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HONG KONG (Reuters) – Global lenders including Citigroup (C.N) and HSBC (HSBA.L) are stepping up efforts to sell day-to-day banking services to Asia’s fast-growing new technology firms, amid growing competition for more traditional transaction banking silver knot cufflinks uk online. The workaday transaction banking business, which refers to services that deal with companies’ operational needs such as trade financing, cash management and facilitating payments, has been a source of stable returns without consuming much capital for banks in Asia, the largest trading region in the world..

While the impact of the trade war between the United States and China has not been felt on that business yet – in part because a temporary truce has delayed new tariffs that were due to kick in on Jan silver knot cufflinks uk online. 1 – analysts say the tensions have clouded the outlook for Asian economies and goods trade and made the services sector more attractive. The targets for the new initiative include e-commerce firms, mobile payment service providers and ride-hailing companies – from China’s Ant Financial and Grab in Southeast Asia to PayTM and Flipkart in India, said senior bankers and consultants..

Standard trade finance business has become commoditized, and Asia is seeing rapid digitisation of cash and growing demand for real-time transaction infrastructure, said Rajesh Mehta, Citi’s Asia Pacific head of treasury and trade solutions. “Cash management for e-commerce companies silver knot cufflinks uk online. with their long distribution chains in the region is becoming a big opportunity, as these companies grow and their supply chain network becomes bigger and more complex,” he said. Citi saw revenues from its technology clients, including e-commerce firms, surging 20 percent so far this year compared with the same period last year, up from 17 percent growth in 2017, making it the fastest growing segment for the bank’s Asia Pacific treasury and trade solutions unit..

The growth across banks in this segment is set to be boosted by surging transactions involving digital platforms in Asia and as many technology firms go cross-border, potentially offsetting any impact from the trade war, banking industry officials said. The digital commerce market in Asia Pacific is set to surge two-fold to reach more than $1.1 trillion by 2022, accounting for almost two-thirds of the business globally, according to consultancy Accenture silver knot cufflinks uk online. “The big play here is how can one dominate the services economy going forward and that’s where the big battleground is,” said Mohit Mehrotra, Deloitte Asia Pacific strategy consulting co-leader. “All these trade wars are about the goods economy.”..

The sharpened focus on techs is also crucial as transaction banking has become the bedrock in Asia for global banks, who use those deep and sticky relationships with clients to pitch other services such as investment and private banking silver knot cufflinks uk online. The transaction banking offerings for the online platforms include processing of payments from customers and to suppliers in real-time, at times in multiple currencies, as well as managing payrolls and creating innovative financing structures. HSBC, for example, which makes the bulk of its revenue in Asia, is working with Hong Kong logistics start-ups GoGoVan and Lalamove to facilitate the collection of real-time digital payments on a faster payment system..