According to numbers from the Banco Central do Brazil, 76.4% of the country’s 211 million population now use Pix, followed by debit cards at 69.1% and cash at 68.9%.

“Pix has transformed the Brazilian economy; it expanded financial inclusion, formalized part of the informal economy, and gave the government greater visibility into transactions,” explains Reginaldo Nogueira, national director at the Brazilian Institute of Capital Markets (Ibmec).

“It’s not just a payment innovation; it’s a structural reconfiguration of how money circulates and how the state collects revenue,” he adds. According to the Brazilian Banking Federation, there were 68.7 billion Pix transactions in 2024 alone, a massive 52% increase from the prior year, reaching roughly $5 trillion in value.

The massive uptick was due to increasing person-to-business transactions via the system, which recorded a 90% year-on-year jump in 2024, according to a study by Matera Research.

Pix recorded its largest one-day volume on December 20, 2024, when the system handled 252.1 million transactions.

“The central bank’s digitalization agenda, led by Pix, is in full swing and transforming how Brazilians make payments,” said Rodrigo Teixeira, director of administration at the central bank. The central bank aims to expand PIixs functionalities into the credit side, incorporating features such as installment payments and enabling future Pix transactions to be accepted as collateral in lending transactions.

Pix is also growing on the stablecoin side, with the central bank recording a massive increase in Tether (a stablecoin pegged to the US dollar) transactions over Pix this year. Courtnay Guimarães, head of Digital Assets at Bradesco Bank, explains, “With a crypto account and Pix, anyone can convert funds in real time, gaining access to up to 180,000 assets globally.”

After 14 years of war, 90% of the Syrian population live beneath the poverty line. Since the Assad regime fell in December, removing the sanctions to kickstart the economy has been a top priority of transitional President Ahmed al-Sharaa, the leader of the victorious rebellion; but Syria has been under severe US restrictions since 1979 and lifting them won’t be simple.

The principal strictures are the 2019 Caesar Syria Civilian Protection Act and the 2003 Syria Accountability and Lebanese Sovereignty Restoration Act (SALSA). Only Congress can fully repeal them, and that will take months, at best. The executive branch can issue temporary waivers, as the Treasury Department did in May, but the real impact on Syrian corporates and finan- cial institutions remains limited.

“Only the full cancellation of US Caesar and SALSA laws, and not just their temporary suspension, could open the door for long-term investment,” argues Samir Aita, president of the Circle of Arab Economists, a Paris-based think tank.

For Syrian banks, which remain largely cut off from global financial networks, rejoining the Swift system for transfer and reporting correspondent banking relationships is first on the agenda. “The Syrian market is very promising; it is almost virgin,” says Ali Awdeh, head of research at the Union of Arab Banks, “but honestly, no banks from the Arab region or elsewhere will dare to enter this market until there is a full lifting of US sanctions.” In Europe, the process is less complicated. Last month, the European Council lifted sanctions on several Syrian companies operating in key sectors like oil production, agriculture, finance, construction, telecoms, and media. Depending on how the situation in Syria develops, other companies could be delisted in the coming months. Restrictions will remain, however, for industries that pose security concerns, such as weapon sales.

Heerkens cautions that while his firm’s overall experience has been positive, Malaysia has a conservative business culture and decisions often take longer than foreigners may be accustomed to: “Business development, in particular, requires a greater emphasis on building strong relationships—guanxi—and this more deliberate approach is something to be aware of and to factor into your planning.”

Heerkens advises companies considering investment in Malaysia to adopt a longer-term—three to five years—perspective, plotting it as a second-or third-stage expansion in Asia after setting up a regional headquarters in a more established hub like Singapore.

“While your investment will go further in Malaysia compared to Singapore,” he cautions, “it’s essential to recognize that it requires a greater on-the-ground presence.”

That said, Akshiya’s Santhirasthipam expects the economy to keep on its current growth trajectory.

“Malaysia will remain strong in services, manufacturing, and digital economy for the next 20 years or longer,” she predicts, underscoring the high level of foreign direct investment in the Johor- Singapore Special Economic Zone as well as the island of Penang and Sarawak in northern Borneo. Enterprises that have recently attracted attention in these regions are a longish list: medical tourism, eco-tourism, speciality hotels and hospitality, lifestyle commercial centers, digital economy and data centers, premium assisted living and retirement residential developments, life sciences and biotechnology, green economy and energy transition, agro-processing industries, and innovative farm-to-table solutions.

“Any investment in manufacturing projects should be close to the best infrastructure locations of Penang, Johor, and Selangor,” Santhirasthipam advises.

As a small and open economy, officials are equally confident in the country’s near future, despite the roiling global trade picture.

“Malaysia is not insulated from these global developments,” says Ghaffour. “Nevertheless, our diversified economic structure and policies accord us the resilience and agility to navigate headwinds. Overall, we are confident that the economy will remain on a steady growth path.”

Dan will have little time to relish his victory. Strong support for the nationalist right will remain a concern as the new government tackles major economic problems including the EU’s highest bud- get deficit at around 9% of GDP and falling living standards.

Political instability in recent months has damaged Romania’s profile in international capital markets—Fitch Ratings assigns it a BBB- with a negative outlook—and fiscal reform will be tougher given Dan’s commitment to eventually raise defense spending to 3.5% of GDP.

In his inauguration speech on May 26, Dan spoke of the need for change, arguing that the state was spending too much, and that inequalities within Romania—Southeast Europe’s largest economy with some 19 million people—needed to be tackled and institutions reformed. The new president said he wants to look to the future rather than the past and restore faith in democracy.

“It is in the national interest to send a message of stability to financial markets,” he emphasized. “It is in the national interest to send a signal of openness and predictability to the investment environment.”

Dan’s first priority will be to assemble a government out of Romania’s deeply fractured political scene. “The most likely outcome is a moderate coalition … with the potential addition of the Save Romania Union,” says Orsolya Ráczová, associate fellow for the Center for Global Europe at GLOBSEC. “This would provide fresh impetus to implement reforms agreed with the EU.”

Meanwhile, conservative historian and populist candidate Karol Nawrocki beat centrist Warsaw mayor Rafal Trzaskowski in the second round of Poland’s presidential election by approximately 370,000 votes, or 1.78%, on June 1. His victory led Prime Minister Donald Tusk to call for a June 11 vote of confidence for his coalition government the next day. Nawrocki, a strong critic of Tusk and his policies, will likely not impact the government’s foreign and EU policy much. Still, it will make it far more difficult for the Prime Minister to implement his domestic agenda.

Currently, most data centers are owned by telecom companies like Maroc Telecom and Inwi or by data center operators like Medasys and N+One. Most large banks also have one, while smaller banks lease data storage space.

Regional governments compete by offering different incentives. Casablanca-Settat and Rabat-Salé-Kénitra boast the most data centers. The full internet penetration rates of these urban centers and energy availability are key for these sites. Other regions are catching up, too. Last year, American firm Iozera signed a $500 million deal to build a data center in Tetouan.

“Datacenter location decisions are driven by a complex interplay of factors, including proximity to business hubs, regional infrastructure capabilities, and long-term operational sustainability. The industry naturally gravitates toward areas that optimize these variables,” says Doha Ammour, vice president of International Business Development at N+ONE Datacenters.

The digital wave in Morocco doesn’t stop at data centers. Developments in fintech, AI, and even e-government initiatives, like Digital Morocco 2030, were recently showcased at April’s 2025 Gitex Africa tech expo in Marrakech. The event drew over 1,400 exhibitors and received over 45,000 visitors and delegates from over 130 countries.

The saying goes, “Data is the new oil.” Data must also be refined and properly stored. However, unlike oil, data is infinite and even self-replicating, so the demand for data services will continue to increase.

“Like many emerging markets, Latin America is a hotbed of financial innovation,” said Tripathi to Costa Rican newspaper La República. “In fact, some of the most cutting-edge developments in global banking originate [in Latin America]. These aren’t just regional success stories, but global benchmarks. Latin America is leading by example, and the world is paying attention.”

Tripathi cited two examples: Nubank, which started in Brazil and has spread to Colombia and Mexico. Nubank passed 100 million customers in May 2024 and has a market capitalization of $56.6 billion. Meanwhile, the Central Bank of Brazil’s Pix payment platform has transformed the nation’s instant payments system with more than 155 million users, 15 million companies, and over 6 billion transactions monthly. In 2024, Pix had a 53% year-on-year growth and surpassed credit card transactions.

However, Tripathi warned that more than 50% of the total capital invested in the world banking sector is trading below its value. This suggests that banks are not generating enough returns to cover capital costs, which in turn means they cannot enact societal transformation.

“We are on the verge of a banking revolution that will redefine how banks operate, how they serve society, and how they build trust,” he added.

In March, Brazilian bank Itaú unveiled instant global payments, and the latest unicorn in the region is Mexican digital bank Plata, which raised $160 million in Series A funding led by New York-based Kora that valued the two-year-old company at $1.5 billion.

Bolivia, Chile, and Ecuador have fielded projects ranging from financial inclusion to client experience, which won awards during the Fintech Americas Miami conference in March.

Other regional entities that received multiple awards include Grupo AutoFácil, BAC, Banco Atlántida, BBVA, BCP, Citi, Davivienda, and Santander.

“Fintechs will drive innovation in the sector, prompting traditional banks to adopt new technologies to stay competitive,” says Anne Kibisu, a banking analyst at Deloitte Kenya.

New and existing banks will face new capital requirements enacted in December 2024 under the Business Laws (Amendment) Act 2024. By 2026, banks will be required to maintain KES10 billion ($77 million) in capital.

This development follows a similar capital increase in 2009, when the requirement was raised from KES250 million to KES1 billion. That change prompted mergers, including KCB’s acquisition of National Bank in 2019. Analysts predict a similar wave of consolidation as smaller banks struggle to meet the new capital targets.

The central bank reports that 12 banks face a combined capital shortfall of KES11.8 billion. To comply with the new requirements, these banks needed to raise KES3 billion by December 2024, KES6 billion this year, and eventually KES10 billion by 2026.

“These increased capital thresholds are designed to help banks absorb economic shocks and continue supporting sustainable growth,” said CBK Governor Kamau Thugge.

Since December 2023, 27 of Kenya’s 39 licensed banks have met the new capital requirement. The remaining 12, primarily smaller banks with limited branch networks, now face significant pressure to recapitalize or merge with larger institutions.

“We are actively exploring strategic partnerships to meet the new capital requirements,” said an executive from an affected bank. “Mergers are also being considered.”

The CBK is expected to guide the consolidation process, as it did during the 2015-2016 banking crisis, which saw the collapse of Imperial Bank and Chase Bank. By 2027, Kenya’s banking sector is expected to be more robust and consolidated.

Indian airlines have typically relied on multinational banks and foreign lenders for aircraft leases, mainly routed through Dublin, Ireland, due to lack of a strong domestic cross-border financing framework. That is changing.

Air India, through its registered leasing entity in GIFT City, AI Fleet Services, has closed eight lease deals worth $1 billion, including with international lenders for Airbus A350s. The March deal for trainer aircraft was done exclusively with an Indian lender, extending US dollar-denominated long-term tenor. InterGlobe Aviation Financial Services IFSC, the GIFT City arm of IndiGo Airlines, has already financed 20 Airbus A321Neos for $1.8 billion through international lenders and has plans to shortly route another 25 aircraft through the IFSC.

The Indian government is pushing the use of GIFT City as a financial hub for cross-border deals for all sectors, but especially aviation in the form of long-term aircraft leases. GIFT City offers a favorable tax regime for domestic and international financiers and a strong regulatory framework, including a new law that allows faster repossession of defaulted aircraft.

Indian airlines have ordered a total of 1,600 aircraft worth $100 billion, to be delivered over the next 10 years, which Indian banks are keen to finance. The government promises to facilitate domestic and foreign banks structuring and financing leases out of GIFT City and has identified $30 billion in funding for fleet modernization and expansion.

Following the Axis Bank deal, several other Indian banks have signaled their interest in entering the space as well.

Flash back to last year, when China was one of the three largest destinations for US agricultural products. According to the Department of Agriculture, these exports repre- sented close to $25 billion in value in 2024. They are unlikely to reach that number this year.

In March, President Xi Jinping announced extra tariffs of 15% on US chicken, wheat, corn, and cotton and a 10% increase on sorghum, soybeans, pork, beef, seafood, fruits, vegetables, and dairy. When Trump raised the bar, China followed with tariffs of 125% on US soybeans.

Chinese consumers will not starve. Brazilian farmers can easily replace American products with their own soybeans and corn. They also have chicken and eggs. Fortunately for them, Brazilian chicken farms escaped the bird flu outbreak, and Brazilian farmers are ready to ship their birds to Asia.

Japan could be another new outlet. Japan imported 40% of its beef from the US last year, but new American tariffs on auto imports have offended Tokyo. Why not try Brazilian meat? That’s what President Luiz Inacio Lula da Silva suggested on a recent trip to Japan. The message is the same in Europe. In December, the EU signed a deal with Mercosur that would eliminate 90% of tariffs between Europe and the South American group of Argentina, Bolivia, Paraguay, Uruguay, and Brazil. The agreement awaits ratification by the constituent EU states; Brazil’s Finance Minister Fernando Haddad visited the EU at the end of March to emphasize the benefits of the deal.

Ironically, the Trump-created new world order could also support increased exports of Brazilian shoes to the US. Americans, deprived of cheap Chinese footwear, could switch to Brazilian models. With its abundant supply of leather, Brazil is the biggest producer of shoes outside of Asia.