Vietnam financial institutions investing in BaaS and embedded finance despite challenging economic constraints

• Annual global survey shows the US is leading the way in BaaS deployment 
• Excitement around opportunities presented by technological and cultural change is high, with 89% of respondents indicating personal enthusiasm around this trend  

• Annual survey shows increased roll-out of AI, BaaS and embedded finance 
• 85% of respondents agree that Open Finance is continuing to make financial services more collaborative and having a positive impact

• Nearly 9 in 10 German financial institutions are interested in or already implementing Gen AI, higher than the global average
• Notable uptick shown in BaaS and embedded finance adoption during the last 12 months

• Green lending seen as a continued source of growth and revenue generation for 85% of financial institutions 
• 28% improved or deployed AI in the last 12 months, down from 34% in 2022

• Saudi Arabia ranks highest and the UAE second highest globally for AI adoption in the last 12 months; majority of leaders also interested in Gen AI
• 90% of respondents in the UAE and 91% in Saudi Arabia believe Open Finance enables a greater range of financial services, yet more support from regulators is needed

With Finastra’s Trade Innovation and Corporate Channels solutions, CQUR Bank will streamline trade finance services and offer enhanced digital banking to strengthen customer relationships

Takeaways from the event include the impact of AI, the importance of industry standards, the evolution of sustainable finance, and the opportunities and challenges financial institutions face