverance, adaptability and the power of belief in oneself,” she says.

Bayer’s board is counting on it.

Hartmann will succeed Wolfgang Nickl as CFO. The pharmaceutical and agricultural giant announced her appointment in November to follow Nickl’s retirement in May. Hartmann will join the Bayer board in March.

She will be tackling a tough role at Bayer; the German multinational is burdened with high debt—over €32 billion at the end of last year—and faces litigation risks over its Roundup herbicide. Last but not least, it is restructuring to eliminate layers of management.

The Roundup litigation stems from Bayer’s acquisition of Monsanto in 2018. The plaintiffs allege that Glyphosate, the active ingredient in the herbicide, causes non-Hodgkin lymphoma.

Bayer lawyers deny any link to cancer, but years after the Monsanto purchase, the legal nightmare persists. The company faces 65,000 potentially pricey, unresolved claims. In March, a plaintiff in Georgia was awarded $2.1 billion; Bayer said at the time that it would appeal.

Hartmann, 55, is much traveled. She joins Bayer from US-based Sandbrook Capital, but previously worked at French energy company Engie—including as interim co-CEO—German media giant Bertelsmann, GE, and Disney, holding top positions “in seven countries across three continents,” as she says on LinkedIn.

An alumnus of Vienna University of Economics and Business, the future head of finance speaks German, English, and French; Norbert Winkeljohann, chair of Bayer’s supervisory board, highlights her “vast international experience.”

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Mercosur signature delayed to January after Meloni asked for more time

Dec 18, 2025 Finance Desk

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Following tense negotiations among the 27 member states, Commission President Ursula von der Leyen on Thursday pushed the signature of the contentious Mercosur agreement to January to the frustration of backers Germany and Spain.

The trade deal dominated the EU summit, with France and Italy pressing for a delay to secure stronger farmer protections, while von der Leyen had hoped to travel to Latin America for a signing ceremony on 20 December after securing member-state support.

Without approval, the ceremony can no longer go ahead. There is not set date.

“The Commission proposed that it postpones to early January the signature to further discuss with the countries who still need a bit more time,” an EU official told reporters.

After a phone call with Brazilian President Luiz Inácio Lula da Silva, Prime Minister Giorgia Meloni said she supported the deal, but added that Rome still needs stronger assurances for Italian farmers. Lula said in separate comments that Meloni assured him the trade deal would be approved in the next 10 days to a month.

The Mercosur agreement would create a free-trade area between the EU and Argentina, Brazil, Paraguay and Uruguay. But European farmers fear it would expose them to unfair competition from Latin American imports on pricing and practices.

Meloni’s decision was pivotal to delay

“The Italian government is ready to sign the agreement as soon as the necessary answers are provided to farmers. This would depend on the decisions of the European Commission and can be defined within a short timeframe,” Meloni said after speaking with Lula, who had threatened to walk away from the deal unless an agreement was found this month. He sounded more conciliatory after speaking to Meloni.

Talks among EU leaders were fraught, as backers of the deal – concluded in 2024 after 25 years of negotiations – argued the Mercosur is an imperative as the bloc needs new markets at a time in which the US, its biggest trading partner, pursues an aggressive tariff policy. Duties on European exports to the US have tripled under Donald Trump.

“This is one of the most difficult EU summits since the last negotiation of the long-term budget two years ago,” an EU diplomat said.

France began pushing last Sunday for a delay in the vote amid farmers’ anger.

Paris has long opposed the deal, demanding robust safeguards for farmers and reciprocity on environmental and health production standards with Mercosur countries.

The agreement requires a qualified majority for approval. France, Poland and Hungary oppose the signature, while Austria and Belgium planned to abstain if a vote were held this week. Ireland has also raised concerns over farmer protections.

Italy’s stance was pivotal.

However, supporters of the agreement now fear prolonged hesitation could prompt Mercosur countries to walk away after decades of negotiations for good.

After speaking with Meloni, Lula said he would pass Italy’s request on to Mercosur so that it can “decide what to do.”

An EU official said contacts with Mercosur were “ongoing,” adding: “We need to make sure that everything is accepted by them.”

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Newest Cross-Border Payment System Goes Live

Dec 18, 2025 Finance Desk

The 21 member states of the Common Market for Eastern and Southern Africa (COMESA) can now trade directly in local currencies rather than the US dollar via its recently launched Digital Retail Payments Platform (DRPP), which went live on October 9. The Lusaka-based bloc notes that the platform reduces settlement delays, lowers transaction costs, and alleviates dollar-funding pressure on regional banks.

“This platform is a major step toward reducing currency-conversion losses and strengthening intra-COMESA trade,” COMESA Secretary-General Chileshe Kapwepwe said at the launch. She added that member states lose “hundreds of millions of dollars annually” due to dollar-denominated settlement costs and volatility.

The initiative could reroute part of the region’s $30 billion in annual intra-regional trade onto African clearing rails, according to analysts.

The DRPP allows near-real-time settlement between national currencies.

Pilot tests over six months involved central banks in Kenya, Egypt, Zambia, Rwanda, Malawi and Uganda, and commercial-bank pilots with Equity Group, KCB Group, Zanaco, and CIB Egypt. COMESA’s Payments Unit reported over 11,000 test transactions, with average settlement under two minutes compared with 48-72 hours via offshore correspondent banks.

“Exporters could save 2%-4% on conversion costs once fully implemented,” says Dr. Emily Musaba, COMESA’s Director of Trade Integration.

The DRPP is grounded in the COMESA’s 2025-published Regional Payment and Settlement Regulations and requires participating central banks to maintain prefunded settlement accounts, thereby mitigating credit and liquidity risks. The system could reshape regional banking flows and influence how global banks assess correspondent-banking exposure and FX-risk pricing across Africa, say analysts.

Commercial lenders will see reduced reliance on dollar clearing. COMESA officials said the system improves liquidity management and allows banks to price cross-border products more competitively.

Kapwepwe emphasized that the reform is about financial autonomy, not isolation.

“This isn’t about turning away from global markets; it’s about positioning Africa as a predictable, investable and efficient trading zone,” she said.

COMESA expects the platform to support long-term goals of increasing intra-regional trade from roughly 12% of total commerce to 20%, marking a major upgrade to Africa’s payments architecture.

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Private Credit: Boogeyman Or Opportunity?

Dec 16, 2025 Finance Desk

Some argue that warnings about private credit’s risks reflect not just financial caution but tension and competition between banks and private lenders.

Blackstone’s latest move tells the story. In November, the firm led a £1.5 billion ($2 billion) private-credit package to finance London-based Permira’s buyout of JTC plc: a transaction backed by a who’s-who of heavyweight private lenders including CVC Credit, Singapore’s GIC, Oak Hill Advisors, Blue Owl Capital, and PSP Investments, along with Jefferies. The deal, which spanned multiple currencies and combined senior loans with revolving credit facilities, is the kind of complex tie-up that was once synonymous with big banks.

But today, this is what the center of corporate finance looks like.

Private Credit Soaks It In

Private credit, no longer a dimly lit corner of the financial markets, is now the go-to route for blockbuster deals. Since 2010, the market has grown nearly seven-fold and, according to the Bank for International Settlements, has swelled into a $2.5 trillion global industry, putting it on par with the syndicated-loan and high-yield bond markets.

On the surface, private credit seems to be eating the bankers’ lunch. After all, only one of the firms that participated in the Blackstone deal—Jefferies—is a traditional investment bank. But the reality is more complicated. The rise of direct lending hasn’t eliminated the old guard, but forced banks and private-credit firms into an uneasy partnership, with each increasingly intertwined in the other’s success.

Jamie Dimon, Chairman and CEO of the US’s largest bank, doesn’t like it.

Dimon sounded the alarm on an October 14 call with analysts, warning of “cockroaches” lurking in opaque corners of the private credit market. That same day, Blue Owl Capital’s co-CEO Marc Lipschultz clapped back at Dimon’s “fear mongering,” putting the blame on the syndicated loan market, not private credit itself.

Prath Reddy, president of Percent Securities

It’s an “interesting dichotomy,” says Prath Reddy, president of Percent Securities, an investment manager specializing in private credit. The players involved, he argues, are all in bed with each other anyway.

Yes, private credit lenders are largely unregulated and nontransparent about their risky line of business. And traditional banks may be regulated. But banks keep busy lending directly to private businesses and financing the private credit firms themselves.

“All the large investment banks also have major stakes in—and in many cases control over—asset managers that are competing with the existing private credit funds out there that they claim are eating their lunch,” says Reddy. “They’re trying to hedge that lunch from being eaten by playing directly with them.”

How We Got Here

As bank regulations tightened after the 2007-08 financial crisis, traditional lenders found their balance sheets constrained. This opened the door to non-bank lenders. Brad Foster, head of fixed income and private markets at Bloomberg, says this shift reshaped the entire corporate finance ecosystem.

Post-crisis, new regulations put real pressure on bank capital.

“As that happened, obviously more of what was that corporate borrow base shifted from what was traditionally bank capital into non-bank capital,” says Foster.

What began as a simple, one-to-one lending model quickly evolved. Direct lenders grew into “clubs” that mirrored the bank-dominated syndicates; their borrowers expanded from private, middle-market companies to public firms and even investment-grade issuers. Deals once destined for the syndicated-loan or high-yield bond markets increasingly migrated to private credit instead.

“It’s difficult to argue this hasn’t had an impact on banks,” Foster adds. “Large deals are being financed away from the public markets.”

Still, he notes, the relationship isn’t purely competitive. Banks and private-credit managers now frequently partner on transactions, blending capital from both sides. Sponsors today “will pick and choose whether to go to the bank market or the non-bank market:” a choice that didn’t exist at this scale a decade ago.

The result? Highly bespoke capital structures that entice sponsors and investors alike, due to the speed and flexibility with which deals can get done.

Private credit, for example, has helped private equity sponsors orchestrate leveraged buyouts. Notable examples include Vista Equity Partners, which teamed up with Ares Management to finance the $10.5 billion acquisition of EverCommerce. Similarly, Apollo Global Management relied on its private credit division to fund its $8 billion purchase of Ancestry.com, offering custom high-yield loans as banks hesitated in the face of rising interest rates. Additionally, Carlyle Group turned to Oaktree Capital Management for private credit to complete its $7.2 billion buyout of Neiman Marcus, as banks were reluctant to finance retail deals amid economic uncertainty.

By nature, however, the new system is less liquid, and back-leverage facilities can make restructuring more difficult.

So far, there have been no significant defaults or loan losses across the private credit portfolio, according to Matthew Schernecke, partner at Hogan Lovells in New York. But it’s uncertain “how great a risk a broader systemic shock may be if the number of defaults and loan losses are amplified in a significant way,” he adds.

“Banks try to hedge their lunch from being eaten by playing directly with private lenders,”

Prath Reddy, Percent Securities

‘Cockroaches’ To Blame?

The market got a whiff of what that systemic risk test would look like after the collapse of auto sector companies Tricolor and First Brands, whose bankruptcies highlighted private credit exposure’s vulnerabilities.

UBS had more than $500 million committed to First Brands through several of its investment funds. Even though its direct private credit exposure turned out to be relatively small, the situation was severe enough to spark a contentious back-and-forth over whether non-bank “cockroaches” were to blame, as JPMorgan’s Dimon suggested.

Hogan Lovells’ Schernecke sees both sides. On one hand, private credit deals are typically held rather than sold. This allows lenders to earn an illiquidity premium for concentrated risk and limited secondary market opportunities. This structure also enables fast execution; one or a few creditors can approve terms without broader market input.

On the other hand, underwriting standards can become compromised and looser documentation on large-cap deals can affect lower middle-market loans.

“Weaker loan documentation can lead to unintended consequences in private credit in which creditors are generally intending to hold their paper for an extended period and do not want to allow for significant leakage of collateral or value without their consent,” says Schernecke. “Given how fiercely competitive deployment opportunities have become, it is difficult for funds to push back on more ‘aggressive’ terms because they may be replaced by another fund to land the mandate.”

While most private credit funds will resist including the most egregious leakage provisions, being the first mover on any specific issue is difficult when other funds may be more willing to be flexible, he adds.

Banks’ concerns are partly competitive. Private credit has captured significant market share in middle-market and even large-cap lending, prompting Dimon and other executives to view it warily—while also getting cozy with their rivals.

What’s Next

As Percent’s Reddy notes, private credit’s growth—and its competition with banks—isn’t new. More than 15 years after the global financial crisis, bank lending shifted into “the hands of a few key players: Apollo, KKR, Blackstone,” he says. Today, they’re building out syndication desks and structuring loans just like the big banks did.

Reddy points to his former employer, UBS, as being “one of the first movers” when it came to adapting to the times. The bank began partnering with private equity firms and became more “sponsor-driven,” he says, since that’s where the opportunity lies for banks now. “I’ve seen the evolution firsthand.”

But if private credit’s flexibility is its strength, opacity is its Achilles’ heel. When banks originate syndicated loans, borrowers have regulatory oversight. Private credit funds don’t have to disclose much. If they put a deal on their balance sheet, no one knows the terms, the covenants, or even how collateral is verified, Reddy warns. That lack of visibility, he says, is why bank CEOs like Dimon can make ominous but unverifiable warnings.

“When Jamie Dimon speaks, the world listens,” Reddy quips. Dimon knows exactly how much exposure JPMorgan has to private credit funds, but must project vigilance for the sake of financial services in general.

When bank bosses accuse private credit funds of “eating their lunch,” then, Reddy isn’t so sure. At the end of the day, those private credit funds still have massive facilities with the banks, which have indirect exposure; they’re lending to all the largest lenders.

So, has lunch been eaten? Reddy wonders: “Maybe half-eaten.”

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Mirae Asset Securities: Embedding Innovation at the Core of Global Private Banking

Dec 16, 2025 Finance Desk

As Korea’s largest securities firm, managing USD 393.6 billion in client assets as of Q2 2025, Mirae Asset Securities has established itself as a global institution known for sophisticated investment capabilities and consistently high-quality service. Size is not its only strength; the company sees innovation as a strategic imperative—and is pursuing both organic and inorganic pathways to build a financial ecosystem that anticipates the future.

AI as the Engine of Organic Transformation

Artificial intelligence sits at the heart of Mirae Asset Securities’ transformation efforts. The firm has recruited global top-tier technology talent, overhauled its organisational culture, and embedded AI applications directly into frontline wealth-management operations.

These investments are yielding results. Clients can now access real-time global market information with automatic translation, improving the quality and speed of decision-making. Data shows that investors who use the firm’s AI-driven tools exhibit a 15% higher rate of active investment decisions than those who do not.

Two flagship systems, the Mirae Asset AI Wealth Assistant and the PB Desk Assistant, deliver personalised recommendations, alerts, and investment insights. AI systems have studied roughly 400 internal work manuals, enabling instant guidance on procedures and documentation. For private bankers, the impact is substantial: average preparation time for consultations has dropped to one-quarter of the previous level, directly enhancing the quality of client engagement.

To sustain this momentum, the company launched an AI Digital Finance Expert Program with KAIST(Korea Advanced Institute of Science Technology) and offers a suite of internal training programmes, including online learning through Udemy for all wealth-management and private banking employees. The goal is clear: build a workforce capable of leading, not just responding to, industry change.

Acquisitions Fuel the Next Wave of Innovation

Mirae Asset Securities’ commitment to innovation also extends beyond Korea’s borders through targeted acquisitions and strategic investments. Recent deals by affiliate Mirae Asset Global Investments include the acquisition of Stockspot, an Australian robo-advisor, and the creation of Wealth Spot, an AI-driven asset-management company in New York. These ventures strengthen the firm’s own AI investment models, supporting internally managed robo-advisory assets that now total approximately USD 2.6 billion.

The firm is also collaborating closely with Global X— Mirae Asset Global Investments’s U.S. ETF subsidiary—on AI-enhanced market strategies and expansion into Asia’s fast-growing technology markets, including China Core ETFs.

In a major push into emerging markets, Mirae Asset Securities recently acquired 100% of India’s Sharekhan. Today, roughly 60% of its employees and nearly half its clients are based overseas, reinforcing its position as a global private bank with almost USD 400 billion in client assets.

Shaping the Future Through Digital Assets

Alongside AI, digital assets represent the next major pillar of innovation. Mirae Asset Securities was the first Korean securities company to complete Phase 1 of a Security Token Offering (STO) platform under the Financial Services Commission’s regulatory sandbox.

It is now building a blockchain-based system that integrates issuance, investment, payment, and settlement—supported by partnerships with SK Telecom, Hana Financial Group, and a working group of 23 global service providers.

Mirae Asset 3.0: A Group-Wide Re-Targeting

Mirae Asset Group—which includes Mirae Asset Securities—is taking another bold leap forward following two earlier eras: 1.0, marked by its founding and the pioneering of mutual funds, and 2.0, defined by global expansion and ETF leadership. In October 2025, the Group declared the beginning of a new 3.0 era, advancing toward a future in which traditional and digital assets converge, powered by innovation in Web3 and digital assets.

While innovation inherently involves risk, Mirae Asset Group continues to move forward with unwavering conviction, guided by the long-term global strategy and leadership of its Founder & Global Strategy Officer (GSO).

Anchored by this vision, the Group surpassed KRW 1,000 trillion in client assets in just 28 years since its founding (as of July 2025).

In a global market where many institutions speak of innovation, Mirae Asset Group demonstrates what true innovation looks like—bold, disciplined, and relentlessly future-focused.

As a permanent innovator, the Group—and Mirae Asset Securities—will continue to evolve in ways that draw heightened attention from the world of global private banking.

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Farmers must not be sacrified for the profit of a few industries, lawmaker says on Mercosur

Dec 16, 2025 Finance Desk

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Austrian MEP Thomas Waitz (The Greens) told Euronews that the European Commission should rethink its budget plans in order to shield EU farmers from the impact of the Mercosur agreement, which could be adopted this week.

Under the Commission’s proposal for the 2028–2034 budget, funding for the Common Agricultural Policy would fall by 20%. Critics of the Mercosur deal argue it would expose EU farmers to unfair competition, as imports from South American countries could be more competitive on the European market.

“You cannot cut the funds by 20% literally and by 40% if you include inflation and sacrifice the farmers just for the profit of a few national companies or European industry,” Waitz told Euronews.

He said large agribusinesses stand to gain from the agreement, while small and medium-sized farmers would bear the costs.

EU farmers protest deal

The coming days are decisive for the trade pact, concluded in 2024 between the European Commission and Mercosur countries – Argentina, Brazil, Paraguay, and Uruguay – to establish a transatlantic free trade zone.

The European Parliament remains sharply divided over the deal. Tuesday will see lawmakers vote on a Commission-backed safeguard clause to monitor potential market disruptions from Mercosur imports, while EU member states are also expected to take a position at the Council in the coming days.

Commission President Ursula von der Leyen hopes to travel to Latin America on Saturday to sign the agreement in Foz do Iguaçu, on the Argentina–Paraguay border,Euronews has learned.

EU farmers are set to protest on Thursday as national leaders gather for a European summit.

If no agreement is reached beforehand, the issue will be pushed to the top of the summit agenda, with tense negotiations expected.

Full ratification, however, requires the backing of a “qualified majority” of the EU’s 27 member states. France remains firmly opposed and is seeking to delay a Council vote. Hungary, Poland and Austria have also aligned with farmers against the deal.

Ireland and the Netherlands, previously critical of the deal, have yet to clarify their positions. Italian farmers are also voicing opposition, putting pressure on Prime Minister Giorgia Meloni to declare her stance.

“If we lose them, we lose the rural areas and the ability to supply our population independently with food,” Waitz added.

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All eyes on Italy as Mercosur deal hangs in the balance

Dec 15, 2025 Finance Desk

Italy’s silence on the Mercosur trade pact is deafening – and potentially decisive. Rome could become the kingmaker between supporters of the deal and countries seeking to block it.

European Commission President Ursula von der Leyen plans to fly to Brazil on December 20 to sign off the agreement. France, facing farmer anger over fears of unfair competition from Latin America, opposes the deal and wants to postpone the EU member states vote scheduled this week to allow the signature.

The trade pact with Mercosur countries – Argentina, Brazil, Paraguay, and Uruguay – aims to create a free-trade area for 700 million people across the Atlantic. Its adoption requires a qualified majority of EU member states. A blocking minority of four countries representing 35% of the EU population could derail ratification.

By the numbers, Italy’s stance is pivotal. France, Hungary, Poland and Austria oppose the deal. Ireland and the Netherlands, despite past opposition, have not officially declared their position. Belgium will abstain.

That leaves Italy in the spotlight. A diplomat told Euronews the country is feeling expose but that may not be a bad position to be in if it plays its cards rights to get concessions.

Coldiretti remains firmly opposed to the agreement

Rome’s agriculture minister had previously demanded guarantees for farmers.

Since then, the Commission has proposed a safeguard to monitor potential EU market disruptions from Mercosur imports. The measure, backed by member states, will be voted on Tuesday by EU lawmakers at plenary session in the European Parliament in Strasbourg.

Italy’s largest farmers’ association, Coldiretti, remains firmly opposed.

“It’s going to take too long to activate this safeguard clause if the EU market is hit by a surge of Mercosur’s imports,” a Coldiretti representative told Euronews.

On the other side, Prime Minister Giorgia Meloni faces a delicate balancing act between farmers and Confindustria, the industry lobby, while Italy remains the EU’s second-largest exporter to Mercosur countries.

This was also made clear by Agriculture Minister Francesco Lollobrigida a few days ago in Brussels. “Many industrial sectors and parts of the agricultural sector, such as the wine and cheese producers, would have a clear and tangible benefit [from the deal]. Others could be penalized,”he said.

This is why Italy has not taken a clear stance up to now. “Since 2024, we tried to protect everybody”, Lollobrigida argued, while remaining ambiguous on the country’s position.

Supporters of the deal are wooing Meloni, seeing her as the path to get the agreement done and open new markets amid global trade obstacles, including nationalist policies in the US and China.

“As long as the Commission president is preparing to go to Brazil to the Mercosur summit, we need to do what’s necessary for that to happen,” an EU senior diplomat from a pro-deal country said.

Yet uncertainty lingers. No one wants to schedule a vote that might fail, and Italy’s prolonged silence is rattling backers, sources told Euronews.

One diplomat familiar with the matter speaking to Euronews conceded “it’s hard, looks difficult”.

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World’s Best Digital Banks 2025: Round II—Global Winners

Dec 15, 2025 Finance Desk

The global banking industry is currently in the midst of a profound digital transformation, propelled by the accelerating pace of technological advancements and the continuously evolving expectations of modern consumers and clients.

At the vanguard of this monumental shift are the World’s Best Digital Banks 2025, institutions that are not merely adapting to change but actively demonstrating how innovative digital strategies can fundamentally reshape and redefine the landscape of financial services.

These leading digital banks excel by integrating strategic vision, a customer-centric approach, and robust technology such as AI, blockchain, and the cloud. This combination offers tailored solutions both for individual consumers through personalized experiences and for businesses via sophisticated digital platforms, creating new financial interaction paradigms for the 21st century.

table visualization

World’s Best Digital Bank and Best Consumer Digital Bank

Bank of Georgia

For the second consecutive year, Global Finance has named Bank of Georgia (BOG) the World’s Best Digital Bank and Best Consumer Digital Bank. This achievement highlights BOG’s commitment and leadership in digital banking, stemming from a strategic vision, customer focus, and in-house technological innovation.

At the core of BOG’s strategy is CEO Archil Gachechiladze’s “customer obsession.” This principle drives the bank to deliver intuitive, inclusive, and customer-centric banking. BOG achieves this by consistently understanding and adapting to the evolving demands of its diverse customer base.

A 700-strong, in-house IT team powers BOG’s digital agility. This team develops the bank’s core banking system, digital channels, and payment platforms. This self-reliance provides a competitive advantage, fostering rapid iteration and feature delivery. Minimizing third-party dependencies gives BOG control over its technological road map, allowing swift responses to market changes. The bank’s microservices-based architecture has accelerated application development and transaction processing, boosting efficiency.

The bank has established itself as a leading innovator by developing an open-banking API marketplace—a catalog of APIs available to third parties, enabling integration of BOG’s services into third-party platforms—facilitating an ecosystem with hundreds of partners. This initiative significantly enhances the customer experience through a comprehensive mobile application that functions as a “financial super app,” says Gachechiladze. Going beyond traditional banking, the app integrates BOG’s Personal Finance Management tool for budgeting and spending analysis. It also proactively identifies and presents personalized loan and credit opportunities, including buy now, pay later options. The “super app” extends its utility beyond finance, incorporating services such as in-app stock trading; digital gift card purchases; and diverse payment solutions for transportation, covering car-related expenses including fines and parking, as well as public transport passes.

Customer convenience is central to BOG’s digital strategy. The bank offers 24/7 digital onboarding, allowing new customers to open accounts and receive digital debit cards instantly. This is supported by continuous, multichannel customer support via text, phone, or video chat.

BOG’s digital transformation includes innovative payment solutions. These involve using smartphones as payment terminals for small businesses and individuals. The bank has also pioneered face-recognition technology for payments. Furthermore, BOG developed a dedicated mobile application for businesses, streamlining operations and transactions.

Best Corporate/Institutional Digital Bank

DBS Bank

DBS Bank’s status as a leading digital bank is the result of a comprehensive digital-transformation strategy launched in 2014 with the goal of making banking effortless and seamless. This success is built upon several critical pillars.

The first of these foundational pillars is DBS’ commitment to tangible value from its technology, beginning with rigorous quantification of AI investments, attributing substantial financial gains to these initiatives. These gains are projected to reach 750 million Singapore dollars (about US$577 million) in 2024 and surpass SG$1 billion in 2025, a tangible demonstration of value that distinguishes the bank from its competitors.

Building on this strategic investment, DBS has industrialized its AI strategy, deploying over 1,500 AI and machine learning models across more than 370 use cases. These encompass internal operations, such as AI-driven audits for enhanced risk management; and a generative-AI (Gen AI) platform, DBS-GPT, that supports over 90% of staff, saving thousands of employee-days annually. Customer service is further enhanced by Gen AI–powered assistants that efficiently transcribe and summarize queries, while personalized nudges provide proactive financial guidance to clients.

Beyond consumer and internal applications, DBS prioritizes the customer journey for institutions and for small and midsize enterprises (SMEs) through the bank’s Managing through Journeys program. Digital innovations have led to a significant 30% reduction in time to open corporate accounts for SMEs in Singapore and halved the time required for implementing payment and collection API mandates. The bank’s digital lending platform for SMEs provides faster financing with improved credit risk assessment, resulting in a double-digit reduction in time-to-cash (the time it takes for a business to receive financing).

Complementing DBS’ internal strategy, an extensive ecosystem and API strategy that boasts over 400 partners empowers the bank to acquire new business without incurring traditional customer acquisition costs. DBS has also pioneered institutional blockchain services, facilitating instant multicurrency transaction settlements.

Finally, DBS’ success is deeply rooted in a fundamental cultural shift toward an agile, innovation-driven environment, mirroring a technology startup. This decade-long journey has been guided by a clear vision to “make banking joyful” through seamless digital experiences, a commitment now extended to corporate and institutional clients who can enjoy the same seamless and “joyful” banking experience as consumers.

Best Islamic Digital Bank

Boubyan Bank

For the past decade, Boubyan Bank has consistently been recognized by Global Finance as the World’s Best Islamic Digital Bank. This achievement is a testament to its strategic vision, which seamlessly integrates digital innovation with Islamic principles through a sustainable and focused approach.

Boubyan has successfully forged a “digital-first” Islamic identity, demonstrating that Islamic banking can be modern, digital, and highly appealing to a tech-savvy audience, particularly younger generations. The bank’s strategy is built on prioritizing customer satisfaction, driving revenue growth, and achieving cost reduction through innovative digital solutions.

As a pioneer in the Kuwaiti market, Boubyan offers “first-in-Kuwait” products that simplify banking and deliver unique value to both retail and business customers. Key innovations include Msa3ed, or Musaed, an AI-powered conversational banking assistant that provides instant support in both Arabic and English, further enhanced by Gen AI for more-intelligent interactions. Another significant milestone is the launch of Nomo: a UK-based, sharia-compliant, digital bank enabling Middle Eastern customers with international lifestyles to swiftly open UK accounts, offering multicurrency payments, international transfers, and sharia-compliant investment opportunities. Additionally, Boubyan provides a comprehensive suite of digital solutions for SMEs, such as ePay for collections and eRent for real estate management.

Customer experience is paramount to Boubyan’s digital strategy, meticulously guided by human-centered design. The bank consistently achieves high customer-satisfaction ratings, with an impressive 99% of financial transactions conducted through its mobile app. The bank’s numerous awards for customer service further underscore that Boubyan’s digital convenience is seamlessly supported by a robust service ethos.

Boubyan’s Digital Innovation Center facilitates rapid product launches unencumbered by legacy systems. The bank actively collaborates with global and regional fintech partners to integrate cutting-edge technologies, such as Snowdrop Solutions for data enrichment.

Internally, Boubyan harnesses AI for operational excellence. This is exemplified by the automation of corporate risk assessment, which has dramatically reduced processing time from weeks to mere hours. AI is also deployed to optimize call centers and enhance internal workflows, showcasing a comprehensive commitment to efficiency that extends beyond customer-facing tools.

Bank of Georgia, DBS, and Boubyan underscore a fundamental truth: The future of banking is undeniably digital. These institutions demonstrate how a relentless focus on innovation, customer experience, and technological agility can drive sustained growth and market leadership. As the digital landscape continues to evolve, these banks’ achievements serve as a powerful testament to the transformative potential of digital banking, inspiring the industry to embrace a future where financial services are more accessible, efficient, and seamlessly integrated into daily life.

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World’s Best Digital Banks 2025: Round II—Consumer Regional

Dec 15, 2025 Finance Desk

‘Phygital’ strategies and tools help consumer banks blend advanced technology and AI with accessibility and financial inclusion.

table visualization

A wave of innovation is reshaping consumer banking, moving a business estimated at some $70 trillion worldwide beyond simple online transactions to create integrated, customer-centric financial ecosystems. A primary feature of this transformation is the shift to super apps and beyond-banking models, which aggregate a comprehensive suite of financial and nonfinancial services—from credit and investments to communication and e-commerce—on a single, secure digital platform. Often, this shift is enabled by leveraging open-banking principles and APIs to foster a broader, more interconnected digital ecosystem.

Accessibility and financial inclusion remain central, however, as banks deploy “phygital” strategies that blend advanced technology with human touchpoints to ensure seamless access even in geographic areas with limited physical or digital infrastructure. Tools include mobile virtual-network operators (MVNOs) that do not own their own wireless network infrastructure and the USSD (unstructured supplementary service data) communication protocol that allows mobile phones to interact directly with a service provider’s systems.

Strategic application of machine learning and AI, meanwhile, is driving internal efficiencies in risk management and process automation and enhancing the customer experience through personalized product offerings and intelligent, real-time, decision-making for services like loan approvals. Convenience and security remain top of mind as banks adopt payment innovations like PayShap, QR, and tap-to-pay; sophisticated fraud-monitoring systems; and unique features designed to build trust and simplify complex daily financial activities.

Taken together, these innovations amount to a sweeping cultural change, as well as process change for banks whose customer base runs the gamut from beginner to highly sophisticated. This year’s regional winners exemplify the effort needed to get it right.

Africa

First National Bank

South Africa’s First National Bank (FNB) offers FNB Connect, an integrated digital financial platform including banking, credit, insurance, investments, and communication within a secure ecosystem. FNB serves 7.7 million digital customers who log into the app 156 million times monthly. As South Africa’s highest-rated banking app, it does duty as a personal banker, financial coach, and e-commerce hub, offering consumers an omnichannel experience driven by intuitive design, automation, and personalization.

“FNB Connect drives our ‘beyond banking’ vision by integrating connectivity, devices, and digital services into one ecosystem,” says FNB Connect CEO Sashin Sookroo. “In rural and periurban areas where physical banking infrastructure is limited, our MVNO offering ensures customers remain connected to digital platforms, enabling secure transactions and access to financial tools. Together, these pillars bridge the gap between connectivity and financial inclusion, accelerating digital adoption where traditional channels are out of reach.”

FNB is working to reduce communication costs through zero-rated banking channels, rewards, and free WhatsApp; and to make technology accessible via curated products such as solar energy and water tanks with eBucks Rewards. The bank’s service-provider portfolio allows customers to top up airtime/electricity or redeem vouchers at over 400,000 locations, eliminating the need to travel to urban centers. FNB’s CashPlus and AgencyPlus initiatives blend technology with human touchpoints to deliver a phygital experience, notes Fazlen Khan, channel management head for Broader Africa, ensuring financial services are inclusive and accessible for all communities.

Asia-Pacific

Taiwan Business Bank (TBB)

Although best known as Taiwan’s only dedicated SME bank, TBB has extended the same digital strengths to its consumer channels, creating a unified experience across retail and business customers. “Through model-based analysis of financial conditions and market dynamics,” says Lawrence Tsai, TBB’s manager of Digital Banking, “TBB predicts future funding needs, offering precise financial solutions to enhance business planning and operational efficiency.” Its micro-enterprise e-loan platform is specifically designed for SME financing, aligning the bank’s application processes, review logic, and product design with the distinct needs of small and midsized enterprises.

TBB offers an industry-first, comprehensive one-stop online experience for business applications and contract execution. Thanks to extensive use of optical character recognition, MyData integration, robotic process automation (RPA), and real-time decision-making systems, the bank reports it has reduced the time required for application submission from 15 minutes to two, and review time from two days to 40 minutes. Business owners can scan necessary documents using a mobile device or upload them via computer; the system automatically retrieves data through the National Development Council’s MyData database, enabling application completion in just 10 minutes.

Central & Eastern Europe

Bank of Georgia

Bank of Georgia’s digital efforts have cut costs by more than 30% and achieved 90%-plus online service access, it reports, rewarding the bank with consistent industry recognition. Its super app offers investment services as well as “Buy Now, Pay Later.”

Bank of Georgia leverages open banking APIs to create a broader, highly interconnected digital ecosystem and prioritize a customer-centric experience with high digital adoption, seamless processes including remote account opening and instant digital cards, and enhanced support via chatbots and 24/7 in-app assistance. The bank is integrating machine learning and AI for risk management and process improvement and to create highly personalized product offerings. These include AI-driven SME loan approvals, cutting processing time for a significant share of clients.

Latin America

Banco Banamex

Banamex offers intelligent and personalized payment via its digital ecosystem. Customers can conveniently pay bills, transfer money, and make purchases with digital cards using the Banamex app and online banking while integration with Apple Pay, Google Pay, and Samsung Pay allows for fast, contactless payments tailored to customer lifestyles. In April, the bank launched Banamex Switch, a 100% digital account aimed at Gen Z, through which users can access digital account opening; digital credit cards; exclusive digital promotions, personalization, security, and control; and 24/7 assistance.

Middle East

Commerical Bank of Qatar

Commercial Bank of Qatar’s digital platform offers over 150 services including geofencing for real-time card offers and automatic branch appointment token issuance (within 10 meters), eliminating manual kiosk interaction. A 60-second remittance service provides fast transfers to over 40 countries. IBM Safer Payments, an intelligent fraud monitoring system, analyzes transactions across digital channels, ensuring scam incidents are rare, while CBsafe ID protects against fraudulent calls via call verification, enhancing trust.

North America

Bank of America

Digital services are central to client relationships at Bank of America (BofA), driving growth and personalized experiences through industry-leading digital capabilities integrated with its financial and call centers. Last year, BofA clients’ digital interactions rose 12% to hit a record 26 billion. The launch of the bank’s unified mobile app last year enables clients to access all their banking, investment, and retirement accounts via any Merrill, Private Bank, Benefits Online, or BofA app. Erica, BofA’s comprehensive virtual financial assistant, manages clients’ full financial relationships, including initiation of applications in physical centers and completing them digitally. Lately, Erica has also been of use to clients affected by Hurricanes Helene and Milton and the Los Angeles wildfires earlier this year, making information available about BofA’s Client Assistance Program.

“We prioritize our multibillion-dollar technology investment by focusing on scalable innovation that delivers real value to our clients and employees,” says Tom Ellis, head of Consumer Technology. “From AI-driven tools like Erica to advanced data analytics and cybersecurity, our goal is to ensure every digital interaction is smarter, more personalized, and more efficient—year after year.”

Western Europe

Eurobank

Eurobank enhances 24/7 customer support through multiple digital channels, including interactive assistance via personal and bulk messages; private online chat through Click2Chat; and a video teller service for scheduling meetings, uploading documents, and applying for products. The bank’s digital channels also provide user-friendly investment tools, enabling real-time stock transactions, mutual fund management, and a global investment portfolio view, plus personalized product suggestions and credit offerings.

For daily financial activities, Eurobank integrates customizable payments, such as recurring and bulk options, with account aggregation for a unified view of the customer’s accounts. Features like real-time alerts, payee verification, fee calculators, personalized transaction suggestions, searchable history, repeat payments, and contactless options simplify transactions and link to a digital rewards program.

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World’s Best Digital Banks 2025: Round II—Consumer Winners

Dec 15, 2025 Finance Desk

Consumer banking is moving far beyond traditional branch-based models.

table visualization

A clear trend is the ascendancy of the “super app” strategy, where institutions consolidate hundreds of functions—from daily banking and wealth management to lifestyle services like transport and stock trading—into a single, seamless digital ecosystem.

Complementing this is the pervasive integration of artificial intelligence (AI) that is evolving from a customer service tool to a core driver of personalized financial advice, fraud prevention, and hyperefficient digital lending.

Furthermore, the focus on user experience (UX) and robust information security has intensified, with banks prioritizing intuitive design, unified platforms, and advanced defense mechanisms like SIM-card fraud joint defense to build trust in a mobile-first world.

Finally, the pioneering of open-banking APIs and agile transformation demonstrates a move toward a more collaborative and financially inclusive industry, expanding access to underserved populations and leveraging technology to embed financial services deeper into customers’ daily lives.

Best Digital-Only Bank

Rakuten Bank

Rakuten Bank distinguishes itself within the competitive digital-only banking sector by adopting a full-service, universal-bank model. This approach moves beyond the typically limited offerings of many neobanks,

providing a truly comprehensive suite of banking products and financial services accessible entirely through the bank’s robust online and mobile platforms. This universal digital scope caters to a broad clientele, serving the complete financial needs of both individual consumers and corporate entities.

The expansive array of services offered includes core banking functions such as standard banking, lending solutions, investment and wealth management, corporate finance, foreign exchange, and international services. By integrating these diverse financial pillars—from daily transactions to complex financing and investment—Rakuten Bank provides a singular, highly digitalized ecosystem where customers can manage virtually every aspect of their financial life without the need for a physical branch.

Best Online Payments Solution

Commercial Bank of Qatar

Commercial Bank of Qatar leads in consumer digital payments due to its first-to-market approach and focus on secure, seamless experiences. Innovations supporting Qatar’s move toward a cashless society include the CB Pay mobile wallet, wearable payments, contactless “Tap N Pay” cards, mPay QR-code payments, and 60-second international remittances, all designed for convenience and speed.

Best Integrated Consumer Banking Site/ Best Bill Payment & Presentment

Arab Bank

Arab Bank delivers a unified, seamless digital experience. The bank’s strategy focuses on integrating platforms for a consistent customer journey, using data analytics for personalized engagement, and adopting a mobile-first approach with its Arabi Mobile app. The bank prioritizes speed and efficiency through digitized processes, enabling quick loan approvals and convenient digital onboarding. Arab Bank also excels at bill payment and presentment by creating a smoothly integrated and customer-centric digital ecosystem.

Best in Lending/ Best Online Product Offerings

Bank of Georgia

Bank of Georgia excels in Central and Eastern Europe with a super-app strategy, offering a broad and seamlessly integrated digital ecosystem. This includes digital lending (80% uptake), in-app stock trading, and lifestyle services such as digital gift cards and public-transport management. The bank leverages AI for personalized financial advice, product recommendations, and enhanced security, driving digital growth and boosting customer loyalty.

Best User Experience (UX) Design

Bank of America

Bank of America (BofA) excels in UX design, offering a seamless, unified, and personalized digital experience. The bank consolidated five apps into one platform with an intuitive Accounts Overview. BofA’s AI assistant, Erica, simplifies tasks and provides proactive, personalized insights through natural-language interactions, assistance with finding transactions, locking and unlocking debit cards, and snapshots of spending. BofA also prioritizes security with features like QR code sign-on. And the bank actively seeks client feedback.

Best Mobile Banking App

Isbank

Isbank İşCep is recognized as a leading mobile banking app due to its super-app strategy and AI integration. It offers over 800 functions, from financial management to lifestyle needs. The bank’s AI assistant, Maxi, handled over 103 million conversations in 2024, providing personalized financial guidance. With over 80% of transactions on mobile and an 88.1% customer-satisfaction rate, İşCep demonstrates a successful digital strategy.

“Users shouldn’t be forced to manage their finances across multiple mobile apps. We understand that, ultimately, they desire a single, personalized finance application,” asserts Sezgin Lüle, deputy CEO at Isbank. “The opportunity exists to expand beyond traditional banking functions by incorporating nonbanking services through strategic partnerships. This approach promotes a collaborative ecosystem, especially with startups, positioning us as a financial ecosystem builder rather than just a bank.”

Best Information Security and Fraud Management

Taiwan Business Bank (TBB)

Taiwan Business Bank (TBB) excels in digital security and fraud management, employing a “three lines of defense” framework and continuous risk monitoring. The bank’s mobile app features a “mobile security shield” and dual-protection locks. TBB also partners with fintechs for AI-driven fraud prevention, sharing anonymized data to combat payment and remittance fraud effectively.

TBB leads the financial industry in security innovation by partnering with telecom, e-payment, and technology sectors to launch Taiwan’s first SIM-card fraud joint-defense mechanism. Through integrating the SIM-card reissuance anti-fraud communication API, TBB cross-verifies users’ SIM status during e-payment account linking, effectively identifying high-risk activities. As a result, the number of users linking TBB accounts to e-payments apps has tripled.

TBB is also actively deploying AI technologies and will officially establish its “AI Lab” soon. The AI Lab will serve as a crucial engine for technological innovation and cross-departmental collaboration. It will facilitate the practical implementation of AI applications and deepen digital transformation.

Best in Social Media Marketing and Services

Liberty Bank

Liberty Bank leverages data-driven communication and centralized campaign management for consistent and effective messaging. The bank builds community on social media by fostering relationships and providing meaningful content. Liberty’s social media success stems from an integrated digital transformation and strategic investment in technology. Targeted campaigns like “One of Us” support specific business goals and brand identity.

Most Innovative Digital Bank

Bancolombia

Bancolombia is known for its agile transformation, rapid product development, and commitment to financial inclusion. Its successful digital-only bank, Nequi, exemplifies Bancolombia’s innovative approach, providing accessible financial services to millions, including underserved populations and a mobile-first generation.

Best Open Banking APIs

Millennium BCP

Millennium BCP leads in open banking, a success driven by the bank’s advanced technological infrastructure and strategy. The core is Millennium’s pioneering API platform, which is the central nervous system enabling seamless, secure data exchange with third parties. A developer-first approach complements this, cultivating an ecosystem for external developers. The bank provides comprehensive, easy-to-use APIs, robust sandboxes, and testing environments, encouraging fintechs to build new consumer services on its infrastructure. Crucially, the operation is underpinned by an unwavering commitment to security and compliance with regulations such as the EU’s Revised Payment Services Directive. These open-banking achievements are integrated into a cohesive, institution-wide digital-transformation strategy, solidifying the bank’s position as a provider of cutting-edge digital financial services.

Best in Transformation

Banco Popular Dominicano

With Banco Popular Dominicano’s “More Digital, More Human” strategy, the bank combines advanced digital channels like its App Popular with personalized interaction with humans, such as remote financial officers and people at reimagined branches. The bank also expands its ecosystem by embedding services in other businesses and leveraging technology for efficiency, security, and financial inclusion.

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Ferrari CEO Benedetto Vigna On Innovation, Heritage, And The Road Ahead

Dec 15, 2025 Finance Desk

Home Executive Interviews Ferrari CEO Benedetto Vigna On Innovation, Heritage, And The Road Ahead

Benedetto Vigna discusses his four years of leading an iconic brand through rapid technological change, balancing tradition with progress, and steering growth from Maranello, Italy, to the global stage. Vigna is a physicist and longtime technology innovator. At STMicroelectronics, he helped pioneer MEMS motion-sensing technology and holds more than 200 patents.

Global Finance: How has the transition been from being a physicist and an innovator in the semiconductor industry to the CEO of Ferrari?

Benedetto Vigna: It has been an extraordinary learning experience; less different from my previous role in high-tech than I initially expected. Regardless of the sector, what matters most are the people.

The CEO of Ferrari, like any leader in high-tech, must be an innovator. The key difference here is the strong heritage that must be honored and interpreted. In my previous role, the future of the business was shaped almost entirely by what lay ahead, whereas at Ferrari, there is a unique balance between tradition and innovation.

Additionally, the sporting dimension adds an emotional intensity unlike anything I have experienced before.

GF: How did your previous career prepare you for your current role? And what perspectives or skills did you bring with you to Maranello, the home of Ferrari?

Vigna: My previous career prepared me for my current position at Ferrari in three main ways.

First, I brought an entrepreneurial mindset to innovation, encouraging teams to embrace new ideas and approaches. In my previous role, with a small team, hard work, passion, and trust from several clients, we had been able to build from scratch a multi-billion dollar business.

Second, I promoted greater openness within the organization and expanded our external network, helping teams build stronger relationships with suppliers and partners from diverse cultural backgrounds.

Third, my experience made me appreciate the importance of organizational design. I applied this by helping to flatten the structure at Ferrari, making it easier for information and ideas to flow across the whole company.

Last but not least, I highlighted the importance of acting as a united team.

GF: You recently outlined Ferrari’s new 5-year strategy. What are the key elements, and what does it mean for the “Casa di Maranello”?

Vigna: At our Capital Markets Day, first of all, we confirmed to have kept our promises, both in terms of products and financial performance. We exceeded the profitability targets set in our 2026 business plan one year ahead of schedule, and we are also ahead on our share buyback program. Moreover, during a time of uncertainty, we provided a clear floor for both top-line and margins until 2030.

Finally, we reaffirmed our strong commitment to sustainability, as we believe it is a key enabler for the new generation.

GF: And how much are you involved in the racing car side of the business?

Vigna: Our company has three souls: racing, sports cars, and lifestyle. Racing, where our story began, is extremely important for the company and for me, as it reflects our involvement in Formula 1, Endurance, and Hypersail.

For Ferrari, racing represents three main dimensions: it serves as a technological platform that transfers innovation from the track to the road; it provides a universal commercial platform for sponsorship opportunities; and it acts as a constant reminder to stay grounded, humble and focused.

Ferrari CEO Benedetto Vigna
Ferrari CEO Benedetto Vigna

GF: Ferrari is one of the most known and recognized brands in the world. How do you keep the reputation of the group so high for a long time to come?

Vigna: The world needs brands that are both agile and consistent with their DNA and values. In a time when respect and consideration are increasingly rare, it is crucial to pay attention to all stakeholders. For Ferrari, this means engaging with the local community through educational projects. We believe in co-prosperity.

GF: The role of technology and innovation is crucial for the future of Ferrari. What is your approach to this, considering your background?

Vigna: Ferrari has always been exploring new territories. Just think that, in the beginning of our history, Enzo Ferrari was called in his hometown “el mat”—the madman—for his determination to create a 12-cylinder engine. At that time, no one believed in a 12-cylinder car.

The technology, which is fundamental for a company’s survival, is only one of the ways to innovate. A purely tech-push approach, indeed, risks forgetting what is truly essential: the individual. Also a market-pull approach carries the risk to lag behind. My approach is emotion-driven—one that starts with a person’s emotion. We embrace technology neutrality because we put people at the center.

GF: And where growth is going to come from for the group? New models? New markets? Or eventually also new segments of the market?

Vigna: We have clear ideas on this front. The bulk of our growth over the next five years will be driven by Sports Cars revenues, further supported by the strong visibility provided by our order book, which extends well into 2027. More specifically, we expect Sports Cars activities to generate approximately 2 billion euros in revenue over the plan period, driven by an enriched product mix and increased contributions from personalizations. For this reason we are building two new Tailor Made centers in Tokyo and Los Angeles.

GF: Do you accept the definition of Ferrari as a leader in luxury goods, or is there more to the brand than just that?

Vigna: Ferrari is unique, first of all, as there is no other brand in the world that is both exclusive and inclusive. What sets us apart is also the blend of three dimensions: heritage, technology, and racing. Heritage is the extraordinary legacy our founder left us. Technology means the relentless innovation to always exceed our clients’ desires. And racing—the arena where we were born and which continues to fuel the Ferrari dream. The first Ferrari, the 125 S in 1947, was born to race.

GF: And finally how much do economic uncertainty and tariffs affect a brand like Ferrari? Less than most other car companies and manifacturers in general?

Vigna: The answer lies in our agility in defining and updating our commercial policy. Ferrari is in a somewhat privileged position compared to most other manufacturers: We have the ability to carefully control our allocations in each region, which helps us preserve our brand value. Our new sports cars have been very well received, and we continue to see consistent demand-growth across all our powertrains, models, and geographies. This strong and resilient demand, combined with our unique positioning, enables us to navigate economic uncertainties and regulatory changes. Despite all this, we must always—always—keep four wheels on the ground.

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Reimagining Banking with AI, Cloud, and Design Thinking

Dec 15, 2025 Finance Desk

Home Media Expert Perspectives Reimagining Banking with AI, Cloud, and Design Thinking

Speaking on the sidelines of Global Finance’s 2025 Global Bank Awards in Washington, D.C., Arun Jain—Chairman and Managing Director of Intellect, and Chief Architect of Purple Fabric—outlined a bold vision for what he calls the “fifth wave of banking”: an era defined by AI, Cloud and Design Thinking.

At the centre of this transformation is Purple Fabric, the world’s first open business-impact AI platform. Jain describes it as a democratizing force for the industry—technology that brings AI out of the exclusive domain of data scientists and places it directly into the hands of business and operations teams. The goal is to enable banks to co-create contextual, composable solutions that deliver measurable efficiency gains and improved customer experience, while upholding the highest standards of ethics, transparency, and trust.

For Jain, the future of banking requires a decisive shift from product-first thinking to a customer-first model. Rather than designing products and retrofitting customer journeys around them, he argues that financial institutions must build solutions around the financial events that shape customers’ daily lives—from paying bills and receiving salaries to large, complex needs like home purchases or wealth transitions.

This philosophy underpins eMACH.ai, Intellect’s modern architectural framework built on Events, Microservices, APIs, Cloud, Headless technology, and AI. By adopting these modular building blocks, banks can create unified platforms capable of responding to customers’ unique financial-event patterns in real time. The result: faster innovation cycles, personalised engagement, and the ability to scale new business models at materially lower software costs than legacy platforms allow.

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Could Generation Alpha Reshape the Economy? Here’s What It Means for the Rest of Us

Dec 13, 2025 Finance Desk

Key Takeaways

  • Even though they’re still children, Generation Alpha is already shaping what families buy and spend on, especially online.
  • Growing up fully immersed in technology, Gen Alpha will expect flexible, creative work, and homes that blend smart tech with sustainability.
  • Gen Alpha is learning about money at an earlier age than past generations, which is setting them up to make smart financial decisions when they’re adults.
  • Investing in certain sectors now, like AI and clean energym could be a smart way to take advantage of the economic impact that Gen Alpha will have in the future.

Generation Alpha, which includes those born between 2010 and 2025, is already having a large impact on the economy, despite the young age of its members. Globally, Gen Alpha kids account for 27% of their household discretionary spending and drive nearly a third of digital spending.

So, the decisions about what a family streams, purchases online, and the brands they support are being determined in part by kids, primarily in elementary and middle school. Gen Alpha’s influence will shape the labor market, housing demand, and investment trends in the decades to come, significantly altering the economic landscape.

The Growing Economic Power of the Youngest Generation

In spite of their youth, Generation Alpha wields immense economic power. It was estimated that in 2024, their own direct spending or spending influence (whether through personal purchases or by directing household consumption) would be approximately $1 trillion, and by 2029, it would reach more than $1.7 trillion.

Their economic footprint was expected to be $5.39 trillion in 2024, and by 2029, $5.46 trillion. That is significant growth in five years, underlining their increasing importance in the global economic landscape.

Brands need to understand how this young group is changing consumer behavior and trends, determining demand, and affecting industries that could become popular.

Gen Alpha’s Approach to Learning and Work Will Be Unlike Any Before

While Gen Z was the first generation to grow up fully immersed in the digital world, Gen Alpha is the first generation to grow up in a hyper-connected world, where AI will play a significant role.

The constant exposure to this technology will integrate it seamlessly into their lives, making it feel like an extension of themselves rather than something special that they use sporadically. As a result, it will influence how they learn, work, and live their daily lives.

This early and thorough immersion in technology will require a shift from traditional avenues of learning to blended, interactive, and multimodal methods. Educators will have to adapt to these new methods. Some might be unprepared for this latest frontier that merges new technologies with traditional education.

Once Gen Alpha enters the workforce, as early as the late 2020s, they will emphasize flexibility, autonomy, and work-life integration in their jobs. Experts predict an increase in remote work, entrepreneurial ventures, and the gig economy, with a focus on creativity, innovation, and cross-cultural communication.

How Gen Alpha Could Redefine Housing and Lifestyle Norms

While most of Gen Alpha won’t be purchasing homes until the 2030s, the way they’re raised will inform how homes will be designed, valued, and financed. As the generation will be digitally attuned and environmentally conscious, they will desire housing that blends smart technology with environmental sustainability.

This may include energy-efficient materials, AI-managed utilities, and homes that regulate temperature, humidity, noise levels, and more to meet their preferences.

Regardless of their wishes for how they’ll live, however, economic circumstances may determine otherwise. With increasing home prices and reduced inventory, home purchases may be out of reach for Gen Alpha.

This may result in people renting for longer, more compact houses (such as microapartments that are under 400 square feet), dense living arrangements, or multi-generational co-housing.

Additionally, with climate change, many places that are desirable to live in today may not be so in the future. Increasing temperatures, wildfires, and flooding may require large-scale migration away from coastal cities and high-temperature regions.

However, with birth rates declining and older generations aging out of homes, there may be less upward pressure on home prices.

Fast Fact

When all of Generation Alpha is born, they will number 2 billion, making them the largest generation in history.

Why Gen Alpha Could Be the Most Financially Savvy Generation Yet

Unlike some previous generations, many of Gen Alpha will become financially literate in their early years. A study by Acorns shows that approximately 41% of those between the ages of six and 14 are already saving and investing for various long-term goals, such as cars, college, a home, or retirement.

Brands and fintech platforms, like Greenlight, offer tools geared towards children, helping them with financial literacy and money management. This interest in personal finance comes from Gen Alpha’s parents, primarily Gen Xers and Millennials, who have faced their own economic pressures and, therefore, speak openly about money matters and behavior, while leveraging various financial tools.

What Gen Alpha’s Future Looks Like in the Job Market

It’s still too early to understand what the earnings potential for Gen Alpha will be, and they will face immense labor shifts as automation and AI replace many jobs. This, combined with their flexible and tech-influenced education, will vastly shape their career and economic trajectories.

Their careers will most likely include portfolio work that involves various jobs and income streams, entrepreneurship, and quickly pivoting from one industry to the next, with AI playing an essential role. Entrenched globalization will also affect their work. It’s very likely that many of the jobs they will have don’t exist yet.

How to Prepare Financially for the Rise of Generation Alpha

The best way to get ready for Gen Alpha’s impact is to consider how their values will shape the economic and investment landscapes. They’re being raised in households that focus on sustainability, digital convenience, and financial transparency.

That means industries like renewable energy, smart homes, green transportation, health tech, and digital learning are set to experience growth. Shifting a portion of your portfolio to companies in these spaces may give you a head start when demand potentially picks up as Gen Alpha enters adulthood.

Here are a few investment steps that you can take.

  • Invest in clean energy: Clean energy will likely become even more prominent with Gen Alpha’s preference for sustainability. So look into investments that focus on companies in the clean energy sector, such as ETFs like the iShares Global Clean Energy ETF (ICLN).
  • Explore artificial intelligence: AI will be central to Gen Alpha’s life. Research investments that provide you with exposure to companies in the artificial intelligence realm, such as ETFs like the Global X Artificial Intelligence & Technology ETF (AIQ) and the iShares Future AI & Tech ETF (ARTY).
  • Consider sustainable real estate: Real estate that incorporates sustainable measures is expected to be a core focus for Gen Alpha when they make housing decisions. Explore REITs and investment funds that include eco-friendly and energy-efficient components.
  • Diversify with ESG: As important as environmental, social, and governance (ESG) is today, it will be increasingly important in the future. Assess investments that integrate ESG factors into their investment approach, like iShares ESG Optimized MSCI USA ETF (SUSA).

The Bottom Line

Gen Alpha’s focus on sustainability, flexibility, and innovation will push industries to adapt to their needs, even as economic and environmental challenges affect what is possible. This combination of influence and changing values will shape the world around them.

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MONEY

CFO Corner: Nitesh Sharan, SoundHound AI

Dec 11, 2025 Finance Desk

Nitesh Sharan has served as CFO of SoundHound AI since September 2021. The company, a leader in voice and conversational AI, went public on April 28, 2022. Before joining SoundHound, Sharan held senior finance roles at Nike, including Treasurer, Head of Investor Relations, and CFO of Global Operations, as well as leadership positions at HP and Accenture.

Global Finance: What stands out as your main achievements leading finance at SoundHound AI?

Nitesh Sharan: When I joined SoundHound, it was still private and at an inflection point—preparing to scale truly breakthrough voice AI technology. SoundHound is a next-gen technology company founded 20 years ago by Stanford PhDs and computer scientists who believed that one day, humans would communicate with technology through natural conversation, just like they talk to one another.

Taking the company public in 2022, during one of the most challenging years to do so, was certainly a defining milestone. It brought complexities of sustaining growth, managing liquidity, and scaling fast while navigating market headwinds. Beyond going public, my focus has been on building and scaling the finance function from the ground up, putting in place the systems, talent, and processes to help us operate with both speed and agility. We’ve raised capital, entered new markets, and introduced new pricing and revenue models that better align with our strategic vision.

Our mission is simple but also ambitious: to change how people interact with technology and make it accessible to everyone. We’re not repaving old roads—we’re building new ones.

GF: Besides a high level of organic growth, SoundHound AI has also carried out several acquisitions. Why?

Sharan: Until 2024, the company’s growth was entirely organic. Since then, we have acquired four companies: SYNQ3, Allset, Amelia, and Interactions. Each brought unique capabilities and established customer relationships. We knew the world was changing rapidly, and we didn’t believe that only looking internally for great ideas was a good idea. There are incredible teams out there doing great work, and we saw real opportunities to combine strengths and accelerate innovation together.

GF: Will you buy more in the future?

Sharan: Possibly, yes. We remain open—and we have to be. We evaluate every opportunity through a strict lens, with strategic, operational, and financial considerations. Ultimately, we are trying to change how humans interact with technology, and every acquisition has to support that mission.

GF: There are concerns that AI investments are too costly. Would you agree?

Sharan: I disagree. Every era of fundamental disruption—from the railroad to electricity to the internet, cloud, and mobile—has seen some skepticism. Growth and change don’t happen linearly; they ebb and flow, but the overall trajectory of the AI industry keeps rising. Having witnessed many inflection points in my career, I believe this may be the biggest yet. And we’re still in the early days.

Right now, we’ve only scratched the surface. Across industries—from education to healthcare and financial services—the potential of generative and agentic AI remains largely untapped. From a broader view, this transformation is just beginning, and collectively, we’re not investing enough across the breadth of ways to utilize these technologies.

GF: Are you using AI tools inside the finance team itself, and how have they changed your day-to-day work?

Sharan: We are using the technology ourselves, and the impact is becoming visible across the company—getting twice as much done with our existing staff. Within my broader function, spanning finance, strategy, HR, and legal, we are seeing green shoots of efficiency and innovation.

That said, things are evolving quickly. New tools are emerging every week, and while we’re exploring many of them, we’re intentional in our approach. In accounting, for instance, we’re cautious about full automation but already leveraging AI for research and documentation. We’re also testing AI tools in planning and payables to scale more efficiently. So, we’re experimenting broadly, staying open-minded, and I expect we’ll have even more to share a year from now.   

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MONEY

EU tightens foreign investment screening to counter rising geopolitical threats

Dec 11, 2025 Finance Desk

Published on
•Updated

The European Union’s member states and the European Parliament have struck an agreement to strengthen the screening of foreign investments in the bloc as tensions rise over investments from countries such as China.

The Parliament had been pushing for broad screening of foreign direct investments, but it is EU member states who hold the ultimate authority over investment reviews. The two have now agreed on a common text that strengthens the existing rules.

Under the deal, mandatory screenings will now cover military equipment, artificial intelligence, quantum technologies, semiconductors, raw materials, transport and digital infrastructure, and even election systems.

“By requiring all member states to implement a screening mechanism and by strengthening cooperation among them, the regulation closes potential loopholes for high-risk investments in the internal market,” said MEP Bernd Lange, chair of Parliament’s trade committee.

He added that Parliament’s negotiators “successfully advocated for a broader minimum scope of the national screening mechanisms, ensuring that investments in particularly critical sectors must be screened by all member states”.

Shielding Europe’s economic security

The revamped framework stems from a European Commission initiative to harden the EU’s economic defences.

“In recent months, it has become clear that the geopolitical context has changed significantly,” an EU diplomat said on Thursday. “Trade can no longer always be seen as a neutral transaction between independent economic operators.”

He noted that several recent cases “demonstrated that economic instruments have been weaponized against Europe for geopolitical purposes.”

In September, the Netherlands placed the Dutch-based, Chinese-owned chipmaker Nexperia under state supervision out of concern that critical know-how from its European facilities could be siphoned back to China.

Beijing responded by restricting chip exports to Europe, thus threatening the EU’s automotive industry, which relies heavily on those components. Although a US-China deal eventually restored exports, tensions between Beijing and The Hague remain high.

The EU has had a cooperation mechanism on foreign direct investment screening in place since October 2020, but initial resistance was strong.

“At the beginning, some economic actors across Europe were reluctant to (implement) such a screening,” a parliamentary source told Euronews. “Investment issues are essential to them and they sometimes don’t see the risks.”

Under the EU’s rules, the Commission can request information and issue opinions, but it cannot force a member state to screen and block an investment.

On top of that, a 2023 regulation introduced a new screening regime for non-EU subsidies granted to companies operating in the bloc – another move that places China firmly in the spotlight.

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MONEY

Leading Innovation and Digital Transformation in Serbia

Dec 11, 2025 Finance Desk

Global Finance (GF): What are the bank’s signature digital products and services, and what differentiates them?

Zoran Petrovic (ZP): As part of our five-year transformation journey, we’ve launched or improved several digital products and services. We have two “signature” offerings:

  • iKeš (iCash) – a fully online personal loan, available for both existing and new clients. Minimal additional documentation is required, making the approval process 10-times faster.
  • iRačun (iAccount) – a fully online digital current account, available in 15 minutes. It comes with a digital debit card plus immediate access to the MB app and digital wallets.

These products are available for retail and SME clients, enabling us to meet the needs of more customer segments.

GF: How have you made complex banking and payments processes more simple, while also enhancing the user experience?

ZP: We are increasingly providing customers with simplicity and speed. For example, at the end of 2024, we introduced a one-click payment feature for investment funds. In its first six months, it accounted for a 70% share of customers’ total investments, helping Raiffeisen Invest surpass EUR 1bn in AUM.

More recently, we became the first bank in our market to introduce deep link technology for peer-to-peer payments. This allows clients to send and request money without inputting recipients’ information. Our SME customers can now see and approve invoices via one simple and convenient customer interface: our mobile banking app. Over 25% of these clients are already using it and 98% of all outgoing payments use digital channels.

Further, in addition to providing real-time information on SME accounts and transactions, our AI tools analyse past behaviour of SME clients, enabling better cash flow predictions to help plan their finances.

GF: How effective has your strategy been in attracting digital customers?

ZP: Since launching iRačun (iAccount), more than 250,000 customers – mostly individuals – have opened fully digital accounts with us. Last year, we achieved 50% market share in the total number of customers opening online accounts across Serbia. We also became the biggest SME bank with over 100,000 active clients, nearly doubling our client base in only two and a half years.

In addition, our mobile app is the most widely used in Serbia, with over 500,000 users, and has the highest ranking on app stores. Finally, we’ve seen double-digit growth in the total number of active retail customers year-on-year, driven by digital customer engagement efforts.

GF: Given innovation is core to a successful digital offering, what’s your approach?

ZP: Everything we do starts with the customer. We understand who they are and what they need, and then innovate in the design of our products and services to suit them. We can quickly identify and seize emerging opportunities by applying the “permanent agile innovation organisation at scale” approach used by the best tech companies globally. That includes hiring and developing the best talent. To make all that possible, there is close collaboration between the business, our IT function and external resources. They work as one team with common goals.

GF: What’s next on your digital agenda?

ZP: We will continue to digitally empower our clients and employees, fulfilling our vision of being Serbia’s digital bank with a human touch. To do this, we created specialist teams and programmes to ensure the adoption of AI. With mobile expected to become the primary touchpoint with our clients, we will ensure we have the necessary tools and capabilities.

Making SME lending faster and more efficient is one of our key areas under development. We also see strong potential in further scaling our investment business by allowing clients to open investment accounts fully online or purchase international stocks directly from the mobile app.

We will also continue to make daily banking tasks even easier and more enjoyable by implementing world class UX standards and extending mobile self-service capabilities for customers’ accounts, cards, and profiles.

Through these initiatives, we plan to celebrate our 25th anniversary in 2026 by reaching the milestone of one million active clients.

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MONEY

Oracle shares fall as bubble fears return, hitting wider tech stocks

Dec 11, 2025 Finance Desk

Published on

Global markets failed to retain the momentum sparked by an interest rate cut from the Federal Reserve on Wednesday after fears of an AI bubble resurfaced.

Disappointing results from cloud computing giant Oracle weighed on wider tech stocks, with Nasdaq 100 futures down around 1% just after 3am in New York. S&P 500 futures slipped 0.79%, while Dow Jones futures dropped 0.44%. Asian markets were broadly in the red, while Europe opened lower.

Around the same time, Oracle shares were down 11.83% in pre-market trading as investors grew increasingly sceptical about the company’s business outlook.

Oracle on Wednesday announced heavy capital expenditures while missing profit and revenue expectations, reigniting fears around an imminent AI bubble burst. As excitement around the technology has driven firms to sky-high valuations, analysts are concerned that a correction is due as business fundamentals fail to keep up.

Oracle brought in revenue of $16.06bn (€13.74bn) for the quarter to November, marking a 14% year-on-year increase but still coming in below the $16.21bn (€13.86bn) projected by analysts.

Net income came to $6.14bn (€5.25bn), a dramatic 95% increase, boosted by a $2.7bn (€2.3bn) pre-tax gain in the sale of Oracle’s Ampere chip company to SoftBank.

The company also said it expected full-year revenues to remain unchanged from its previous forecast of $67bn (€57.29bn).

Investors nonetheless kept their focus on the company’s debt, ramped up via high bond sales in recent months, and spending on long-term assets.

Capital expenditure for the 2026 financial year is now expected to be 40% higher than previously forecasted, totalling around $50bn (€42.75bn).

Another metric causing concern is revenue from Oracle’s cloud infrastructure business, which came in below expectations at $4.1bn (€3.5bn).

A large share of the firm’s capital expenditure is earmarked for the construction of data centres to power AI for clients like OpenAI, although investors fear that the firm might be placing too much money on a narrow, high-stakes bet. That’s particularly relevant as OpenAI sees more competition from companies like Google.

Compared to rivals like Amazon and Microsoft, Oracle was late to shift its focus from business software to cloud computing, and analysts now warn the firm could lose out if it fails to diversify revenue streams.

The souring narrative around Oracle is reflective of the broader change in market sentiment around AI. In September, the firm’s shares soared after OpenAI said it had agreed to purchase $300bn (€256.53bn) in computing power from Oracle over five years. That briefly made Oracle chairman Larry Ellison the world’s richest man.

Since that high, the firm’s shares have lost 40% of their value as investors wake up to the risks of a market correction. Analysts have notably sounded the warning bell over circular financing, where money is invested in a loop between related parties.

Elsewhere in the tech world, Nvidia stocks were down 1.58% in pre-market trading, while CoreWeave saw a 3.27% drop.

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MONEY

Qatar: A New World Capital For Wealth?

Dec 10, 2025 Finance Desk

Qatar’s LNG-driven prosperity is reshaping both its domestic eco-nomy and its international footprint.

In late October, Sheikh Bandar Al-Thani, governor of the Central Bank of Qatar and Chairman of the Qatar Investment Authority (QIA), the nation’s sovereign wealth fund, met in New York with Larry Fink, chairman and CEO of asset management giant BlackRock.

Their second meeting within a year underscored a deepening partnership through which Qatar gains access to world-class wealth advisory while BlackRock taps into new and expanding pools of capital. This year, both institutions have jointly participated in multiple major US technology funding rounds, including AI firm Anthropic’s $13 billion Series F offering and smart vehicle company Applied Intuition’s $600 million round.

Private Banking And Wealth Management

A small desert country with an economy of commensurate size only a few decades ago, Qatar is now one of the world’s richest nations, with GDP per capita exceeding $80,000 for barely 350,000 nationals. Thanks to its expanding gas production, the emirate’s growth is expected to jump from 2.5% this year to over 6.5% in 2026, making it the best-performing economy in the Gulf Cooperation Council (GCC) and one of the strongest globally.

In a region that is already a magnet for global wealth, with transforming economies and accommodative fiscal regimes, Qatar’s rapid acceleration is drawing increased attention from investment banks, private banks, and wealth managers. Big names such as J.P. Morgan, HSBC, UBS, and Barclays are already present in Doha and expanding their teams.

Yet local institutions retain a strong advantage. Their bankers have cultivated relationships with Qatari families for generations, offering the kind of cultural understanding and trust that foreign competitors struggle to match.

“There is a noticeable increase in interest from international private banks and wealth managers targeting the GCC market, drawn by the growing affluence and capital inflows,” observes Chaouki Daher, general manager and head of Private Banking & Wealth Management at Dukhan Bank. “However, local and regional players retain a competitive advantage through cultural affinity, deep client relationships, and a better understanding of Islamic finance principles. That said, the competition is pushing all of us to elevate our offerings: especially in areas like digital experience, discretionary portfolio management, and tailored investment advisory.”

Dukhan Bank is Qatar’s third largest lender; its clients are mainly local high and ultra-high net worth individuals and family offices.

Some global firms are attempting to enter the market by leveraging local know-how. American asset manager Blackstone, for instance, is exploring a partnership with Doha Bank to provide Qatari clients with access to private-market investment solutions traditionally reserved for institutional investors.

Next-Gen Investors

Local banks, meanwhile, understand that their clients are evolving and looking for more sophisticated investment solutions beyond traditional equities and real estate. At investment bank Lesha, CEO Mohammed Ismail Al Emadi witnesses this every day.

“We are seeing increasing sophistication amongst institutions and individual investors in Qatar and the broader GCC,” he says, “and this includes a growing allocation to alternative—typically private market—investments. We see strong demand from our investors in asset classes such as real estate, real assets—including aviation—and private equity. We also see strong interest in actively managed public equities in the region, where significant opportunities for alpha generation exist.”

This new strategic direction, especially among younger investors, is indeed one to watch as the GCC region stands on the brink of the largest intergenerational wealth transfer in history. By 2030, an estimated $1 trillion is expected to pass hands, opening huge opportunities for private banks to support succession planning.

“Increasingly, we are seeing interest from second-generation clients who are more global in outlook and seek access to sophisticated investment opportunities that align with both performance and values: particularly Shariah compliance and ESG integration,” says Daher. He also sees potential in “cross-border investment opportunities, particularly in technology, healthcare, and sustainable infrastructure, which appeal to the younger generation of investors.”

While personalized service and direct human interaction remain essential for top-tier clients, lenders say that younger customers won’t even consider banking with a partner that doesn’t offer full-fledged digital services.

“A younger, digitally native customer base is redefining product design,” notes Dimitrios Kokosioulis, deputy CEO of Doha Bank: “lifestyle-driven product propositions including payments, micro savings, subscriptions, travel/loyalty, and gamified financial wellness. That shift is visible in the product launches, where user experience, personalization, and instant fulfillment have become standard expectations.”

Looking ahead, Qatari banks are also investing heavily in AI to enhance their product offerings and boost operational efficiency.

“The rapid adoption of digital channels is driving innovation in mobile banking, digital payments, and personalized financial ecosystems supported by AI algorithms,” notes Omran Sherawi, senior associate general manager and head of Asset Liability Management at Commercial Bank of Qatar (CBQ). “These technologies enable hyper-personalized offers, real-time advisory services, and intelligent portfolio management.”

Going Global

While banks cater to individual wealth, Qatari institutions are also deploying energy revenues on a global scale, extending the nation’s influence far beyond its borders.

Qatar’s ambitious LNG expansion is set to add more than $30 billion annually to the country’s energy revenues. This increase is expected to grow the Qatar Investment Authority (QIA) from an estimated $524 billion in assets to over $800 billion by 2030.

Celebrating its 20th anniversary this year, the QIA is already the world’s eighth-largest sovereign wealth fund, with assets distributed globally and a workforce spread across Doha, New York, and Singapore. How will it deploy that much additional capital?

“In anything beyond LNG, for diversification purposes,” argues Diego Lopez, founder and managing director of Global SWF, a consultancy and data provider focused on sovereign wealth funds and public pension funds.

At home, the QIA is doubling down on strategic investments, backing giga infrastructure projects and its $1 billion Fund of Funds venture capital program, launched in 2024 to attract venture capital and businesses to Doha. The initiative aims to position Qatar as an alternative to the United Arab Emirates and Saudi Arabia and has already received over 100 applications, just six of which have been selected so far.

The QIA is projecting Qatar’s wealth and power abroad. For the past two decades, it focused mainly on purchasing prime real estate, luxury brands, and high-profile companies in the UK and Europe. While it is far from turning its back on the Old Continent, Qataris now seem to have two new areas of focus: the Americas and Asia.

In May, the fund announced $500 billion in investments in the US over the next decade, doubling its current exposure and taking in bigger tickets, with a strong focus on the race for AI data centers and healthcare.

In September, it invested $3 billion with New York-based Blue Owl Capital to seed a digital infrastructure platform. The QIA is looking to back “leading global firms that are addressing the world’s growing demand for data centers,” CEO Mohammed Saif Al-Sowaidi said then. A few weeks earlier, the QIA took part in a $1 billion funding round for PsiQuantum, a US-based quantum computing company.

Doha is also looking to deploy surplus capital eastward.

Asia, Qatar’s largest LNG export market, offers fast-growing economies, a key role in global supply chains, a large young population, and abundant tech talent. The QIA opened an office in Singapore in 2021 to facilitate investments across the region. Earlier this year, Qatar bought a 10% stake in China’s second largest mutual fund and pledged $10 billion in investments in India.

What’s Next

In the coming years, the QIA expects to boost its investments in Japan, Southeast Asia, Korea, and Australia as a means diversifying its portfolio while deepening ties with rising economies. Qataris are also active in Central Asia, in countries such as Azerbaijan, Kazakhstan, and Uzbekistan, where the QIA supports sectors including agriculture, energy, infrastructure, and transport.

That said, Qatar remains a tiny state with a growing need for resources needed to build a more diverse economy. With that in mind, the QIA has begun investing to secure resources, including rare earth elements, that are critical for digital infrastructure as well as to address climate change and energy transition. In September, the fund invested $500 million to acquire a 4% stake in Canada’s Ivanhoe Mines, which produces metals including zinc, copper, germanium, silver, platinum, palladium, nickel, rhodium and gold in South Africa and the Democratic Republic of Congo, and is looking to explore new sites in Angola, Kazakhstan, and Zambia.

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MONEY

Qatar: Evolving Dynamics | Global Finance Magazine

Dec 10, 2025 Finance Desk

Abdulla Mubarak Al Khalifa, Group CEO of Qatar National Bank, speaks with Global Finance about the bank’s international strategy and the opportunities shaping QNB’s next phase of growth.

Global Finance: QNB is the largest bank in the Middle East and North Africa (MENA) by assets and a global player. Tell us about your international strategy

Abdulla Mubarak Al Khalifa: Our strategy beyond the Qatari market involves leveraging our strong brand reputation and extensive experience in emerging markets. We aim to expand our footprint in the MENA region and beyond by establishing strategic partnerships and exploring opportunities in countries with high growth potential. By focusing on markets that complement our expertise in corporate banking, retail banking, and wealth management, we aim to enhance our international presence and diversify our revenue streams.

GF: At home in Qatar, big economic changes are underway, how does it affect the banking and financial sector? How do you see the future?

Al Khalifa: The banking sector in Qatar is undergoing significant transformation, driven by technological advancements, regulatory reforms, and a focus on digital banking. We’re witnessing an increase in customer expectations for seamless digital experiences, prompting us to invest heavily in innovative financial technologies. Additionally, the sector is becoming more competitive, with both local and international players enhancing their presence in the market. This evolution is setting the stage for a more robust and diversified banking environment that can better serve the needs of individuals and businesses alike.

GF: What product offerings show the most promising outlook? 

Al Khalifa: In the coming years, we believe that digital banking services, green finance products, and wealth management solutions will hold the strongest growth potential. As consumer behavior shifts towards digital transactions, we are enhancing our online banking platforms and mobile applications to meet these demands. Additionally, with the global emphasis on sustainability, we are committed to developing green financing products that support environmentally friendly projects, aligning with Qatar’s vision for sustainable development.

GF: With major developments ahead, particularly the expansion of Liquefied Natural Gas (LNG) production capacity from 77 million to 142 million tons per year by 2030, how are you adapting and preparing to support this next phase of growth?

Al Khalifa: QNB is strategically positioned to support this growth by providing tailored financing solutions for energy projects, including infrastructure development and sustainability initiatives. We are also focusing on fostering partnerships with companies in the energy sector to ensure that we are aligned with their financial needs, thus playing a pivotal role in facilitating this next phase of economic growth.

GF: What major risks does the banking industry currently encounter, and what measures are QNB taking to mitigate them?

Al Khalifa: The banking sector faces several challenges, including regulatory compliance, cybersecurity threats, and economic fluctuations. At QNB, we are proactively addressing these risks through robust risk management frameworks and investments in technology to enhance our cybersecurity measures. We also maintain a strong focus on compliance with international regulations to ensure that we navigate the evolving regulatory landscape effectively. By adopting a forward-thinking approach, we are committed to safeguarding our assets and ensuring the long-term stability of our operations.  In summary, QNB is well-prepared to navigate the evolving landscape of the banking sector in Qatar and beyond, focusing on innovation, sustainability, and strategic growth to support our clients and the economy as a whole.

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