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Finance

Banks may regain lead in cross-border payments on accounts, regulation and trust

An analysis says banks could regain leadership in cross-border payments, a market long led by fintech, by leveraging account infrastructure and regulatory trust. It cites reforms to the Swift payments scheme and international links between countries’ real-time payment networks as key drivers. The piece says banks’ direct control of accounts and deposits, adoption of ISO 20022 messaging and the growing remittance market may strengthen banks’ position, though smaller lenders face higher system costs.

Industry

South Korea to create 2.6 trillion won special account for semiconductor support in 2027

South Korea will create a special account in 2027 to manage semiconductor support spending as a separate funding pool, with a total size of 2.6 trillion won. The Ministry of Trade, Industry and Energy will oversee 2.1 trillion won of that amount. The ministry proposed a record 2027 budget of 13.26 trillion won, up 40.5 percent from 2026, and said non-R&D spending drove the increase. It also set new spending for AI data centres.

Crypto

XRP turns weak after 50 percent surge as banks expand their own payment networks

XRP is losing momentum after a sharp rise, as large banks expand blockchain-based systems that reduce the need to pre-fund cross-border payments without using separate cryptocurrencies. XRP rose 49.4 percent over the past week but fell 2.2 percent over 24 hours. JPMorgan is broadening its Kinexys platform, while Citigroup is linking dollar clearing with token services. Swift is also connecting bank-issued digital deposits, adding competitive pressure.