2025 | World Finance

Inclusive finance and sustainable development

Posted on December 4, 2025December 4, 2025 by itsupport

Fubon Life upholds the core value of ‘be positive, enrich life,’ and effectively leverages its insurance protection capabilities while fulfilling its commitment to sustainability. The company has made significant strides in sustainable operations, fair treatment of customers and social responsibility. It has been recognised 14 times by World Finance as the ‘Best Life Insurance Company in Taiwan’ and has received the ‘National Sustainable Development Awards’ from the Taiwan National Sustainable Development Council of the Executive Yuan. Additionally, it has been honoured by the Taiwan Financial Supervisory Commission for its outstanding performance in the ‘Sustainable Finance Assessment’ and the ‘Assessment of the Implementation of Treating Customers Fairly Principles.’ In terms of operations, Fubon Life’s net income of NT$102.66bn for 2024 reflects an impressive operational performance and has won the support of policyholders representing approximately a quarter of Taiwan’s total population.

Sustainable innovation
To enhance sustainable operations, Fubon Life is focusing on four key areas: board governance, integrity in business practices, compliance with regulations, and risk management. The company has also established a performance evaluation mechanism for its Sustainable Development Committee. In addition, a new ‘Sustainable ESG’ section has been launched on the official website to improve information transparency and inclusivity, helping stakeholders understand the company’s specific actions in environmental, social and corporate governance. In product development, the company is responding to Taiwan’s societal changes by introducing trend-aligned insurance products, including a new generation of national policies, the ‘Participating Policy’ that offers both protection and the potential for dividends, as well as the industry’s first policy that covers the actual expenses incurred for outpatient and inpatient cancer treatment.

Customer care priority
Fubon Life is dedicated to the fair treatment of its customers and focuses on fraud prevention while delivering friendly service. The company has pioneered the use of the commercial short code ‘68999’ within the life insurance sector to help mitigate the risk of the public encountering fraudulent text messages. Furthermore, Fubon Life has incorporated fraud detection into its operational processes to enhance its financial fraud prevention strategies. The success of its counter staff in preventing fraud has been acknowledged by the Taipei City Government, Chiayi City Government and Kaohsiung Police Department in Taiwan.

Fubon Life is committed to sustainable growth and fair customer care

To advance its fair treatment philosophy, Fubon Life has introduced the ‘Fubon Life Good IDEA’ programme, which features inclusion, diversity, equity and action. This programme aims to embed the principles of fair treatment throughout its services, fostering a diverse and inclusive service environment. Initiatives include a dedicated ‘Financial Friendly Service Section’ and a ‘Fair Treatment of Customers’ Principles Section’ on its website, along with the promotion of microinsurance services to provide coverage for vulnerable groups.

Community champions
Fubon Life harnesses the power of insurance to stabilise society and is fully committed to corporate social responsibility. The initiatives include: collaborating with the Society of Wilderness on a quick screening survey of river waste to reduce river waste accumulation and prevent it from entering the ocean through public and private sector cooperation, implementing operational strategies focused on energy conservation, carbon reduction and renewable energy generation, with a goal of using 100 percent green energy by 2040.

Fubon is also promoting the ‘Barrier-Free Medical Access for Seniors in Rural Areas’ project, which assists over 2,500 cancer patients with transportation subsidies for medical visits, advancing insurance education to help students of all ages enhance their financial risk resilience, and sponsoring Taiwan major sporting events such as the Kaohsiung Fubon Marathon and the University Basketball Association (UBA) to promote sports equity.

Portugal leads Europe’s millionaire migration boom

Posted on December 4, 2025December 4, 2025 by itsupport

A record-breaking 142,000 millionaires are projected to relocate internationally this year, with the UK expected to see the largest net outflow of high-net-worth individuals (HNWIs) by any country since global wealth intelligence firm New World Wealth began tracking millionaire migration 10 years ago.

In Europe, Portugal is one of the key beneficiaries of this trend. It is set to attract a net gain of more than 1,400 HNWIs, driven by its favourable tax regime, lifestyle appeal and active investment migration programmes. The ongoing appeal of Portugal includes its lifestyle and climate, security and safety, easy access to the European Union and the Schengen area, and its vibrant cities and coastal areas. Key locations attracting millionaires include Lisbon, Cascais and the Algarve, with the latter two particularly known for their desirable luxury properties.

Portugal’s new IFICI regime – ‘Tax Incentive for Scientific Research and Innovation’ – was launched in December 2024 and is a new, targeted residence regime for highly qualified professionals. It delivers significant tax benefits and generous tax exemptions, especially for overseas income, to eligible new tax residents in Portugal.

IFICI is designed to attract talent and foster the growth of Portuguese companies

The IFICI replaces the well-known Non-Habitual Resident (NHR) special tax regime, which was closed to new entrants at the end of 2023, and is commonly known as ‘NHR 2.0’. Like the previous NHR regime, it provides the following key tax benefits, which are available for 10 calendar years from the time the applicant becomes tax resident in Portugal.

A special Personal Income Tax (IRS) flat tax rate of 20 percent applies to employment and professional income obtained in Portuguese territory. Non-Portuguese income in most categories – dependent work, professional activities, capital income, rental income and capital gains – is exempt from IRS provided that the income is being taxed abroad under a double tax agreement (DTA), or if it is otherwise taxed in the source country and not classified as Portugal-source, or if it is taxable under OECD treaty principles.

Unlike the previous NHR regime, which taxed foreign pension income at a flat tax rate of 10 percent, foreign pension income is fully taxable in Portugal under the IFICI. Additionally, any income earned in countries listed by the Portuguese Finance Department as ‘preferential tax regimes’ – the so-called ‘blacklist’ – will not qualify for exemption.

Only individuals who move to Portugal for eligible roles related to science, research, or innovation are eligible. But the professional scope is broad, from CEOs to technicians, and the range of eligible activities is wide – extractive industries, manufacturing industries, utilities, construction, hospitality, ICT, financial, scientific and technical, education, administration, health and cultural or natural interest.

How to qualify
Individuals can either establish tax residency in Portugal voluntarily by securing a residence permit and establishing a permanent address, or by residing in Portugal for more than 183 days within any 12-month period or by establishing a habitual residence. Applicants must not have been a tax resident in Portugal in the previous five years or have previously benefited under the NHR regime.

The granting of the IFICI is dependent on prior registration with the Portuguese Tax Authority (AT) and the relevant government agencies responsible for receiving and verifying registration applications. Applicants will also require accreditation by their respective employers or those contracting their services.

It is important to note that IFICI is designed to attract talent and foster the growth of Portuguese companies, so eligible businesses must have economic substance in Portugal. Industrial and service companies must also export at least 50 percent of their turnover.

While IFICI unlocks powerful benefits, the route to qualification and maintaining ongoing compliance is not straightforward. Each case requires careful structuring, eligibility validation and continuous record-keeping. A professional advisory approach is strongly recommended for every step, particularly for high-value cross-border tax planning.

Sovereign Portugal specialises in concierge IFICI onboarding and residency planning, smoothing the path for new residents and their companies to enjoy the regime’s benefits. As part of the global Sovereign Group, we are also well placed to provide the tailored global tax advice and compliant structuring that is often required.

We will provide clear, tailored pathways for applicants and entrepreneurs, as well as their families, to successfully establish their lives and ventures in Portugal. Our deep knowledge of Portuguese tax regimes, visa requirements and corporate structuring enables us to offer clients confident, seamless integration strategies that deliver financial efficiency as well as meeting their personal and professional goals.

Sovereign Portugal can be contacted by telephone: +351 282 340480 and email:
serviceinfo@sovereigngroup.com

Insurance industry weathering the storm

Posted on December 3, 2025December 3, 2025 by itsupport

The non-life insurance industry has consistently demonstrated resilience in the face of natural catastrophes over the past years, and 2024 was no exception. Riding on the growth of the economy, the non-life insurance industry posted growth in premiums and bottom lines. It is optimistic that the industry will continue to grow in the coming years, anchored on the strong prospects of the economy. Be that as it may, said optimism is not without evolving challenges, both natural and manmade, market-induced, or the dynamics of strong competition among the players.

Climate change and catastrophic natural disasters have wreaked havoc on the global environment, negatively impacting the global reinsurance market. The effects have shown an increasing severity and frequency of devastating natural events, which have widened the protection gap (the difference between the insured and uninsured losses). This protection gap dictates the financial resiliency of global economies from these events.

With the increasing risk exposures to catastrophic events or calamities in recent years, on the back of climate change, among others, the Philippine non-life insurance industry is experiencing a surge in reinsurance costs with more stringent terms and conditions. Reports have it that this rising cost of reinsurance is making non-life products more costly and is placing additional pressure on local insurers.

The severe effects of climate change have been a major challenge in recent years and will continue to be so in the years ahead. Around 20 typhoons enter the Philippine Area of Responsibility from the Pacific Ocean annually, with around eight or nine crossing through the Philippines. Typically, typhoon season runs from July to October, but climate change has shifted it to more random months, doubling catastrophic challenges with noticeable changes in trends of catastrophic events.

These market realities are proving to be extremely challenging in addition to increasing claims and indemnity costs as a result of inflationary pressures in recent years, particularly spare parts and labour costs for motor car insurance and replacement costs for property insurance.

Trailblazing teamwork
We are a trailblazing team, working together as market movers and innovators, achieving our goals steadily and sustainably. The company’s ecosystem is composed of dynamic and innovative groups that closely collaborate, always practising our corporate ethos – working as a team towards the same goals, embracing our culture of passion for excellence, underpinned by our massive transformational purpose, ‘Peace of Mind for all Mankind.’

Proactively prepared for any kind of calamity, the company has an innate capability to update its systems and enhance risk management capabilities, systematically and effectively, meeting the demands of an evolving market and weather unpredictability, at any time.

After a relatively benign year of catastrophic events in 2023, the year 2024 ushered in myriad challenges, including Super Typhoon Carina (internationally known as Typhoon Gaemi) in July, and a record-breaking six consecutive storms clustered within barely a month, three of which were classified as super typhoons, from late October to mid-November 2024. This record-breaking typhoon season was said to be ‘supercharged’ by climate change.

With 66 years of experience competently weathering calamities, the company is programmed to immediately mobilise and respond to these catastrophic events effectively. Financially, the company, supported by a dependable and financially strong reinsurance facility, remains protected amid the onslaught of catastrophic events.

Moreover, all claims platforms are powered by internally developed technological systems, aided by artificial intelligence, allowing the company to facilitate prompt and appropriate handling and monitoring of claims; aggregate limits are meticulously monitored, with the extent or highest level of the unit reached by flood indicated in the AON questionnaire, allowing us to immediately gauge aggregate losses per area, nationwide; but more importantly, digitalised procedural processes allow the effective and efficient handling and payment of claims.

Despite the loss experience, our clients felt supported by us, giving them peace of mind amid the chaos of the moment. For our claims team, who are experts in their respective roles, it has always been ‘just another day’ of service to our clients.

Embracing the uncomfortable
Throughout these years and amid a challenging business environment, Standard Insurance steadfastly continues to focus on proper underwriting, intelligent pricing across all lines, fast and accurate claims turnaround and sustainability.

As a leading motorcar insurer, the company utilises its wealth of data to understand the particular risks and characteristics related to the different vehicle types and markets, the peculiarities of motorcar losses, vis-à-vis recoveries, among others. The resulting motorcar analytics underpin our informed and intelligent motorcar strategies – better pricing and underwriting analysis and decisions, as well as improved churn rates.

The severe effects of climate change have been a major challenge in recent years

The lessons from the CAT events in 2024 taught us to be comfortable with the uncomfortable, never ceasing to challenge what is comfortable and pivot to the uncomfortable. With the destructive effects of CAT events, claims frequency and severity have become more extreme, and reinsurance costs have become more restrictive and expensive. Inflation and disruptions in supply chains have likewise pushed up claim costs, with minimal or sometimes no increase in premiums on the back of a very competitive market. Who then covers the gap or the rising burning cost?

The company implemented game-changing underwriting policies, never before tried within the industry, but perceived to be a response to the evolving hard realities of the non-life industry, especially in the motorcar insurance business.

Equally important, non-motorcar risks follow clear and defined underwriting guidelines and discipline. Standard Insurance remains consistently vigilant in protecting our balance sheet, vis-à-vis, the underlying risk portfolio. We conduct selective and stringent underwriting, focusing on maintaining and developing a risk spread that is consistent with the company’s directives for sustained profitable growth. We continue to strictly follow our preferred and ideal risks, cross-selling with the deliberate intention of portfolio diversification. The strict adherence to the NatCat Underwriting Guidelines via CRMS resulted in well-managed Property CAT claims in 2024.

All these have led to our ultimate validation from a global perspective. The Global Credit Rating (GCR) has recently upgraded Standard Insurance’s national scale financial strength rating to AA-(PH) from A+(PH). At the same time, GCR has upgraded Standard Insurance’s international scale financial strength rating to BB+ from BB, a notch lower than the Philippine sovereign rating. Both ratings were placed on Stable Outlook. GCR is wholly owned by Moody’s Corporation (NYSE:MCO).

Equally important, the company’s recent SGS audit reaffirmed our commitment to excellence, thus maintaining our ISO 9001:2018 certification. By conforming to standards, adhering to disciplined processes, delivering consistent quality service and fostering a culture of accountability, we continue to raise the bar for serving our clients and partners. These global awards reflect the passion for excellence that transcends our DNA and culture.

Driving the circular economy
Recently, Toyota Motor Philippines Corporation (TMP), the leading motorcar dealer in the market, officially endorsed Standard Insurance as its second model end-of-life vehicle (ELV) dismantling facility in the Philippines, and included in the ‘Toyota Global 100 Dismantlers Project’. Standard Insurance’s Technical and Training Centre (TTC) is the fifth dismantling facility in Asia and the 19th worldwide. This global project aims to establish proper ELV dismantling operations, addressing key environmental challenges.

This partnership further enhanced its existing partnership with TMP under the Toyota Insure Programme, where Standard Insurance is already part of its panel of accredited insurers. Toyota remains the leading brand in the country.

Born out of a need to accommodate the huge volume of inundated motorcar units after a devastating typhoon in Metro Manila, which the dealers could no longer handle due to the sheer volume, our TTC was established in 2014 and since then has been a major part of the company’s ecosystem. TTC is located in Naic, Cavite, spanning close to seven hectares, with five buildings housing our restoration facilities, as well as our dismantling and recycling or ELV facilities.

The TTC complex is a one-of-a-kind motorcar and motorcycle restoration, dismantling, and recycling facility in the industry, supporting an innovative loss-mitigating mechanism. It provides a circular economy, where the proceeds from the sale of these restored units and parts revert to savings, thus mitigating our losses. TTC has always recognised the importance of sustainable practices and aims to lead the industry in promoting environmental stewardship. It took a transformative step, championing technical excellence and environmental responsibility, ushering in a circular future, turning discarded vehicles into valuable resources and fuelling jobs, innovation, and sustainability.

The company implemented game-changing underwriting policies

To better equip its role in motorcar dismantling, the company sent its engineers and mechanics to train in car recycling operations with the biggest Japanese recycler, Kaiho Sangyo, located in Kanazawa, Japan.

The company intensified investments in its state-of-the-art restoration and dismantling infrastructure. TTC is the only one with a motorcycle frame straightening bench that allows for the precise repair of motorcycles with bent frames. Moreover, to enhance its ELV dismantling operations, acquisitions of specialised equipment were completed, such as an excavator fitted with a hydraulic shear that has scissor-like jaws used to dismantle an end-of-life vehicle; a metal baler or baling press that is used to compress scrapped metals from dismantled body panels, ready for recycling; and a shredder that is used to reduce the size of waste materials such as scrapped metals and other materials, including tyre shredding.

Trained technicians, following globally accepted practices for depollution, ensure the safe removal and disposal of fluids and hazardous materials from these end-of-life vehicles, minimising ecological impact during the dismantling process. Chemicals drained from ELVs are sold to a treater hauler accredited by the DENR. Scrap metals are sold to local metal scrappers.

TTC is a shared mission with Toyota, DENR, TESDA, LGUs, and other community partners. In fact, Standard Insurance has been recognised by the DENR for its exemplary environmental programmes in pursuit of a circular economy. Moreover, a certificate of recognition was awarded to our Group Chairman, Ernesto T. Echauz, our Pollution Control Officer and a chemical engineer, for his unwavering commitment in partnership with EMB CALABARZON Region in pursuit of a healthy and clean environment.

With increasing frequencies of unpredictable weather disturbances and calamities, resulting in increasing motorcar claims, our investments in advanced recycling infrastructure, implementing responsible dismantling practices and training, maximising material recovery and resources, and collaborating with recycling partners are more than worth it. Standard Insurance is indeed leading the way towards a greener automotive industry.

How to build the future

Posted on December 3, 2025December 3, 2025 by itsupport

Sam Altman might just be the most influential person in the most influential industry in the world today – and that gives him an awful lot of influence. As CEO of the artificial intelligence (AI) powerhouse, OpenAI, the American entrepreneur stands at the very forefront of a technological revolution, with almost unprecedented power to shape the future of AI. Already, Altman can be credited for helping to bring AI to the mainstream. In November 2022, Altman’s company launched ChatGPT, a transformative tool that has taken the world by storm. At this point, the OpenAI chatbot needs little introduction, such is its popularity. Boasting 800 million weekly users (see Fig 1) and 1.8 billion daily user queries, ChatGPT dominates the AI market, and has ushered in a new era of technological transformation. Once confined to the realm of science fiction, AI tools are now ubiquitous in everyday life, upending the way we work, study and interact.

With these new technologies becoming ever more engrained in our daily routines, investors have been betting big on AI. Over the last few years, huge amounts of money have flowed into tech stocks, sending start-up valuations soaring and propelling stock markets to record highs. But amid this flurry of investor activity, a growing number of industry experts are warning that the AI boom may really be a bubble – and it could be about to burst. Recent analysis has suggested that the AI bubble may be 17 times the size of the dotcom frenzy of the 1990s, and four times the size of the mid-2000s subprime bubble, and the International Monetary Fund and the Bank of England have both issued warnings about overinflated stock market valuations. To add further fuel to the fire, a recent Massachusetts Institute of Technology report revealed that 95 percent of companies investing in generative AI are yet to see any form of financial returns, unsettling some investors. As concerns mount over a future bubble bursting, Altman’s leadership of the world’s most valuable start-up may soon be put to the test.

A rocky rise
In October this year, OpenAI was valued at an eye-watering $500bn (see Fig 2). A blockbuster share sale saw the start-up leapfrog Elon Musk’s SpaceX to become the world’s most valuable private company, demonstrating just how dominant OpenAI has become.

The AI boom may really be a bubble – and it could be about to burst

In just a few short years, the company has gone from relative obscurity to an industry titan, credited with driving a surge in AI adoption across the globe. The company’s rapid rise has propelled CEO Sam Altman to a position of immense power and influence. In recent months, the tech tycoon has been busy rubbing shoulders with world leaders and signing deals that will give his company unprecedented reach. Along with securing a $200m military contract with the US Department of War, Altman has also received White House backing for a $500bn data centre mega plan, which will ramp up AI infrastructure in Texas, New Mexico and Ohio.

Mingling with prime ministers and making speeches at large-scale tech events, Altman seems comfortable acting as the public face of AI. But his position at the very top of the industry hasn’t always been so certain. In early November 2023, just 12 months after the record-breaking launch of ChatGPT, Altman was fired from the OpenAI board for failing to be ‘consistently candid in his communications.’ The dramatic firing sent shockwaves around Silicon Valley, with investors and OpenAI employees immediately calling for his reinstatement. In typical tech CEO fashion, Altman took to social media to document the fallout, posting a picture of himself holding a guest pass inside OpenAI’s San Francisco headquarters as discussions with the board rumbled on. Over the course of three dramatic days, OpenAI cycled through three CEOs, prompting staff discontent to reach fever pitch. The majority of OpenAI’s 770 employees signed a letter addressed to the board, threatening to resign en masse unless Altman returned. With mounting staff pressure and the very public turmoil threatening the company’s reputation, the board buckled and brought Altman back into the fold. Since his return as CEO, the OpenAI board has had a significant revamp, with Altman’s leadership seemingly strengthened by the crisis.

Putting his brief ousting behind him, Altman has had further troubles to contend with in his race to dominate Silicon Valley. Former OpenAI co-founder Elon Musk has sued the company numerous times, alleging that the start-up has abandoned its original, non-profit mission to develop AI for the public good. According to Musk, the company has become focused on maximising profits and dominating the AI sector, which he sees as a violation of its founding principles.

In what has escalated into a very public feud, OpenAI has filed a counterclaim against Musk, accusing him of using ‘bad-faith tactics’ against the company, in an effort to slow down its business and gain the upper hand in the competitive AI market. As the two Silicon Valley heavyweights gear up for a high-stakes legal battle, both sides are claiming that they are acting in the best interests of the public. But is this bitter billionaire spat simply serving as a distraction from some of the more difficult questions surrounding the unstoppable rise of AI?

No limits
There is little doubt that AI is the defining technology of our time. Already, AI is reshaping the way that we work and live – and it is still thought to be in its early stages of development. Leading companies such as OpenAI are actively working on artificial general intelligence (AGI), a theoretical form of AI with human-like intelligence and an ability to self-teach. If achieved, AGI may be able to perform tasks beyond human capabilities, potentially redefining how we perceive intelligence and cognition. By OpenAI’s own admission, AGI could “come with serious risk of misuse, drastic accidents and societal disruption.”

OpenAI has gone from relative obscurity to an industry titan

Even as some industry experts sound the alarm bells on the potential consequences of unchecked superintelligence, the race towards the next AI frontier is hotting up. Tech giants in the US and China are ramping up AI research and development, and record amounts of investment are flowing into the sector. There are now just shy of 500 AI ‘unicorns,’ or private AI companies with valuations of over $1bn. In the US, AI-related enterprises have driven an estimated 75 percent of stock market gains in 2025, while global spending on AI is expected to reach $1.5trn before the end of the year. And as investor frenzy continues to mount, OpenAI’s position as industry leader has never looked more certain.

Over the past few months, OpenAI has announced a string of gargantuan deals with fellow tech giants including Nvidia, Oracle and AMD – thought to be worth more than $1trn in total. In September, it confirmed that it would pay IT behemoth Oracle $300bn for a five-year cloud computing contract, as part of the wider $500bn Stargate data centre buildout project. That same month, chipmaker Nvidia announced that it would be investing up to $100bn in OpenAI to support the delivery of new AI megacentres. Once operational, the data-intensive sites may require as much energy as 10 nuclear reactors.

Hot on the heels of these blockbuster announcements came the news that OpenAI had officially entered into partnership with Broadcom to co-design custom chips and AI accelerators, to ‘meet the surging global demand for AI.’ As Altman continues to forge new alliances, this recent flurry of dealmaking is beginning to raise some eyebrows. With money changing hands within a small group of big-name players, some industry experts are concerned by the seemingly circular nature of the deals. If the same funds are circulating between just a handful of companies, this can create the appearance of endless growth, even if profits aren’t matching up. Even more concerning are the parallels being drawn with ‘vendor financing,’ where a company lends money to their customers so that they can keep spending money with them.

This risky practice helped to fuel the dotcom bubble of the late 1990s – a pattern that market watchers are loath to see repeated. We may still be a long way off the heady heights of the dotcom boom, but this tangled web of deals has left some investors feeling spooked. If the AI boom is really more of a bubble, where does that leave the global economy?

Boom or bubble?
For some time now, there have been whisperings of a growing AI bubble. Altman has himself admitted that the sector feels “kind of bubbly right now” and that some company values are “insane.” But ‘bubble’ is a loaded term in economics, describing a situation where the price of an asset is much higher than what it is really worth. This overinflation is then followed by a panic and a sudden crash as investor confidence evaporates. Bubbles are both hard to identify and hard to time, only becoming clear once they have ‘popped.’ It is true that technology stocks have made remarkable gains over the last three years, but this rally appears to have been built on some fairly firm foundations. Demand for AI is surging, with new tools and technologies becoming increasingly embedded in everyday life.

A recent Stanford University report found that 78 percent of businesses were using AI in 2024, with adoption happening at pace across a range of sectors, from healthcare and finance through to agriculture and mining. According to some estimates, AI could contribute up to $15.7trn to the global economy by 2030 – more than the current output of China and India combined. But does this enormous economic potential justify the current investor frenzy surrounding AI?

Some high-profile figures are unconvinced. The Bank of England and the International Monetary Fund are the latest to voice their concerns that the sector may be heading towards a ‘correction,’ with potentially devastating impacts for the wider economy. Huge amounts of funding have been poured into AI infrastructure projects that are yet to show returns. The ‘big four’ tech giants Alphabet, Amazon, Meta and Microsoft are expected to spend £325bn on AI infrastructure this year alone, scaling up their data centres and cloud computing potential at a remarkable pace. This hefty infrastructure spending is a big bet on continued customer demand for AI – one that they hope will pay off in the long run.

Similarly, the soaring valuations of leading and emerging AI firms is starting to spook some analysts. OpenAI was valued at $157bn last October, and is now worth a record $500bn.While its revenue is growing steadily, its immense operational costs mean that it has never turned a profit. But OpenAI isn’t alone in that regard. In the last 12 months, 10 loss-making AI firms have seen their combined valuations reach almost $1trn, as investors continue to gamble on AI. The anticipation of future profits has proved hard to resist for many deep-pocketed backers, but a return on investment is never guaranteed.

Perhaps even more worrying is the level of concentration on the stock markets. Currently, the so-called ‘Magnificent Seven’ – Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla – make up more than a third of the whole S&P 500 index, closely tying the health of the US economy to the fate of these high-performing companies. If the bubble does burst, it could slam the brakes on US growth, with far-reaching implications for the global economy as a result.

Staying the course
It can be tempting to draw parallels between the current AI frenzy and the late 1990s internet stock bubble. The similarities are striking – both eras brought the promise of a new, transformative technology that would change how we live our lives. Both eras have also pushed stock valuations to new heights, with investors racing to back young, ambitious companies that are yet to turn a profit. And yet, even after the dotcom bubble burst, a handful of companies managed to rise from the ashes. For those investors who kept faith in the sector, the rewards have been huge. The internet has radically reshaped the way we live and work since the early 2000s, delivering real economic gains that would have been hard to predict in the wake of the dotcom bubble implosion.

AI is reshaping the way that we work and live

Similarly, we can expect AI to remain a fixture in our lives, even if there is a ‘bubble burst’ moment. As the cream rises to the top, a handful of the strongest, most innovative companies will be able to withstand any stock market stumbles. And in a winner-takes-all scenario, it isn’t hard to imagine that OpenAI might just come out on top. Every tech cycle has a small number of dominant players, but OpenAI is in a league of its own. Three years ago, the company cracked the AI industry wide open with the launch of ChatGPT, reaching 100 million users in just two months. The chatbot’s unprecedented popularity soon made it the fastest-growing consumer internet app ever released, outpacing social media giants such as TikTok, Instagram and Facebook. Now, with Altman securing a number of new strategic partnerships, the company is strengthening its position as industry leader. “We have decided that it is time to go make a very aggressive infrastructure bet,” Altman recently revealed on a podcast. “To make the bet at this scale, we kind of need the whole industry, or a big chunk of the industry to support it,” he said.

Altman’s dealmaking is helping to give OpenAI greater control over every part of the value chain – from research to end-user product – in a way that few competitors can match. The company is spending money at a historic pace to build a full in-house AI ecosystem, much like Microsoft did for PCs and Apple did for smartphones.

And if its current user numbers are anything to go by, then OpenAI may be well on its way to making ChatGPT as trusted and ubiquitous as the iPhone. Its rivals seem simply unable to match this pace, speed and scale – and Altman might only be getting started.

A better future?
As we move towards an era of omnipresent AI, we need to ask ourselves who is shaping this new dawn. As the architect behind the rise of ChatGPT, Altman has an enormous amount of influence over the future of AI – and by extension, our very lives. So, what is Altman’s vision for this generation-defining technology?
As a self-professed ‘techno-optimist,’ Altman appears to be motivated by a genuine belief that AI can impact lives for the better. “The future can be vastly better than the present,” he wrote in a recent blog post. “Scientific progress is the biggest driver of overall progress; it is hugely exciting to think about how much more we could have.”

Indeed, OpenAI was founded as a nonprofit organisation to ensure that AI ‘benefits all of humanity.’ Altman himself has advocated for aligning AI with human values, and has stated that this is one of his company’s top priorities. He is also highly cognisant of the inherent risks involved in developing superhuman intelligence, acknowledging that the worst-case scenarios could cause significant harm to the wider world. Perhaps we can feel reassured that some of the sector’s top minds are thinking about minimising risk and preserving humanity while building superintelligence. But as OpenAI has grown, its morals have started to feel slightly more murky.

Last year, the company came under fire when it released a chatbot with an ‘eerily similar’ voice to Hollywood actress Scarlett Johansson. Having rejected an initial offer from Altman to voice the app, Johannson said she was “shocked, angered and in disbelief” at the chatbot’s likeless, accusing the company of deliberately seeking to copy her voice. Altman added further fuel to the fire by posting the word ‘her’ on X during a demo of the chatbot – seemingly a knowing reference to the 2013 film where Johansson voices an AI operating system. The dispute reignited heated debates in the creative world on how AI firms are using people’s likeness without their consent. The US actor’s union Sag-Aftra has been campaigning for creatives to receive fair compensation when their work has been used to train AI models, and stronger laws to protect performers’ faces, voices and likeness.

OpenAI’s position as industry leader has never looked more certain

But the concerns over ‘deepfakes’ is not just limited to Hollywood. As text-to-video apps become ever more sophisticated and readily available, the privacy and autonomy of ordinary people is increasingly at risk. In the weeks following the launch of Sora 2, OpenAI’s new AI video app, a proliferation of problematic videos started flooding social media feeds, forcing the firm to beef up its safeguards. The company is now working to ‘improve its guardrails’ after ‘disrespectful’ depictions of Martin Luther King Jr and other deceased public figures and celebrities started to circulate on the app. As debates over ethics and privacy heat up, the US Congress is currently considering the ‘NO FAKES Act,’ which would ban the production and distribution of AI-generated content of any individual without their consent. While OpenAI has been publicly supportive of the Act, its struggles to contain offensive and misleading videos on the Sora app suggest that the genie is already out of the bottle.

Even with alarm bells loudly ringing on deepfakes and falsified media, companies continue to rush towards superintelligence. But what happens now will have lasting consequences for all of us.

For better or worse, AI is clearly here to stay, and the choices made by the industry leaders today will have a profound impact on the world of tomorrow. We will have to hope that there is still a place for human values in the fast-unfolding future of AI.

Banorte: a bank with passion and purpose

Posted on December 2, 2025December 2, 2025 by itsupport

Banorte has dedicated 125 years supporting families and backing Mexican businesses, convinced of the immense potential of our country and demonstrating that the ordinary can be made extraordinary when done with passion and purpose. Few institutions in the world can say they have walked alongside their country and its people for so long. Banorte did it, and continues to do so with pride, as a bank that was born in Mexico, grew with Mexico, and still firmly believes in Mexico.

Making the ordinary extraordinary
When World Finance announced that Banorte was recognised as Best Retail Bank and Best Corporate Governance in Mexico, it confirmed that we are on the right path, because we are precisely focused on being the best bank for our customers and upholding the best corporate governance practices.

Just over 10 years ago, when Marcos Ramírez and I took on the responsibility of leading Banorte, we embarked on a radical transformation alongside our employees, customers and investors, aiming to become the best financial group in Mexico and a leader in the digital world. We reinvented and innovated, while keeping our essence intact: always putting the customer at the centre.

We are convinced that trust is built through daily actions

Today, Banorte continues to focus on being the best bank for our customers. We are convinced that trust is built through daily actions; that is why we have focused on making the ordinary extraordinary for them. Being the best means having a deep understanding of each customer to anticipate their specific needs and offer them tailored experiences, which at Banorte we call ‘hyper-personalisation.’ Our goal is to provide the best experience in the market, with the highest customer satisfaction metrics and the most efficient operations to offer ‘a bank in minutes’ to those who trust us. This translates into making every customer feel unique through our service and valuing their time so they can get what they need easily and instantly.

The bank for SMEs in Mexico
We share the vision of the Mexico Plan launched by the Government of Mexico, which seeks to promote shared prosperity and national development through collaboration between public and private investment.

As part of this plan, Banorte launched an initiative to support SMEs, especially those led by women, offering better credit conditions to foster their growth and, in doing so, continue contributing to Mexico’s progress.

In a world of rapid changes, trust is the most valuable asset. At Banorte, we are convinced that trust is built through strong, transparent, and responsible corporate governance. That is why we uphold the best international practices in this area.

Banorte’s governance has been strengthened to address the current market needs in sustainability, transparency and accountability, which are key to our strategy. This strength enables growth across every metric, portfolio, and region. Banorte’s results position us as one of the most profitable banks in Mexico, demonstrating our ability to generate sustainable value for all stakeholders.

The pride of being Mexican
We are the only major Mexican bank that has witnessed 125 years of transformations, crises and changing eras, standing strong and loyal to its people. We are a bank that beats with the same heart as Mexico. We are proud to be the Strong Bank of Mexico! and this is not a slogan; it is a reality experienced in every office, branch, and decision we make. From the north of the country, where we were born, to every corner of our geography, we support dreams, projects and aspirations.

The pride of being Mexican is the driving force behind us, because we believe our country deserves the best. That was the reason that led us to join the transformation of a national symbol: the new Banorte Stadium, the venue for the opening of the 2026 FIFA World Cup. We are thrilled to be part of the evolution of this stadium, a legend in Mexico, as it ushers in a new era by leading the way in modernity and sustainability.

20 years of the Banorte Foundation
Being with our people is more than a phrase; it is a real commitment. We are very happy to celebrate 20 years of the Banorte Foundation – two decades of building strong families, bringing hope, support and opportunities to thousands of families in need. We want a country where poverty is not destiny, by supporting families with housing, health, nutrition, education and the empowerment of women. To celebrate this incredibly special anniversary, we are sharing stories from families we have supported with all of Mexico.

Today, we can proudly say that we are a Mexican bank, customer-focused, a leader in technological and digital transformation, with world-class corporate governance and an unwavering social commitment. No result or achievement would be possible without the effort of the thousands of colleagues who are part of the Banorte family.

We know that Mexico deserves a strong, solid, and committed bank that always grows alongside its people. That is why, at Banorte, we passionately turn the ordinary into the extraordinary.

Digital innovation reinforcing business leadership

Posted on December 2, 2025November 28, 2025 by itsupport

At Commercial Bank, we have long been champions of digital innovation and technological progress. New technologies have radically reshaped the banking industry over the last two decades, but the current pace of change is simply unprecedented. Artificial Intelligence (AI) has opened the door to a host of new opportunities, allowing forward-thinking banks to enhance their customer experience offer, increase efficiencies and boost their global competitiveness.

Commercial Bank is proud to be an early adopter of advanced AI technologies, and our company-wide deployment of AI tools is helping us to positively transform our banking operations and customer engagement.

In 2019, Qatar launched its National AI Strategy, setting out a bold and comprehensive plan for unlocking the many opportunities that AI presents. The demand for AI-powered services has been growing rapidly in recent years – both in the banking industry and across the wider economy – fuelling strategic investments in Research and Development (R&D), upskilling and digital infrastructure.

By 2031, the Nation’s overall AI market is predicted to grow by 29 percent, reaching a value of $2.2bn. With strategic investments helping to support a thriving AI sector, Qatar is fast becoming a regional pioneer in digital innovation, with exciting real-world impacts for the banking world and beyond.

Leveraging technological momentum
Across the globe, AI is transforming industries, economies and societies, bringing countless opportunities to boost productivity, reduce costs, and drive innovative thinking.

The appetite for AI adoption appears to be particularly strong in Qatar. According to PwC, 90 percent of Qatar-based CEOs have reported integrating GenAI into their businesses over the last year, compared to 83 percent globally.

At Commercial Bank, we share this enthusiasm for harnessing the opportunities that new technologies can bring. Digital innovation is at the heart of everything we do – it defines how we design our products, deliver our services and enhance every customer interaction.

Investor appeal
With Qatar’s AI strategy advancing at a rapid pace, the Nation’s investment appeal also continues to grow. New technologies play a key role in creating Qatar’s dynamic and welcoming business environment, with the widespread adoption of AI tools helping to boost productivity and enhance the customer experience for investors with an interest in the region. Last year, Foreign Direct Investment (FDI) in Qatar surged by 110 percent to $2.7bn, reaffirming the Nation’s ability to attract high-quality investments into its key growth sectors.

Commercial Bank is playing its part in establishing Qatar as a dynamic destination for doing business

At Commercial Bank, we know that experienced, well-established businesses are key to building an attractive business environment for investors. We recognise that clients will have different needs and preferences, and have a diverse range of offerings to help our customers to bring their ideas into reality.

We will aim to work with both local and international stakeholders, offering expertise, connectivity and financial solutions that help to transform potential into tangible progress, ultimately contributing to investor success and to Qatar’s wider journey towards a more diversified and resilient economy.

Launched in 2008, the National Vision 2030 aims for Qatar to be an advanced state, capable of achieving sustainable development. In the years since its publication, Qatar has made significant strides in diversifying its economy away from natural gas, attracting new strategic investment and positioning itself as a world-class business hub. Its progressive business environment – supported by leading financial institutions like Commercial Bank – creates a fertile ground for investors seeking stability, innovation and meaningful partnership.

With investors increasingly looking to Qatar, FDI inflows are helping to fuel activity in the Nation’s high-growth sectors, including banking, AI, biotechnology and R&D. Aiming to build on this positive momentum, in May the Qatari government introduced a $1bn investment incentive programme, which aims to boost FDI investments into its priority sectors – demonstrating continued commitment to its diversification ambitions. By combining financial strength with seamless customer experiences, Commercial Bank is playing its part in establishing Qatar as a dynamic destination for doing business.

Along with enjoying growth in FDI, the Qatari economy is also reaping the benefits of a thriving and resilient financial services sector. Across the country, financial institutions such as Commercial Bank are financing transformative projects and supporting entrepreneurship, enabling the private sector to thrive.

Today, the banking sector’s contribution extends beyond traditional finance to areas that shape Qatar’s global identity, such as sports. As Qatar strengthens its position as a world-class sports destination and now pitches to host the Olympic Games, the banking sector provides strategic and financial backing to initiatives that enhance the Nation’s international standing and stimulate economic activity across multiple industries.

Banking on sustainability
Commercial Bank is proud to be playing a role in supporting Qatar’s transition to a sustainable and diversified economy. In a clear statement of ambition, the Nation recently launched a $2.5bn sovereign green bond, which will fund environmentally friendly projects such as renewable energy and low-carbon infrastructure. The move marks a significant step in bringing the environmental commitments of the National Vision 2030 to life, positioning Qatar as a regional leader in sustainable finance. Commercial Bank is actively supporting this transition and is setting a new standard for sustainability in the regional financial services sector.

Our Sustainable Finance Framework is enabling Commercial Bank to support projects that assist the transition to a low-carbon and climate-resilient economy, while also generating positive societal impact. Along with issuing green bonds, Commercial Bank is also proud to offer green home loan financing, and has partnered with MasterCard to give our customers access to the company’s Carbon Calculator – a tool that can estimate the carbon emissions generated by different purchases and spending habits. We have made a number of energy-efficient upgrades across the company that have significantly reduced our greenhouse gas emissions.

These changes have allowed Commercial Bank to successfully integrate environmental responsibility, social impact and strong governance into every facet of its business. We are pleased to say that these efforts have since been recognised with a number of prestigious awards, including the ‘Best Green Financing Initiative’ and ‘Sustainable and Green Bank of the Year in Qatar in 2024’ from the Asian Banker. By combining environmental responsibility with cutting-edge technologies and a customer-centric approach, Commercial Bank has positioned itself as a leader in the regional financial services sector, while also contributing to a resilient, diversified Qatari economy.

Investing in innovation: TITAN Group’s €40m commitment to transform construction

Posted on December 1, 2025November 27, 2025 by World Finance

Doing more with less – like building and expanding the urban housing and infrastructure the world needs, while becoming and remaining carbon neutral – requires innovation. And most lasting innovation comes from collaboration. In the last of our three videos with TITAN Group CEO Marcel Cobuz, he discusses TITAN’s €40m investment in sustainable start-ups, the ways the group promotes innovation internally, and how it engages with and invests in the communities local to its operations.

World Finance: My guest is TITAN Group’s Marcel Cobuz – Marcel, since we are talking innovation, I want to know more about your broader contribution to the innovation ecosystem – tell me about your CVC strategy.

Marcel Cobuz: We launched our venture capital initiative in 2023, and since we’ve made significant progress. Under this, we are planning to invest in relevant start-ups, mainly in our sector: materials, nanotechnologies, but also digital, as we are targeting ventures that can create business value and advance innovation for our customers and stakeholders, mainly through client venturing.

We have already completed, as part of our deployment of €40m plus, eight investments in six startups and companies working on artificial intelligence, property tech, construction tech, next-generation cementitious materials, and we have taken participation in one VC fund in Europe, and one in the US.

These collaborations underscore our commitment to supporting start-ups to complement our research and development efforts, in order to enhance our, and industry’s, competitiveness. This addresses challenges like decarbonisation, but also promoting innovative and fast construction.

World Finance: How do you promote innovation internally?

Marcel Cobuz: At TITAN, everything is about people. So is innovation of any kind, which we leverage for their development, for attracting talent, for enablement and empowerment. It’s part of our culture.

And we want to ensure that nobody gets left behind. We have numerous learning initiatives and tools, and we our supporting our employees to improve their digital skills, making sure that they keep pace with the transformation underway.

But we go beyond that. Our vision is to have a broader entrepreneurial mindset at all levels. With that in mind, in 2023 we introduced our Ideation Challenge, our internal competition which encourages and rewards innovation with all our teams.

Our Ideation Challenge has already become an institution and we are now on its third year, and we see an impressive response.

World Finance: Finally, how do you engage with and support the communities you’re working within?

Marcel Cobuz: Our focus is on creating value for all our stakeholders and working with local communities around our operations. We conduct local assessments to understand the issues that matter most to each community, to contribute in a meaningful, sustainable, and durable way. Therefore our efforts sometimes focus on the environment, education, improving employability, entrepreneurship, and poverty reduction, depending on where we operate, with a particular emphasis on helping and educating young people.

For instance, the partnership we are very proud of with ReGeneration: the largest paid placement, professional, and personal development programme in Greece. But we also have initiatives in the US designed to provide young women with the skills needed to work in the industry in the future. But I can also refer to a programme we have in Brazil, introducing young minds to the world of robotics and overall digitalisation.

This is the final video from this interview with Marcel Cobuz; watch the first video here: Innovative building materials and solutions: creating the cities of the future

And don’t miss the second video: TITAN Group: Sustainable and smart construction, powered by digital technology

TITAN Group: Sustainable and smart construction, powered by digital technology

Posted on December 1, 2025November 27, 2025 by World Finance

How to build 9.6 million extra homes while also becoming carbon neutral by 2050? That’s the challenge faced by the European construction industry – and building materials manufacturer TITAN Group is meeting it head-on. In the second of our three videos with TITAN CEO Marcel Cobuz, he discusses the group’s digitally-enabled plant optimisation, innovative new products like low-carbon VELTER, and other pillars of its sustainability strategy – including carbon capture.

World Finance: I’m back with Marcel Cobuz from TITAN Group, and I want to talk more about how you’re innovating at TITAN, starting with your digitalisation – how has it transformed the company?

Marcel Cobuz: Digitalisation is a journey. A couple of years back, some of us went to Singularity in Silicon Valley. We came back very excited, and TITAN became one of the first companies in the global cement industry to leverage the advantages of digital technology and AI.

Six of our cement plants are already end-to-end digitalised, leveraging predictive maintenance solutions and optimising the manufacturing process in real time. To get a view, please imagine over 3,000 sensors installed in two thirds of our equipment, with millions of data points feeding the algorithm.

They help us optimise our operations and supply chain, reduce building costs, boost circularity of materials, and of course enhance our customer service. For example, thanks to the use of digital, we have avoided over 20,000 hours of potential manufacturing downtime. This has boosted also productivity by over 10 percent, and prevented over 40,000 tons of CO₂ emissions in less than two years.

World Finance: You’ve also launched a host of innovative new products – tell me more.

Marcel Cobuz: In 2024, we introduced TITAN Edge products, as well as the TITAN Premier services, unifying our portfolio globally under a bold, customer-centric identity.

TITAN Edge features innovative, high-performance, low-carbon cementitious products; this will help us further reduce carbon emissions. In Greece for instance, we have launched a new innovative product, VELTER, which demonstrates how we are advancing performance in superior low-carbon products and construction.

In fact, we are providing these materials to a current iconic project here in Greece, Ellinikon – the largest urban regeneration project in Europe. But we also showcase our products in new construction projects including Skyline in Florida that demand extremely stringent standards.

World Finance: Finally, tell me more about your sustainability strategy, and what you’ve been able to achieve so far.

Marcel Cobuz: Sustainability was at the core of our strategy for a long time. We have committed to reduce emissions across the value chain and achieve net-zero by 2050. And we have recently earned numerous awards on being one of the most sustainable companies in the sector.

In 2023, our teams in Greece launched a pioneering carbon capture project, which will capture more than 20 percent of the group’s carbon emissions and enable the production of over three million tons of zero-carbon cement in Greece and across Europe.

Similarly, on the other side of the Atlantic, in our plant in Roanoke, Virginia, we are developing a first-of-its-kind calcined clay production, which will offer our customers a new innovative alternative to clinker with superior performance. And all this will reduce the carbon emissions by up to 50 percent.

Watch the final part of this interview with Marcel Cobuz: Investing in innovation: TITAN Group’s €40m commitment to transform construction

And if you started here, don’t miss the first video from this shoot: Innovative building materials and solutions: creating the cities of the future

Digital Banking Awards 2025

Posted on December 1, 2025December 1, 2025 by itsupport

The digital banking landscape has undergone another transformative year, as technology, regulation, and consumer behaviour continue to reshape the way financial services are delivered. From the rise of embedded finance and open banking to advances in AI-powered personalisation and cybersecurity, 2025 has been about deepening digital trust and enhancing customer experience. Banks and fintechs alike are finding new ways to blend innovation with reliability – delivering platforms that are smarter, safer, and more intuitive than ever. 2025’s World Finance Digital Banking award winners have stood out for their ability to harness technology in meaningful ways, driving financial inclusion and redefining digital excellence.

Best Digital Banks

Africa
Ecobank

Asia
DBS Bank

Europe
Revolut

Latin America
Banco Popular Dominicano

Middle East
Commercial Bank

North America
Ally Financial

Best Consumer Digital Banks

Bulgaria
Postbank

China
Fubon

Colombia
Bancolombia

Costa Rica
BAC Credomatic

Dominican Republic
Banco Popular Dominicano

France
Revolut

Ghana
Ecobank Ghana

Greece
Eurobank

Hong Kong
Standard Chartered

Indonesia
Bank Negara Indonesia

Kuwait
National Bank of Kuwait

Malaysia
Maybank

Mexico
Banorte

Nigeria
Access Bank

Pakistan
Habib Bank

Portugal
Santander

Saudi Arabia
Al Rajhi Bank

Singapore
DBS Bank Singapore

Turkey
Garanti BBVA

UAE
Mashreq Bank

US
Ally Financial

Best Mobile Banking Apps

Bulgaria
m-Postbank

Colombia
Bancolombia App

Costa Rica
BAC Credomatic App

Dominican Republic
Banco Popular Dominicano

France
Revolut App

Ghana
Ecobank Ghana Mobile App

Hong Kong
Standard Chartered Mobile App

Indonesia
BNI Mobile Banking App

Kuwait
NBK Mobile Banking App

Malaysia
Maybank2u App

Mexico
Banorte Movil

Nigeria
Access Bank Nigeria App

Pakistan
HBL Mobile App

Saudi Arabia
Al Rajhi Bank App

Singapore
DBS Digibank App

Taiwan
Taipei Fubon

Turkey
Garanti BBVA

UAE
ADCB

US
Ally Mobile App

Best Bank for AI Integration & Digital Transformation

Africa
Discovery Bank
Asia
DBS Bank
Europe
Unicredit
Middle East
Commercial Bank

Best Use of Social Media

Kuwait
Gulf Bank

Innovative building materials and solutions: creating the cities of the future

Posted on December 1, 2025November 27, 2025 by World Finance

The building materials industry today is being asked to satisfy the rising demand for housing and infrastructure, while also reducing its carbon footprint. In the first of our three videos with Marcel Cobuz, CEO of TITAN Group, he explains how TITAN has responded to these conflicting calls with innovative low-carbon products and optimisation technology – while posting its fourth year of top-line growth and listing US business TITAN America on the New York Stock Exchange.

World Finance: The building materials industry today is being asked to satisfy the rising demand for housing and infrastructure while also reducing its carbon footprint. Joining me down the line is Marcel Cobuz from TITAN Group, Marcel, how is TITAN responding to these calls?

Marcel Cobuz: For us, offering innovative, sustainable products and solutions is a key pillar of our growth strategy.

Our commitment to customer-centric innovation is guiding us into established, developed, and emerging areas within the construction industry. By collaborating with customers from the very early design stage, we inform the development of our innovative, low carbon products and services. And this is twinned with bold actions we can take to reduce our carbon footprint and improve the construction: making it faster, making it even more affordable.

More recently, we are integrating circular construction solutions, supporting the development of safe, resilient, and sustainable infrastructure in cities. At the same time, we are constantly reducing our own carbon footprint, optimising our processes and across the value chain.

World Finance: Tell me more about your growth strategy, how has it been paying off?

Marcel Cobuz: We made 2024 as a transformational year for TITAN, both in terms of delivering results, but also in terms of continuing building capabilities.

2024 was our fourth year of top-line growth. We had record sales and over-proportional EBITDA growth. It was full of milestones, like building capabilities in attracting new talent in areas like low carbon products, decarbonisation of our processes, but also an important milestone for us has been the New York Stock Exchange listing of our US business, TITAN America: a bold move which strengthens our growth platform and unlocks more growth potential.

Beyond this, we expanded our portfolio, diversifying our offers through acquisitions, bolt-ons and partnerships in aggregates and alternative materials. All these moves are reinforcing our ability to offer our customers top-quality lower-carbon materials as well as to enhance our own capabilities.

World Finance: And what differentiates TITAN from your competitors?

Marcel Cobuz: We operate in emerging as well as in established and developed markets, and we are a local business with local teams, local customers, local assets.

At TITAN, our foundation is the quality of materials and services we offer to our customers. As we say, you are as good as the last complaint from the customer. And this, the 6,000-people commitment for operational excellence, is the most important principle which drives our operation.

We innovate in many ways in our operations – with customers, across the value chain, across the ecosystems – to better serve our customers, to reduce our carbon footprint, and of course to optimise our own operations and efficiency. Not to forget about digitalisation, which is a great example of a field which completely restructures and reshuffles the cards on the table, and where innovation creates strong results on all fronts.

Watch the second part of this interview with Marcel Cobuz: TITAN Group: Sustainable and smart construction, powered by digital technology

And the third and final video from this shoot: Investing in innovation: TITAN Group’s €40m commitment to transform construction

Investment Management Awards 2025

Posted on December 1, 2025November 28, 2025 by itsupport

For investment managers, 2025 has been a year that demanded both agility and conviction. With markets influenced by macroeconomic uncertainty, interest rate recalibrations, and renewed focus on ESG integration, firms have been tested on their ability to generate sustainable value in a shifting global economy. Across both traditional and alternative asset classes, top performers have embraced technology to sharpen their analysis, enhance transparency, and deliver meaningful outcomes for clients. The World Finance Investment Management award winners for 2025 represent the very best of that evolution. They have shown vision in navigating risk, creativity in portfolio construction, and leadership in advancing responsible investment practices. We congratulate all of them for not only achieving strong results but also helping define the standards of excellence that will guide the industry into the next chapter.

Best Investment Management Companies

Austria
Kepler Fonds

Bahrain
SICO

Belgium
KBC Asset Management

Brazil
BTG Pactual Asset Management

Bulgaria
DSK Asset Management

Canada
Stonebridge Financial

Chile
Patria Investimentos

Colombia
Sura Asset Management

Denmark
Nordea Asset Management

France
BNP Paribas Asset Management

Germany
Metzler

Ghana
InvestCorp

Greece
Eurobank Asset Management

Hong Kong
HSBC Asset Management

Jordan
Al Arabi Investment Group

Kuwait
Kamco Invest

Luxembourg
Genève Invest

Malaysia
Maybank Asset Management

Mexico
BBVA

Monaco
Monaco Asset Management

Morocco
Wafa Gestion

Netherlands
Van Lanschot Kempen Investment

Nigeria
FBNQuest

Pakistan
Al Meezan Investments

Romania
BT Asset Management SAI

Saudi Arabia
Alistithmar Capital

Singapore
UOB Asset Management

South Africa
Sanlam Investment

Switzerland
Vontobel

Thailand
UOB Asset Management

Turkey
Ak Asset Management

UAE
Emirates NBD

Vietnam
Dragon Capital

Islamic Finance Awards 2025

Posted on December 1, 2025December 3, 2025 by itsupport

The Islamic finance sector enters 2025 with renewed momentum, marked by steady expansion across key markets, growing investor appetite for Sharia-compliant products, and a widening global appreciation for ethically grounded financial models. Sukuk issuance continues to mature as a mainstream funding mechanism, Islamic wealth management is attracting a new generation of clients seeking values-aligned investment strategies, and digital innovation is reshaping how institutions deliver Sharia-compliant solutions—from fintech partnerships to AI-driven compliance tools.

Against this backdrop of growth, diversification, and technological progress, the Islamic Finance Awards celebrate the organisations and leaders who are setting new benchmarks for excellence. This year’s winners represent the sector’s most dynamic achievements: from pioneering product innovation and strengthening regulatory alignment to expanding financial inclusion and elevating global standards.

We extend our sincere congratulations to all the award recipients. Their commitment to integrity, innovation, and industry leadership continues to move Islamic finance forward and reinforces its vital role in the future of global financial services.

Business Leadership & Outstanding Contribution to Islamic Finance
Dr Hussein Said ─ Chief Executive Officer ─ Jordan Islamic Bank

Best Islamic Bank, Jordan
Jordan Islamic Bank

Best Islamic Insurance Company
The Islamic Insurance Company

Best Digital Banking & Finance Software Solutions
ICS Financial Systems

Best Islamic Banking & Finance Software Solutions
ICS Financial Systems

Excellence in Financial Technology Solutions
ICS Financial Systems

Innovation Awards 2025

Posted on December 1, 2025December 1, 2025 by itsupport

Innovation has always been the engine of progress in financial services – and in 2025, that engine is running at full speed. From fintech disruptors to established institutions reinventing themselves through partnerships, data analytics, and generative AI, this year has demonstrated how creative thinking can translate into real-world impact. Whether through smarter payments infrastructure, next-generation wealth platforms, or inclusive financial access initiatives, innovation is no longer a buzzword – it’s the foundation of growth. World Finance’s Innovation award winners for 2025 exemplify the courage to challenge convention and the ability to turn visionary ideas into measurable results. They remind us that the future of finance belongs to those who not only adapt but also imagine new possibilities.

Most Innovative Companies 2025 (by industry)

AI-Powered Green Fintech for Sustainable Financing
CTBC Bank

Automotive Interior Design
Antolin

Banking
Banco Azteca

Chemical
INEOS Styrolution

Cybersecurity & Digital Identity Solutions
Kapital Bank

Decentralised Climate Finance
KlimaDAO

Digital Asset Payments for Emerging Markets
Tether

Digital Platforms
ByteDance

Fintech
RedCompass Labs

Fuel-Free Power
Hybrid Power Solutions Partners

High-Yield Asset-Backed Digital Currency Solutions
Kinesis Money

LatAm Digital-First Neobank
Banco W

MENA Real-Time Payments
RAKBANK

Midwest and Southwest Financial Services
BOK Financial

Open Banking & Hyper-Personalisation Solution
Zenus Bank

Payment Technology
Ecommpay

Regtech, Risk & Compliance Solutions
REGnosys

Sustainable Aviation Fuel
LanzaJet

Search Engine
Perplexity

Sustainability Accounting Fintech
Lele-HCM

Sustainable Infrastructure Finance
Stonebridge Financial

Tackling methane emissions in livestock: unlocking voluntary carbon credits

Posted on December 1, 2025December 1, 2025 by itsupport

Every 10 seconds, human activity emits over 4,000 metric tonnes of greenhouse gases (GHGs) into the atmosphere. While carbon dioxide (CO₂) remains the most abundant of these gases, methane (CH₄) is far more dangerous in the short term. Despite accounting for only about 20 percent of total GHG emissions, methane is over 80 times more potent than CO₂ over 20 years when it comes to trapping heat in the atmosphere.

Methane’s short atmospheric lifetime – approximately 12 years compared to CO₂’s centuries – means that cutting methane now can deliver significant near-term climate benefits. According to the Intergovernmental Panel on Climate Change (IPCC), methane mitigation is one of the most powerful levers we have to slow global warming over the next two decades. Among methane sources, agriculture is one of the most significant contributors globally, and within agriculture, livestock – especially ruminants like cattle – are primarily responsible. Methane is emitted mainly from the digestive processes of ruminants, a phenomenon known as enteric fermentation. In cattle, this methane is released mostly through belching and accounts for a significant proportion of agricultural emissions.

Our mission is not only to reduce emissions but to empower farmers as key contributors to climate solutions

As the global population continues to rise and demand for meat and dairy products increases, this problem is expected to intensify. The world’s cattle population currently stands at around 1.5 billion and is expected to grow significantly by 2050, especially in developing regions with rising incomes and food consumption. Without effective mitigation, livestock methane could jeopardise global climate goals, including those set by the Paris Agreement.

While various technologies have been proposed to reduce methane emissions from livestock, demonstrating both a measurable impact and scalability in real-world conditions remains a challenge. The need for a solution that is effective, scalable, economically viable, environmentally friendly and scientifically sound has never been more urgent. This is the problem our solution was built to solve.

A game-changing innovation: ANAVRIN
We have developed ANAVRIN, a blend of essential oils, tannins and bioflavonoids carefully selected to support and improve ruminal functions while counteracting methane production. Essential oils play a crucial role in the growth kinetics of certain bacteria. Tannins have positive effects on protein metabolism and possess anti-inflammatory properties, while bioflavonoids act as powerful antioxidants.

By maintaining a stable ruminal environment, enhancing the functionality of beneficial bacteria while controlling the growth of methanogenic ones, ANAVRIN helps improve ruminants’ zootechnical performance and simultaneously reduces methane emissions. ANAVRIN not only cuts emissions but also enhances animal productivity, creating a powerful incentive for adoption and enabling rapid, global-scale impact. This unique combination of climate benefits and productivity improvements sets ANAVRIN apart, aligning environmental goals with agricultural sustainability.*

Our technology is grounded in rigorous scientific validation. Over the past several years, we have partnered with leading research institutions and universities to conduct a series of in vivo and in vitro studies across diverse regions and cattle breeds. The findings, published in peer-reviewed scientific journals, consistently confirm that ANAVRIN reduces methane emissions from enteric fermentation by an average of 10–16 percent in terms of methane production grams per head per day (g/head/d). It also improves milk production in dairy cattle and weight gain in beef cattle, with milk yields increasing by 3.2–3.8 percent in energy- and protein-corrected milk, and average daily weight gain rising by 5.5–6 percent (kg/head/day). Furthermore, it improves feed conversion ratio efficiency in both beef and dairy cattle by 6–8 percent, meaning animals require less feed to achieve the same or better growth or milk output. Importantly, studies show no adverse effects on animal welfare or product quality, with some reporting improvements. These results have been consistently replicated in various climates, production systems, and animal types, demonstrating that ANAVRIN is ready for global deployment.

Comprehensive decarbonisation project
Recognising the broader potential of our technology, we initiated a comprehensive decarbonisation project in 2020, beginning in Uruguay, a country renowned for its progressive approach to sustainable agriculture. In collaboration with Verra, the world’s leading standard for carbon credit certification, we launched the first carbon credit project in the livestock sector in South America, specifically targeting methane reduction.

The project’s objectives are to quantify and verify methane reductions in real farm settings using ANAVRIN, translate these emission reductions into verified carbon credits under an internationally recognised framework, and establish a standardised implementation model that includes a regulatory approval pathway, farmer training protocols, methane measurement procedures, and a carbon credit certification process.

The Uruguay project, which has already received initial approval from an independent verification body approved by Verra, has paved the way for global expansion. This model has since been implemented in Italy and Spain, with preparations underway for launches in Brazil, Costa Rica, Argentina, Chile and Australia. This growing momentum reflects the increasing interest from farmers, governments, and sustainability leaders who seek practical solutions for reducing methane emissions.

We are also working closely with two globally recognised climate and carbon advisory organisations whose expertise is guiding us toward global Verra protocol validation for our method. Climit, an experienced consulting firm with a track record in developing and implementing carbon projects worldwide, coordinates initiatives in South America. Rete Clima, a specialist in helping companies develop mitigation strategies to reduce their greenhouse gas footprint and achieve a long-term competitive advantage, serves as the focal point for the project in Europe.

Unlocking new revenue: carbon credits
One of the most innovative aspects of our project is the ability to monetise methane reductions through carbon credits. Under the Verified Carbon Standard (VCS) from Verra, emission reductions generated by farmers using ANAVRIN can be converted into tradeable carbon credits. This opens an entirely new revenue stream for livestock producers, one that is independent of market prices for meat or milk and instead tied to the global demand for emissions reductions. Farmers become part of a new class of environmental stewards, compensated for their role in helping the planet. This approach can be especially transformative for small and medium-sized farms, which often operate with narrow profit margins and face increasing pressure to adopt sustainable practices without sufficient financial support. Our mission is not only to reduce emissions but to empower farmers as key contributors to climate solutions.

The path forward involves scaling our technology and carbon credit framework across regions and livestock production systems. Over the next five years, we aim to secure global Verra protocol validation for methane reduction via ANAVRIN, expand our carbon credit projects to at least 10 more countries, collaborate with governments, cooperatives, and NGOs to encourage adoption, invest in farmer training and support services, and build robust measurement, reporting and verification (MRV) infrastructure.

We are committed to maintaining scientific integrity, transparency and inclusivity throughout this process. Farmers, researchers, policymakers, and sustainability leaders all play a crucial role, and we welcome collaboration at every level. Our work has already been recognised with the award for ‘Best Innovation in Livestock Decarbonisation,’ a testament to the technology’s potential and the measurable impact it is delivering. This recognition is more than a milestone – it is a driving force behind our continued growth, innovation and expansion into new regions and projects. We are only at the beginning and remain committed to bringing our proven solution to a global scale.

*Results may vary based on farm conditions. ANAVRIN’s regulatory status varies by jurisdiction. Carbon credits are subject to final Verra protocol validation.

Carbon Awards 2025

Posted on December 1, 2025December 1, 2025 by itsupport

The global transition toward a low-carbon economy has gathered extraordinary momentum over the past year, as governments, investors, and corporations alike accelerate their commitments to net zero. Amid tightening disclosure standards, evolving carbon markets, and growing scrutiny around greenwashing, 2025 has underscored the importance of credible, data-driven sustainability strategies. The winners of 2025’s World Finance Carbon awards have not only demonstrated measurable impact but also shown leadership in integrating climate responsibility into the core of financial and operational decision-making. Their achievements reflect the industry’s broader shift from ambition to action – proving that sustainability and performance are no longer competing priorities but mutually reinforcing goals. We congratulate all our winners for their pioneering work in driving carbon accountability and helping chart a more sustainable path for the global economy.

Best Technology Providers for Carbon Reduction

Blockchain Solution for Carbon Market Liquidity
KlimaDAO

Building Products Supplier
Earth4Earth

Carbon Issuance in GreenTech
SME Rainbow

Decarbonisation in Aviation
LanzaJet

Decarbonisation in the Beef Industry
Vetos Europe

ERW Technology
UNDO Carbon

Farming Technology
Farmonaut Technologies

Large Enterprise and Financial Carbon Accounting
Persefoni

Payment Technology
Ecommpay

SMEs Carbon Accounting
Plan A

Best Companies for Carbon Reduction

Airports
Aeroporti di Roma

Chemicals
INEOS Styrolution

Data Centres
Quality Technology Services

Flag Carrier Airlines
Turkish Airlines

Footwear
CCC

Glass
BA Glass

Oil & Gas
Harbour Energy

Semiconductors
GlobalFoundries

Steel
Nucor Corporation

Travel
Amex GBT Egencia

Wine Products
Corticeira Amorim

Best Railway Transportation for Carbon Reduction

Africa
Lobito Atlantic Railway

Asia
Central Japan Railway

Europe
Go-Ahead Group

GCC
Etihad Rail

North America
CPKC

South America
Rumo Logística

Best Carbon Markets Projects

High-Integrity Carbon Project Developer
South Pole

North American Environmental Markets Broker
Anew Climate

Swine Livestock Farming
SinGEI Project