The global trade and payment system is changing fast. Geopolitical uncertainties, supply chain realignments, the rise of on-demand digital service and a growing appetite for faster, cheaper and more transparent transactions have led to the creation of new and dynamic trade corridors and payment methods.
The opportunity is vast. Global trade is expected to grow by about 35% by 2035 to $45 trillion, with some expectations that more than 30% of that trade could swing from one corridor to another.[1]
At the same time, the cross-border payment landscape is projected to reach $290 trillion by 2030 [2] and is being reshaped by the advent of technology and the emergence of real-time payments.
Asia is naturally central to the transformation in the trade and payments industry, underpinned by its regional growth story, rising consumption, and pace of innovation. Outbound cross-border payments from the region are expected to almost double from $12.8 trillion in 2024 to $23.8 trillion by 2032, with Asia Pacific’s share of global outflows rising from 32% to nearly 37% over the same period.
In particular, trade flows in the Asia to Middle East corridor and the intra-Asia corridor have gained traction – with premier banks like DBS well-positioned to enable flows across these regions.
DBS has always been a strong player in our home market of Singapore, but over the past seven to eight years, we embarked on a project to become a more active player in cash management across borders
Sriram Muthukrishnan, Group Head of Product Management
for Global Transaction Services at DBS
This has meant finding opportunities amid a gradual rise in the use of Asian currencies, such as the renminbi, in these corridors, as well as showcasing its digital strengths to meet demand for cost effective and rapid low-value transactions.
Currency, digital dynamics
As a direct participant in seven of Asia’s most important clearing systems – including those in Singapore, Mainland China, Hong Kong, India, Indonesia, Taiwan and Vietnam – DBS is able to offer clients direct market access and real-time settlement capabilities in all their currencies. These are critical markets for investment and trade, and DBS’s embedded presence and regulatory familiarity in these jurisdictions allow it to act as a clearing and settlement hub for the region.
No surprise then that the bank’s Asian currency clearing proposition has gained steam, particularly among financial institutions looking for a regional partner to clear non-G3 currencies. Even some of the world’s largest global banks have begun tapping DBS for these services, recognising the bank’s expertise, scale, and connectivity in Asia, the Middle East and globally.
Then there are DBS’s digital strengths. Recognised this year by Euromoney as the world’s best bank [1], the world’s best for customer experience and Asia’s best digital bank, DBS has rapidly adapted to the spike in demand among small and medium sized corporates for low-value and high-velocity cross-border payments.
The bank built DBS GlobeSend, a purpose-built solution that enables corporates – across sectors like infrastructure, e-commerce, fintech, insurance, logistics and brokerages – to make cross-border payments with the same ease and speed that customers have come to expect of domestic transactions.
Today, DBS GlobeSend covers 132 currencies across 190 countries. With just one bank account and one API integration with DBS GlobeSend, the solution can seamlessly power the cross-border payments needs of financial institutions and non-banking financial institutions, enabling them to rapidly scale their cross-border payments propositions without having to build a payout network from scratch.
That proposition got a fillip in August this year, when DBS launched a standalone GlobeSend application in Taiwan. It offers SME customers a user-friendly portal to make faster, simpler and safer cross-border payments across borders, combined with the trust and security of one of Asia’s safest banks.
Muthukrishnan emphasises that the payments industry is becoming increasingly commoditised, so banks must provide a joyful customer experience to offer real value.
This means designing payment journeys for SMEs that are intuitive, easy to use and secure, while offering a range of diverse services. It also means doubling down on providing clientswith unparalleled connectivity. For instance, DBS is the settlement bank for a number of bilateral linkages across Asia’s real-time domestic payment systems, such as Singapore’s PayNow with Thailand’s PromptPay, Malaysia’s DuitNow and India’s UPI. The bank observed a nearly three-fold increase in cross-border QR transactions year-on-year on DBS PayLah! – its consumer mobile wallet application – showing the scale of latent demand once the experience becomes instant.
Strong credentials
Staying ahead of innovation has long been one of DBS’s hallmarks.
For instance, the rise of digital platform business models, like regional e-commerce marketplaces, places complex hurdles on companies to maintain a seamless user experience across customers, merchants and ancillary service providers. Businesses have to handle the sheer volume of transactions happening across multiple currencies, geographies and time zones. Any delayed payments frustrate both merchants and customers.
In response, it launched DBS Platform Services in November 2024 to help platform companies tackle everything from onboarding to managing complex payments and reconciliation. Comprising an integrated yet modular suite of solutions, it enables businesses to quickly onboard new merchants and customers, establish payment and collection channels, and streamline the complexity of managing and reconciling across large volumes of transactions.
Across all its solutions, one thing stands out: DBS’s blend of innovation and client-centricity.
That explains why global customers are increasingly turning to the Singapore-headquartered bank to manage their Asian liquidity, attracted by its strong credit ratings, stable business and client focus, digital capabilities and broad footprint. It also explains why DBS is stepping up as a network of networks player, working with like-minded groups to extend its payments and trade finance reach.
“We have leapfrogged our capabilities significantly,” said Muthukrishnan. “Our whole package of solutions makes us unique and speaks to our client-centric ethos and digital readiness.”
[1] How shifts in trade corridors could affect business | McKinsey
[2] Beyond borders: capturing growth in a dynamic cross-border payments market
[3] The world’s best bank 2025: DBS – Euromoney.
