Year: 2025

Back from the brink

Posted on by itsupport

Of all the crisis meetings around the world in the wake of the collapse of Lehman Brothers in the US and the onset of the Great Financial Crisis of 2008, the one in Athens was the most significant. And it was a meeting that would go on, in various forms, for a decade. The attendance in Athens in late 2009 comprised European banks that were on the hook for billions in euro loans to Greece that were on the verge of default, experts from the European Central Bank and International Monetary Fund, European politicians who feared the collapse of the euro, and members of an abject Greek government whose profligacy had landed the parties in this precarious position.

There was one main burning issue on the table: the survival of the euro, the 10-year-old currency that had, uniquely, been designed by committee instead of emerging organically like sterling or the dollar. But some even feared the crisis could lead to the collapse of the entire European experiment.

As the main players got around the table, the situation was desperate. Greece was on the brink of bankruptcy and currency traders were mercilessly attacking its sovereign debt while also doing their level best to undermine other highly indebted nations, notably Ireland and Portugal.

The stakes could hardly have been higher. Under the Stability and Growth Pact agreed in the 1990s, member countries had formally agreed to pursue mutually responsible economic policies – fiscal discipline, in short. No country was allowed to print money without reference to Brussels, borrowing was to be tightly controlled and inflation closely managed. Most EU members had more or less followed the rules, but not Greece.

Greece had misrepresented its finances before it even joined the eurozone

As the Peterson Institute for International Economics explains: “Despite the pact, the Greek government racked up years of deficits and excessive borrowing after adopting the euro in 2001.” That is, two years after its official launch. However, Greece was flagrantly breaking the rules and concealing it, a deceit helped by prevailing and unusually low interest rates on its sovereign bonds. This was contrary to the normal behaviour of government debt when a country runs persistent and large deficits and it assisted Greece in pulling the wool over Brussels’ eyes.

As the Council on Foreign Relations would explain years later in a timeline of the drawn-out crisis, Greece had misrepresented its finances before it even joined the eurozone. “Its budget deficit was well over three percent and its debt level about 100 percent of GDP,” the council pointed out, also citing Goldman Sachs’ role in helping Greece conceal part of the debt through complex credit swap transactions. Greece wasn’t the only EU country to misbehave, economically speaking, but it was certainly the most irresponsible. As the IMF would explain in a paper years later: “Pensions and social transfers increased by a whopping seven percent of GDP from the time of euro adoption to the eve of the crisis, while the public wage bill rose by three percent of GDP. This drove the overall fiscal deficit from four percent in 2000 to more than 15 percent of GDP in 2009 – a staggering five times the Maastricht [official] limit.

Protesters seen marching in front of the Greek parliament

And so Greece’s private lenders, most of them French and German, blithely continued to throw money at the country. The standard explanation for their failure to spot the danger was a general misunderstanding of the rules of the eurozone. As the Peterson Institute surmises: “Financing institutions may have assumed that any country with a borrowing crisis would be bailed out. They were complacent in the face of Greek deficits. The government’s borrowing spree helped to pay for public services, public wage increases and other social spending. Its borrowing was hidden by budget subterfuge. Warnings about its condition went largely unheeded.”

Summer Olympics
Some began to worry though when Greece hosted the 2004 summer Olympics at a cost of €9bn and when more public borrowing sent the deficit to over six percent and the ratio of debt to GDP to 110 percent. “Greece’s unsustainable finances prompted the European Commission to place the country under fiscal monitoring in 2005,” recalls the council.

It was the general election of 2009 that opened the Pandora’s Box of Greece’s profligacy and triggered a descent into economic chaos. A new socialist government under George Papandreou revealed that the budget deficit was heading for over 12 percent of GDP, nearly double the original estimates. But even that was too low – soon it would be revised to 15.4 percent. At that point credit rating agencies abruptly downgraded Greece’s sovereign debt to junk status.

By 2011 the money markets were thoroughly rattled. “Bond markets started to lose confidence in Greece’s economy,” explains the Peterson Institute, in something of an understatement. This loss of confidence turned into despair when private lenders in France and Germany belatedly realised that the EU had no formal system for bailing out a sick member, as Greece had manifestly become. That meant that Greece could no longer roll over its debts because the banks refused further loans for fear of good money following bad. Hence the EU’s most economically recalcitrant member could not plug the gaps in its budget shortfalls. The alarm bells ringing all over Europe, the IMF and ECB had to hurriedly step in along with the EU’s economic trouble-shooters in what became known as ‘the troika.’ None of these institutions had faced a crisis of this magnitude.

Contagion
The immediate and looming threat was the risk of contagion in a European banking system already in trouble in the wake of the 2008 bank collapses that precipitated the Great Financial Crisis. Many institutions bore heavy losses and they had no appetite for shovelling further debt to Greece. Having mistakenly assumed all debt to member countries was risk-free, they had compounded their error by also assuming that Greece’s central bank had sufficient capital to absorb a Greek default.

Financing institutions assumed that any country with a borrowing crisis would be bailed out

Suddenly the banks, the troika and everybody else on the sidelines of these increasingly fraught negotiations were deeply aware of a long-held principle among central bankers. Namely, moral hazard. In simple terms this meant that, if profligate nations were bailed out, other economically delinquent governments would expect the same favours. “All banks in Europe feared that Greek debt relief would set a precedent,” notes the Peterson Institute. “Bonds issued by other European governments suddenly became risky.”

In consequence the cost of debt began to rise for other EU members. The Peterson Institute: “Almost overnight this made it more expensive for these governments to borrow. Loss of investor confidence was infecting the entire European financial system.” Contagion really was setting in.

The economic lines were drawn. On one side experts feared that the Greek economy would be strangled if the politicians imposed excessively punitive measures. On the other most EU politicians and, it seems, the troika were determined to send a message: “Germans and others in Europe felt that Greece had to suffer the consequences of its alleged misbehaviour.” Stuck in the middle were hapless Greek citizens. As the economy foundered and punitive measures were indeed enforced, they rightly blamed their government for misleading them. All too soon Greece’s economic woes spilled into the streets as rioters in Athens rallied against hefty budget cuts and tax increases that were triggering high unemployment, shrunken living standards and slashed social services. Simultaneously, populist politicians over much of the EU were attacking the EU, which, they argued, was suppressing their national identities.

Athens deal
The immediate source of Greek citizens’ anger was the Athens deal, a three-year bailout scheme agreed in mid-2010. In this the IMF and EU threw Greece a €110bn lifeline repayable over three years. The price was austerity measures including €30bn in spending cuts and tax increases. This was an all-out assault on the deficit put together by the IMF and other, mostly reluctant, EU nations that already had quite enough financial troubles of their own. Spain for instance was just about overwhelmed by a real-estate crisis while Portugal was suffering from its own economic mismanagement. The ECB also stepped in by buying up heavily discounted Greek bonds on the secondary market in what it called the Securities Market Programme. This was an unprecedented move, but ECB president Mario Draghi promised the bank “would do whatever it takes.”

The programme allowed Europe’s top central bank to absorb the government bonds of other struggling sovereigns. “This was to boost market confidence and prevent further sovereign debt contagion throughout the eurozone,” explains the Council. In fact the contagion was spreading so fast that EU finance ministers also agreed rescue measures worth nearly $1trn to hard-hit eurozone countries.

But austerity didn’t work for Greece. After a brief rally when the deficit sank to five percent of GDP, an encouraging improvement, the inevitable occurred. The Greek economy was stripped so bare that it fell into decline and there were not the funds to meet the loans that still hung over the country like a sword of Damocles.

Deauville deal
Two years after the Athens deal, the situation was once again so dire that the risk of a Greek default was back on the table. German chancellor Angela Merkel and French president Nicolas Sarkozy led a new programme that became known as the Deauville Deal. “If the euro fails, Europe will fail,” declared Merkel.

This time the banks – ‘irresponsible lenders,’ according to the parties involved in the deal – were told to accept their share of the punishment in the form of discounting the value of their loans. In short, they had to take a haircut. But as the Peterson Institute acknowledges: “The Deauville announcement rattled bond markets further. Banks feared having to take haircuts on the value of their loans. Bond yields spiked, making the prospect of a timely return of Greece to market borrowing even more remote.” The banks were strong-armed into submission. Facing complete write-offs or haircuts, most of the private lenders opted for the latter rather than be party to a complete default.

This second bailout handed Greece €130bn, but the country’s private lenders took a beating – a 53.5 percent write-down. Greece’s side of the bargain was to slash its debt to GDP ratio from 160 percent to just over 120 percent by 2020. It was the largest restructuring of its type in history. Simultaneously, all but two EU members – Britain and the Czech Republic – signed the Fiscal Compact Treaty designed to keep their economic behaviour in line. The crisis had now dragged on for four years – and then it got worse.

Garbage piles up during the general strike

Although, in 2013, Greece finally posted a surplus, it was a technical one described as a “small primary fiscal surplus, the fiscal balance excluding interest payments.” Just when the authorities were ready to applaud, the economy plummeted to an even lower level, with economic output down by 25 percent compared with 2010, which had been bad enough. Unemployment hit 27 percent. And debt to GDP ratio shot up from the 130 percent of 2009 to 180 percent by the end of 2015.

The patient was even sicker. About 25,000 public servants from an admittedly bloated bureaucracy were laid off and the labour unions, whose members had taken a beating, called a general strike. As more rational economists had argued years before, if the purpose of the rescue measures was to help Greece repay its debts, as it surely was, it had demonstrably failed. Clearly, only a healthy economy could produce the revenues that enabled it to climb out of trouble.

The composition of Greece’s debt was now unrecognisable from before the rescue attempts. Nearly all of it lay in the hands of a variety of European and international institutions such as the European Financial Stability Facility and the ECB, which was on the hook for long-term debt of up to 30 years.

Behind the scenes the ECB was deeply involved. It had issued more than $1.2trn in quantitative easing – effectively the printing of credit – to boost a moribund European economy.

Next crisis
Then in 2015, to the horror of Brussels, angry and disillusioned Greek voters installed a left-wing government under the Syriza party and another crisis promptly ensued. Of all the crisis years, this would be the most fraught and raise the probability of ‘Grexit,’ Greece’s departure from the eurozone. As many now said, it should never have been allowed to join in the first place.

New prime minister Alexis Tsipras had the backing of unions and he promptly attacked the troika over austerity measures, demanded relief from the mountain of debt and an end to austerity. An aghast Brussels flatly refused, insisting that Greece work through the original arrangements before coming back to the table. When the Tsipras government missed a €1.6bn repayment to the IMF, negotiations between Greece and its official creditors deteriorated rapidly. To stem the flight of capital from the country, Tsipras had already limited bank withdrawals to just €60. Eventually though, the prime minister had to bow to Greece’s obligations to creditors and, despite a referendum that overwhelmingly rejected austerity measures, he signed a third bailout deal with up to €86bn after a tense weekend of negotiations in August 2015 in which Greece was nearly kicked out of the eurozone.

The price this time was wholesale economic reform whereby the government agreed to introduce tax reforms, cut public spending even further, privatise state assets and deregulate the labour market. Just to keep an increasingly divided government on track, the €86bn was to be spread over three years.
Interestingly, the ECB sat in on the negotiations but refused further loans. Obviously, the central bank thought it had done enough.

Turn of the tide
Two things now began to turn the tide – the less draconian terms of the latest rescue package and long overdue economic reforms. In 2016, Greece provided a pleasant surprise by posting a large budget surplus of almost four percent. Almost miraculously, unemployment began to decline, albeit slowly. Then in 2017, the economy started to grow for the first time in eight years.

Yet the recovery was too slow for Greeks, who voted the socialists out. Although the tide was turning, the accumulation of rescue debt had reached proportions that horrified most economists. By 2018, Greece owed the EU and IMF alone about €290bn. Like a dark cloud over the country’s future, successive governments were expected to run budget surpluses for the next 42 years! The size of the Greek economy had crashed by nearly a quarter and faced a long uphill recovery.

This was much worse than had been thought at the outset of the crisis exactly a decade earlier. The IMF’s Poul Thomsen, director of the European department, painted a dark picture to an audience at the London School of Economics in 2019: “We had assumed that it would take Greece eight years to return to pre-crisis level. This was as bad as in the United States Great Depression in the 1930s, and considerably worse than the four years that it took countries affected by the Asian crisis.

“The outcome was much worse. Today, almost 10 years later, GDP per capita is still 22 percent below the pre-crisis level. We forecast that it will take another 15 years, until 2034, to return to pre-crisis levels. Under the Commission’s forecast it will take until 2031.” So where had the rescue missions gone wrong?

Rallies in Athens ahead of a referendum
on international bailout terms

In the rationally argued view of Poul Thomsen, the enforced measures had reduced the economy so severely that it could not pay its way out of trouble. Basic public services could not be provided and capital spending was so low that any prospect of growth was rendered just about impossible. As tax increases were piled on already high rates, tax collections had slumped from 65 percent in 2010 to about 41 percent in 2017 while – the opposite of what was needed – well over half of all wage-earners and pensioners were exempt from paying any personal income tax at all. And somehow much-needed reforms of one of the EU’s most generous pension schemes had been abandoned along the way.

For most Greeks, the troika and the IMF in particular had become the whipping boy. Yet contrary to the populist rhetoric, the IMF had not insisted on more austerity. Instead the organisation had argued that Greece should not be asked to deliver unreasonably high surpluses but should be required to fix its problems with pensions and taxes so that the economy could recover more quickly. In short, go for growth.

The IMF’s overall explanation for Greece’s painfully drawn-out crisis was political. “Contrary to other crisis-hit countries, there was no broad political support for the programme from the outset,” concludes Thomsen, citing various parties’ failure to unite behind the measures. In Portugal, which faced similar problems, there was broad political support for the rescue on both sides of the aisle.

But the IMF does not absolve itself of blame. The architects of the various rescue missions simply expected too much too soon from an economy with so much self-inflicted damage. But lessons had been learned and salvation was at hand.

The great recovery
To the relief of Greece’s 10.4 million people, by early 2025 GDP was growing faster than the eurozone average and had been for four straight years. Moreover, it was expected to do so until at least 2027. The volume of public debt was down. Unemployment had fallen to historically low levels of just under 10 percent, albeit high by European standards, but half a million new jobs had been created in six years. The all-important primary surplus had hit 4.8 percent, more than twice as high as predicted. And the days of junk status for bonds were over – in 2023, Greece’s sovereign debt was restored to investment grade in a red-letter day for the country’s beleaguered central bank.

There is work still to be done, according to a late 2024 survey by the OECD that cited low productivity and reluctant business investment still scarred by the Great Financial Crisis. But the worst is definitely over. In an event that nobody would have predicted in the dark days of 2009, in May 2025 Prime Minister Kyriakos Mitsotakis accepted an award at an economic conference in Berlin for what most economists were calling a remarkable recovery.

No longer Europe’s problem child on the brink of “crashing out of the eurozone,” as he put it, “Greece is being recognised for its determination, its discipline, its resilience and its ability to implement difficult reforms.” Still, it was a close-run thing.

Creating informed traders, not just active ones

Posted on by itsupport

At EBC Financial Group, we live by our brand mission to be every trader’s North Star by providing a trusted trading platform to our clients across the world. This includes the next generation of traders and investors who demand substance over spectacle. Their biggest need is building real market understanding. It is not just about executing trades, but combining financial literacy with understanding of the broader economic relationships to make informed decisions in a very volatile market. In contrast, many platforms focus on gamification and social features that can amplify behavioural biases.

At EBC Financial Group (UK) and the Group as a whole, we find young investors seeking genuine financial education combined with professional-grade tools which they can use to apply their knowledge. Thus, we invest heavily on both fronts while positioning ourselves as every trader’s North Star. Advancing financial literacy is an ongoing effort. EBC Financial Group does its best to meet investors and traders at different points of their investing and trading journey. We do this through structured educational programmes, starting with market fundamentals and risk management principles, delivered via the EBC Trading Academy. Our multi-format approach includes over 1,000 webinars in the last quarter in various languages catering to our growing global audience. Clients and non-clients alike can tune in to our ‘Pulse 360°’ podcast on Spotify, which features experts from different disciplines covering trading insights and market outlook.

Experiential learning is as important as the theoretical learning. Therefore, our users have access to hands-on trading tools where they can apply what they have learnt. For qualified clients on the EBC Financial Group platform, Smart Copy Trading provides another learning dimension: observing experienced traders’ decisions in real-time before developing independent strategies. We found contextual learning works best – education paired with practical tools rather than theoretical content in isolation.

As digital natives expect institutional-quality execution, we offer advanced charting and analytics complementing our educational foundation. With experience and education, our clients will be able to interpret and understand what this technical information means and adjust their trades accordingly. The goal is to create informed traders, not just active ones. Technology is also a tool that we use to strengthen trust. The pace of change is extraordinary with the complex, volatile market, but the focus across our multijurisdictional regulated entities has always been on infrastructure that delivers stability, security, and fairness for clients. We are continually upgrading our execution systems and deepening liquidity relationships. Innovation for us is less about chasing trends and more about ensuring clients trade in reliable, transparent environments resilient to shocks with near-zero downtime.

In volatile markets, milliseconds matter
Our goal across the global EBC Financial Group is to expand access to institutional-quality instruments for qualified traders and investors. Clients have access to multi-asset classes including over 200 CFDs spanning multiple asset classes including FX, commodities, indices, stocks, ETFs and Bitcoin CFD. This includes over 100 US-listed ETF CFDs from major issuers including Vanguard, BlackRock and State Street Global Advisors, giving eligible clients real-time exposure to global themes such as clean energy, tech, and emerging markets, with competitive fee structures.

We are not just keeping up with technological evolution, we are building infrastructures that anticipate where trading technology needs to go. For instance, low execution latency is critical to client success during the market’s volatile period. We maintain robust execution infrastructure for our professional clients, a benefit that extends to our clients across the world.

With speed and precision being the cornerstone of our technology infrastructure, EBC Financial Group’s platforms feature smart liquidity routing that connects to multiple top-tier liquidity providers, constantly scanning markets in real time. When spreads widen or liquidity fragments during volatility spikes, the system automatically sources optimal pricing across multiple venues. Our proprietary Trading Black Box becomes essential during market stress. This system manages trade flow automatically, providing eligible clients with enhanced control over pricing and execution timing. These capabilities help manage slippage and execution risk precisely when traditional systems often struggle.

We also engineer our infrastructure to cope with the capacity surges during volatile periods. While many platforms experience slowdowns or rejections during high-volume events, our systems are designed to maintain sub-20 millisecond average execution speed while processing over 1,000 orders per second, with 98.75 percent platform uptime. This combination of speed, capacity, and reliability ensures consistent performance even when market conditions are challenging.

The key differentiator is intelligent routing that anticipates rather than reacts to volatile conditions. Algorithms monitor market depth and liquidity patterns in real-time, pre-positioning for optimal execution pathways before volatility peaks impact other systems. This proactive approach, combined with our infrastructure capacity, means clients can trust their orders will be executed efficiently when market movements create time-sensitive opportunities.

Building trader resilience
Volatility is part of the market’s DNA, but resilience comes from preparation through analytical frameworks and risk management discipline rather than short-term positioning. We help clients understand how major policy shifts (central bank decisions, trade tensions, geopolitical events, inflation trends, and supply chain disruptions) create interconnected effects across global markets and different asset classes, while emphasising diversification across assets, geographies, and timeframes.

Investors cannot know what will happen in markets, but understanding the factors driving them is key. We provide advanced market insights and analytical tools to support our clients, with resources to help them track developments and assess the implications for their portfolio based on their specific risk profile. Scenario-based education and adaptive strategies designed to perform across a range of market conditions are also important tools in our client’s toolbox that helps them rule the markets.

Analysis, not acting on impulse
Market movements create opportunities. Capitalising on them requires sound understanding of market dynamics and economic cycles. As part of our mission to advance financial literacy, we educate clients about how tradable conditions arise from market volatility: price dislocations, momentum patterns, and timing considerations across different asset classes.

We offer advanced charting and analytics complementing our educational foundation

Each asset class behaves differently to market developments. Understanding how different instruments behave during volatile periods and developing the discipline to act on analysis rather than impulse is essential. Practical learning through our platform’s analytical tools allows our clients to read market conditions in real time and make data-backed decisions for their next move.

Far from being prescriptive, we provide the educational framework and analytical capabilities so clients can develop their own approach. They learn to identify volatility patterns and construct strategies suited to their individual financial goals, risk tolerance, and trading style. Volatility becomes advantageous through calculated, informed preparation and disciplined execution, not through speculation. That is where genuine education and financial literacy make the difference.

Where technology meets the human
Technology enables scale, but trust is built through people. Technology and human expertise must work in concert. Our professional clients benefit from direct access to relationship managers who understand both regulatory requirements and market dynamics. Clients also receive 24/7 multilingual customer service, so people receive knowledgeable assistance, not just technical support.

Clients often tell us that knowing they can reach an experienced professional during market movements is as valuable as the technology itself. During volatile periods or when navigating complex strategies, human insight becomes essential alongside automated systems.

These positive experiences have contributed towards EBC Financial Group receiving numerous accolades, including World Finance’s World’s Best Broker and Best Trading Platform in three consecutive years following prior wins in the Best CFD Broker, Best FX Trading Platform and Best Trade Execution categories. I have explained how we approach education for our user base, but we also encourage people to form communities based around our educational initiatives. Here clients can learn from experts and each other, share experiences and build relationships that extend beyond our platform.

It is our belief that sophisticated technology actually enables more meaningful human interaction, rather than creating distance. When routine processes are automated efficiently, our teams focus on what matters most: providing strategic guidance and building the trusted connections that keep clients confident in dynamic markets.

How investor behaviour is changing
The democratisation of finance has fundamentally altered both client behaviour and market structure. Technology has unbundled financial services, making complex trading accessible to broader, less experienced audiences – creating both opportunities and responsibilities. Enhanced market participation now extends beyond traditional high-net-worth individuals. We are seeing digital platforms attract wider, younger demographics entering markets for the first time, although ease of access doesn’t automatically translate to genuine financial literacy.

Gamification and social features engage users while amplifying behavioural biases and promote short-term speculation. The negative consequences of allowing uninformed trading impacts lives and livelihoods. Trading and investment should be done responsibly and sustainably. Clients will be able to focus on key signals and decide on the trades within their risk appetite when they have been equipped with the knowledge, skills, and awareness needed. This is why EBC Financial Group’s education-first approach matters. Across our entities, we prioritise developing informed decision-makers over simply enabling transactions.

Structurally, markets are fragmenting, with liquidity dispersed across regions and platforms. This unbundling has created specialised players offering targeted solutions, intensifying competition and forcing industry-wide innovation. Regulatory frameworks are adapting at different speeds across jurisdictions. Our subsidiaries operate under supervision from top-tier authorities including the UK’s FCA, Australia’s ASIC, the Cayman Islands’ CIMA, and Mauritius’ FSC, with more regulatory licences in the pipeline. This multi-jurisdictional oversight ensures we maintain the highest standards of transparency and client protection across all the markets we serve. Our approach is to adopt the highest standard and best practices and apply them throughout the group. Ultimately, these regulations exist to protect investors based on their experience and risk appetite. This strict compliance also leads to continued trust in our platform.

We strongly believe that the future will belong to platforms that combine institutional-quality technology with comprehensive education: empowering the next generation of traders to rule the markets through informed decision-making.

Banking with heart in a digital world

Posted on by itsupport

Digital innovations are on the rise globally, and the banking sector plays a significant role in this transformation. The accelerated adoption of high-tech solutions enhances the overall customer experience. In this way, banks provide their clients with higher-quality, faster and more efficient financial services, because the essence of banking lies in the relationship between the customer and the financial institution. Digital cards, virtual wallets, QR-code payments – all of these are part of the new portfolio of services that banks are developing and offering.

Digital transformation in banking is no longer merely a matter of convenience – it is a necessary condition for sustainability, growth and long-term competitiveness in an era of accelerated technological evolution and shifting customer expectations. The Bulgarian banking sector demonstrates stability and maturity but also ambition to be an active participant in this transformation. Many banks are already working towards Banking-as-a-Service platforms, investing in Open Finance solutions, digital wallets, cloud infrastructure and artificial intelligence – tools that enhance not only operational efficiency but also the overall customer experience.

We are witnessing deeper integration between traditional banking services and fintech solutions, as well as increased agility in responding to changing customer needs. This is a clear sign that the sector is not only adapting global trends but also actively fostering innovation born here – in Bulgaria. The digitalisation of banking services is already at an advanced stage – over 76 percent of bank transfers are initiated via digital channels, providing fast, easy and convenient banking through mobile devices at an accessible cost.

The past few years, marked by various challenges, have undoubtedly acted as a catalyst and accelerated digitalisation across all sectors, with banking being no exception. The dynamic development of financial and technological innovations is focused entirely on customer satisfaction and seamless access to banking.

Our clients increasingly value the convenience, security and added benefits that digital channels offer

Technology is reshaping the very architecture of banking – from back-office operations to front-end solutions for end users. Yet the key question remains: how do we combine innovation with trust – the core currency of our sector? The answer lies in proactive regulation, responsible business practices and open dialogue with all stakeholders – from government to consumers. Only in this way can we ensure that technological progress does not come at the expense of security, transparency or accessibility. That is why the sector supports initiatives to improve financial literacy, raise awareness of digital risks and protect personal data. We believe that sustainable banking in the digital age must place the customer at the heart of every innovation.

True transformation requires, above all, a new mindset and new skills – both for banking teams and for customers. For clients, it is a cultural shift: embracing the idea that familiar services will now be accessed through digital channels and devices.

Digitalisation is not just about offering online services – it includes transforming the entire business model through automation, hyper-personalised financial solutions and proactive service based on real-time data analysis. As an institution with a long-standing commitment to digitalising financial services, we understand that technological progress only makes sense when it is accessible and easy to understand. For us, digital financial literacy is not just CSR – it is part of responsible modern banking.

Pioneers in personalisation
Postbank is among the pioneers in creating an omnichannel customer strategy – building a connected digital experience where clients can seamlessly transition between mobile apps, digital branches and self-service zones, all while enjoying consistently high service quality. Our advanced customer segmentation enables us to run hyper-personalised campaigns – targeted, timely and tailored to each client’s preferences and current needs. This is yet another reason why digital channels are gaining traction.

Our clients increasingly value the convenience, security and added benefits that digital channels offer. The sustained growth in these segments reflects our ongoing efforts to enhance the customer experience. In recent years, our focus has been on upgrading existing digital channels and introducing new ones that transform how we serve clients and manage operations.

We have created and are actively executing the Go-Beyond programme – a strategic plan that will transform Postbank and allow us to set new standards for service delivery, offering better and faster services, greater operational efficiency and flexibility in today’s dynamic environment. Our mission and priority remain to deliver exceptional customer experiences and high-quality financial services and digital innovative solutions through continuous process improvement and cutting-edge technology – ensuring security, convenience and efficiency in every interaction.

To meet these challenges, Postbank has invested heavily in mobile banking development, enhancements to our online platform, the OneWallet digital wallet and new analytical tools to better understand our customers’ needs. I believe that the combination of technological advancement and classical institutions will be the driving force behind a more modern, efficient and accessible banking future. Undoubtedly, the winners will be those who successfully integrate open banking models and platforms – combining speed, technological expertise and the ability to build more genuine, accessible and personalised relationships with people.

Fintech excellence backed by heritage

Posted on by itsupport

With a history dating back to 1997, the Libertex Group has established itself as a leading international fintech powerhouse. As one of the most trusted names in global online trading, it operates both the multi-award-winning Libertex broker and the newly launched LBX broker, which collectively provide traders and investors access to a broad range of financial worldwide markets. Its comprehensive CFD offering spans commodities, stocks, Forex, ETFs and cryptocurrencies, while clients also have the option to invest directly in real stocks – further enhancing the versatility and appeal of its platforms.

But it is not just about quantity; what truly sets the Libertex Group apart is the quality, security and depth of its services – a set of characteristics that keep existing clients satisfied while attracting new ones daily. In addition to world-class account security and the peace of mind that CySec and FSC Mauritius regulation brings (depending on the jurisdiction), the Libertex Group’s clients get access to advanced, industry-standard trading tools like MT4 and MT5, as well as the company’s own award-winning proprietary platform, Libertex. This won the 2025 gong ‘Best Online Trading Platform’ at the ninth annual Fintech Breakthrough Awards, while – on account of its overall offering – the broker was also named ‘Best Global Broker’ at the Ultimate Fintech Awards this year.

Multiple awards aside, it is the emphasis on stable, responsive, and reliable technology that has won the Libertex Group the trust of millions worldwide. In a changing world, the broker is constantly upgrading its security protocols and the speed of its infrastructure in order to stay ahead of the curve in this fast-evolving space. Meanwhile, the Libertex platform’s in-depth and in-built live analytics, charts and technical analysis tools give more experienced traders a wealth of actionable information and insights right at their fingertips, making it ideal for tech-savvy and well-informed market initiates.

Going the extra mile
For the Libertex Group, it isn’t merely a matter of providing a reliable, trustworthy and interactive service to its millions of clients; there is a clear obligation to go beyond the bare minimum to ensure that clients have the resources to educate themselves through initiatives such as the Libertex Academy. This educational tool offers a range of courses and training exercises to help new entrants put their best foot forward. Both LBX and Libertex offer free demo accounts with a virtual balance of up to $100,000 to enable less experienced users to put their newly acquired knowledge into practice risk-free, before trading for real.

This has been of particular significance in light of the continued low-interest-rate environment in which investing has become the new saving. People who had never even heard of ETFs or index funds are diving into the world of investment in a bid to prevent the erosion of their wealth by sub-inflation savings yields. In order to succeed, they need a broker like Libertex or LBX that is willing to help them get to grips with this complicated landscape. This approach is not only a socially responsible one, it also works to overcome hesitancy in traditionally more conservative savers and is often a deciding factor for traders to choose one of the Libertex Group’s brokers over less welcoming competitors.

The rise of LBX
Always evolving, it was the desire to reach new clients and previously untapped markets that led the Libertex Group to create LBX – a new online trading broker with a focus on high-growth, emerging markets. As an extension of the Libertex Group brand, it retains all the experience, regulatory oversight, and global credibility that the group has amassed over its 28-year history, while adding unique local market knowledge and a refreshed approach tailored to the modern age.

Success is not only measured in trading results, but also in lives changed for the better

LBX is built around the broker’s ‘Trade ON’ philosophy, empowering traders to act with resilience, clarity, and decisiveness when milliseconds matter. Despite its relatively short story so far, LBX was recently recognised as the ‘Best CFD Broker in LATAM’ for 2025 by Global Forex Awards. For added credibility, it is regulated by the Financial Services Commission of Mauritius, whose stringent requirements are internationally recognised as a gold standard, with more regulatory approvals to be announced soon.

LBX’s key advantages include zero commissions, a minimum investment amount of just $20, a $100,000 demo/training account, copy trading capabilities, a wide range of local payment methods, and instant withdrawals. However, the jewel in LBX’s crown is its IB Programme, which has already been awarded with World Finance magazine’s ‘Best IB Programme of 2025.’ LBX’s IB Programme brings exceptional benefits like high rebates, attractive commission structures with transparent tracking, long-term sustainable partner growth supported by dedicated teams, and daily payouts. In addition to this they offer official F1 merchandise and VIP F1 experiences.

Strength through partnerships
As strong as the Libertex Group is as a large-scale organisation in its own right, it has gone about bolstering its brand recognition and reaching new clients by pairing its brokers with likeminded partners in the world of sport – which shares more similarities than one might think with the fast-paced, high-stakes world of trading and investing. The Libertex Group is a firm believer in the power of sport to inspire, empower and push for success. Hence, it has built a strong legacy of sponsoring high-profile, internationally renowned teams. Over the last few years, Libertex has enjoyed successful multi-year partnerships with elite sports teams including Bayern Munich, Tottenham Hotspur and Getafe, to mention but a few. Today, both Libertex and LBX are proud to be official online trading partners of the KICK Sauber F1 Team, thus aligning with a sport built on precision, speed and resilience – a reflection on some of the necessary skills required to be a successful trader today.

But the Libertex Group does not only find its preferred partners within the bright lights and glamour of top-level sports. The ability to bring real change and improve the lives of others is equally important. As part of Libertex Group’s CSR efforts, partnerships with numerous charitable and educational organisations have been established, demonstrating genuine care for the wider community beyond the financial markets and the pursuit of profit.

Two of the main charities that Libertex Group has consistently contributed to over the years are: Hope for Children, which advocates for children’s rights in line with UN and EU standards, and Change One Life, which helps children in orphanages and child-care institutions find families and live fulfilling lives. This ongoing effort to alleviate suffering and share some of its good fortune with the wider world stems from the Group’s firm belief that success is not only measured in trading results, but also in lives changed for the better.

Lead by example
However strong a company’s concept, turning ideas into reality takes the coordinated effort of numerous stakeholders and effective management. None of Libertex Group’s success – and there has been plenty of it – would have been possible without its talented team. Among the indispensable people and roles are the technical staff – who build the ultra-fast, highly secure and feature-rich systems that make Libertex Group brokers, Libertex and LBX, stand out from the crowd; the sales and marketing professionals who bring the knowledge of the brand to millions of users around the world, and a superb customer support team. In short, the Libertex Group has built a family of diverse profiles working together to bring value to its varied customers.

Never one to rest on its laurels, the Libertex Group is determined to continue to evolve

Bearing responsibility for all of this is the company’s senior management, which has a wide range of complementary experience from different markets and contexts, constantly drawn upon to improve the group’s brands and services. Originally joining back in 2011 as Chief Financial Officer, current Libertex Group CEO Michael Geiger leveraged his knowledge of sound financial responsibility and strategic management to reorient the Libertex Group towards future-proof, high-volume assets like cryptocurrencies and new, fast-growing markets in the developing world.

Libertex Group CMO Marios Chailis, meanwhile, has over 25 years of leadership experience in the marketing arena, distinguished by a sharp focus on the financial services industry. He is widely recognised for driving growth at scale, bringing deep expertise in omnichannel marketing, global brand strategy and high-performance acquisition campaigns.

From securing headline sponsorships, such as the current KICK Sauber F1 Team sponsorship, to engineering viral moments – like landing a McLaren Solus GT on a superyacht at the 2025 Monaco Grand Prix – Chailis redefines what it means to market at the intersection of finance, technology and culture – and his input has certainly boosted the brand’s visibility.

The road ahead
Never one to rest on its laurels, the Libertex Group is determined to continue to evolve with the times, as it has done so adeptly for the past three decades, and drive on to new heights in the years to come. With LBX and the group’s deeper expansion into new regions, there are many exciting milestones yet to come. The leadership team’s expectation of continued growth seems more than reasonable in the current context of rising adoption of CFD instruments such as crypto and the general trend towards higher-reward investing over low-yielding saving.

Building on its already extensive reach to traders worldwide, the Libertex Group is now further expanding its global presence, and doing so with remarkable success. The future of the entire Libertex Group is surely bright, and we look forward to seeing it taking shape over the coming years.

When innovation means inclusion

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In global finance, the word ‘innovation’ often evokes digital platforms, premium services or algorithmic models. Yet the most transformative advances in banking are not technological in isolation. They are structural: designing products, processes and systems that expand access, resilience and trust.

This has been Banco Azteca’s mission from the start. In Mexico, financial exclusion was once treated as inevitable. By embedding inclusion into its very architecture, the bank has built a model that is both commercially robust and socially relevant. The recognition by World Finance as the ‘Most Innovative Company in the Banking Industry 2025’ reflects not a single app or feature, but a system-wide commitment to innovation as infrastructure.

Banco Azteca’s inclusive product design demonstrates that innovation can extend far beyond technology. Guardadito, the bank’s foundational savings account, remains the first formal financial tool for millions of Mexicans, with more than 24 million active accounts. SOMOS, created by women for women, integrates savings with access to legal, medical and psychological support, now serving over 680,000 women. Guardadito Amigo and Sin Fronteras, tailored for migrants, refugees and their families, have grown to more than 150,000 accounts by mid-2025.

These products are not pilots. They are regulated, permanent and available in every branch nationwide. Their impact shows that innovation also means permanence: turning exclusion into participation by making inclusion part of the core banking system.

Digital at scale, but not alone
Technology plays a critical role, but it is part of a wider ecosystem. Banco Azteca’s app has become one of the largest digital banking platforms in the country, with more than 23 million users. Two-thirds of all transactions and more than half of savings account openings now happen digitally.

The app was designed from the ground up for first-time users: intuitive, hybrid and linked to 2,000 branches that remain open 365 days a year. This hybrid approach means clients can move seamlessly between digital and physical channels. For many, the app is their first interaction with a formal financial institution, yet they know they can still rely on face-to-face support if needed. What makes this digital model innovative is not technology in isolation, but how it complements human-centred infrastructure to scale trust.

Banco Azteca’s app has become one of the largest digital banking platforms in the country

Innovation also extends to how credit is originated and serviced. The Unified Loan Origination Process, launched in the past year, has standardised applications across physical and digital channels. Weekly loan applications have grown 231 percent, with digital origination up 75 percent, and today 68 percent of all loans originate digitally. More than half of repayments are made directly in the app. By simplifying processes, embedding real-time tracking and allowing repayment without cost or travel, the bank has redefined access to credit for millions of households. Here again, innovation is not just technological; it is behavioural, designed around how people actually live and work.

Trust as institutional innovation
Banco Azteca’s Apoyar Nos Toca programme illustrates that innovation is not limited to products or technology. It can also mean rethinking how a bank builds legitimacy and social resonance. By supporting merit-based causes such as Mexico’s Physics Olympiad delegation, rural students in Oaxaca, and outstanding artists, the initiative generated over 50 million organic impacts in 2025. What distinguishes it is not philanthropy, but a new model of reputational strategy, one that transforms selective sponsorships into scalable trust-building infrastructure, linking institutional purpose with national pride.

Banco Azteca’s model suggests a broader lesson for global finance. Innovation is not only defined by apps, nor by short-lived pilots. It is about permanence, replicability and resilience. At Banco Azteca, inclusion is designed as infrastructure: products that last, processes that scale, digital channels that connect, and programmes that build trust.

In an era where technology is reshaping financial services at unprecedented speed, the challenge is to ensure that it empowers rather than excludes. Banco Azteca’s experience shows that innovation is strongest when it combines digital transformation with inclusive product design, resilient processes and trust-building initiatives.

Purpose makes technology meaningful, turning innovation into infrastructure for equity. The most significant innovation in banking, therefore, is not measured by features alone, but by the scale of lives it brings into the financial system.

Kiawah’s sanctuary of private luxury

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Along a 10-mile stretch of pristine shoreline, South Carolina’s cradle of Forbes Five-Star luxury lies veiled within the gated tranquility of unspoiled island surroundings. Long favoured by presidents, celebrities and the global elite for nearly five decades, Kiawah Island Golf Resort is where discerning travellers find the sense of prestige, personal space and privacy they quietly seek.

In addition to unfiltered natural beauty, guests are greeted with genuine Southern hospitality and five championship golf courses, including the famed Ocean Course – a fixture on every golfer’s must-play list. Close to Charleston International Airport (CHS) and Charleston Executive Airport (JZI), the resort offers seamless access for both private aviation and commercial travel, making it as convenient as it is unforgettable.

Serene South Carolina luxury
Upon landing, the exclusive journey begins with a leisurely drive – less than an hour to the coast – down winding roads shaded by sweeping arches of live oaks delicately draped in Spanish moss. Continuing under this canopy leads to quaint bridges surrounded by picturesque Lowcountry marshland. It is here, just inside the main entry gate, that guests get a first glimpse of the property’s crown jewel, a haven aptly named The Sanctuary.

Elegant, yet welcoming with traditional Southern style intertwined with distinguished sophistication, the four-storey, 255-room hotel is impressive on every level. The Sanctuary is the only destination in the state to garner a Triple Forbes Five-Star rating for accommodations, spa and dining. It is a rare accolade currently bestowed to just a handful of properties worldwide.

Inside the spacious hotel, guests slip into a world of top-tier amenities, epicurean masterpieces and custom furnishings. Floor-to-ceiling windows frame sweeping views of vast beach and rolling surf, filling each space with light and a sense of ease, setting the tone for the stay. All guestrooms and suites feature expansive balconies and breathtaking island vistas. The Spa at The Sanctuary is an award-winning paradise of pure renewal. Trickling fountains and essential oils soothe the senses, while elevated treatments restore balance, leaving body and spirit refreshed. Choose from options ranging from body fusions and detoxifying mineral-based massages to holistic facials, and a beautifully appointed Couple’s Suite with two treatment tables.

Guests slip into a world of top-tier amenities, epicurean masterpieces and custom furnishings

Close by, Resort Villas offer a curated selection of one- to three-bedroom residences, and the standout Private Homes Collection showcases an elite portfolio of multi-million-dollar estates available for luxury vacation rentals. Featuring every imaginable amenity from private pools to state-of-the-art interiors, the properties are surrounded by trees, water and other natural landscapes for a secluded, peaceful escape.

At The Sanctuary, meeting settings range from light-filled chandeliered ballrooms and manicured terraces to formal boardrooms and grand lawns overlooking the Atlantic Ocean. Legendary golf clubhouses and distinguished pubs at the resort offer additional ways to network and collaborate. Also inside the main entry gate is the stately West Beach Conference Center. With 23,000 square feet of customisable indoor and outdoor space, it is ideal for every group, from confidential meetings to gatherings of 800 attendees. All within earshot of the Atlantic Ocean.

On course with perfection
A second gate on the island reveals the outermost tip of the property – one of the most exclusive enclaves on the East Coast. The striking and serene peninsula is home to the PGA-famed Ocean Course, the renowned clubhouse and the Cottages at the Ocean Course. These four discreet cottages, embracing both the course and the sea, represent golf at its most immaculate for players seeking an experiential golf outing, undisturbed meeting, or retreat.

Fine dining spans the resort, featuring thoughtfully prepared dishes, superior wine selections, hand-crafted cocktails and far-reaching island views. Inspired chef-driven cuisine ranges from the Ocean Room, the property’s premier steakhouse – the only Five-Star dining experience in South Carolina – to fresh-catch seafood delicacies and authentic flavours of Italy.

For golfers, refined pub fare and cocktails served in distinguished clubhouses are perfect for celebrating a game well played. The property’s longest-standing tradition, the authentic Lowcountry Oyster Roast and BBQ, is both lively and inviting, unfolding along the salt marshes of Kiawah River at Mingo Point. In all, the Kiawah Dining Collection offers 15 exceptional culinary experiences to suit every palate. All guests of the resort can enjoy 10 miles of beautiful beaches, golf rounds on all five championship courses and preferred tee times. Refreshing pool complexes, private boat charters, guided nature tours, an acclaimed tennis centre, padel, pickleball, kayaking and paddleboarding add to the ways to connect. Quiet times are equally rewarding, like basking in the glow of a southern sunrise. In the splendour of your very own private sanctuary, of course.

Inclusive finance and sustainable development

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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

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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

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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

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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

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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

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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 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 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 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