Finance

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.

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.

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.

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.

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

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.

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

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.

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.

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.

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.   

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.