Green intelligence: Asia’s ESG investing, data integrity and technology
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The China position: Gauging institutional investor confidence
The China position: Gauging institutional investor confidence is an Economist Intelligence Unit report, comissioned by Invesco. It analyses results from a survey of 411 institutional investor and asset owner organisations (approximately 200 in Europe, Middle East and Africa, 100 in North America, and 100 from Asia-Pacific). The key findings of the survey are as follow:
A majority (nine in ten) of our survey respondents claim some level of dedicated exposure to China. Investments are growing; about half of respondents with dedicated China exposure report their investments have “risen significantly” in the past 12 months. Equities are the most-cited way organisations invest in China. Over 60% of respondents with dedicated China exposure report both equities and fixed income onshore holdings. Respondents cited improvements to their own China expertise as the top driver for dedicated investment exposure. Nearly four in ten respondents say environmental, social and governance (ESG) factors play a role in all of their investment decisions; fewer than three in ten say ESG is particularly important for China investments. Chinese asset classes in our survey could see increased investment from foreign organisations over the next 12 months, with respondents highlighting technology, financial services and “new economy” sectors as most attractive. Risk assessments are largely even across asset classes, but on a regional split respondents in APAC are more concerned than counterparts in North America or EMEA. Respondents are mixed on the impact of US-China trade tensions, with similar numbers expecting a positive or negative effect. But a majority of respondents report that their organisations expect to increase exposure over the next 12 months, regardless of outlook. About three-quarters of survey respondents say China’s economy will improve over the next 12 months; about two-thirds say the same for global economic conditions.Our thanks are due to the following individuals for their time and insights:
Jimmy Chang, chief investment strategist, Rockefeller Capital Management Mark Delaney, deputy chief executive and chief investment officer, Australian Super Kevin Wade, chief investment officer, Superannuation Arrangements of the University of London (SAUL)Download the report for more insights.

China icebergs: Forces that could reshape the world
China icebergs: Forces that could reshape the world is an Economist Intelligence Unit report, sponsored by PineBridge Investments, that examines hidden strengths in the Chinese economy—“icebergs”—that existing and potential investors into the world’s second-largest economy should be watching.
The US may have held its position as the world’s largest economy since 1871, but in the 1820s the world’s economic powerhouse was China, at almost 20 times the size of US GDP. China’s decline began in the 19th century and lasted until the country’s economic reforms that began in 1979. Since then, China has rapidly re-emerged as a major economy.China’s boom has helped fuel global growth, but it has also raised the country’s debt levels and prompted questions about economic endurance and global impact. Trends may be visible on the surface, but, like an iceberg, bigger implications lie underneath. To get a better understanding, this report aims to go below headline numbers and explore the nation’s commercial strengths and potential weaknesses. Key takeaways include:
The economy is shifting, and consumers are the driving force. Liberalisation of the private sector is shifting China from a state-backed to a consumption-led economy, which could fully transition by 2030. Chinese technological advances are compounding. From mobile internet to fintech to artificial intelligence and flying cars, Chinese firms are innovating and advances are feeding into the local economy as well as going global. New growth centres are emerging—exponentially. China’s lower-tier cities are growing fast and catching up to the mega-cities in terms of technology, commerce and infrastructure.What does the emergence of middle-class, digital-savvy consumers, the improving mobility of work and the rapid urbanisation mean for China's economy? We talked to Mr. Chibo Tang from Gobi Partners.

A Whole New World: How technology is driving the evolution of intelligent b...
Across the Asia-Pacific region, governments and regulators are already implementing new strategies to digitise their economies and boost social inclusion. Faster payment networks are spreading, facilitating the adoption of mobile payments and the development of open banking. With mobile payment infrastructure and services already embedded in major economies, Asia-Pacific banks are looking to the next challenge. Digital technology regulations lag other regions but are under review (37% of respondents believe that emerging data regulation will have a major impact on the banking sector) as Asia looks to modernise, diversify and dilute its dependence on international trade.
The race is on
In markets where mobile payments have already taken root, banks and payment processors are battling tech companies on two fronts. They are working to retain their own retail card and current-account customers and attract new users to their apps and e-wallets. They also need to get and keep merchants on their side if they are to reap the economies of scale from a high-volume, low-margin sector.
Competition is intensifying between payment solutions based on application programming interfaces (APIs) and pre-loaded and credit card e-wallets. That may explain why survey respondents see an immediate need to master digital engagement and marketing (37% for 2020) to pull in users and merchants. They also need to be able to respond quickly when Alipay, WeChat Pay, Google and WhatsApp introduce new features (31% for 2020).
In India, app providers are already offering cashbacks, discount vouchers and other features to gain and retain market share. This may leave the smaller players vulnerable, particularly when all that is required to switch services is downloading an app. It is therefore likely that consolidation of this sector will follow. As Vijay Shekhar Sharma, founder and chief executive of Paytm, has pointed out, payments are merely the moat around other, more profitable services. The players with deep pockets will outlive their weaker competitors.
The Monetary Authority of Singapore was met with similar concerns that disruptors would leave the banks unprofitable when it first suggested the introduction of open banking. When the regulator pointed out that tech and fintech firms could already offer faster, simpler and cheaper transaction services, the banks agreed to collaborate on upgrading the banking system, providing all stakeholders operated within the same regulatory environment.
Singapore is set to follow Hong Kong with virtual bank licences; ride-hailing app giant Grab is likely to be among the first applicants. That may worry established banks, but the question remains whether the big tech providers have the capacity to tie up capital in establishing their own bank operations. It is also not clear if they really want to expose themselves to the reputational risks that service interruptions or bad service present if they are the sole provider of such services. Grab already offers loans through a Japanese bank and recently signed up with Citibank to offer branded credit cards.2 If either of those services fail to deliver to consumers, the banks, not Grab, face the wrath of consumers and regulatory authorities.
Yet all Asian regulators are acutely aware of how Alipay and WeChat Pay were able to create an effective duopoly in an unregulated market. Chinese authorities are now bringing in new laws to level the playing field. Other authorities want to lay down the rules first, before such corrective action needs to be taken. As a result, the Chinese payment giants may find new markets tougher to crack when they must operate under tighter licensing and data protection rules.
As Steve Weston, co-founder of Australia’s Volt Bank, says of the Australian Prudential Regulation Authority: “The regulators are focused on ensuring that all banks, including new entrants, are operating in a prudent manner.”
Solving for opportunities and impact
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The shifting landscape of global wealth: Future-proofing prosperity in a ti...
In some instances the impact of this shift will be shaped by local factors, such as demographic changes. In other instances this shift will reflect shared characteristics, as demonstrated by the greater popularity of overseas investing among younger high-net-worth individuals (HNWIs) brought up in an era of globalisation. Whatever the drivers, the landscape of wealth is changing—from local to global, and from one focused on returns to one founded on personal values.
Despite rising economic concerns and a tradition of investor home bias in large parts of the world, the new landscape of wealth appears less interested in borders. According to a survey commissioned by RBC Wealth Management and conducted by The Economist Intelligence Unit (EIU), younger HNWIs are substantially more enthusiastic about foreign investing. The U.S. is a particularly high-profile example of a country where a long-standing preference for investments in local markets appears set to be transformed.
Click the thumbnail below to download the global executive summary.
Read additional articles from The EIU with detail on the shifting landscape of global wealth in Asia, Canada, the U.S. and UK on RBC's website.

Fintech in ASEAN
To better understand the opportunities and challenges in developing a fintech business in seven ASEAN markets, The Economist Intelligence Unit conducted wide-ranging desk research supplemented by seven in-depth interviews with executives in Australia and ASEAN.
Download report and watch video interview to learn more.

Risks and opportunities in a changing world
Read our Taxing digital services, U.S. tax reform: The global dimension, & Planning for life after NAFTA articles by clicking the thumbnails below.
China has now emerged as the world’s largest economy by purchasing power parity and is a market that investors cannot ignore. To learn more about the confidence level of institutional investor and asset owner organisations in China and the opportunities and concerns over the next 12 months, click here to download the full report.
Related content

The China position: Gauging institutional investor confidence
The China position: Gauging institutional investor confidence is an Economist Intelligence Unit report, comissioned by Invesco. It analyses results from a survey of 411 institutional investor and asset owner organisations (approximately 200 in Europe, Middle East and Africa, 100 in North America, and 100 from Asia-Pacific). The key findings of the survey are as follow:
A majority (nine in ten) of our survey respondents claim some level of dedicated exposure to China. Investments are growing; about half of respondents with dedicated China exposure report their investments have “risen significantly” in the past 12 months. Equities are the most-cited way organisations invest in China. Over 60% of respondents with dedicated China exposure report both equities and fixed income onshore holdings. Respondents cited improvements to their own China expertise as the top driver for dedicated investment exposure. Nearly four in ten respondents say environmental, social and governance (ESG) factors play a role in all of their investment decisions; fewer than three in ten say ESG is particularly important for China investments. Chinese asset classes in our survey could see increased investment from foreign organisations over the next 12 months, with respondents highlighting technology, financial services and “new economy” sectors as most attractive. Risk assessments are largely even across asset classes, but on a regional split respondents in APAC are more concerned than counterparts in North America or EMEA. Respondents are mixed on the impact of US-China trade tensions, with similar numbers expecting a positive or negative effect. But a majority of respondents report that their organisations expect to increase exposure over the next 12 months, regardless of outlook. About three-quarters of survey respondents say China’s economy will improve over the next 12 months; about two-thirds say the same for global economic conditions.Our thanks are due to the following individuals for their time and insights:
Jimmy Chang, chief investment strategist, Rockefeller Capital Management Mark Delaney, deputy chief executive and chief investment officer, Australian Super Kevin Wade, chief investment officer, Superannuation Arrangements of the University of London (SAUL)Download the report for more insights.

The shifting landscape of global wealth: Future-proofing prosperity in a ti...
In some instances the impact of this shift will be shaped by local factors, such as demographic changes. In other instances this shift will reflect shared characteristics, as demonstrated by the greater popularity of overseas investing among younger high-net-worth individuals (HNWIs) brought up in an era of globalisation. Whatever the drivers, the landscape of wealth is changing—from local to global, and from one focused on returns to one founded on personal values.
Despite rising economic concerns and a tradition of investor home bias in large parts of the world, the new landscape of wealth appears less interested in borders. According to a survey commissioned by RBC Wealth Management and conducted by The Economist Intelligence Unit (EIU), younger HNWIs are substantially more enthusiastic about foreign investing. The U.S. is a particularly high-profile example of a country where a long-standing preference for investments in local markets appears set to be transformed.
Click the thumbnail below to download the global executive summary.
Read additional articles from The EIU with detail on the shifting landscape of global wealth in Asia, Canada, the U.S. and UK on RBC's website.

Fintech in ASEAN
To better understand the opportunities and challenges in developing a fintech business in seven ASEAN markets, The Economist Intelligence Unit conducted wide-ranging desk research supplemented by seven in-depth interviews with executives in Australia and ASEAN.
Download report and watch video interview to learn more.
The China position: Gauging institutional investor confidence
Related content

Infographic: The China position
China has now emerged as the world’s largest economy by purchasing power parity and is a market that investors cannot ignore. To learn more about the confidence level of institutional investor and asset owner organisations in China and the opportunities and concerns over the next 12 months, click here to download the full report.

The shifting landscape of global wealth: Future-proofing prosperity in a ti...
In some instances the impact of this shift will be shaped by local factors, such as demographic changes. In other instances this shift will reflect shared characteristics, as demonstrated by the greater popularity of overseas investing among younger high-net-worth individuals (HNWIs) brought up in an era of globalisation. Whatever the drivers, the landscape of wealth is changing—from local to global, and from one focused on returns to one founded on personal values.
Despite rising economic concerns and a tradition of investor home bias in large parts of the world, the new landscape of wealth appears less interested in borders. According to a survey commissioned by RBC Wealth Management and conducted by The Economist Intelligence Unit (EIU), younger HNWIs are substantially more enthusiastic about foreign investing. The U.S. is a particularly high-profile example of a country where a long-standing preference for investments in local markets appears set to be transformed.
Click the thumbnail below to download the global executive summary.
Read additional articles from The EIU with detail on the shifting landscape of global wealth in Asia, Canada, the U.S. and UK on RBC's website.

Fintech in ASEAN
To better understand the opportunities and challenges in developing a fintech business in seven ASEAN markets, The Economist Intelligence Unit conducted wide-ranging desk research supplemented by seven in-depth interviews with executives in Australia and ASEAN.
Download report and watch video interview to learn more.
Long-term planning can help allay Canadian investors’ concerns for the future
Planning is crucial in boosting financial well-being and protecting wealth
Key findings
17301
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The shifting landscape of global wealth: Future-proofing prosperity in a ti...
In some instances the impact of this shift will be shaped by local factors, such as demographic changes. In other instances this shift will reflect shared characteristics, as demonstrated by the greater popularity of overseas investing among younger high-net-worth individuals (HNWIs) brought up in an era of globalisation. Whatever the drivers, the landscape of wealth is changing—from local to global, and from one focused on returns to one founded on personal values.
Despite rising economic concerns and a tradition of investor home bias in large parts of the world, the new landscape of wealth appears less interested in borders. According to a survey commissioned by RBC Wealth Management and conducted by The Economist Intelligence Unit (EIU), younger HNWIs are substantially more enthusiastic about foreign investing. The U.S. is a particularly high-profile example of a country where a long-standing preference for investments in local markets appears set to be transformed.
Click the thumbnail below to download the global executive summary.
Read additional articles from The EIU with detail on the shifting landscape of global wealth in Asia, Canada, the U.S. and UK on RBC's website.

Fintech in ASEAN
To better understand the opportunities and challenges in developing a fintech business in seven ASEAN markets, The Economist Intelligence Unit conducted wide-ranging desk research supplemented by seven in-depth interviews with executives in Australia and ASEAN.
Download report and watch video interview to learn more.

Risks and opportunities in a changing world
Read our Taxing digital services, U.S. tax reform: The global dimension, & Planning for life after NAFTA articles by clicking the thumbnails below.
A Whole New World: How technology is driving the evolution of intelligent banking in Latin America
Banking in Latin America (LatAm) is too often the preserve of those who can afford it or are willing to trust it. Historical hyperinflation, economic volatility and poor credit infrastructure means banks often overprice risk. To compensate, charges and interest rates can be high, pushing millions of potential clients out of the market.
Indeed, according to World Bank figures, two in every five Latin American workers have no bank or savings account.1 Of the unbanked in Brazil, Colombia and Peru, nearly 60% say excessive cost is the reason why they have no accounts.
17297
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A Whole New World: How technology is driving the evolution of intelligent b...
Across the Asia-Pacific region, governments and regulators are already implementing new strategies to digitise their economies and boost social inclusion. Faster payment networks are spreading, facilitating the adoption of mobile payments and the development of open banking. With mobile payment infrastructure and services already embedded in major economies, Asia-Pacific banks are looking to the next challenge. Digital technology regulations lag other regions but are under review (37% of respondents believe that emerging data regulation will have a major impact on the banking sector) as Asia looks to modernise, diversify and dilute its dependence on international trade.
The race is on
In markets where mobile payments have already taken root, banks and payment processors are battling tech companies on two fronts. They are working to retain their own retail card and current-account customers and attract new users to their apps and e-wallets. They also need to get and keep merchants on their side if they are to reap the economies of scale from a high-volume, low-margin sector.
Competition is intensifying between payment solutions based on application programming interfaces (APIs) and pre-loaded and credit card e-wallets. That may explain why survey respondents see an immediate need to master digital engagement and marketing (37% for 2020) to pull in users and merchants. They also need to be able to respond quickly when Alipay, WeChat Pay, Google and WhatsApp introduce new features (31% for 2020).
In India, app providers are already offering cashbacks, discount vouchers and other features to gain and retain market share. This may leave the smaller players vulnerable, particularly when all that is required to switch services is downloading an app. It is therefore likely that consolidation of this sector will follow. As Vijay Shekhar Sharma, founder and chief executive of Paytm, has pointed out, payments are merely the moat around other, more profitable services. The players with deep pockets will outlive their weaker competitors.
The Monetary Authority of Singapore was met with similar concerns that disruptors would leave the banks unprofitable when it first suggested the introduction of open banking. When the regulator pointed out that tech and fintech firms could already offer faster, simpler and cheaper transaction services, the banks agreed to collaborate on upgrading the banking system, providing all stakeholders operated within the same regulatory environment.
Singapore is set to follow Hong Kong with virtual bank licences; ride-hailing app giant Grab is likely to be among the first applicants. That may worry established banks, but the question remains whether the big tech providers have the capacity to tie up capital in establishing their own bank operations. It is also not clear if they really want to expose themselves to the reputational risks that service interruptions or bad service present if they are the sole provider of such services. Grab already offers loans through a Japanese bank and recently signed up with Citibank to offer branded credit cards.2 If either of those services fail to deliver to consumers, the banks, not Grab, face the wrath of consumers and regulatory authorities.
Yet all Asian regulators are acutely aware of how Alipay and WeChat Pay were able to create an effective duopoly in an unregulated market. Chinese authorities are now bringing in new laws to level the playing field. Other authorities want to lay down the rules first, before such corrective action needs to be taken. As a result, the Chinese payment giants may find new markets tougher to crack when they must operate under tighter licensing and data protection rules.
As Steve Weston, co-founder of Australia’s Volt Bank, says of the Australian Prudential Regulation Authority: “The regulators are focused on ensuring that all banks, including new entrants, are operating in a prudent manner.”

A Whole New World: How technology is driving the evolution of intelligent b...
In Europe, as in the rest of the world, technology is setting the agenda for the banking sector. This year, European respondents to The Economist Intelligence Unit’s global retail banking survey identify new technologies as the primary driver of change for retail banks, both in the coming year and up to 2025, overtaking changing customer behaviour and demands for the first time.
Unlike the rest of the world, however, technology-driven change in the banking sector is following a very particular agenda, in the short-term at least: the EU’s revised Payment Services Directive (PSD2).
For citizens, the open banking mandated by many of PSD2’s provisions promises a new world of intelligent, intuitive and accessible banking services. New features and services will depend heavily on data to manage spending and personal budgets, and encourage long-term savings.
For banks, it offers long-term opportunities but, as the survey reveals, short-term challenges too. Competition from the digital sector is hotting up: a quarter of respondents believe tech giants will be their biggest non-traditional source of competition by 2020; 31% believe that will be the case by 2025.
European banks know they have no time to waste. Making open banking work, both practically and strategically, is the order of the day.
Short-term headaches
Unsurprisingly, given the mandate of PSD2, launching an open banking strategy is a top priority for the coming year for 29% of European respondents, second only in prevalence to talent acquisition and retention (30%). Open banking will still be a priority in 2025 for 26% of respondents, although more expect to be prioritising responding to regulation (35%), migrating clients to digital channels (29%) and mastering digital marketing (29%) by then.
Furthermore, the largest share of European bankers sees embracing openness as the future of the industry: 35% of respondents see acting as a true digital ecosystem—offering both banking and non-banking services that originate either internally or from third parties to customers and other financial services providers—as the primary direction in which their organisation’s business model will evolve.
But the minds of Europe’s bankers are also occupied by the short-term technical challenges that open banking presents, the survey reveals. Banks in the EU are due to deliver fully operational portals for their application programming interfaces (APIs), intrinsic to open banking, by September 2019. However, three in ten respondents from Europe identify a lack of international standards for APIs as their greatest concern regarding regulation and standards.
Indeed, the introduction of APIs in the European banking sector has not been smooth sailing so far. Banks had until June 14th 2019 to prove they had dedicated APIs available for testing by third parties. If they missed the deadline, they may have to offer fallback options and spend more IT money on secure screen scraping.
“Whether the third parties test [our APIs] is out of our control,” says Matt Cox, head of open banking at Nationwide Building Society, one of nine UK banks charged with leading the open banking push, called the CMA9.
“For us, testing is still in early days. We were one of few of the CMA9 to have the full suite ready for the March deadline. We are working with two to four different third parties and are only just at the beginning of testing payment journeys in any meaningful way,’” he says.
Mr Cox feels that the majority of European banks are further behind than the UK. He may be right; a recent survey found 41% of banks1 failed to have API testing sandboxes ready in March to allow third-party providers the chance to test them for six months.

The shifting landscape of global wealth: Future-proofing prosperity in a ti...
In some instances the impact of this shift will be shaped by local factors, such as demographic changes. In other instances this shift will reflect shared characteristics, as demonstrated by the greater popularity of overseas investing among younger high-net-worth individuals (HNWIs) brought up in an era of globalisation. Whatever the drivers, the landscape of wealth is changing—from local to global, and from one focused on returns to one founded on personal values.
Despite rising economic concerns and a tradition of investor home bias in large parts of the world, the new landscape of wealth appears less interested in borders. According to a survey commissioned by RBC Wealth Management and conducted by The Economist Intelligence Unit (EIU), younger HNWIs are substantially more enthusiastic about foreign investing. The U.S. is a particularly high-profile example of a country where a long-standing preference for investments in local markets appears set to be transformed.
Click the thumbnail below to download the global executive summary.
Read additional articles from The EIU with detail on the shifting landscape of global wealth in Asia, Canada, the U.S. and UK on RBC's website.
A Whole New World: How technology is driving the evolution of intelligent banking in Europe
In Europe, as in the rest of the world, technology is setting the agenda for the banking sector. This year, European respondents to The Economist Intelligence Unit’s global retail banking survey identify new technologies as the primary driver of change for retail banks, both in the coming year and up to 2025, overtaking changing customer behaviour and demands for the first time.
Unlike the rest of the world, however, technology-driven change in the banking sector is following a very particular agenda, in the short-term at least: the EU’s revised Payment Services Directive (PSD2).
17296
Related content

A Whole New World: How technology is driving the evolution of intelligent b...
Across the Asia-Pacific region, governments and regulators are already implementing new strategies to digitise their economies and boost social inclusion. Faster payment networks are spreading, facilitating the adoption of mobile payments and the development of open banking. With mobile payment infrastructure and services already embedded in major economies, Asia-Pacific banks are looking to the next challenge. Digital technology regulations lag other regions but are under review (37% of respondents believe that emerging data regulation will have a major impact on the banking sector) as Asia looks to modernise, diversify and dilute its dependence on international trade.
The race is on
In markets where mobile payments have already taken root, banks and payment processors are battling tech companies on two fronts. They are working to retain their own retail card and current-account customers and attract new users to their apps and e-wallets. They also need to get and keep merchants on their side if they are to reap the economies of scale from a high-volume, low-margin sector.
Competition is intensifying between payment solutions based on application programming interfaces (APIs) and pre-loaded and credit card e-wallets. That may explain why survey respondents see an immediate need to master digital engagement and marketing (37% for 2020) to pull in users and merchants. They also need to be able to respond quickly when Alipay, WeChat Pay, Google and WhatsApp introduce new features (31% for 2020).
In India, app providers are already offering cashbacks, discount vouchers and other features to gain and retain market share. This may leave the smaller players vulnerable, particularly when all that is required to switch services is downloading an app. It is therefore likely that consolidation of this sector will follow. As Vijay Shekhar Sharma, founder and chief executive of Paytm, has pointed out, payments are merely the moat around other, more profitable services. The players with deep pockets will outlive their weaker competitors.
The Monetary Authority of Singapore was met with similar concerns that disruptors would leave the banks unprofitable when it first suggested the introduction of open banking. When the regulator pointed out that tech and fintech firms could already offer faster, simpler and cheaper transaction services, the banks agreed to collaborate on upgrading the banking system, providing all stakeholders operated within the same regulatory environment.
Singapore is set to follow Hong Kong with virtual bank licences; ride-hailing app giant Grab is likely to be among the first applicants. That may worry established banks, but the question remains whether the big tech providers have the capacity to tie up capital in establishing their own bank operations. It is also not clear if they really want to expose themselves to the reputational risks that service interruptions or bad service present if they are the sole provider of such services. Grab already offers loans through a Japanese bank and recently signed up with Citibank to offer branded credit cards.2 If either of those services fail to deliver to consumers, the banks, not Grab, face the wrath of consumers and regulatory authorities.
Yet all Asian regulators are acutely aware of how Alipay and WeChat Pay were able to create an effective duopoly in an unregulated market. Chinese authorities are now bringing in new laws to level the playing field. Other authorities want to lay down the rules first, before such corrective action needs to be taken. As a result, the Chinese payment giants may find new markets tougher to crack when they must operate under tighter licensing and data protection rules.
As Steve Weston, co-founder of Australia’s Volt Bank, says of the Australian Prudential Regulation Authority: “The regulators are focused on ensuring that all banks, including new entrants, are operating in a prudent manner.”

The shifting landscape of global wealth: Future-proofing prosperity in a ti...
In some instances the impact of this shift will be shaped by local factors, such as demographic changes. In other instances this shift will reflect shared characteristics, as demonstrated by the greater popularity of overseas investing among younger high-net-worth individuals (HNWIs) brought up in an era of globalisation. Whatever the drivers, the landscape of wealth is changing—from local to global, and from one focused on returns to one founded on personal values.
Despite rising economic concerns and a tradition of investor home bias in large parts of the world, the new landscape of wealth appears less interested in borders. According to a survey commissioned by RBC Wealth Management and conducted by The Economist Intelligence Unit (EIU), younger HNWIs are substantially more enthusiastic about foreign investing. The U.S. is a particularly high-profile example of a country where a long-standing preference for investments in local markets appears set to be transformed.
Click the thumbnail below to download the global executive summary.
Read additional articles from The EIU with detail on the shifting landscape of global wealth in Asia, Canada, the U.S. and UK on RBC's website.

Fintech in ASEAN
To better understand the opportunities and challenges in developing a fintech business in seven ASEAN markets, The Economist Intelligence Unit conducted wide-ranging desk research supplemented by seven in-depth interviews with executives in Australia and ASEAN.
Download report and watch video interview to learn more.
A Whole New World: How technology is driving the evolution of intelligent banking in Asia-Pacific
Across the Asia-Pacific region, governments and regulators are already implementing new strategies to digitise their economies and boost social inclusion. Faster payment networks are spreading, facilitating the adoption of mobile payments and the development of open banking. With mobile payment infrastructure and services already embedded in major economies, Asia-Pacific banks are looking to the next challenge.
17291
Related content

The shifting landscape of global wealth: Future-proofing prosperity in a ti...
In some instances the impact of this shift will be shaped by local factors, such as demographic changes. In other instances this shift will reflect shared characteristics, as demonstrated by the greater popularity of overseas investing among younger high-net-worth individuals (HNWIs) brought up in an era of globalisation. Whatever the drivers, the landscape of wealth is changing—from local to global, and from one focused on returns to one founded on personal values.
Despite rising economic concerns and a tradition of investor home bias in large parts of the world, the new landscape of wealth appears less interested in borders. According to a survey commissioned by RBC Wealth Management and conducted by The Economist Intelligence Unit (EIU), younger HNWIs are substantially more enthusiastic about foreign investing. The U.S. is a particularly high-profile example of a country where a long-standing preference for investments in local markets appears set to be transformed.
Click the thumbnail below to download the global executive summary.
Read additional articles from The EIU with detail on the shifting landscape of global wealth in Asia, Canada, the U.S. and UK on RBC's website.

Fintech in ASEAN
To better understand the opportunities and challenges in developing a fintech business in seven ASEAN markets, The Economist Intelligence Unit conducted wide-ranging desk research supplemented by seven in-depth interviews with executives in Australia and ASEAN.
Download report and watch video interview to learn more.

Risks and opportunities in a changing world
Read our Taxing digital services, U.S. tax reform: The global dimension, & Planning for life after NAFTA articles by clicking the thumbnails below.
Related content

The end of cash: Why, when and how to flick the switch
Will the 21st century see the rise of a cashless society? The introduction of credit cards, digital wallets and cryptocurrencies have led experts over the past decade to speculate on the progressive demise of physical money, with stakeholders such as banks, consumers and governments seemingly gaining from the change.
If the world went cashless tomorrow, banks may rejoice at no longer handling notes and coins, which can be counterfeited or stolen. Digital payments would also give banks and payment processors greater information on their customers’ lifestyle.
For central banks, digital money could mean more insight into how money flows through the economy, with early warning signs possibly helping monetary policy function more efficiently.
But what of the US$1.7b unbanked worldwide? If people rely entirely on cash, they cannot borrow to grow their businesses or improve life for their families, as cash-dependent often means credit-less.
The end of cash as an anonymous and accessible method of payment also raises vital concerns. The first is whether money, or specifically identity, ownership and transactions, could and should go entirely digital. The second is ensuring the transition to digital money leaves no vulnerable populations behind.
A not-so-modern trend
Cashless transactions are nothing new. Traders settled debts by checks in medieval Italy and Catalonia. For consumers, little changed in the intervening centuries until the first Diners Club charge card appeared in 1951. Mobile wallets later followed after Apple’s iPhone launched in 2007.
Open banking, which opens up banking customer data to third-party developers, promises another revolution, with account-to-account payment services appearing across the European Union (EU).
Canada, Australia, Singapore and other nations are also breaking the control banks have on customer data, and allowing other licensed firms to initiate digital and mobile payments.
Non-cash payments are rising worldwide. Their volume jumped to US$482.6b in 2016, growing on average by 10.1% globally, including a 25.2% upswing in emerging Asian countries.

The shifting landscape of global wealth: Future-proofing prosperity in a ti...
In some instances the impact of this shift will be shaped by local factors, such as demographic changes. In other instances this shift will reflect shared characteristics, as demonstrated by the greater popularity of overseas investing among younger high-net-worth individuals (HNWIs) brought up in an era of globalisation. Whatever the drivers, the landscape of wealth is changing—from local to global, and from one focused on returns to one founded on personal values.
Despite rising economic concerns and a tradition of investor home bias in large parts of the world, the new landscape of wealth appears less interested in borders. According to a survey commissioned by RBC Wealth Management and conducted by The Economist Intelligence Unit (EIU), younger HNWIs are substantially more enthusiastic about foreign investing. The U.S. is a particularly high-profile example of a country where a long-standing preference for investments in local markets appears set to be transformed.
Click the thumbnail below to download the global executive summary.
Read additional articles from The EIU with detail on the shifting landscape of global wealth in Asia, Canada, the U.S. and UK on RBC's website.

Fintech in ASEAN
To better understand the opportunities and challenges in developing a fintech business in seven ASEAN markets, The Economist Intelligence Unit conducted wide-ranging desk research supplemented by seven in-depth interviews with executives in Australia and ASEAN.
Download report and watch video interview to learn more.
The end of cash: Why, when and how to flick the switch
Will the 21st century see the rise of a cashless society? The introduction of credit cards, digital wallets and cryptocurrencies have led experts over the past decade to speculate on the progressive demise of physical money, with stakeholders such as banks, consumers and governments seemingly gaining from the change.
If the world went cashless tomorrow, banks may rejoice at no longer handling notes and coins, which can be counterfeited or stolen. Digital payments would also give banks and payment processors greater information on their customers’ lifestyle.
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The shifting landscape of global wealth: Future-proofing prosperity in a ti...
In some instances the impact of this shift will be shaped by local factors, such as demographic changes. In other instances this shift will reflect shared characteristics, as demonstrated by the greater popularity of overseas investing among younger high-net-worth individuals (HNWIs) brought up in an era of globalisation. Whatever the drivers, the landscape of wealth is changing—from local to global, and from one focused on returns to one founded on personal values.
Despite rising economic concerns and a tradition of investor home bias in large parts of the world, the new landscape of wealth appears less interested in borders. According to a survey commissioned by RBC Wealth Management and conducted by The Economist Intelligence Unit (EIU), younger HNWIs are substantially more enthusiastic about foreign investing. The U.S. is a particularly high-profile example of a country where a long-standing preference for investments in local markets appears set to be transformed.
Click the thumbnail below to download the global executive summary.
Read additional articles from The EIU with detail on the shifting landscape of global wealth in Asia, Canada, the U.S. and UK on RBC's website.

Fintech in ASEAN
To better understand the opportunities and challenges in developing a fintech business in seven ASEAN markets, The Economist Intelligence Unit conducted wide-ranging desk research supplemented by seven in-depth interviews with executives in Australia and ASEAN.
Download report and watch video interview to learn more.