Year: 2026

Financing Mexico’s nearshoring future

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Mexico is entering a defining period in its economic trajectory. Not because its structural challenges have disappeared – they have not – but because several long-term trends are beginning to reinforce one another at the same time: the reorganisation of global supply chains, the growing fragmentation of international trade, renewed emphasis on infrastructure investment, and the maturation of domestic pension savings into a meaningful source of long-term capital.

At the centre of this convergence are Mexico’s pension funds, the Afores. Once viewed primarily as administrators of retirement accounts, they are increasingly emerging as institutional investors with the scale and time horizon needed to help finance the country’s next phase of development. The discussion is no longer just about pensions. It is about how the savings of millions of workers can support the infrastructure required for sustained economic expansion.

In an environment defined by volatility, inflation pressures, and geopolitical uncertainty, infrastructure has become one of the most attractive asset classes for long-term investors. For pension funds, the appeal is straightforward. Infrastructure assets – whether in transportation, logistics, energy, telecommunications, or water systems – typically generate predictable cash flows over extended periods, offer some protection against inflation, and behave differently from traditional public-market investments. For institutions managing liabilities measured in decades, those characteristics are especially valuable.

But infrastructure offers something beyond financial returns. It expands productive capacity. Unlike many other assets, it has a direct impact on economic competitiveness and long-term growth.

That distinction matters in today’s environment. As supply chains are reconfigured and governments prioritise economic resilience, institutional investors are steadily increasing allocations to real assets. This is not a short-term tactical shift; it reflects a broader structural change in how capital is being deployed globally. The numbers already point in that direction. Roughly 49 percent of institutional investors worldwide currently have exposure to infrastructure, and that figure is expected to approach 60 percent by 2030.

Why Mexico is positioned to benefit
Mexico stands out as one of the clearest beneficiaries of this transition. Nearshoring has moved well beyond theory. Companies across industries are actively relocating manufacturing capacity closer to end markets in an effort to reduce logistical risks, shorten delivery times, and improve operational resilience. Within that shift, North America has become one of the most strategically important regions in the world economy. The USMCA bloc accounts for close to 30 percent of global GDP and more than 24 percent of world trade. Mexico occupies a particularly advantageous position within that framework: geographic proximity to the US, deep industrial integration, a broad trade network, and a manufacturing base that continues to expand.

Investment flows are already reflecting those advantages. In 2025, Mexico attracted approximately $40.8bn in foreign direct investment, up 10.8 percent from the same period a year earlier and the highest level on record. Demand for industrial and logistics facilities continues to rise rapidly, placing increasing pressure on existing capacity.

But nearshoring does not materialise on its own. Manufacturing relocation requires physical infrastructure capable of supporting large-scale industrial activity: reliable power generation, modern highways, efficient ports, rail connectivity, and robust digital networks. In short, it requires investment.

The Mexican government appears to have embraced a more pragmatic approach to infrastructure development. Public investment is not being framed as a substitute for private capital, but rather as a mechanism for crowding it in. That shift is visible in the scale of planned spending. For 2026 alone, the government has outlined infrastructure investment of roughly $41.3bn, equivalent to around two percent of GDP. Over the course of the administration, cumulative investment is projected to reach approximately $320.5bn.

The allocation of planned spending reveals the priorities:
• Energy accounts for 54.1 percent ($52.6bn)
• Rail infrastructure represents 15.6 percent ($14.9bn)
• Highways account for 13.9 percent ($13.5bn)
• Ports represent 6.5 percent ($6.3bn)

The operational targets are equally ambitious: the rehabilitation of 4,000 kilometres of roads, the construction of more than 3,000 kilometres of new rail lines, the modernisation of 11 ports, and 51 strategic energy projects expected to add more than 22,600 megawatts of capacity.

What matters just as much as the spending itself is the financing model behind it. The current strategy increasingly relies on mixed-investment structures in which the state provides coordination and long-term direction while opening space for institutional private capital. The emphasis is less on direct state control and more on improving project design, reducing uncertainty, sharing early-stage risks, and creating regulatory frameworks that provide long-term visibility for investors.

That philosophy is reflected in both the National Development Plan and the 2026–2030 Infrastructure Investment Programme, which prioritise structured public-private participation schemes and more sophisticated financing vehicles. At the same time, regulatory adjustments are gradually making it easier for long-term institutional capital to participate in productive investment opportunities. This is where the Afores become especially important.

Long-term development capital
By March 2026, Mexico’s Afores managed more than $480bn in assets, equivalent to roughly 23.6 percent of GDP. That makes the system one of the largest pools of domestic savings in Latin America. And it continues to grow. The 2020 pension reform gradually increased mandatory contributions from 6.5 percent to 15 percent of salary by 2030, significantly expanding the long-term growth potential of the system.

What matters just as much as the spending itself is the financing model behind it

Current projections suggest that by 2040, assets managed through the SIEFORES Target Date Funds could reach 56 percent of GDP, compared with an estimated 35 percent without the reform. More important than the size of the system, however, is how its investment profile is evolving. Mexico’s regulatory framework now allows pension funds greater exposure to long-duration assets, including infrastructure. Structured instruments, Fibras, simplified issuance processes, and more flexible investment vehicles have expanded the range of opportunities available to institutional investors.

Current limits allow up to 30 percent allocation in structured instruments such as CKDs and CERPIs, and up to 12.5 percent exposure through Fibras and REIT-style vehicles. None of this represents a weakening of investment discipline. Afores remain subject to strict governance, valuation and risk-management requirements. Their fiduciary obligations remain unchanged.

What has changed is the ability to align long-term retirement savings with long-term productive investment. The shift is already visible in the data. As of March 2026, Afores had invested more than $57.4bn in infrastructure-related assets, representing approximately 12 percent of total system assets. Investments linked specifically to the energy sector exceed $17bn. This is no longer a marginal allocation. It reflects a broader strategic repositioning of capital.

The conditions for success
The broader economic logic is compelling: retirement savings finance infrastructure, infrastructure supports productivity and growth, and stronger growth ultimately improves both investment returns and living standards. But none of this happens automatically. Infrastructure investing is inherently complex. Projects often involve long execution timelines, multiple stakeholders, political and regulatory uncertainty, and significant technical and financial risks.

Not every project creates the same value. Some may generate attractive financial returns but limited economic spillovers. Others may deliver substantial social benefits while struggling to meet purely commercial thresholds. That is why institutional quality becomes critical. The challenge is not simply attracting capital. It is building projects and frameworks capable of balancing profitability, public value, and long-term sustainability. That requires credible regulation, contractual certainty, stronger financial markets, better project preparation, and deeper technical expertise across both public and private sectors.

In other words, it requires building an ecosystem capable of sustaining long-term investment. Nearshoring may ultimately become the clearest test of whether Mexico can translate its structural advantages into durable economic gains. Global manufacturers are operating within real investment windows. Capital will not wait indefinitely.

If Mexico can provide reliable infrastructure, sufficient energy capacity and regulatory clarity, it has an opportunity to consolidate itself as one of the world’s most important industrial platforms over the next decade. If it cannot, investment will move elsewhere. That is why coordination between public policy, institutional savings and private capital matters so much.

Afores are uniquely positioned in this environment because their investment horizon is inherently long term. Unlike short-term capital flows, they are not driven by quarterly volatility or tactical repositioning. They can support projects through full development cycles. But long-term capital depends on long-term certainty.

A different economic framework
For decades, Mexico’s economic debate often revolved around familiar binaries: state versus market, public versus private investment, regulation versus liberalisation. That framework increasingly feels outdated. What is emerging instead is a more practical model based on coordination: the state as facilitator, private enterprise as operator, and institutional savings as the long-term source of financing.

Under this framework, infrastructure stops being viewed primarily as public spending or political symbolism and becomes what it fundamentally is: a platform for productivity, competitiveness, and sustained growth. Government estimates suggest that infrastructure investment alone could increase GDP growth by as much as three percent. Within that process, Afores are no longer peripheral financial institutions. They are becoming central components of the country’s long-term development strategy.

Mexico is not starting from scratch. It has strategic geographic advantages, deep industrial integration, an increasingly sophisticated financial system, and one of the largest domestic savings pools among emerging economies. But structural advantages alone are not enough. The real challenge is execution: turning plans into viable projects, projects into investment, and investment into measurable economic growth.

All of this could allow Mexico not only to capitilise on nearshoring but to completely reshape its long-term development path. And in that transformation, the Afores will play a far larger role than simply managing retirement accounts. They may ultimately become one of the key financial bridges between the country’s accumulated savings and the infrastructure needed to sustain its future growth.

The cooperative model for sustainable finance

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In a world increasingly shaped by climate change, social inequality and economic uncertainty, the role of financial institutions is being redefined. Beyond profitability, there is growing demand for models capable of delivering long-term value while addressing pressing environmental and social challenges. Within this context, the credit union system has emerged as a powerful and scalable solution. By combining financial strength with a deep commitment to local development, cooperatives are uniquely positioned to channel resources in a more inclusive and impactful way. This model gains even greater relevance at scale, as demonstrated by Sicredi, one of Brazil’s largest cooperative financial institutions, with over 10 million members, more than 3,000 branches and presence in over 2,200 municipalities.

This consistent and large-scale impact has recently been recognised in the World Finance awards, where Sicredi was named the winner in the category ‘Outstanding Contribution to Sustainable Finance by a Cooperative (LatAm).’ The award recognises institutions that are not only advancing sustainable finance, but also reshaping how financial systems contribute to inclusive and low-carbon development.

Long-term development
At the core of Sicredi’s strategy is the integration of environmental and social criteria into credit decisions, ensuring that financial solutions actively contribute to long-term development. This approach has driven the expansion of its green credit portfolio, which reached $17.8bn in 2025, reflecting a consistent effort to align financial performance with sustainability outcomes. The green credit portfolio is defined through a robust classification framework that combines sectoral criteria, eligible credit lines and clearly identified environmental and social benefits. Sicredi adopts the sustainability taxonomy proposed by the Brazilian Banking Federation (Febraban), which is aligned with internationally recognised references such as the Climate Bonds Initiative, the European Union taxonomy and the Social Bond Principles.

The cooperative also plays a leading role in supporting under-represented groups

In practice, operations are classified as green when they support activities that contribute to the transition to a low-carbon economy, climate adaptation and resilience, sustainable land use, renewable energy generation, resource efficiency, biodiversity conservation or social inclusion in vulnerable territories. In addition to the purpose of the financed activity, credit decisions also incorporate social, environmental and climate risk assessments, ensuring consistency between sustainability outcomes, financial soundness and long-term development.

Within this strategic framework, $1.9bn was allocated to low-carbon agriculture. In parallel, Sicredi has also established itself as a leading financier of renewable energy, with a portfolio that has reached $4.3bn, particularly supporting the expansion of distributed solar generation. These investments enable producers to implement techniques such as crop rotation, efficient water use and biodiversity conservation, strengthening both environmental outcomes and agricultural resilience. Sicredi’s impact extends beyond environmental initiatives. Through its operations in small municipalities, rural areas and underserved regions, the cooperative plays a critical role in expanding financial inclusion and fostering local economic development. As a result of this presence, $5bn was directed to micro and small enterprises located in municipalities with below-average Human Development Index levels.

Economic empowerment
The cooperative also plays a leading role in supporting under-represented groups. Its portfolio dedicated to women-led businesses reached $1.8bn in 2025, reinforcing access to credit as a driver of economic empowerment, income generation and social inclusion. Strategic partnerships further amplify this impact. Collaborations with international institutions such as the International Finance Corporation (IFC) enable the mobilisation of global capital into local initiatives, combining financial resources with deep territorial knowledge. This blended approach strengthens the capacity to deliver scalable and measurable impact across diverse regions.

Taken together, these elements demonstrate that Environmental, Social and Governance (ESG) considerations at Sicredi are not treated as a separate agenda or a reputational layer, but as an expression of its very essence and an integral part of its business model and of the cooperative system itself. The integration of social, environmental and governance criteria guides strategic decisions, credit allocation, risk management and relationships with members and communities.

As sustainability becomes central to global financial systems, Sicredi demonstrates that the credit union system can play a transformative role in shaping a more inclusive and resilient economy. By aligning financial performance with social and environmental impact, the cooperative model offers a compelling pathway for sustainable development – not only in Brazil, but as a reference for financial systems worldwide.

Achieving trust through robust governance

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Sampath Bank’s commitment to strong leadership is evident in the structure of its governance framework. The bank recognises that effective governance begins with the quality of leadership, particularly within Sri Lanka’s highly regulated banking environment, which demands accountability, prudence and resilience. As a systemically important financial institution, Sampath Bank recognises that its business success and long-term sustainability are intrinsically linked to the guidance and vision of its leaders.

At the board level, Sampath Bank demonstrates a highly diversified leadership structure, with directors drawn from key sectors including banking, finance, law, accounting, entrepreneurship, technology, human resources and public policy. The board embodies diversity across professional backgrounds, sectoral representation, age, experience and gender, carefully brought together to foster well-balanced perspectives, independent judgement and robust oversight. This breadth of expertise is clearly reflected in the distinguished profiles of its members, whose industry knowledge and accomplishments reinforce the bank’s governance strength. Our Chairman, President’s Counsel, Harsha Amarasekera’s strong leadership has been pivotal in embedding governance discipline, enhancing board effectiveness, and guiding the bank through periods of economic and operational transition. Under his stewardship, Sampath Bank has cultivated a future-ready governance mindset, firmly anchored in sustainability and long-term value creation.

At the management level, Sampath Bank is guided by an experienced and professionally diverse leadership team, headed by the Managing Director/Chief Executive Officer Sanjaya Gunawardana. This team contributes both individually and collectively through specialised expertise, sound judgement and strategic alignment. This synergy has played a vital role in elevating the ‘Sampath’ brand to one of the most trusted and highly regarded banking institutions in Sri Lanka. The bank firmly believes that governance is ultimately rooted in human behaviour, and that strong leadership is therefore an essential prerequisite for effective governance and continued success.

The diversity of the Directors has helped ensure a high standard of responsibility for the bank’s governance architecture, ensuring effective strategic oversight and accountability. This accountability is reinforced through the Board and the Board mandatory subcommittees, particularly through the Board Nominations and Governance Committee, Board Integrated Risk Management Committee, Board Audit Committee, Board Human Resources and Remuneration Committee and the Board Related Party Transactions Review Committee.

These structures are complemented by non-mandatory Board committees, which provide additional focused oversight and support overall governance accountability. Governance execution is effectively performed through corporate management, supported by the Three Lines of Defence framework led by business owners, the Chief Risk Officer, the Chief Compliance Officer, and the Chief Internal Auditor, ensuring independent oversight, transparency, and robust overall accountability across the organisation consistently.

Multi-faceted governance environment
Sampath Bank’s governance framework is firmly embedded within the broader regulatory and supervisory architecture governing Sri Lankan banks, guided by a commitment to uphold the spirit as well as the letter of the law. The bank operates within a multi-layered governance environment that encompasses the Central Bank of Sri Lanka (CBSL), particularly the Corporate Governance Direction No.5 of 2024, the Colombo Stock Exchange Listing Rules on Corporate Governance, and the Code of Best Practice on Corporate Governance issued by CA Sri Lanka (2023), alongside the other applicable laws and regulations.

Sampath Bank firmly believes that effective governance cannot be achieved through mechanical compliance alone. It requires a practical understanding of the principles underpinning governance and a clear appreciation of supervisory expectations. Regulators expect boards and management not only to comply with rules, but also to demonstrate sound judgement, ethical conduct, accountability and a strong governance culture in day-to-day decision-making. The bank is subject to oversight by multiple supervisory bodies, each with a distinct yet complementary focus. The CBSL directs its supervision primarily toward safeguarding depositors and ensuring financial system stability, while listing rules emphasise shareholder rights, transparency, market integrity and broader stakeholder protections.

Despite these differing perspectives, supervisory objectives ultimately converge on two critical outcomes: preserving stakeholder trust and ensuring the long-term sustainability of banks. In recognition of evolving regulatory and societal expectations, Sampath Bank integrates Environmental, Social and Governance (ESG) and sustainability governance, active stakeholder engagement, and a culture of ethics as essential pillars of long-term value creation and its reputation for public trust within the banking sector. At Sampath Bank, supervisory guidance and regulatory expectations are treated as primary strategic inputs, shaping business conduct at the highest level.

Aligning growth and governance
In banking, growth ambitions and governance requirements are often perceived as competing forces. At Sampath Bank, this potential tension is resolved through a well-defined governance architecture that positions governance not as a constraint, but as an enabling framework for sound decision-making. The bank recognises that effective governance is fundamentally about making the right decisions at the right time, in a manner that consistently meets and exceeds stakeholder expectations, backed by claw-back arrangements that uphold the responsibilities of the business leadership.

To enhance the alignment between strategy and governance, Sampath Bank has established its governance framework based on two fundamental pillars: performance and conformance, a concept internally developed and nurtured through reference to international expert insights, including those of Professor Bob Tricker. The performance pillar emphasises strategic planning and policy formulation, ensuring that growth initiatives are forward-looking, well-anchored, and value-driven. The conformance pillar encompasses accountability and executive monitoring, reinforcing transparency, prudent oversight and regulatory compliance. Together, these pillars provide a balanced foundation that integrates ambition with discipline, enabling sustainable growth within a sound governance structure, driving sustainable value creation for all stakeholders.

Regulatory alignment
Sampath Bank adopts a proactive and integrated approach to risk governance, recognising that risk-taking is an inherent aspect of banking. The bank balances risk appetite with risk control through a Board-approved Risk Appetite Framework. The bank’s risk governance is monitored through the Board Integrated Risk Management Committee, which oversees risk strategy, policies, emerging risks, mitigation measures and regulatory compliance.

Risk governance at Sampath Bank is embedded across the organisation through the Integrated Risk Management Framework (IRMF). Risk considerations are integrated into decision-making processes, enabling the early detection of emerging risks and ensuring alignment with strategic objectives.

Sampath Bank’s risk governance framework also addresses the increasing risks associated with rapid technological advancements, including artificial intelligence, information security, cybersecurity, personal data protection and regulatory requirements relating to cloud-based data management. In this context, technology risk governance is treated as a strategic priority. The Chief Information Officer and Chief Information Security Officer play a key role in strengthening resilience, security, and regulatory compliance, supported by ongoing investment in technology and digital infrastructure aligned with the bank’s strategic objectives, ensuring that innovation is pursued responsibly while safeguarding operations and stakeholder trust. The bank’s approach is firmly aligned with CBSL governance and risk management directions, encompassing corporate governance and integrated risk management requirements, as well as Basel II and Basel III principles on capital adequacy, supervisory review and market discipline. This alignment ensures the bank maintains strong capital and liquidity positions, while reinforcing resilience under stress scenarios. Meanwhile, its governance architecture ensures strategic alignment between risk and business objectives, robust oversight with independent challenge, sustained regulatory confidence, and institutional resilience against economic, financial and operational shocks.

Transformative governance
Sampath Bank’s governance architecture can credibly be positioned as a best practice model for sustainable growth, precisely because it adopts a principle-led, integrated approach that extends beyond narrow regulatory compliance. In many financial institutions, governance requirements are often reported from multiple sources, CBSL Directions, listing rules, and best practice codes, leading to parallel or duplicative responses. Sampath Bank has deliberately moved away from this siloed approach. Instead, it has consolidated overlapping requirements into a unified governance reporting and monitoring framework, applying a common methodology across all regulatory and best practice expectations. This integrated model enables the bank to address governance challenges more effectively, while reducing complexity and enhancing clarity in execution.

At Sampath Bank, governance is not merely documented but actively operationalised. Each obligation is assigned to a clearly designated officer, supported by defined timelines, ownership accountability and structured escalation mechanisms. Progress is tracked through a comprehensive governance dashboard, providing real-time visibility into first-line defence actions and enabling proactive oversight by senior management and the Board.

Sampath Bank’s governance architecture has the potential to drive broader sectoral transformation, by showing that integrated, technology-enabled governance enhances effectiveness rather than constraining performance. It offers a practical template for Sri Lankan banks seeking to move beyond compliance-driven governance towards sustainable, trust-based, and performance-enhancing frameworks that meet supervisory expectations while serving long-term stakeholder interests.

Achieving global recognition
In recognition of its governance commitment, the bank was honoured with Sri Lanka’s Best Bank for ESG – Euromoney Awards for Excellence 2025, ACCA Sustainability Reporting Awards 2025 – Runner-Up in the Banking sector – Association of Chartered Certified Accountants, second runner-up at the Best Corporate Citizen Sustainability Awards 2024 – Ceylon Chamber of Commerce, Asia’s Best Bank for Corporate Responsibility – Euromoney Awards for Excellence 2024, ACCA Sustainability Reporting Awards 2024 – Runner-Up in the Banking sector, and the Overall Bronze Award at the SAARC Anniversary Awards for Corporate Governance Disclosures 2024, underscoring its dedication to excellence and transparency. It also received the ICA Sri Lanka Merit Award for Excellence in Corporate Governance Disclosures in 2024 and 2025. Furthermore, Sampath Bank was recognised with the Best Corporate Governance – 2026 award for Sri Lanka by World Finance magazine.

This accolade further affirms the bank’s sustained commitment to adopting and advancing best practices in corporate governance. These distinctions collectively underscore the strength of Sampath Bank’s governance framework, the transparency of its reporting, and, not least, the collaborative efforts of its teams. They reflect the bank’s enduring commitment to integrity, accountability, and responsible disclosure, reinforcing stakeholder trust and confidence. Beyond recognising past accomplishments, these milestones serve as a catalyst to continually elevate governance standards in pursuit of sustainable value creation for all stakeholders.

Cork – a millennia-old raw material

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Whether in its most traditional roles or in more unexpected contexts, cork continues to demonstrate outstanding performance across a broad spectrum of industries. In sectors as diverse as winemaking and aerospace, cork can be integrated into a wide and growing range of applications, supporting lower-impact solutions across multiple fields.

The story of cork is closely intertwined with the history of wine, two worlds that are inseparably linked. Over the centuries, this relationship has evolved into a true symbiosis, in which the natural cork stopper protects, preserves and elevates a product that is itself alive. Dating back to ancient civilisations and later shaped by the influence of Dom Pérignon in the 17th century, who established the enduring connection between glass and cork, the stopper has become an essential part of the wine experience.

At the heart of this experience is Corticeira Amorim, the world’s leading producer and exporter of cork products, recognised for its long-standing focus on renewable, bio-based materials and life cycle-based sustainability assessment. Founded in Portugal in 1870, Corticeira Amorim has grown from a family business into a global leader, with sales in more than 100 countries. While its portfolio now extends from flooring to aerospace-grade composites, it remains best known for its high-performance cork stoppers, producing over five billion each year.

Why cork?
There are multiple reasons why cork stoppers are widely regarded as the preferred closure for wine bottles, covering technical, sensory and environmental dimensions, with environmental performance supported by peer-reviewed life cycle assessment studies and product carbon footprint analyses.

Corticeira Amorim is the world’s leading producer and exporter of cork products

Aligned with the ISO 14067 standard, greenhouse gases – carbon footprint of products, Amorim Cork has conducted studies to quantify the carbon footprint of its cork stoppers using a cradle-to-gate approach. To date, these studies cover around 60 percent of the product portfolio and have been independently verified by APCER – Portuguese Association of Certification – ensuring robust, credible and transparent information consistent with EU regulatory expectations for environmental disclosures.

The results confirm that all analysed cork stoppers present a negative carbon footprint within the defined system boundaries, highlighting cork’s environmental value as a packaging solution for the wine sector. Depending on the product typology, values range from –28.72 g CO₂e for each Spark Top II stopper, in the sparkling wine segment, to –56.4 g CO₂e for each Naturity cork stopper.

Rooted in the cork oak, giving back
At the core of cork’s exceptional environmental qualities is the cork oak tree. Native to the Mediterranean and central to Portugal’s distinctive Montado (cork oak forest), it is the only tree species whose bark regenerates after harvesting. Cork oak forests function as carbon sinks and as long-term carbon stores, since these trees have an average lifespan of around 200 years.

According to a study cited by APCOR – Portuguese Cork Association, cork oak forests can sequester up to 73 tonnes of CO₂ for every tonne of cork harvested. This makes cork a nature-based system with significant long-term carbon storage potential, while also contributing to other ecosystem services.

Beyond cork production, this ecosystem supports high levels of biodiversity, including endangered species such as the Iberian lynx and the Spanish imperial eagle. The Quercus suber, more commonly known as the cork oak, plays an essential role in maintaining soil quality, storing carbon and preventing desertification. Unlike monoculture plantations, the cork oak forest represents a model of land use where environmental protection and economic productivity coexist.

In addition, the long-term resilience of the cork oak forests depends on responsible forest management and the maintenance of healthy, economically viable cork value chains – helping to keep this multifunctional landscape standing and managed over generations.

The rise of the circular airport

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Aeroporti di Roma (ADR) is one of Europe’s leading airport operators, managing and developing Rome Fiumicino and Ciampino airports. Rome Fiumicino ‘Leonardo da Vinci’ is a strategic gateway to Italy and one of the world’s leading airports, ranked in the global top 10 as well as one of only 12 airports to hold a Skytrax five-star rating worldwide. In 2025, Fiumicino exceeded 50 million passengers for the first time, further consolidating its role as a major global hub.

Within this context, circular economy has emerged as a key lever to enhance competitiveness while reducing environmental pressure, particularly for complex infrastructures such as airports, integrated systems where passenger flows, airlines, commercial activities, construction sites and operational services converge. For ADR, circular economy is therefore not a standalone initiative, but a strategic operating model connecting infrastructure development, daily operations and stakeholder behaviour.

This vision has been reinforced by the Memorandum of Understanding (MoU) signed by ADR in 2025 with the Italian Ministry of the Environment and Energy Security, which recognises the airport ecosystem as a platform for advancing circular economy models. For Rome Fiumicino airport, this translates into concrete experimentation, integrating circular principles into projects, operations and user-facing solutions that generate measurable results and useful insights for the wider sector. In other words, a ‘circular hub.’

Embedded in the infrastructure
At Rome Fiumicino, construction and refurbishment projects are conceived as evolving systems rather than static assets, prioritising redevelopment (brownfield) over demolition where feasible. Design integrates Italy’s minimum environmental criteria and international standards such as LEED and BREEAM, embedding modularity and reversibility to facilitate adaptation and material recovery. ADR already certified more than 75 percent of Rome Fiumicino’s terminal infrastructure under LEED or BREEAM, extending asset life and reducing reliance on new resources.

Runways, aprons and roads increasingly incorporate recycled materials, including bituminous conglomerates with high recycled content and aggregates from demolition. In 2025, recycled materials accounted for over 50 percent of those used in completed works. On-site separation of excavation and demolition materials enables their reuse in foundations and non-structural works, reducing waste and the need for raw materials. Dedicated processing plants within the airport perimeter support this closed-loop approach. These practices are embedded in technical specifications through defined thresholds that balance recycled content with performance and safety requirements and are already applied across major projects at Leonardo da Vinci airport.

Daily operations at a circular airport
Alongside infrastructure, circular economy extends into daily airport operations. At Fiumicino, waste management is a core operational process designed to maximise efficiency and the quality of waste separation across the airport.

Within terminals, differentiated collection systems are supported by dedicated recycling centres and supervised by specialised operators. A tariff model combining a fixed component with a variable fee linked to the production of unsorted waste incentivises improved separation at source by commercial operators, directly aligning environmental performance with cost efficiency. This system is progressively enhanced through digital monitoring tools that track collection, transport and disposal, improving data quality and operational control.

Water circularity is also embedded in operations. Fiumicino airport is equipped with an advanced system to recover and treat non-potable water from a biological treatment plant and the Tiber River, significantly reducing the use of potable water for thermal systems, irrigation and sanitation. Yearly, over 70 percent of water consumption at Fiumicino is non-potable – saving the equivalent of 500 Olympic-sized swimming pools.

Behavioural change complements these technical solutions. To address the challenge of correct waste separation in a complex, multicultural passenger environment, ADR has introduced smart bins in Fiumicino’s terminals. Developed with an Italian start-up, they use artificial intelligence to recognise waste in real time and provide feedback, improving separation quality while generating data to support analysis and targeted awareness campaigns. Following successful pilots, which recorded a 60 percent reduction in plastic sorting errors, the system is now being scaled up as a permanent element of ADR’s operational model.

Refillable drinking fountains offer passengers a practical alternative to disposable plastic bottles, while collaboration with retail operators promotes more circular packaging solutions. Partnerships with organisations such as ‘Too Good To Go’ have enabled, since the launch of the initiative and up to Q1 2026, more than 10,000 meals to be saved at Rome Fiumicino, corresponding to an estimated avoidance of nearly 30 tonnes of CO₂ emissions, while reducing food waste and maximising the value of resources.

Across both infrastructure and operations, digitalisation acts as an enabling layer, enhancing traceability, accountability and decision-making. By improving visibility over material and waste flows, ADR is progressively optimising resource use, reducing operational costs and identifying additional recovery opportunities across the airport ecosystem.

Moving beyond a linear economy
At airport scale, the economic rationale for circularity is clear. The systematic use of recycled materials in infrastructure works reduces procurement costs and dependence on raw materials, while high-quality waste separation and increased recycling rates lower disposal costs and enhance the recovery of valuable fractions. These efficiencies contribute to a more robust operating model in which environmental performance and financial discipline reinforce each other.

For Rome Fiumicino, circular economy represents a forward-looking growth strategy rather than a marginal optimisation. By redesigning infrastructure and operations as regenerative systems, ADR strengthens resilience and competitiveness in an increasingly resource-constrained world, supporting long-term value creation while decoupling growth from environmental impact.

How Banreservas mobilised diaspora capital

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Banreservas’ international expansion strategy is centred on strengthening economic ties with the Dominican diaspora as a strategic economic partner, rather than just operating as a full retail bank abroad, and the bank has successfully used mortgage fairs as part of this expansion strategy. These client-centric engagement events bring together diaspora clients, credible Dominican real estate developers, fiduciary-backed projects and bank representatives in one venue to help address key diaspora challenges such as distance and lack of trusted intermediaries, legal and documentation uncertainty, difficulty assessing projects remotely and limited access to tailored financing.

By simplifying the sending process from the US and Europe, reducing operational friction, and offering greater convenience and security, Banreservas has incentivised increased use of formal remittance channels. This strategy has had, and is expected to continue to have, a highly positive impact on remittance flows to the Dominican Republic, both in terms of volume and formalisation.

Reimagining the diaspora relationship
Banreservas’ model relies on representative offices set in strategic cities to provide advisory, pre-qualification and customer support services, while the financing and account opening itself is referred to Banreservas in the Dominican Republic, where they are operatively managed and booked.

The US (New York and Miami) and Spain (Madrid) were chosen as priority hubs to channel diaspora engagement and long-term investment because they are home to some of the largest and most economically active Dominican communities worldwide. By establishing representative offices in these strategic locations, Banreservas delivers tailored financial services to historically underserved expatriate communities, enabling them to invest, save, and build wealth in the Dominican Republic while contributing to national economic development, unlocking sustainable growth opportunities and deepening its role as a financial bridge between Dominicans abroad and their home country.

Banreservas uses mortgage fairs to compress what is traditionally a long, fragmented cross‑border process into a single, guided experience that combines education, advisory, and support. Diaspora clients can receive on-the-spot pre-qualification, explore real estate projects nationwide, and receive information and guidance about loan processes, although final approvals and disbursements are processed in the Dominican Republic.

The response in the US and Madrid has been characterised by sustained momentum and the diversity of participant profiles, from first-time buyers to repeat investors and returning nationals, which suggests that the fairs are resonating beyond a narrow segment of the diaspora. In US cities with long-established Dominican communities, the fairs have evolved into anticipated events rather than exploratory initiatives, with those in New York and Lawrence generating financing exceeding $49m. However, the initiative was newer in Europe, so the response in Madrid followed a slightly different trajectory, with early editions focusing heavily on education and orientation. That said, the first fair in Madrid attracted thousands of participants and closed with financing requests of more than $21m.

Risk mitigation is central to the model and projects are carefully vetted, many supported under a fiduciary account or an estate asset trust fund and backed by clear legal frameworks. Banreservas’ direct involvement is one of the defining features of its diaspora strategy to ensure transparency, regulatory compliance and investor protection throughout the process. By offering direct access to Banreservas’ experts, vetted developers, fiduciary-backed projects and consistent financing terms, these events are helping create a relationship-building platform that improves transparency, credibility and institutional confidence. Internal customer experience reports emphasise that word-of-mouth referrals, repeat attendance, and post-fair engagement are among the clearest indicators that trust has been established organically, particularly within close-knit diaspora communities. Banreservas’ role as the national leading institution further reassures clients investing from abroad.

Transaction to transformation
Rather than a single-product offering, Banreservas approaches diaspora customers with a portfolio mindset, providing a robust cross-border selection including mortgage loans, savings and checking accounts, remittance-linked products and investment solutions tied to real estate development.

Banreservas has deliberately adopted a scalable and selective expansion logic

Remittances are a core strategic pillar of Banreservas’ international expansion, and the creation of new digital channels and specialised financial products are helping transform remittances into a gateway for deepening financial inclusion. The Remesas Reservas app enables Dominicans abroad to send money from the US and Europe using international cards, with funds credited directly to bank accounts or debit cards in the Dominican Republic, eliminating the need for cash, queues, or physical travel. The app is complemented by the home delivery remittances service, which extends financial access to rural communities that were previously excluded from the formal financial system. Service performance data shows that 97 percent of remittances sent through the app complete the entire process digitally, while 94 percent are received directly in bank accounts, strengthening financial traceability. This supports the sustainability and potential growth of remittance inflows to the Dominican Republic that already exceeds $12bn annually, while also expanding the banked customer base and improving the overall efficiency of the national financial ecosystem.

The strategy is further strengthened by the introduction of remittance-based consumer and mortgage loans, specifically designed for remittance recipients. These products allow recurring remittance flows to be converted into formal financial history, facilitating access to credit, and reinforcing the ‘bankarisation’ process. As a result, remittances evolve from a basic transfer mechanism into a financial development tool, integrating beneficiaries into the banking system with solutions tailored to their real income patterns and needs.

Mortgage financing in the Dominican Republic is embedded within a broader set of banking solutions designed to support the full investment and ownership journey. At the core are residential mortgage products structured for non-resident clients looking to acquire property in the Dominican Republic. These are complemented by linked deposit and savings accounts, which allow clients to organise funds, manage payments and maintain an ongoing banking relationship once the purchase process begins. In parallel, Banreservas leverages its digital channels and remittance services to facilitate the movement of funds and day-to-day interaction with Banreservas, reinforcing continuity beyond the initial transaction.

For first-time diaspora investors, the emphasis is on financial orientation and readiness with solutions structured to simplify entry into the formal mortgage system in the Dominican Republic. For returning nationals, products and advisory conversations are typically aligned with reintegration objectives. In both cases, the underlying principle is adaptability within a controlled institutional framework, rather than bespoke products that introduce additional risk.

They have the support of President Luis Abinader, who has created the conditions for Dominicans in the diaspora take advantage of the macroeconomic stability, legal security, and full guarantees that receive all foreign investors who trust in the Dominican Republic to make their business.

Modernising remittance ecosystem
Modernising the remittance ecosystem combined with specialised financial products generates a direct multiplier effect on strategic sectors, strengthening the real economy and territorial development. In the construction sector, the remittance mortgage loan transforms recurring remittance flows into formal financing capacity for homeownership and has taken centre stage in Banreservas’ participation in international mortgage fairs. Diaspora demand supports property acquisition and upstream activities such as project development, construction services, materials supply, legal services and professional employment.

Equally important is the impact on financial deepening and formalisation. When diaspora investors enter the banking system through regulated mortgage channels, their participation strengthens the use of formal financial products, thereby expanding the reach and resilience of the financial system. This dynamic is a key contribution to economic maturity, as it encourages long-term financial relationships rather than one-time transactions.

From a tourism perspective, the strategy strengthens the economic and emotional ties between the diaspora and the country. Home purchases financed through mortgage loans paid via remittances promote more frequent visits, longer stays, and increased spending on tourism-related services, while also encouraging investment in vacation properties and second homes. Additionally, increased formal income and financial inclusion among remittance-receiving households boosts domestic consumption, benefiting transportation, commerce and service sectors closely linked to tourism.

The scalable model
Banreservas has deliberately adopted a scalable and selective expansion logic, prioritising model stabilisation in proven markets before extending to new ones. However, any future expansions are likely to be opportunity-driven and phased, to ensure that each new market sustains long-term client relationships. This strategy allows for progressive expansion, but only where three conditions converge: concentrated Dominican diaspora communities with sustained economic ties to the Dominican Republic, regulatory and operational feasibility, particularly the ability to support activity through representative offices or equivalent structures, and demonstrated demand signals.

The next three to five years points to a qualitative shift in diaspora investment behaviour. First, there is a clear movement from sentimental ownership to strategic investment. Second, diaspora investors are showing a stronger preference for formal, institutionally mediated channels. And finally, the younger diaspora segment tends to prioritise entry-level or future-orientated assets, while more established individuals focus on retirement, anchoring, or reintegration-linked purchases. This diversification of motivations is influencing how Banreservas structures advisory conversations and sequences client engagement over time.

With diaspora investment contributing to national economic development primarily by transforming external household income into structured, long-term domestic capital, Banreservas’ long-term objectives are driving financial inclusion, fostering foreign direct investment and supporting key productive sectors. By empowering confident diaspora investment, Banreservas reinforces its leadership role in national development while expanding its international footprint in a sustainable way by adopting a focused model that strengthens value creation in the Dominican Republic through targeted international interaction.

From a growth perspective, the expansion allows Banreservas to diversify its customer acquisition channels by engaging Dominican communities abroad at earlier stages of their financial decision-making. From an economic development standpoint, the strategy is goal orientated.

By facilitating diaspora investment in housing and related sectors in the Dominican Republic, Banreservas acts as a conduit that transforms external income flows into productive domestic investment.

Kazakhstan’s banking ambitions go global

Posted on by itsupport

ForteBank is one of the leading banks in Kazakhstan, serving retail, SME and corporate clients and boasting 21 branches and 71 outlets across the country. The bank’s Chief executive officer is Talgat Kuanyshev, a banking executive with more than 30 years of leadership experience in Kazakhstan’s financial sector. He has led ForteBank through key phases of strategic development and transformation, with a focus on sustainable growth and operational excellence. Kuanyshev spoke to World Finance about the bank’s recent landmark acquisition, a bond issue that made history, and why growing awareness among investors means there is no longer a need to “explain Kazakhstan from the ground up.”

ForteBank acquired Home Credit Bank late last year – what was the rationale behind this acquisition?
The acquisition of Home Credit Bank is a logical step in the execution of our long-term strategy. We were looking for an opportunity to accelerate growth in the retail and consumer segment – an area where Home Credit Bank has built strong expertise and brand recognition. For Forte, this transaction adds a mature retail technology platform and a well-established customer base. By combining the expertise of the two banks, we expand our product offering and strengthen our focus on service quality and reliability.

What benefits will this transaction bring to ForteBank’s clients and shareholders?
For our clients, the key advantage at this stage is continuity: all existing agreements remain valid, and clients of both banks continue to be served under the same terms through the same channels – branches, call centres and digital platforms. In the medium term, clients will gain access to a broader product range, combining Forte’s corporate and premium offerings with Home Credit’s strong consumer lending expertise. For shareholders, the logic is equally clear: we strengthen our market position, build a more resilient and diversified business and create a platform for sustainable growth. This deal is not about scale for the sake of scale – it is about the quality of growth.

Do you expect any challenges during the integration process, and how will you address them?
Any integration of this scale comes with operational complexity, and we approach it with realism rather than excessive optimism. Our principle is simple: customer experience comes first, and we will not compromise service stability for the sake of faster technical integration. Therefore, the integration will be phased, with priorities determined by business value rather than arbitrary timelines.

Last year ForteBank issued $400m in Additional Tier 1 (AT1) bonds. Why was this milestone so important?
The significance of this issuance goes far beyond a single transaction. It is the first Additional Tier 1 placement in Kazakhstan’s capital market – a benchmark that opens a new chapter in the development of the country’s financial system. The bonds were issued in accordance with 144A/RegS standards, listed on the Vienna MTF and the Astana International Exchange (AIX), governed by English law, and fully compliant with Basel III requirements. The instrument is included in Tier 1 capital in tenge.

We expand our product offering and strengthen our focus on service quality and reliability

For ForteBank, this is part of a deliberate strategy: strengthening the capital structure, diversifying funding sources and expanding access to international markets. For Kazakhstan, it sets a precedent demonstrating that local institutions can attract capital from the deepest global liquidity pools on terms comparable to issuers from more established markets.

The issuance was three times oversubscribed – what drove such strong demand from international investors?
Yes, the order book was nearly three times oversubscribed, with participation from more than 100 investors from the UK, the US, Switzerland and Hong Kong. The geography and quality of the investor base speak for themselves: this was not opportunistic demand, but a well-balanced allocation among long-term institutional investors. Confidence was driven by several factors – ForteBank’s reputation as an issuer with transparent reporting and disciplined capital management, the structural quality of the instrument, and the growing recognition of Kazakhstan as a mature emerging market. We worked with a strong syndicate – JPMorgan as global coordinator and bookrunner, First Abu Dhabi Bank, Commerzbank, and Mashreq as joint bookrunners, and ForteFinance as the local placement partner.

Have you observed a shift in global investor confidence in Kazakhstan in recent years? What is driving the country’s development as an increasingly attractive emerging market?
Yes, the shift is tangible. A few years ago, discussions with international investors required a significant ‘educational’ component – Kazakhstan had to be explained from the ground up. Today, these conversations start from a much higher level of awareness. Investors come informed about the country’s macroeconomic stability, its strategic position between major economic blocs, and the depth of reforms in the financial sector. The geography of demand for our AT1 issuance – the UK, the US, Switzerland, Hong Kong – would have been difficult to imagine five years ago. This is supported by several factors: prudent monetary policy, strengthening of the regulatory framework under the Agency for Regulation and Development of the Financial Market, and the emergence of Kazakh issuers building a credible track record in international markets. Each successful transaction by a Kazakh issuer makes it easier for the next – and we see our role in continuing to set these benchmarks.

In 2025, ForteBank became the first commercial bank in Kazakhstan to secure a syndicated loan in Chinese yuan. Why was this transaction so important?
This is the first syndicated loan in yuan raised by a commercial bank in Kazakhstan – RMB 750m (€95m) with a three-year tenor. Its significance is twofold. First, it expands the toolkit available to Kazakh banks: syndicated funding has traditionally been predominantly USD-based, and the introduction of yuan opens a new dimension of currency diversification. Second, it reflects the practical realities of our economy – China is one of Kazakhstan’s largest trading partners, and a significant share of our corporate clients conducts settlements in yuan. The ability to fund these flows directly in the same currency reduces FX risk for our clients. This is the kind of benchmark that creates a template for others to follow.

What does this mean for the future of commercial lending in the country and the development of alternative currency financing?
I believe we are at the beginning of a structural shift. The dominance of the US dollar in cross-border financing will remain, but the share of alternative currencies – yuan, dirham, and others – will continue to grow as trade flows evolve. For commercial lending in Kazakhstan, this is a positive trend: borrowers gain more options, banks can align funding with the currency of their clients’ businesses, and vulnerability to shocks in a single currency is reduced. Our yuan deal was twice oversubscribed, with five international banks participating in the syndicate – including ICBC Standard Bank, First Abu Dhabi Bank, the Export-Import Bank of China as Mandated Lead Arrangers, and Altyn Bank as the arranger.

The proceeds are directed toward major investment projects in metallurgy, industry, and other strategic sectors, supporting modernisation and enhancing the international competitiveness of our economy.

What is your vision for expanding business flows and strengthening ties between China and Kazakhstan? How do you plan to achieve this?
Kazakhstan and China are neighbours with deep economic ties: a shared border, infrastructure projects, and growing trade volumes. Forte’s role in this landscape is to provide clients with convenient and reliable financing for operations with Chinese counterparties. The yuan syndicated loan is an important step in this direction: it not only diversifies our funding but also lays the foundation for further cooperation. Within this transaction, we partnered with leading Chinese institutions – ICBC and the Export-Import Bank of China – and we see this as a foundation for building long-term partnerships.

Across all these initiatives, there is a clear theme of expansion and diversification. What is your long-term strategic vision for ForteBank?
If we look at these three transactions together – the AT1 issuance, the yuan syndicated loan, and the acquisition of Home Credit Bank – they are not three separate stories. They are three expressions of the same long-term strategy: building a bank that is structurally stronger, more diversified, and more deeply integrated into the global economy. AT1 strengthens our capital base and provides capacity for further lending to Kazakhstan’s economy. The yuan loan diversifies funding and aligns it with how our clients actually conduct business. The acquisition of Home Credit expands our capabilities in retail and accelerates our entry into consumer finance. Each of these steps addresses a specific objective or opens a new opportunity – and together they position ForteBank as a bank that supports Kazakhstan’s economy across all cycles. That is the bank we are building.

The model built for industrial resilience

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What truly allows a company to endure for nearly a century? Not merely to survive, but to remain relevant, trusted and capable of renewing itself generation after generation? At Şişecam, we believe the answer lies far deeper than balance sheets or scale alone. Our real strength comes from the trust we earn, the society we strengthen and above all, the enduring value we create together with all our stakeholders. Şişecam’s foundations were laid with a purpose far broader than that of a typical enterprise. We were founded to build something that did not yet exist: the glass industry in Türkiye. At a time when there was no domestic production, no established know how, and no industrial tradition in glass, Şişecam was entrusted with creating an entire sector from the ground up. This pioneering responsibility shaped our institutional character long before we became a global company.

We were established as the industrial heart of the İş Bank Group. This close connection to one of Türkiye’s most respected and long standing financial institutions embedded a strong sense of discipline, accountability and long-term thinking into our DNA from day one. In many ways, Şişecam today represents a living industrial ecosystem of the Group. This unique structure provides us with a robust financial backbone and a governance culture rooted in prudence. It allows us to pursue ambitious, long-term investments with confidence. It means that while we operate with the agility of a global industrial leader, we are guided by the stability and foresight of a major financial institution.

Over time, this foundation enabled us to grow beyond borders. Today, Şişecam operates across 13 countries on four continents. Yet the reach of what we do extends far wider. Through our products, we touch everyday life in more than 150 countries, often quietly, but always meaningfully. From homes and cities to vehicles, factories and tables around the world, our products become part of daily lives. We are not just making glass; we are crafting a better quality of life.

High-performance architectural glass
Our global presence is not built on a single product or market. Şişecam is the only global company operating in all core areas of glass. In flat glass, our solutions shape modern architecture, bring daylight into the spaces where we live, work and connect. Our high-performance architectural glass does more than define skylines; it creates energy-efficient buildings that reduce our collective carbon footprint, improves thermal insulation to enhance indoor comfort and reduce energy demand, enhances security in public spaces, and provides superior acoustic insulation for quieter, more productive environments.

In automotive glass, we accompany millions of journeys every day, contributing to visibility, safety and comfort. From standard windshields to HUD, we are a critical partner to the world’s leading automotive brands, enabling the future of mobility.

In glass packaging, we are present at moments when people enjoy a bottle during a shared meal or when food is kept fresh and safe until it reaches the table. Our glass protects taste, quality and trust. As a 100 percent and infinitely recyclable material, and through advanced lightweighting efforts it is also a powerful answer to the global challenge of packaging waste, offering brands a sustainable choice.

In glassware, our products are set on tables, raised in celebration, and used in moments that bring people together. By blending timeless aesthetics with lasting durability, our glassware elevates both daily rituals and life’s special occasions, turning simple moments into lasting memories.

In chemicals and raw materials, we work behind the scenes, supplying critical inputs that support both our own glass production and a wide range of other industries. Our expertise in products like soda ash and chromium chemicals gives us a strategic advantage, ensuring supply chain security and providing a platform for innovation across multiple sectors.

This breadth is not coincidental. It reflects a deliberate choice to build expertise across the full glass value chain, allowing us to manage complexity, strengthen resilience and respond to diverse customer needs with consistency and depth. It is what enables us to balance scale with specialisation and stability with adaptability. This integrated model creates a virtuous cycle: advancements in our chemicals business can lead to innovations in glass formulation, while insights from our packaging clients can inform new designs in our glassware division. It is a source of synergistic strength that is difficult to replicate.

Transparency and accountability
The same philosophy shapes our approach to governance. For us, transparency and accountability are not corporate expressions; they are the basis of trust in every relationship. We believe that lasting value can only be created when the rights and interests of all stakeholders are respected: customers, employees, partners and shareholders. Operating in line with international standards is not an ambition for the future; it is the way we work today. Our focus is clear: to deliver profitability, efficiency, and real added value while acting fairly and responsibly in every interaction.

Through our products, we touch everyday life in more than 150 countries

To bring this to life, we have established a governance framework that is both robust and adaptive. For over a decade, we have pioneered the use of digital platforms for our General Assemblies, ensuring every shareholder has an equal and transparent voice. This removes geographical barriers and reinforces our commitment to fairness and inclusion. Our Board of Directors also utilises secure electronic systems, enabling effective oversight across our global operations and ensuring that decision-making remains agile and well-informed. These are not just tools; they are tangible expressions of our commitment to modern, accountable governance.

Behind all of this stands the true engine of Şişecam’s success: our people. Şişecam is a collective effort. We draw our strength from the talent, commitment and sense of ownership of our teams across different geographies and cultures. Our ambition is to remain a lean and empowered organisation, one where responsibility is shared, collaboration is natural and people feel personally invested in what they build. Because strategies only work when people truly believe in them and are empowered to bring them to life. Our internal idea development platforms and social engagement initiatives are designed to give every employee a voice, fostering a sense of belonging and a shared purpose. We know that the best ideas often come from those closest to work and we strive to create an environment where those ideas can flourish.

This belief directly defines our relationship with the customers, our most important partners. With every investment decision, every operational improvement, and every innovation, we ask a simple question: ‘How does this serve our customers better?’ Their success is the clearest reflection of our own. By keeping customer needs at the centre, we ensure that excellence is practical, relevant and sustainable. This means co-creating solutions, anticipating market trends, and being a reliable partner they can count on, day in and day out. It is a relationship built not on transactions, but on a shared journey toward mutual growth.

Attention on the future
Today, Şişecam is navigating a period that calls for focus rather than expansion for its own sake. While we take pride in our 90-year history, our attention is firmly on the future. In an environment that demands efficiency, financial discipline, and innovation, we are prioritising stronger profitability and higher value-added production. This requires a pragmatic mindset, one that honours institutional discipline while embracing the agility needed to succeed in competitive global markets. This involves optimising our production processes, rationalising our portfolio to focus on high-margin products, and investing strategically in areas with the greatest potential for growth and innovation. It is about being smarter, not just bigger.

In a world shaped by sustainability and technology, glass holds a distinctive advantage. It is infinitely recyclable, chemically inert and essential to sectors ranging from renewable energy to pharmaceuticals. At Şişecam, we are advancing this potential through people-driven and digitally supported processes, bringing together experience and data, craftsmanship and technology. Our CareforNext sustainability strategy is a core part of this vision. It is governed with the same rigour as our financial performance, with clear, science-based targets overseen by our Board’s Sustainability Committee. From increasing our use of recycled glass to investing in renewable energy and improving water stewardship, we are embedding sustainability into every aspect of our capital allocation and performance metrics.

Simultaneously, our digital transformation programme, IT X.0, is reshaping our industrial landscape. On the production sites, digital twins of our glass furnaces have evolved into self-optimising systems. These pioneering applications of machine learning and AI are driving unprecedented gains in efficiency and sustainability. These are not futuristic experiments; they are practical, value-driven initiatives that strengthen our competitive edge today.

We may have 90 years behind us, but for us, the most meaningful chapter lies ahead. We invite our partners, customers, and stakeholders to look beyond our heritage and focus on the journey we are shaping today. Our foundations are strong, our presence is global, our people are committed, and our intent is clear: to create enduring value that connects industries, societies, and generations.

The future of wealth management in Macao

Posted on by itsupport

Profound changes transforming the global financial system have created a complex and volatile landscape driven by technological advancements, geopolitical reshaping and the growing emphasis on sustainable development. This, in turn, is accelerating the rise of emerging markets, transforming financial centres and reshaping cross-border capital flow patterns undergoing constant adjustment. With its unique geographical advantages and status as an international free port, the continued development of the Guangdong-Hong Kong-Macao Greater Bay Area, and China’s commitment to opening up, present Macao with a unique opportunity to develop into a major regional wealth management centre.

The combined implementation of China’s 15th Five-Year Plan (2026–2030) for National Economic and Social Development and Macao Special Administrative Region’s (SAR) upcoming third Five-Year Development Plan (2026–2030) positions Macao’s wealth management industry at a pivotal moment. These strategies reinforce Macao’s role as a key wealth hub in serving local residents while building a bridge between Chinese Mainland and foreign markets.

Macao is a market of strategic potential
With a population of approximately 680,000, Macao has already accumulated substantial private wealth, with per capita financial assets approaching MOP one million ($123,965) and wealth management assets under management (AUM) about $28bn, which provides a solid foundation of wealth accumulation. However, local financial institutions currently manage only 32 percent of residents’ investable assets; the remainder continues to flow into overseas financial markets, highlighting the need to improve the scale and depth of the market, expand investment channels and wealth management products, and strengthen professional talents and international cooperation.

Macao’s wealth management industry should focus on three strategic priorities

Furthermore, the majority of domestically managed funds remain focused in traditional deposits and insurance products. Allocations to equities, funds, bonds, and more complex derivatives remain relatively low, reflecting an immature market characterised by a relatively conservative risk profile. If Macao is to compete with established international wealth management centres such as Hong Kong and Singapore, it must pursue a differentiated development path. This means fully leveraging its access to the vast Chinese Mainland market, its close ties with the Guangdong-Hong Kong-Macao Greater Bay Area, the institutional advantages of ‘One Country, Two Systems,’ and its highly open business environment.

2026 marks a pivotal year for Macao’s financial development because China’s 15th Five-Year Plan supports Macao in enhancing its competitiveness in a specialised financial industry, and upgrades its strategic positioning, shifting from ‘integrating into’ national development to ‘serving and integrating into’ it. This will allow Macao to be more proactive in financial development, while still remaining aligned with the national strategy of financial opening up.

Macao’s enactment of a new Financial System Act (2023) and introduction of the Investment Fund Law (2025) further advance economic diversification, investor protection, and the development of the local asset management industry. These frameworks lay a solid foundation for financial product innovation and standardised operation. They also clarify the rights and responsibilities of market participants and enhance the transparency and international recognition of Macao’s financial market. The collaborative effect of policy instruction and institutional framework construction is accelerating the transformation and upgrading of Macao’s wealth management market.

Strategic requirements for growth
Macao’s wealth management industry should focus on three strategic priorities to build its core competitiveness: consolidation, innovation and talent development. The first priority is to consolidate the local market and promote cross-border collaboration. Rooted in the domestic market, the industry should strengthen its local base and enhance service capabilities, while deepening institutional cooperation with established financial centres including Hong Kong, Singapore and major European and American markets. It should also fully leverage the Guangdong-Macao In-Depth Cooperation zone in Hengqin and the policy advantages of the Guangdong-Hong Kong-Macao Greater Bay Area to actively explore innovative cross-border financing models and establish efficient channels for cross-border wealth management.

The second priority is to drive product innovation and enable technological transformation by developing diversified wealth management offerings, strengthening traditional product lines, and proactively developing green finance products aligned with ESG (environmental, social and governance) principles. This will better meet the Greater Bay Area investors’ demand for global asset allocation through comprehensive cross-border wealth management solutions. Accelerating technology application in areas such as asset allocation and risk management will improve operational efficiency and customer experience, supporting the development of a more competitive digital financial ecosystem.

Finally, talent development is fundamental to the long-term growth of Macao’s wealth management industry. The sector should establish internationally aligned talent development mechanisms, strengthen cooperation with leading universities and professional institutions, and refine talent attraction policies to bring in professionals with global experience and expertise. Equally important is the cultivation of a more mature market culture, to guide investors from a capital preservation mindset towards a capital appreciation strategy focused on long-term, stable returns in asset allocation. This will help build a more rational and substantial wealth management ecosystem.

The architect for market advancement
By leveraging Macao’s distinct advantages and its own institutional capabilities, Industrial and Commercial Bank of China, ICBC (Macau), a leading institution in the local financial sector, is contributing to Macao’s development as a specialised financial hub by cultivating the local market, strengthening regional connectivity, driving product innovation, and developing digital transformation in wealth management services.

In line with Macao’s economic and social development needs, ICBC (Macau) is attuned to the diverse and individualised financial requirements of local residents and enterprises, providing comprehensive wealth management solutions. It is fully committed to positioning itself as ‘a bank for Macao residents,’ and to supporting Macao’s moderate economic diversification.

Supported by ICBC’s strong global network and service capabilities, ICBC (Macau) is building a safe, compliant and efficient financial bridge between the Chinese Mainland and international markets, establishing a one-stop, cross-regional, asset allocation platform. This facilitates seamless financial services for residents and enterprises in the Greater Bay Area, while also providing robust financial support for the integrated economic development of the region.

ICBC (Macau) maintains a strong focus on market trends and customer demands

Fully optimising Macao’s geographical and policy advantages under ‘One Country, Two Systems’ and with support from national central government, ICBC (Macau) maintains a strong focus on market trends and customer demands. It offers a differentiated and specialised wealth management product portfolio, and fosters expertise and brand influence in core business areas such as green finance, cross-border financial solutions and family wealth management. All of this stimulates market vitality and meets increasingly complex customer demands through high-quality, customised, and innovative services.

Contributing to Macao’s financial modernisation and infrastructure development, ICBC (Macau) is embracing digital transformation and exploiting the group’s fintech capabilities to drive the development of its wealth management services. It aims to build a secure, efficient and inclusive modern wealth management system, further enhancing service quality and core competitiveness.

The path forward
Empowered by national strategies, supported by local policies and legislation, and driven by the evolving wealth preservation and appreciation needs of Macao residents, the wealth management industry is laying a solid foundation for future development.

With the coordinated efforts of central and local governments, plus support from society as a whole, Macao is well positioned to seize this historic opportunity to develop a distinctive regional wealth management centre; firmly rooted in the local market, closely integrated with the rest of the Greater Bay Area, and extending its global influence. As the largest locally registered bank, ICBC (Macau) will continue to play a leading role in the industry, deepen its wealth management capabilities, and fully support the development of Macao’s distinctive financial system.

By providing essential financial strength to enhance Macao’s global competitiveness, promote diversified economic development, and improve livelihoods, ICBC (Macau) will work with all sectors of society to write a new chapter in Macao’s financial development.

BtcDana evolves with the next phase of online trading

Posted on by itsupport

The online trading industry is entering a more mature phase. Access to global markets is no longer the main differentiator it once was. Today, traders expect speed, transparency, product depth, regulatory discipline, and platform reliability — all delivered in an environment where market conditions can change within seconds.

Against this backdrop, BtcDana has been named Most Innovative CFD Broker and Most Reliable FX Broker in the World Finance Forex Awards 2026. The recognition reflects the company’s continued development in a sector shaped by wider retail participation, higher compliance expectations, and a growing demand for tools that help traders act with greater clarity and discipline.

For BtcDana, the awards are not only a marker of progress, but also a reflection of how the role of a broker has evolved. Modern traders are no longer looking simply for market access. They need platforms that help them interpret complexity, manage risk, and respond to opportunities across asset classes. In a marketplace defined by data, volatility, and global connectivity, innovation and reliability have become inseparable.

From access to insight
Over the past several years, retail trading has moved from the margins of financial markets into the mainstream. Improved digital infrastructure, mobile-first platforms, and real-time market data have made it easier for individuals to participate in global markets. Yet this broader access has also raised expectations. Traders now want more than fast execution. They want usable information, clearer risk controls, educational support, and a platform experience that can keep pace with increasingly complex market conditions.

Innovation must be matched by reliability

This shift is particularly important in the CFD and foreign exchange sectors. Currency pairs, commodities, indices, equities, and crypto-linked markets are increasingly connected by macroeconomic data, interest-rate expectations, geopolitical developments, and changing investor sentiment. A trader watching gold may also be watching the US dollar. A trader assessing equity indices may be following inflation data, central bank guidance, or commodity prices. The modern trading environment is cross-asset, data-led, and highly responsive. BtcDana has built its offering around this new reality. Serving clients across more than 150 countries and regions, the company provides CFD access across forex, cryptocurrencies, stocks, indices, precious metals, and commodities. Its platform environment includes mobile, web, and MetaTrader 5 access, enabling users to monitor markets and manage positions in a way that suits their trading style and level of experience.

The recognition as Most Innovative CFD Broker reflects this practical approach to innovation. In brokerage, innovation is not simply about adding more features. It is about making market participation more informed, more flexible, and more manageable. BtcDana has continued to develop tools that support real-time analysis, including technical indicators, economic calendars, calculators, market updates, educational resources, and platform-based insights.

These features help traders move beyond reactive decision-making and toward a more structured approach to market participation.

At the same time, innovation must be matched by reliability. The award for Most Reliable FX Broker points to one of the most important expectations in foreign exchange trading: consistency under pressure. FX markets are open across global sessions and can move quickly around economic releases, policy decisions, elections, and geopolitical events. During these moments, traders need confidence in platform access, account visibility, execution processes, and support.

BtcDana’s reliability is supported by a multi-platform trading model, security controls, identity verification procedures, two-factor authentication, transparent funding processes, and customer support designed for a global user base. These operational foundations are essential in a sector where trust is built over time, not through promises but through repeated performance across different market conditions.

The regulatory environment has also become more demanding. In Mauritius, where Dana Global Limited is licensed, the Financial Services Commission has continued to strengthen digital supervision, governance standards, and compliance expectations. Across the wider global industry, regulators are placing greater emphasis on customer protection, AML/CFT controls, transparency, responsible communication, and operational substance. For CFD and FX brokers, sustainable growth now depends not only on technology and scale, but also on the ability to operate with discipline and accountability.

BtcDana has responded by embedding compliance awareness into its operating model. Dana Global Limited holds an Investment Dealer Licence, Full-Service Dealer excluding Underwriting, under the regulation of the Mauritius Financial Services Commission.

The company’s framework includes attention to client verification, market access restrictions, fund security, risk assessment, and clear communication around trading conditions. These are not simply regulatory requirements. They are central to building long-term confidence in a global trading environment.

A shift in trader behaviour
The cultural shift among traders is just as significant. Earlier stages of online trading were often defined by access: opening an account, seeing prices, and entering the market. Today, the conversation is more sophisticated. Traders want to understand volatility. They want to test assumptions. They want access to education and tools that help them evaluate risk before they trade. They also expect brokers to communicate clearly about leverage, margin, and the possibility of loss.

This is where BtcDana’s approach aligns with the broader evolution of retail markets. The company’s educational and market content emphasises data, discipline, and the importance of questioning old assumptions. In an environment shaped by 24-hour news, algorithmic flows, and global participation, simple trading rules are no longer enough. Traders need to interpret market signals in context and adapt as conditions change.

The two World Finance distinctions therefore come at a meaningful point for BtcDana. They recognise a company operating in an industry that is becoming more competitive, more transparent, and more compliance-driven. They also reinforce the standards that BtcDana continues to prioritise: innovation that addresses real trader needs, reliability that supports users through changing market conditions, and a responsible approach to growth.

As CFD and FX markets continue to evolve, the role of the broker will continue to expand. Providing access is only one part of the relationship. The next stage of online trading will be shaped by platforms that combine technology with education, product range with risk awareness, and global reach with operational accountability.

For BtcDana, being named Most Innovative CFD Broker and Most Reliable FX Broker is both recognition and responsibility. It affirms the company’s progress to date while pointing toward the future it aims to build: a trading ecosystem where access, data, transparency, and discipline work together to help traders navigate global markets with greater confidence.

AFP Capital leads Chile’s new pension era

Posted on by itsupport

Chile’s pension system is undergoing one of the most profound transformations since its creation. The approval of the pension reform and the start of its implementation have ushered in a new stage marked by higher regulatory, operational and technical requirements, in a context also shaped by demographic challenges, increasing life expectancy and growing expectations from individuals regarding their future pensions.

Against this backdrop, AFP Capital has deployed a management approach focused on combining technical excellence, investment discipline and close engagement with members and pensioners, reaffirming its purpose of supporting people in building their long-term financial wellbeing and improving pensions over time.

A structural pillar for pensions
Investment returns are one of the most decisive factors in determining the final level of pensions. At AFP Capital, this conviction translates into a consistent, rigorous and disciplined investment strategy, based on diversification, active risk management and a long-term view of financial markets.

In 2025, this strategy was reflected in outstanding performance: AFP Capital led annual returns under Chile’s multi-fund investment scheme for Funds A, B and C, while also achieving strong results in Funds D and E. This leadership is not the result of a one-off cycle, but rather of a sustained track record that has positioned the company as a benchmark in the industry and the top performer in terms of returns over the past seven years, generating higher accumulated balances and better pension prospects for those who entrust their savings to its management.

Fund management combines traditional financial criteria with the systematic integration of environmental, social and governance (ESG) factors, strengthening portfolio resilience in the face of market volatility, climate-related risks and structural changes in the global economy.

Pension reform
The year 2025 marked a milestone for Chile’s pension system with the approval of the pension reform. For AFP Capital, this process required anticipating capabilities, adapting processes and assembling interdisciplinary teams dedicated to ensuring a rigorous implementation, meeting new regulatory requirements without compromising operational continuity or service quality.

Success depends largely on the quality of [pension reform] implementation

AFP Capital has consistently maintained that any pension reform must be assessed by its real capacity to improve pensions, and that its success depends largely on the quality of its implementation. In long-term savings systems, technical decisions – such as transition periods, the implementation of benefits that increase final pensions, the new investment regime (including glidepath design), the treatment of alternative assets, or benchmark design – can have significant impacts on future returns.

In particular, AFP Capital has expressed its willingness to actively contribute to the design and implementation of the transition towards generational funds, with the conviction that they can strengthen the long-term logic of pension savings. However, for this shift to translate effectively into higher replacement rates, there are still technical aspects of the law’s implementation that need to be improved.

Accordingly, the company has promoted a technical, prudent and constructive approach during this phase, placing its experience at the service of an implementation process that preserves appropriate incentives, fosters competition for better returns and adequately safeguards the retirement savings of millions of members. AFP Capital has been clear in its public statements that advancing towards higher returns and a more sustainable system will only be possible if the technical issues of the ongoing reform are properly addressed, incorporating the insights and contributions of pension fund managers.

In line with the above, from August 2025 to date, AFP Capital has carried out significant work during the first phase of the implementation of system changes, ensuring operational continuity and delivering the new benefits to members and pensioners in a timely and effective manner.

Moreover, AFP Capital – currently serving more than 1.4 million members and pensioners – benefits from the backing and regional experience of its shareholder, SURA Asset Management, the largest pension manager in the region with 25 million clients. This support enables the company to leverage comparative insights from pension systems across the region, advanced management capabilities and a strategic outlook to ensure a well-executed transition.

Innovation and engagement
Building better pensions requires not only strong investment results, but also clear information, pension education and ongoing support. In line with this vision, AFP Capital has strengthened its value proposition for members and pensioners by incorporating tools that facilitate more informed decision-making throughout the entire lifecycle.

AFP Capital has strengthened its value proposition for members and pensioners

One of the most significant milestones was the launch of the Personalised Pension Report (IPP), which presents clear and understandable information on balances, returns, risk profiles and pension projections. This tool aims to simplify the technical complexity of the pension system, enabling individuals to model scenarios and assess savings and retirement options with greater clarity.

This is complemented by specialised advisory services supported by advanced digital tools, pension simulators and hybrid service channels that combine technology, information security and human proximity.

Operational excellence
The scale of regulatory change and rising service expectations have required a strengthening of operational capacity. AFP Capital has maintained high standards of continuity, service quality and claims resolution, underpinned by international ISO 9001 and ISO 10002 certifications, making it the first and only pension fund manager in Chile to hold both certifications, alongside a robust risk management framework.

In recent years, the company has made decisive progress in its digital transformation, expanding the reach of remote and assisted channels, reinforcing cybersecurity and developing solutions based on data analytics and artificial intelligence. Today, the majority of interactions with members and pensioners take place through digital channels, enabling the scaling of service delivery without compromising quality or traceability.

Foundations of trust
Managing pension savings entails a fiduciary mandate of the highest responsibility. In this regard, AFP Capital operates under a solid corporate governance structure, robust control frameworks and an ethical management approach aligned with the highest national and international standards.

Sustainability is understood as a cross-cutting pillar of management – not only in terms of responsible investment, but also in the way the company engages with its stakeholders, including employees, suppliers, communities and the broader environment. This approach reinforces business stability and trust in the system, both essential elements for long-term savings.

Looking ahead
The pension challenge in Chile is structural and long term. Population ageing, discontinuous employment trajectories and new system rules require pension managers with technical expertise, adaptability and a strong service ethos.

AFP Capital faces this stage from a position of strength, with highly skilled teams and a track record that combines consistent results, investment discipline and a commitment to people. Its objective is clear: to continue managing pension savings with excellence, security and a long-term perspective, contributing actively to a more sustainable pension system and to better pensions for Chileans.

Turning glass into a climate solution

Posted on by itsupport

At BA Glass, sustainability is not a static ambition; it is a dynamic process of continuous improvement, resilience and innovation. Throughout our 112-year history, we have been guided by our core sustainability pillars, people, social accountability, environmental responsibility, shareholders, customers and consumers. This approach ensures a balanced and responsible approach to growth and innovation. As expectations around environmental performance continue to rise, our responsibility is not only to set ambitious targets, but to consistently deliver measurable results, even in the face of operational challenges.

These recent years have been proof of BA Glass’ strong commitment. Our decarbonisation roadmap, aligned with the Science Based Targets initiative, sets a clear objective: to reduce Scope One and Two emissions by 50 percent by 2035. Today, we are already 22 percent below our 2020 baseline. This places BA Glass ahead of the required trajectory and reinforces our confidence in achieving our long-term goals. More importantly, it demonstrates that sustainability at BA Glass is embedded in how we operate, not treated as a parallel initiative, but as a core driver of performance. This progress is particularly meaningful given the context in which it was achieved.

In 2025, BA Glass operated in a challenging environment marked by production stoppages that impacted furnace efficiency. These disruptions could have slowed our momentum. Instead, they highlighted the resilience of our operations and the strength of our strategy. Even under these conditions, we reduced direct CO₂ emissions per ton of glass produced by 5.9 percent compared to the previous year. This ability to maintain progress under pressure is a critical indicator of long-term sustainability.

We are helping to improve collection, sorting and processing infrastructure

A key factor behind this resilience is BA Glass’ evolving approach to energy. While we have already achieved a significant milestone, sourcing 100 percent of our electricity from renewable energy across our European operations, we recognise that the path to decarbonisation requires a broader transformation of our energy mix. Reducing reliance on fossil fuels demands both innovation and pragmatism.

In this context, biomethane is emerging as a promising near-term solution. As a chemically identical alternative to natural gas, it can be integrated into existing infrastructure without the need for major modifications. This makes it a practical solution for reducing emissions while maintaining operational stability. Although the biomethane market is still in its early stages and availability remains limited, we see strong long-term potential. BA Glass’ early adoption reflects a proactive approach: acting today on scalable solutions while continuing to explore future technologies.

At the same time, circularity remains central to our decarbonisation strategy. Glass is inherently a circular material, capable of being recycled indefinitely without loss of quality. At BA Glass, we are committed to maximising this potential. In 2025, we increased our use of recycled glass to an average of 42.2 percent across our European operations. This progress directly contributes to lower energy consumption and reduced emissions, as recycled glass melts at lower temperatures than virgin raw materials.

Beyond the numbers, this achievement reflects a broader industrial shift, one that requires not only internal optimisation, but also strong and reliable recycling ecosystems. The availability and quality of recycled glass remain key challenges, particularly for certain segments such as colourless glass. Addressing these constraints requires coordinated action across the value chain. That is why at BA Glass we continue to play an active role in strengthening recycling systems across the regions where we operate. Through our involvement in initiatives and partnerships, we are helping to improve collection, sorting and processing infrastructure. The integration of recycling capabilities, such as those supported by Recresco, that has been a part of the BA Glass Group since 2024, contributes to a more resilient and competitive ecosystem, ensuring that glass remains a truly circular packaging solution.

Sustainable future
These combined efforts, across energy, circularity, and materials, are shaping a more sustainable and resilient future for glass packaging. They also reflect a broader principle that guides us: meaningful progress is achieved not through isolated actions, but through integrated strategies that address the full complexity of our operations. As we look ahead, our focus remains clear. BA Glass will continue to accelerate decarbonisation, strengthen circular systems, and invest in innovation across all aspects of its business. At the same time, we recognise that transformation at scale cannot be achieved alone. Collaboration across the value chain will remain essential to unlocking further progress and ensuring that sustainable packaging solutions are widely accessible.

Glass has a unique role to play in this transition. Its circular nature, combined with ongoing advancements in production and resource efficiency, positions it as one of the most sustainable materials available today. At BA Glass, we are committed to ensuring that this potential is fully realised, through action, through partnership, and through a long-term vision that aligns environmental responsibility with industrial performance.

Why champion-level tech is now a must

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As CRO at GR8 Tech, a B2B platform provider for iGaming operators, I have seen how quickly the market has changed. In online gaming, the old business model was relatively straightforward: launch fast, offer enough content and use strong acquisition to build traction.

That approach is much harder to sustain today. But the shift is not unique to iGaming. Across digital industries, competition is heavier, customer acquisition is more expensive, and users expect speed, personalisation and smooth service as a baseline. Businesses are no longer judged only by what they offer, but by how well every part of the experience works together. In such an environment, technology becomes a key factor in sustainable growth.

What the market now demands
By that, I mean excluding super-innovative technology that looks impressive in a pitch deck but has few use cases. I mean technology that adds value when peak traffic arrives, when a new market demands faster localisation, when regulatory requirements shift, when margins tighten and when customer patience gets shorter.

iGaming has changed in a very important way. Operators are no longer looking for isolated solutions; instead, they are managing ecosystems. Sportsbook, casino, payments, CRM, retention, compliance, content and analytics directly affect one another. A payment issue is no longer just a payment issue; it affects conversion, retention and trust. Weak CRM is no longer just a marketing problem; it affects lifetime value and profitability. Poor infrastructure is no longer just an inconvenience; it becomes immediately apparent during peak demand.

Complexity is now the competitive test
In iGaming, complexity now breaks businesses down into three areas: speed, visibility and consistency. Speed suffers when launches, market changes, or product updates take too long because too many systems depend on each other. Visibility suffers when teams cannot see clearly where performance is slipping – whether in payments, retention, or customer behaviour. Consistency suffers when the customer journey feels smooth in one market or product, but fragmented in another.

That is why the advantage today is making the business easier to run as complexity grows. If payments, CRM, product, support, and data are not working together, the cost shows up quickly in slower decisions, weaker retention, and higher operational drag. This is where AI becomes useful for surfacing important insights sooner: which players are likely to churn, which offers are most relevant, where manual work is slowing teams down, and where performance is starting to slip. The businesses that perform best are usually the ones that can see problems earlier and respond with less friction.

From platforms to performance
This is exactly how we think about our ‘Platform for Champions.’ The label only matters if the platform performs under high pressure. For us, that means giving operators one connected ecosystem that brings together sportsbook, casino, CRM and BI, payments, engagement tools and back office, rather than forcing them to manage fragmented systems when the stakes are highest.

That becomes especially important around major events such as the World Cup. A tournament of that scale does not leave room for weak coordination, slow infrastructure, or disconnected decision-making. It reveals whether the platform was built to absorb pressure from the start. In practical terms, the platform is built to remain stable even during extreme spikes in demand and maintains an average 15-minute resolution time for critical incidents.

That is also the thinking behind our partnership with the football manager José Mourinho through ‘Champions Club,’ our initiative focused on the principles behind long-term performance. He is relevant here not simply because he has won, but because he has done so repeatedly in very different environments and under very different pressures. In business, and increasingly in technology, that kind of consistency comes from preparation, structure, and the ability to adapt without losing direction.

Preparation also begins long before the event itself. It often comes down to reducing friction early, simplifying launch processes, shortening setup time, and making expansion into new markets easier to manage. Over the past year, that work helped cut average project duration in half, made initial brand setup twice as fast as in previous years, and allowed new casino brands to go live in around 1.5 months. In a high-pressure environment, operational readiness matters just as much as scale.

Building for what comes next
Looking ahead, I believe the winners in the iGaming sector will be the ones with stronger systems, clearer commercial focus, better localisation, and the ability to keep performing as the market becomes more complex. That is where we see the future of GR8 Tech as well, focused on disciplined growth.

Digital transformation for sustainable value creation

Posted on by itsupport

Technology has enabled the transformation of business models and customer experiences, with those organisations strategically integrating it, unlocking greater value for its stakeholders. In the banking sector, rising customer expectations for instant and seamless on-demand services and wider adoption of digital technologies have necessitated the modernisation of service delivery. The entry of fintechs and new operating models continue to push the boundaries of traditional banking while intensifying competition. Moreover, the capacity for digital banking services to transcend geographic boundaries has accelerated financial inclusion by improving accessibility for underserved communities and facilitating greater participation in the formal financial system.

Digital transformation
2025 was a significant year for Sampath Bank, as we embarked on our digital transformation journey, embedding technology with intent, across all pillars of strategy and business operations, while remaining true to our vision of making banking convenient and affordable at scale. Our strategy, anchored on the enduring pillars of customer centricity, operational excellence, digital leadership and sustainable growth, is now underpinned by strategic investments in advanced data analytics, formally elevating it as a core strategic capability.

This analytics-driven approach has deepened customer centricity by enabling hyper-personalisation and predictive services while driving operational excellence through intelligent automation and risk foresight. It has also formed the cornerstone of our digital leadership, creating smarter platforms and products while underpinning sustainable growth by allowing for portfolio steering and impact assessment.

Technological advancement directly fuelled our mission of financial inclusion and access

Executing this strategy necessitated deliberate and significant upfront investments in foundational IT infrastructure. This included the deployment of upgrades to the core banking system, a data lake and an advanced API integration platform to create a unified customer data ecosystem. These systems are expected to enable deeper personalisation, unparalleled speed and scalability in product development and service delivery, strengthening our competitive edge and market position within the Sri Lankan banking industry. We also responsibly adopted artificial intelligence and machine learning in areas such as credit assessment and personalised financial insights to enhance credit decisions.

We consciously invested in accelerating team capabilities through focused training and development while supporting their transition to new ways of working through targeted change management initiatives. A newly established team of data scientists and data analysts worked closely with business units to ensure data-led insights translated into actionable decisions to support sustainable growth and an elevated customer experience.

Reflecting its strategic significance, every aspect of technology integration is subject to robust oversight through a strong governance structure that is led by the Board of Directors. This has ensured the alignment of digital investments with strategic priorities, optimised resource allocation and prioritised investments while ensuring compliance with regulatory requirements and industry standards. Moreover, our robust IT governance framework, customer privacy and data security protocols and business continuity plans have reinforced trust in our digital ecosystem while strengthening long-term resilience.

Delivering value
Our digital transformation programme inspired relevant innovation while accelerating financial inclusion, resulting in measurable value creation for our customers. We launched ‘Sampath Select’ in 2025, representing a pioneering step in digital lending. This AI-powered instant personal loan provided our retail customers with a seamless and secure credit application experience, enabling completion in just five clicks via the ‘Sampath Vishwa’ mobile app.

Our retail customers also benefited from tailored lending plans and financial advice, enhancing financial wellness. Data-led insights supported the launch of zero equity housing loans in partnership with selected real estate developers supporting individuals to ownership of their own home. Meanwhile, high net-worth customers benefited from enhanced features on digital platforms elevating and personalising their banking experience.

For our corporate customers, our digitalisation and data analytics strategy enabled innovative, holistic financial solutions tailored to fulfil broad-ranging business needs, enhanced, streamlined and expedited service delivery and sophisticated treasury and trade solutions that improved their operational efficiency and liquidity management. The launch of our API banking platform enabled the seamless integration of corporate systems with the bank, streamlining transactions across supply chains.

Timely data-driven advice on cashflow management and market opportunities delivered to small- and medium-scale enterprises, the backbone of the Sri Lankan economy, elevated our service delivery to that of a strategic enabler that facilitated their growth. The implementation of several systems and digital tools also enabled faster credit decisions and relationship-based pricing alongside increased support delivered by an enlarged and trained team of relationship managers positioning the bank as a preferred partner within this customer segment.

Most significantly, technological advancement directly fuelled our mission of financial inclusion and access. By building sophisticated digital profiles, we are now able to responsibly extend services to segments previously deemed underserved, using alternative data to assess creditworthiness beyond traditional metrics. This allowed us to reach more first-time entrepreneurs, rural businesses, and individuals, ensuring that growth was not just facilitated, but was also equitable and far-reaching.

Building on a legacy
Our designation as a ‘Domestic-Systemically Important Bank’ in 2025 affirmed Sampath Bank’s critical role in safeguarding the country’s financial stability. It also underscored the need to pursue strategies that contributed to broader economic growth within a framework of prudent risk management, robust corporate governance and optimised capital management.

While direct value creation from new strategies will accrue to shareholders over the medium term, value delivered to our investors in 2025 remained significant. Our EPS increased by 11 percent to Rs 25.76 in 2025 compared with Rs 23.30 in 2024 despite higher upfront costs.

The bank’s PAT rose by 11 percent to Rs 30.2bn ($97.5m) in 2025, driven partially by a commendable 21 percent expansion in net fee and commission income, which cushioned the impacts of narrowing net interest margins in an environment of declining interest rates. The bank’s return on equity also improved to 17.93 percent in 2025 from 17.74 percent in 2024.

Sampath Bank’s total assets expanded by 11 percent to Rs 1.98trn ($6.4bn) driven by expansion in its gross loan portfolio. Stable macro-economic conditions and improving business confidence supported a 27 percent increase in gross loans and advances to Rs 1.22trn ($3.95bn), surpassing the Rs 1trn milestone in the second quarter of 2025. Asset growth was funded by healthy deposit growth and the purposeful rebalancing of its investment portfolio. The bank’s deposit base rose by 12 percent to Rs 1.65trn ($5.3bn) with moderate growth in current accounts and savings accounts (CASA), which increased in proportion to 34.7 percent as at end-December 2025 from 34.0 percent as at end-December 2024, easing pressure on net interest margins in an environment of declining interest rates. The bank’s capital position remained strong, with a Tier 1 capital adequacy ratio of 14.75 percent, which stood above industry standards, while asset quality indicators also recorded noteworthy improvement.

Strengthening long-term sustainability
The devastating impact of Cyclone Ditwah on lives, homes, property and livelihoods elevated the importance of emergency preparedness and a sharpened focus on environmental impact management and sustainability. The integration of SLFRS S1 and S2 enabled the formal identification, management and monitoring of the bank’s most critical sustainability and climate-related risks, while a climate first action plan set out clearly specified milestones for implementation. We also launched green deposits, which operate within the green deposit framework, enabling environmentally conscious consumers to participate in the country’s transition to a low-carbon economy. We enhanced our Environment and Social Management System (ESMS) and widened its scope to cover all lending facilities (except for schematised products), ensuring that environmental and social compliance was embedded across the bank’s financing activities. During 2025, we also received ISO14001:2015 certification, affirming compliance with global best practice in environment management.

We also invested in strategic environmental and social projects for shared prosperity. ‘Wewata Jeewayak,’ our flagship project, now in its 25th year, has restored 28 tanks as of December 31, 2025, with 2025 marking the highest number of tank restorations undertaken in a single year. This project has supported the livelihoods of over 16,000 families and rejuvenated over 4,000 acres of paddylands, supporting the nation’s food production while empowering local communities.

The bank also supports these communities by enhancing financial literacy through structured capacity building programmes. Extensions of these projects in partnership with other corporates have enabled many of these communities to thrive as capacity building and access to markets supported socio-economic progress. The ‘Breath to the Ocean’ project enabled the restoration of over 11 hectares of mangroves and wetland, protecting the endemic flora and fauna in these critical ecosystems. The bank continued to invest in its coral restoration programme, deepening our commitment to coastal environment restoration. We also implemented a programme to help 200 women-led start-ups, supporting them through capacity building and access to finance.

Strong foundations for future growth
Sri Lanka’s economic trajectory is expected to remain broadly on course, although the adverse impact of Cyclone Ditwah may moderate near-term recovery momentum as reconstruction of damaged infrastructure progresses. The financial sector is projected to experience measured growth supported by improving investor sentiment.

Against this backdrop, Sampath Bank will continue to execute its strategic agenda, scaling digitalised solutions and advanced data analytics underpinned by sustainability, to drive responsible growth, strengthen organisational resilience and deliver long-term value to all stakeholders.

Trading faster than you understand?

Posted on by itsupport

Opening a trading account has become straightforward, but understanding price drivers, market speed, and the potential loss from unsuitable products requires more effort to understand. In markets shaped by oil shocks, tariff threats, inflation surprises, leveraged products, and rapid digital responses, education has become essential for traders to assess risk, select appropriate instruments and avoid losses caused by insufficient understanding rather than market movement alone.

Contemporary market shocks seldom remain confined to a single asset class. For instance, threats to energy supply can influence crude oil and natural gas prices, increase shipping and insurance costs, lift inflation expectations, and affect interest rates, currencies, airlines, and transport within the same trading session. Central bank statements and inflation data releases can shift bond yields, the US dollar, and growth-sensitive equities within minutes. Additionally, food and water stress increasingly affect global financial markets by influencing farm output, industrial input costs, supply reliability and inflationary pressures.

That describes the trading environment today: prices in equities, bonds, commodities, and currencies adjust rapidly due to interconnected global markets and instantaneous information flow. Volatility is not the primary concern, as price swings are necessary for markets to incorporate new information. The greater risk arises when participants enter fast-moving financial markets without understanding the underlying drivers, the potential for contagion across asset classes, the amplifying effects of leverage, and the influence of product structure on actual trade risk. The same market event may result in a minor controlled loss, a missed opportunity, or a significant trading error, depending largely on the trader’s level of understanding.

Access has expanded quickly
Technological advancements have simplified the process of opening trading accounts, accessing live prices, receiving market alerts, and executing orders within seconds. Although broader access is advantageous, it may cause traders to conflate speed with preparedness. The ability to trade rapidly does not equate to a comprehensive understanding of market drivers or the inherent risks associated with specific products.

Regulatory authorities have cautioned that finfluencers and online copy-trading practices may present high-risk activities as deceptively simple. This is significant because trading decisions are increasingly influenced not only by data, central bank communications, and corporate news, but also by social media content, replicated convictions, and rapid digital commentary. Traders may follow persuasive opinions without understanding the associated time horizon, the specific product involved, or the underlying risk controls.

In this context, education extends beyond acquiring terminology and includes learning how to prepare before assuming risk. Education enables traders to identify the true drivers of price movement, compare headlines with market expectations, select instruments aligned with their trade ideas, and determine when abstaining from trading is preferable to pursuing a forced position. Such preparation constitutes fundamental trading discipline in contemporary markets.

Education changes during an oil shock
An oil price spike illustrates why education alters outcomes. An unprepared trader observes a surge in crude prices due to conflict risk and enters the market late, perceiving the direction as obvious. In contrast, an educated trader begins with a more precise question: Is the movement driven by actual supply loss, fear of supply disruption, or a temporary increase in geopolitical risk premium?

Each answer leads to a different trading decision. If supply has been disrupted, the trader then asks how higher energy costs could affect inflation expectations, interest-rate expectations, oil-importing currencies, airline margins, transport costs, fertiliser prices and food prices. Only after mapping those effects does the trader decide whether crude oil is the best instrument to trade, or whether foreign exchange, rates or equity sectors offer a clearer way to express the same view.

This process protects capital in practical ways. It reduces the impulse to pursue initial price movements when spreads are wide and prices are volatile. It encourages smaller position sizes, recognising that event-driven oil markets can quickly breach stop-loss levels. It may also improve trade selection, as the optimal trade may exist outside the oil market itself. A trader may interpret news correctly yet incur losses if the trade is executed too late, at excessive size, or in a highly volatile instrument. Education enhances decision-making prior to order placement.

Data days punish unprepared traders
The same principle applies to inflation, employment, and central-bank announcement days. An unprepared trader perceives such releases as sudden market noise, whereas an educated trader regards them as scheduled events with defined timing and identifiable risks. Before the release, the educated trader checks the economic calendar, reviews the market forecast, and knows which assets are most exposed, and cuts leverage if an event could widen spreads or change interest-rate expectations. The trader also knows that the first move is not always the final move. Markets often jump in the first seconds and then reverse when traders read the full report.

Education enhances decision-making prior to order placement

This reduces a common type of avoidable loss. Many traders compare new data points with the previous month’s figures rather than with market expectations. Others take large positions before the release, if the most apparent reading will result in a straightforward price movement. Education changes this behaviour by teaching traders to consider whether the data alters the expected path of interest rates, whether the market has already priced in part of the result, and which asset best reflects the new information.

A stronger inflation number is not only a bond-market event. It can strengthen the US dollar, change equity valuations, affect gold prices, pressure rate-sensitive sectors, and alter broader risk appetite. Understanding those links helps traders choose better timing and better instruments.

The cost of one-market thinking
Tariff risk punishes narrow thinking in much the same way. The weak response is to hear the word ‘tariffs’ and place a broad directional bet on one stock index or one currency. The stronger response breaks the event into clear channels. Which manufacturers rely on imported inputs? Which exporters face weaker demand? Which sectors can pass higher costs on to customers? Which currencies may weaken if trade competitiveness deteriorates?

Such analysis does not guarantee profit. More importantly, it prevents traders from using broad macro headlines to justify trades that do not accurately reflect the event’s actual economic impact. Bitcoin belongs in this discussion as well. It is no longer enough to treat bitcoin as a stand-alone crypto story. ETF flows, the US dollar, real yields, market liquidity, leverage unwinds, and social-media-driven positioning can all affect prices simultaneously. An educated trader would ask what kind of move it is; is it a wider risk-off move, an ETF flow reversal, a derivatives liquidation or a social-media-driven sentiment shock?

This distinction influences position size, holding period, and product selection. A move driven by forced liquidations differs fundamentally from one prompted by a broader macroeconomic shift, even if initial price charts appear similar. Education helps traders avoid interpreting every movement as a single-market event when the underlying driver may originate in another market or in market structure.

The right view can still lose money
Product choice is where many traders discover, too late, that being right in the direction is not enough. Exchange-traded funds, contracts for difference and other leveraged products have widened access and flexibility. They have also increased the cost of misunderstanding the product. A trader can be correct about gold, oil, an index or a currency pair and still lose money because the chosen product carries financing costs, margin requirements, daily reset effects, spread costs or gap risk that were not properly considered. Education protects traders by teaching them to match the product to the trade horizon, understand margin rules before entering a position, set size based on account risk and stop-loss distance rather than hoped-for profit, and recognise how leverage changes the speed and size of losses when markets gap or liquidity weakens.

The trader also knows that the first move is not always the final move

Leverage amplifies both potential gains and losses and reduces the time available to respond when markets move unfavourably. In stable markets, large positions may appear manageable, but in stressed conditions, they can become difficult to control. This is why European regulators have imposed restrictions on CFD leverage, margin close-out rules and negative balance protection for retail clients, while UK rules require standardised CFD risk warnings. Education helps traders recognise that survival depends on aligning product choice, position size, stop-loss placement, time horizon and loss capacity.

How the EBC story fits this moment
At EBC Financial Group (EBC), providing market access with seamless, low latency is not the issue. Rather, emphasis is given to whether traders have the understanding to use that access responsibly. As more products, asset classes, and market data become available in real time, education becomes part of the risk framework rather than a nice-to-have support service.

EBC’s education ecosystem is built around that need. Through its Trading Academy, market insights, webinars, trading tools, research content and Pulse 360 podcast, EBC helps traders connect market events with product mechanics, risk exposure and decision-making before capital is put at risk. The aim is not simply to provide more information, but to help traders turn information into clearer judgement under pressure.

This extends beyond platform education. EBC’s collaboration with the University of Oxford’s Department of Economics through the ‘What Economists Really Do’ series reflects a broader commitment to economic understanding and financial literacy, showing how economics can explain major issues facing society and support more informed market participation.