Orchestrating the new economy
Tomorrow’s banking will be defined by connecting ecosystems. From banks and fintechs to regulators and corporates, this is how participants can set the pace.
In recent years, the global economy has become increasingly interconnected, powered by data-rich, AI-driven solutions that have raised expectations for “always-on”, real-time ways of doing business.
Multinationals now demand instant treasury visibility and intelligent liquidity optimisation, enabled by ever-faster and more complex digital cross-border operations. In this context, tomorrow’s banking is being defined by players that are able to orchestrate the various ecosystems that underpin the new economy. Each of these ecosystems is an intricate tapestry connecting banks, fintechs, regulators and corporates across geographies, creating the infrastructure on which global commerce now depends.
Over the past decade, the technical foundations for this shift have largely been put in place. The rise of API banking, instant payments and more recently, blockchain-based tokenised settlements and deposits in more mature markets are enabling “always-on” treasury operations and real time cross-border transactions, paving the way for the rise of a wide range of innovative treasury management use cases.
Technology and data analytics capabilities are now widely available. Many regulators and industry bodies are setting up sandboxes to test, conceptualise and deliver new solutions. However, various markets and various stakeholders are, understandably, at different stages in the journey.
While fintechs and other start-ups have injected speed and fresh thinking, the responsibility for solving the hard problems still sits with the banking industry. International banks are key catalysts because they deeply understand regulation, run critical infrastructure and, in collaboration with fintechs and industry bodies, can convene coalitions across markets.
From innovation to operational reality
The last decade has been a period of rapid technical delivery. Innovations such as tokenised settlements, digital assets and cross-border blockchain-based payment networks have progressed from pilot concepts to replicable, production-scale applications.
At the same time, the global rollout of ISO 20022 is creating a shared, structured and interoperable data language, laying the foundation for a common, advanced financial language that enables interoperability across ecosystems. This shift supports better liquidity management and reduces friction in cross-border payments, making them safer and more efficient. The impact is already visible in multilateral ISO 20022-native interbank networks like Partior’s platform, which has completed euro-denominated cross-border transactions between Hong Kong and Singapore in a live production environment. Banks are also modernising their core infrastructure to be compatible with and power these new capabilities.
The challenge now is to get these ecosystems to scale globally. Notably, recent pilots of tokenised settlements in the Singapore dollar (SGD) and Hong Kong dollar (HKD), carried out within regulatory sandboxes such as the Monetary Authority of Singapore’s Project Guardian and the Hong Kong Monetary Authority’s Project Ensemble, are already demonstrating the possibility of “always-on” treasury operations for corporates, while facilitating real-time cross-border transactions.
On the other hand, digital assets now encompass tokenised payments, deposits and trade finance assets, while custody solutions for corporate and institutional clients have been launched in key financial centres such as the UK and Luxembourg.
Regulatory advances continue to gather pace, with multiple bilateral and multilateral pilots – many coordinated under the Bank for International Settlements’ (BIS) innovation initiatives – actively exploring how tokenised money and assets can interoperate across jurisdictions. For instance, Project Mariana has trialled the use of wholesale central bank digital currencies (CBDCs) for cross-border settlement using decentralised finance protocols between France, Singapore and Switzerland, while Project Agorá is bringing together central and commercial banks to test how tokenised deposits and central bank money can transact on a common ledger. Together, these regulatory and industry-led efforts are paving the way for scalable and more trusted digital asset markets.
The visible speed bumps
Yet despite these advances, the main barriers to interoperability are no longer technological – they are institutional and structural. Even when systems can connect, regulatory, legal and data governance variations create significant friction.
This isn’t just a case of adapting to new technology. Data governance, policies and laws across jurisdictions add further complexity – from variations in privacy rules between markets, to sovereignty requirements for local data storage, to the security implications of transmitting real-time transaction data across borders.
The journey from ‘just in case’ to ‘just in time’ treasury management requires accuracy in cash forecasting and the management of accounts receivables and payables as well as sufficient intraday liquidity and advanced cash management systems connected to banking payment platforms via API. While a growing number of companies are considering these upgrades, adoption has been gradual, and progress is unfolding at very different speeds.
Finally, the cultural and operational mindset of the industry must shift from traditional bilateral correspondent banking relationships to multilateral platforms where multiple banks and fintechs collaborate in real time to conceptualise, test and introduce solutions that form the blueprint for tomorrow’s banking relationships. This demands not only constant infrastructure evolution, but also a deeper shift in how institutions view cooperation and competition.
Overcoming these barriers will require the industry to balance convergence and competition, moving from closed, proprietary systems to shared, trusted and transparent frameworks. Institutions with deep expertise across multiple ecosystems are well placed to act as orchestrators and catalysts, connecting diverse players – from nimble fintech innovators to specialist banks – in ways that create value for all.
The blueprint for tomorrow’s banking
The technology is ready, but the decisive work now lies in aligning laws, standards and trust so that today’s thriving ecosystems can operate more efficiently, effectively and securely. Accelerating legal and regulatory alignment across jurisdictions, introducing common data-sharing frameworks that protect privacy and security and ensuring a universal common language for diverse financial ecosystems to talk to each other will be the “tide that lifts all boats”.
The institutions that will define the next phase of global banking will be those that strengthen every network they connect to, adapt to the evolving demands of their clients and support industry-wide collaboration to drive seamless, safe and efficient connectivity of banking ecosystems. By acting as catalysts and facilitators, they will create a more resilient and efficient global financial system – one that reflects both the complexity of today’s markets and the bright possibilities of tomorrow.
This article was first published on FinTech Futures.
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