Latest news with #BT
Business Times
34 minutes ago
- Business
- Business Times
China's manufacturing activity contracts amid trade tension
[BEIJING] China's manufacturing activity contracted in May for a second month, an official survey showed on Saturday (May 31), fuelling expectations for more stimulus to support the economy amid a protracted trade war with the United States. The official purchasing managers' index (PMI) improved slightly to 49.5 in May from 49.0 in April but stayed below the 50-mark separating growth from contraction, in line with a median forecast of 49.5 in a Reuters poll. On Friday, US President Donald Trump accused China of violating a two-way deal to roll back tariffs and unveiled a doubling of worldwide steel and aluminium tariffs to 50 per cent, once again rattling international trade. 'Recent developments between China and the United States suggest bilateral relations are not improving,' said Zhiwei Zhang, chief economist at Pinpoint Asset Management. 'Firms in China and the United States with exposure to international trade have to run their business under persistently high uncertainty. It will weigh on the growth outlook in both countries.' BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The new orders sub-index rose to 49.8 in May from 49.2 in April, while the new export orders sub-index rose to 47.5 from 44.7. Some firms reported a noticeable rebound in trade with the United States, with improvements in both imports and exports, said senior NBS statistician Zhao Qinghe. The non-manufacturing PMI, which includes services and construction, fell to 50.3 from 50.4, staying above the 50-mark separating growth from contraction. Analysts expect Beijing to deliver more monetary and fiscal stimulus over the coming months to underpin growth and insulate the economy from the tariffs. Interest rate cuts and a major liquidity injection were among easing steps unveiled by the central bank this month. Beijing and Washington have agreed to a 90-day pause during which both would cut import tariffs, raising hopes of easing tension, but investors worry negotiations will be slow amid persistent global economic risks. Trump's decision to single out China in his global trade war has stirred major worries about an economy that has been reliant on an export-led recovery to drive momentum in the face of weak domestic demand and deflationary pressures. On Monday, rating agency Moody's maintained its negative outlook on China, citing unease over tensions with major trade partners could have a lasting impact on its credit profile. But it acknowledged that government policy had tackled its previous concerns about the health of state-owned firms and local government debt that prompted a downgrade in late 2023. China's economy expanded faster than expected in the first quarter, and the government has maintained a growth target of about 5 per cent this year, but analysts fear U.S. tariffs could drive momentum sharply lower. Exports beat forecasts in April, buoyed by demand for materials from overseas manufacturers who rushed out goods to make the most of President Trump's 90-day tariff pause. REUTERS
Business Times
3 hours ago
- Politics
- Business Times
Pentagon chief warns of imminent China threat, pushes Asian allies to hike defence spending
[SINGAPORE] US Defense Secretary Pete Hegseth warned on Saturday (May 31) that the threat from China was real and potentially imminent as he pushed allies in the Indo-Pacific to spend more on their own defence needs. Hegseth, speaking for the first time at the Shangri-La Dialogue in Singapore, Asia's premier forum for defence leaders, militaries and diplomats, underlined that the Indo-Pacific region was a priority for the Trump administration. 'There's no reason to sugar coat it. The threat China poses is real, and it could be imminent,' Hegseth said, in some of his strongest comments on the Communist nation since he took office in January. He added that any attempt by China to conquer Taiwan 'would result in devastating consequences for the Indo-Pacific and the world', and echoed Trump's comment that China will not invade Taiwan on the president's watch. China views Taiwan as its own territory and has vowed to 'reunify' with the democratic and separately governed island, by force if necessary. It has stepped up military and political pressure to assert those claims, including increasing the intensity of war games around Taiwan. Taiwan's government rejects Beijing's sovereignty claims, saying only the island's people can decide their future. 'It has to be clear to all that Beijing is credibly preparing to potentially use military force to alter the balance of power in the Indo Pacific,' Hegseth said. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up But his comments on allies needing to increase spending is likely to cause consternation amongst partners, even though experts said Hegseth would face a relatively friendly audience in Singapore. China's Defence Minister Dong Jun has decided to skip the major Asian security forum and Beijing has sent only an academic delegation. Hegseth has previously taken aim at allies in Europe for not spending more on their own defence. In February, he warned Europe against treating America like a 'sucker' while addressing a press conference at Nato headquarters in Brussels. On Friday, while delivering the keynote address at the Shangri-La Dialogue, French President Emmanuel Macron said Hegseth was justified in asking Europe to increase its own defence spending. 'It's hard to believe, a little bit, after some trips to Europe that I'm saying this, but thanks to President Trump, Asian allies should look to countries in Europe as a new found example,' Hegseth said. 'Nato members are pledging to spend 5 per cent of their GDP on defence, even Germany. So it doesn't make sense for countries in Europe to do that while key allies in Asia spend less on defence in the face of an even more formidable threat, not to mention North Korea.' Spending on weapons and research is spiking among some Asian countries as they respond to a darkening security outlook by broadening their outside industrial partnerships while trying to boost their own defence industries, according to a new study by the London-based International Institute for Strategic Studies, the organisation that runs the Shangri-La Dialogue. The spike comes even as Asian nations spent an average of 1.5 per cent of GDP on defence in 2024, a figure that has kept relatively constant over the last decade, it said. Hegseth suggested that allies in Europe focus on security on the European continent, so that Washington could focus on the threat posed by China in the Indo-Pacific, alongside more participation by allies in Asia. 'We would much prefer that the overwhelming balance of European investment be on that continent, so that as we partner there, which we will continue to do, we're able to use our comparative advantage as an Indo-Pacific nation to support our partners here,' he said in response to a question after his speech. But some of the Trump administration's early moves in the Indo-Pacific have raised eyebrows. The US moved air defence systems from Asia to the Middle East earlier this year as tensions with Iran spiked – an effort that took 73 C-17 flights. Hegseth, a former Fox TV host who has spent much of his first months in office focused on domestic issues, spoke to the international audience on topics that he has frequently talked about when in the United States, like 'restoring the warrior ethos.' 'We are not here to pressure other countries to embrace or adopt our politics or ideology. We are not here to preach to you about climate change or cultural issues,' Hegseth said. 'We respect you, your traditions and your militaries. And we want to work with you where our shared interests align.' REUTERS
Hindustan Times
4 hours ago
- Hindustan Times
Top 10 JBL headphones for music, gaming, and everyday use you can trust
JBL headphones strike the perfect balance between dependable sound and everyday comfort. This selection of top 10 JBL headphones offers more than just good audio - they're designed to keep up with your lifestyle, whether you're gaming, listening to music, or simply unwinding. Expect durability, ease of use, and a fit that stays comfortable through long sessions. These headphones are about straightforward quality that you can count on day in, day out. The JBL Tune 770NC fits comfortably for long listening sessions, cutting out distractions with adaptive noise cancelling. Its long battery life means fewer interruptions, while quick charging keeps you going when time's tight. Managing calls and switching between devices is simple, so you stay connected without fuss. This headphone offers reliable sound that's rich and balanced, making it a solid pick among the top 10 JBL headphones for everyday use. Long battery life for extended use Easy multi-device connection Over-ear design may feel bulky for some No active equaliser presets on the headphones themselves JBL Tune 770NC Wireless Over Ear ANC Headphones with Mic, Upto 70 Hrs Playtime, Speedcharge, Google Fast Pair, Dual Pairing, BT 5.3 LE Audio, Customize on JBL Headphones App (Black) What are buyers saying on Amazon? Users praise its clear sound and effective noise cancelling, highlighting comfort and battery life as major advantages. Why choose this product? It balances excellent sound quality with practical features that fit busy lifestyles, making it a dependable daily companion. The JBL Tune 770NC in blue offers a comfortable fit that keeps you focused by blocking out noise when you need it. Its impressive battery life means you won't be hunting for a charger often, and quick charging gets you back to your music fast. Switching between two devices and managing calls is hassle-free, making it a reliable choice among the top 10 JBL headphones for daily use. Long-lasting battery with quick charge Seamless multi-device connectivity Slightly bulky for some users No built-in equaliser presets JBL Tune 770NC Wireless Over Ear ANC Headphones with Mic, Upto 70 Hrs Playtime, Speedcharge, Google Fast Pair, Dual Pairing, BT 5.3 LE Audio, Customize on JBL Headphones App (Blue) What are buyers saying on Amazon? Buyers appreciate the clear, punchy sound and effective noise cancelling, along with comfortable wear for extended listening. Why choose this product? It delivers dependable sound quality and practical features tailored for busy, on-the-go lifestyles without unnecessary complexity. The JBL Tune 760NC offers solid noise cancellation that helps you focus on your music by cutting out distractions. With up to 50 hours of playtime, it's built for long listening sessions without constant recharging. Switching between devices is effortless, so you stay connected whether on calls or watching videos. Its signature pure bass sound delivers rich, powerful audio, making it a dependable choice among the top 10 JBL headphones. Long battery life with wired option Easy device switching with dual pairing ANC reduces battery life to 35 hours Slightly bulky design for some users JBL Tune 760NC, Wireless Over Ear Active Noise Cancellation Headphones with Mic, Upto 50 Hours Playtime, Multi-Device Connectivity, Pure Bass, AUX & Voice Assistant Support for Mobile Phones (Black) What are buyers saying on Amazon? Users praise the strong bass, effective noise cancellation, and comfortable fit for extended wear. Why choose this product? It combines reliable sound quality and versatile connectivity, ideal for those juggling multiple devices daily. The JBL Tune 720BT blends lightweight comfort with punchy pure bass that keeps your playlists alive all day. Its impressive 76-hour battery means fewer stops for charging, and a quick 5-minute boost gets you back in the groove fast. Switching between two devices is seamless, while the app lets you shape the sound exactly how you like. Marathon battery life with speedy recharge Personalised sound via app controls No active noise cancellation Design is straightforward, may lack flair JBL Tune 720BT Wireless Over Ear Headphones with Mic, Pure Bass Sound, Upto 76 Hrs Playtime, Speedcharge, Dual Pairing, Customizable Bass with Headphones App, Lightweight, Bluetooth 5.3 (Black) What are buyers saying on Amazon? Listeners appreciate the deep bass, comfort, and effortless device pairing that keeps their music flowing without hassle. Why choose this product? It offers reliable sound and stamina with user-friendly features, perfect for those who want great music without complications. The JBL Tune 510BT keeps things simple but effective, light on your ears with bass that hits just right. You get a full day's worth of music without hunting for the charger, and a quick top-up when you need it. Switching between your phone and tablet happens smoothly, and taking calls is straightforward. Long battery life with quick charging Smooth switching between devices On-ear fit may feel tight after hours No noise cancellation feature JBL Tune 510BT, On Ear Wireless Headphones with Mic, up to 40 Hours Playtime, Pure Bass, Quick Charging, Dual Pairing, Bluetooth 5.0 & Voice Assistant Support for Mobile Phones (Black) What are buyers saying on Amazon? People like the punchy bass and reliable battery, plus how easy it is to handle calls and switch devices. Why choose this product? It's straightforward, dependable, and delivers good sound without unnecessary extras - ideal for everyday use. The JBL Tune 760NC in blue offers a great balance of powerful bass and active noise cancellation, helping you focus on your music by cutting out distractions. With up to 50 hours of playtime and quick charging, it keeps you going through long days. Switching between devices is easy, so you won't miss calls or interrupt your entertainment. It's a solid choice among the top 10 JBL headphones for everyday use. Effective noise cancellation with solid battery life Smooth switching between multiple devices Battery life drops with ANC active Slightly bulky design for some users JBL Tune 760NC, Wireless Over Ear Active Noise Cancellation Headphones with Mic, Upto 50 Hours Playtime, Multi-Device Connectivity, Pure Bass, AUX & Voice Assistant Support for Mobile Phones (Blue) What are buyers saying on Amazon? Users appreciate the clear sound, strong bass, and comfortable fit, praising its noise cancellation and easy device pairing. Why choose this product? It combines dependable sound quality with practical features, making it a versatile companion for work, travel, and leisure. The JBL Live 770NC blends adaptive noise cancellation with rich, spatial sound that makes music and calls feel more natural. Its long 65-hour battery life means fewer interruptions, while quick charging keeps you powered up when time is tight. Multipoint connectivity lets you switch between devices without hassle, and the Personi-Fi 2.0 feature lets you tailor sound to your liking. A standout among the top 10 JBL headphones for those who want control and clarity. Long battery with ultra-fast charging Customisable sound and adaptive ANC Slightly heavier than some models App setup may take time for beginners JBL Live 770NC True Adaptive Noise Cancellation Headphones Wireless Over Ear, Spatial Sound, 65Hrs Playtime, Speed Charge, Multipoint Connect and Personi-Fi 2.0, BT 5.3, Google Fast Pair, Alexa, Black What are buyers saying on Amazon? Users highlight the immersive sound and effective noise cancelling, praising comfort and easy device switching. Why choose this product? It offers personalised sound control and reliable performance, ideal for anyone wanting a premium listening experience with smart features. The JBL Live 500BT in white combines signature JBL sound with a comfortable fabric headband that's easy on your ears. With 30 hours of playtime and quick charging, it keeps up with your day. Ambient Aware and TalkThru let you stay connected to your surroundings without missing a beat. Switching between two devices is seamless, and built-in voice assistants add hands-free convenience. A vibrant, reliable choice among the top 10 JBL headphones. Comfortable fit with fabric headband Easy device switching and voice assistant support Battery life shorter than some competitors No active noise cancellation JBL Live 500BT, Wireless Over Ear Headphones with Mic, Signature Sound, Vibrant Colors with Fabric Headband, Dual Pairing, AUX, Ambient Aware & Talk Thru, Built-in Alexa & Google Assistant (White) What are buyers saying on Amazon? Users love the clear sound, comfort, and handy voice assistant features, appreciating the quick switch between devices. Why choose this product? It offers solid sound and practical features in a stylish, comfortable design, perfect for daily use and casual listening. The JBL Tour One M2 delivers crisp, high-resolution sound with adaptive noise cancelling that adjusts instantly to your surroundings. With up to 50 hours of battery life and quick charging, it keeps pace with your busiest days. Features like Ambient Aware and Smart Talk make it easy to stay connected without missing a beat. Multi-point connectivity and built-in voice assistants add convenience, making it a top contender among the top 10 JBL headphones for serious listeners. Hi-Res certified sound with spatial audio Superior call quality with 4-mic system Premium price point Slightly bulky for some users JBL Tour One M2 Adaptive Noise Cancelling Over-Ear Headphones, Spatial Sound, Smart Ambient, 50Hrs Playtime, BT 5.3 Le, Quick Charge, Multi Point Conectivity, Built-in Alexa, 2 Years Warranty (Black) What are buyers saying on Amazon? Buyers praise the rich, detailed sound and effective noise cancelling, along with comfort and clear call quality. Why choose this product? It combines advanced audio technology with smart features and long battery life, ideal for those wanting premium performance and flexibility. The JBL Free WFH Wireless headset is built for those long workdays, offering clear, powerful sound and a noise-cancelling mic that keeps your voice front and centre during calls. The detachable mic adds flexibility, while the low-lag 2.4GHz USB dongle ensures a stable connection without wires getting in the way. With up to 22 hours of battery life and a lightweight, comfortable design, it's a reliable companion for remote work and online learning. Clear calls with advanced noise-cancelling mic Lightweight and comfortable for all-day use Limited to USB dongle connection, no Bluetooth Not designed for casual music listening JBL Free WFH Wireless, Over Ear Headset with Detachable Voice-Focus Noise Cancelling Mic, Lossless & Low-lag 2.4GHz USB Dongle for Work from Home, Conference Calls, Online Learning & Teaching (Black) What are buyers saying on Amazon? Users commend the headset's crystal-clear voice quality and comfort during long meetings, appreciating the hassle-free wireless connection. Why choose this product? It's tailored for work-from-home needs, combining reliable call clarity with comfort and long battery life for uninterrupted productivity. The JBL Tune 760NC and JBL Live 770NC stand out for active noise cancellation, effectively reducing background noise to help you concentrate. Both models balance strong bass with clear sound, making them ideal for work or travel. Their adaptive ANC adjusts to surroundings, offering a personalised quiet experience. Yes, many JBL headphones like the Tune 720BT and Live 770NC provide extended playtime—up to 76 and 65 hours respectively—with fast charging features that give hours of playback after just a few minutes of charging. This suits users who need reliable all-day use without frequent breaks. Top JBL models such as the Tune 770NC and Tour One M2 support multipoint or dual pairing, allowing seamless switching between two Bluetooth devices. This is perfect for users juggling calls on a phone and media on a tablet, ensuring smooth transitions without manual disconnects. JBL's Free WFH Wireless headset offers a detachable noise-cancelling mic and low-lag 2.4GHz USB dongle, ensuring clear voice calls and stable wireless connection. Combined with comfortable design and long battery life, it's tailored for remote work and online learning environments. Best JBL headphones Sound Features Microphone/Calls Noise Cancellation / Ambient Features Similar articles for you Best headphones under ₹2000 in 2025: 10 budget picks with clear audio, deep bass, long battery and great sound quality Headphone buying guide: All you need to know before buying new headphones, top picks, how to choose, and more Hammer headphones to lookout for in 2025: 10 models we suggest for all the audiophiles out there GM G+ headphones review: Affordable and effective pair of budget headphones Boult X Mustang headphones review | Under ₹2,500 with 70H Playtime and 4 EQ Modes: All you need to know before buying Yes, most JBL headphones have built-in mics and clear call quality, ideal for meetings and calls. Many JBL models offer multipoint connection, letting you switch between two Bluetooth devices without disconnecting. Depending on the model, battery life ranges from 22 to 76 hours on a single charge. Yes, several JBL headphones work with the JBL Headphones app for personalising EQ and sound profiles. Most models feature cushioned ear cups and adjustable headbands, designed for comfort during extended listening sessions. Disclaimer: At Hindustan Times, we help you stay up-to-date with the latest trends and products. Hindustan Times has an affiliate partnership, so we may get a part of the revenue when you make a purchase. We shall not be liable for any claim under applicable laws, including but not limited to the Consumer Protection Act, 2019, with respect to the products. The products listed in this article are in no particular order of priority.
Business Times
4 hours ago
- Business
- Business Times
Macron touts ‘positive new' Asia-Europe alliance amid US-China rivalry
[SINGAPORE] French President Emmanuel Macron urged Asia and Europe to work together in a new coalition based on common principles to push back against the inevitability of being caught between global superpowers. Singling out the China-US rivalry as the biggest risk confronting the world, the French leader said he wants to be able to cooperate with the US at the same time as compete with but not confront China –while adopting a 'demanding approach' that puts France's interests first. In expanding on the French doctrines of 'strategic autonomy' and 'freedom of sovereignty' to a gathering of global leaders at a pre-eminent security forum in the Asia-Pacific, President Macron sketched out a plausible 'third way' for Europe and the rest of Asia amid significant shifts in the world order and a world beset by multiple crises. 'The time for non-alignment has undoubtedly passed, but the time for coalitions of action has come and requires that countries capable of acting together give themselves every means to do so,' Macron said in his keynote address at the 22nd Shangri-La Dialogue on May 30. 'Let's build a positive new alliance between Europe and Asia, based on our common norms, on our common principles. 'Our shared responsibility is to ensure with others that our countries are not collateral victims of the imbalances linked to the choices made by the superpowers,' the leader of Europe's second-largest economy added. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Macron called upon Asian countries, particularly India, and members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership to work together. 'Let's work in an open way, the genuine way,' he said. 'But let's work very closely on defence, security and all the building blocks of our value chains.' The administration of US President Donald Trump has upended longstanding US commitments to the post-Cold War order and imposed trade tariffs on even its closest allies since returning to office at the turn of 2025. Washington has also ratcheted up its hawkish efforts to contain China that have left the rest of the world reeling in the wake of its actions and China's responses, fearing a full-fledged trade war that would crimp economic growth globally. For its part, China has been engaged in dangerous skirmishes with Philippine coast guard and navy vessels in waters in the South China Sea where it has overlapping claims with the Philippines. 'We have a challenge of revisionist countries that want to impose under the name of spheres of influence – in reality, spheres of coercion; countries that want to control areas from the fringe of Europe to the archipelagos in the South China Sea, at the exclusion of regional partners, oblivious to international law,' Macron said, without making overt references to China or Russia. Macron pointed out that France is an Indo-Pacific nation as seven of its offshore territories sit in the Indian Ocean and the South Pacific, with a million French citizens living in this region. In 2018, his government released an Indo-Pacific security strategy. He said that the strategy would be updated in the coming weeks. In the past 12 months, the Russians have engaged the support of North Korean troops in their invasion of Ukraine, now well into its fourth year – sparking fears of a broader conflagration of the war. 'But what's happening with North Korea being present alongside Russia on the European side is a big question for all of us,' Macron said. On the whole, China and North Korea are ideologically aligned, while Beijing and Moscow have referred to themselves as 'friends of steel'. 'And this is why, if China doesn't want Nato being involved in South-east Asia or in Asia, they should prevent, clearly, DPRK from being engaged on European soil,' the French leader added, referring to the abbreviation of the official name for North Korea. The North Atlantic Treaty Organisation was a peacetime military alliance established in 1949 to provide collective security against the threat of expansionism posed by the former Soviet Union. While Russia has often cited the growth of Nato to include several former Soviet states as a reason for its invasion of Ukraine, Beijing has viewed recent talk about a possible Nato office in Tokyo as a threat and part of an attempt to encircle it. At the same time, the Russian invasion of Ukraine has sparked fears that China could well do the same with Taiwan, a self-governing territory that Beijing claims as its own to be reunified by force if necessary. 'So what is at stake in Ukraine is our common credibility to be sure that we are still able to preserve territorial integrity and sovereignty of people,' Macron said. The French President also flagged the 'big risk of nuclear proliferation', acknowledging the critical levers the US has with the Iranians at a time when tensions are fraught in the Middle East. With Russia a nuclear power and North Korea also developing its nuclear arsenal with the assistance of China, Macron warns that any type of nuclear proliferation in Iran will trigger 'all sorts of justification proliferate elsewhere with the domino effect'. Macron's keynote address marked the end of a week-long swing through South-east Asia. In his address at the security forum organised by the London-based International Institute for Strategic Studies, the French President said this new Asia-Europe alliance he is proposing 'feels like' Singapore's DNA. He also left the door open for China and the US to join this coalition. 'We must show consistency where others practise a double game. 'And this is exactly my call tonight: Let's build new coalitions of open trade, open dialogue to derisk our models, stabilise environments and new coalitions to stabilise an open and rules-based order,' he said. THE STRAITS TIMES
Business Times
6 hours ago
- Business
- Business Times
Cross-border payments
THE global financial landscape is shifting, and banks are feeling the pressure to recalibrate. With evolving international policies and changing market dynamics brought on by tariff uncertainties, the need for greater agility and efficiency has never been greater. At this critical juncture, transforming cross-border payments has become crucial. Banks have traditionally relied on correspondent banking to facilitate international transactions, but this method often falls short, especially when measured against the expectations of today's customers (retail and businesses alike). Much like e-commerce platforms such as Shopee and Amazon, which enable businesses to expand seamlessly into new markets without setting up local stores, banks use correspondent relationships to facilitate cross-border payments without needing a physical presence in every country. But this once-efficient system now needs to evolve to meet the expectations of today's fast-paced, customer-centric economy. Why it's time to fix international payments plumbing The gap between customer expectations and realities of modern banking has widened. People have always expected payments to be fast, transparent, and cost-effective. And, with every new generation and wave of tech advancements, these expectations only grow – faster, more transparent, and cheaper than ever before. At the same time, demand for international payments is surging, especially for low-value cross-border transactions. This has contributed to S$3.9 trillion in global outflows in Asia, underscoring the need for a more efficient and affordable payment system. Yet, many of these transfers still take too long. On top of that, hidden fees and foreign exchange markups are often concealed from the consumer, leaving them unaware that they're paying more than they should. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up In fact, 56 per cent of Singaporeans who have made international payments think they know the full cost, but are unaware of the hidden fees. As a result, Singaporeans lost some S$590 million to these fees in 2023 alone. These inefficiencies are recognised at a global level, with initiatives like the G20 roadmap for enhancing cross-border payments aiming to address these issues by setting quantitative targets to improve the speed, cost and transparency in international payments. But banks and the traditional transfer system aren't deliberately creating this disconnect between what customers want and what they get – the international banking model is simply built on legacy methods. The model's reliance on 'middlemen' or intermediaries slows transactions and increases costs. For instance, if a bank in Singapore doesn't have a direct correspondent relationship with a Brazilian counterpart, it will need to route the payment through intermediaries, perhaps through Japan, the UK, then the US, before finally reaching Brazil. This journey adds extra fees and makes lower-value transfers too costly for consumers and small businesses. Settlement times also drag, as payments navigate complex networks and regulatory checkpoints, sometimes taking days to clear. As the number of handover points increase, so do the chances of a payment getting stuck or having limited visibility for compliance. One way to fix this is through connecting local payment systems across borders. By enabling direct settlement between these rails, it removes the need for middlemen. For example, linking Singapore's PayNow with Thailand's PromptPay allows real-time transfers between the two countries, making payments faster and cheaper. But scaling these connections globally is complex. It takes time, significant investment, and coordination between regulators. Making smarter cross-border payments Fixing cross-border inefficiencies requires a broader approach that complements correspondent banking relationships. Banks need technology-driven solutions that modernise transfers, making them as fast, intuitive, secure, and transparent as today's consumers expect. But this isn't an easy task – cross-border payments are one of the toughest financial services to get right. Scaling a payments network globally is complicated, expensive, and time-consuming – something no bank can easily tackle alone. And, realistically, given that cross-border payments typically make up only a fraction of a bank's overall services, building a global payments infrastructure from scratch would mean massive investments that many banks neither want nor need. After all, most banks are, first and foremost, built for their local markets. Their focus is on core services like loans, credit, and domestic payments. These systems, designed primarily for domestic transactions, still serve their purpose well, remaining efficient and cost-effective. When it comes to international payments, however, efficiency and cost control are often blind spots. Many banks assume the delays and high costs are simply part of the system— or that solving these challenges means taking it on alone. But the landscape is changing. Technology advancements now enable new approaches that improve cross-border payments without requiring banks to overhaul their entire infrastructure. For example, some systems tap into local payment rails across markets worldwide, linking these networks to create more efficient paths for global transactions. This makes the process faster and more cost-effective. Some of these solutions can also complement a bank's existing correspondent relationships, including the Swift network, helping to reduce friction while enhancing capabilities. The tricky part is choosing the right solution. Banks must assess providers based on how transparent they are with fees and services, the reach and quality of their currency network, and whether they give banks visibility over the payment process. Reliability and efficiency throughout the whole process are key. Importantly, with Singapore being such a thriving fintech hub, local banks must also team up with tech firms to develop solutions that not only streamline operations but also stay in line with evolving regulations. The road ahead: Simplicity, transparency, and efficiency The transformation of correspondent banking is well underway, driven by the need for simplicity, transparency, and efficiency. The challenges faced by banks attempting to modernise cross-border payments highlight the necessity of ecosystem partnerships. Singapore's financial institutions are well-positioned to lead this shift. By prioritising infrastructure modernisation and partnerships to leverage emerging payments innovation, they can set new benchmarks for cross-border transactions. The path forward is clear: banks that embrace innovation and collaboration will not only compete, but lead in the evolving landscape of global finance. The writer is general manager, Wise Platform, Asia Pacific
