HSBC London Banking Week

Day 1 of HSBC London Banking Week saw industry leaders delve into an array issues related to doing business internationally.

A changing global business architecture

Andrew Beane, Chief Operating Officer, CIB and HSBC Bank plc. set the scene by outlining the global context for why now is the right time to explore global opportunities. He set out how a number of themes are changing the global “architecture of business”, including a rebalancing of economic dominance from West to East, productivity improvements – powered by electrification and artificial intelligence – and a growing focus on resilience whereby firms are becoming more intentional, more selective and more thoughtful in their strategies.

Stuart Tait, Head of Commercial Banking, UK, added a UK lens – highlighting the priorities shaping internationally active corporates right now. He set out how recent HSBC research revealed that 47% of UK-headquartered companies intend to expand overseas in the next two years, and that for them there are five key priorities in the pursuit of success: the ability to make better investment decisions, working capital efficiency, funding and liquidity, risk management, and productivity.

Meanwhile, Liz Martins, Director, Global Research, Economics, and Fred Neumann, Chief Asia Economist & Co-head of Global Research Asia, outlined the global growth outlook and the forces reshaping it. The pair highlighted how, in the West, policymakers are responding constructively to current disruptions and volatility across the UK and Europe; while in the East we are seeing the return of economic activity towards Asia because AI, industrial competitiveness and regional trade integration are outweighing the headwinds of tariffs, geopolitical tensions, China's slowdown and energy shocks.

How resilience is underpinning opportunity

Across the event, our expert panellists discussed how resilience has emerged as a critical business capability rather than a defensive risk-management exercise. Our speakers stressed that, in an era of persistent disruption shaped by geopolitical tensions, supply-chain shocks, technological change, energy security concerns and shifting global trade patterns, businesses can no longer assume stability. Instead, they must build organisations capable of adapting quickly to volatility.

Financial resilience, including liquidity management, political-risk assessment and operational flexibility, is central to that, delegates heard. Against that backdrop of energy-market disruption, inflation risks and geopolitical uncertainty, leaders were encouraged to focus not only on growth but on building businesses capable of sustaining growth through future shocks. As Andrew Beane told delegates, “growth without resilience isn’t sustainable growth”.

Meanwhile, Stuart Tait set out how businesses that internationalise tend to be more resilient businesses because they’re better diversified despite taking apparent risk, adding that those expanding their outwards activities will likely have de-risked before making the move.

Trade corridors and supply chains become ‘active’

Another key theme of the day was the growing importance of resilience in global trade and supply chains. Speakers highlighted how geopolitical events, including the conflicts in the Middle East, US tariffs and continuing political uncertainty, are increasingly disrupting critical trade routes and creating new challenges for international businesses.

Particular attention was given to the Strait of Hormuz, with delegates warned that prolonged disruption to this vital energy corridor could have far-reaching consequences beyond oil, affecting commodities, transportation, manufacturing and global supply chains.

The discussion also emphasised that geopolitical shocks create both winners and losers. Countries with alternative energy export routes and stronger energy independence are better positioned to withstand disruption, while regions such as Europe and Asia remain more exposed.

For businesses, the message was clear: trade corridor decisions can no longer be based solely on cost and market opportunity. Companies must increasingly factor in political stability, energy security, supply chain resilience and geopolitical risk when evaluating international expansion and long-term growth strategies – adapting as necessary in the face of fast-changing developments.

AI and technology open new doors to growth

Artificial intelligence has emerged as one of the most significant drivers of future business growth, productivity and competitiveness – and as such was discussed across a number of sessions.

Vivek Ramachandran, Head of Global Trade Solutions, explained that AI is becoming a major driver of trade and investment.

Speakers also argued that future economic expansion will increasingly depend on productivity gains – with AI and electrification identified as the two technologies most likely to transform how businesses operate moving forward.

However, business leaders were warned about their approach to AI adoption. Rather than viewing AI as simply a new tool that can fix problems, Jeff Valane, Group-Wide Head of AI Management and Strategy, encouraged them to see it as a catalyst for fundamentally redesigning business models, workflows and customer experiences.

Organisations must invest in skills, governance, responsible AI frameworks and workforce training, while ensuring AI deployment is aligned to clear business problems and measurable outcomes,” he told delegates. Those that do so, he added, will be better positioned to improve productivity, accelerate decision-making and compete in an increasingly complex global economy.

Speaking on payments specifically, Manish Kohli, Head of Global Payments Solutions, further championed the value of technology in driving opportunity: “The payments industry is not being destroyed by technology, it’s being supercharged,” he told delegates.

Day 2 of HSBC London Banking Week saw industry leaders come together to explore and discuss the future of treasury and innovation.

Defining treasury’s future challenges

The day began with a panel discussion – chaired by Annette Spencer, Chief Executive of the Association of Corporate Treasurers – in which an array of industry experts set out the biggest shifts treasury functions must undergo as they juggle protecting firms against risks with finding ways to fund growth.

Manish Kohli, Head of Global Payments Solutions, said that a key challenge for treasury functions was to adapt for a ‘real-time world’, adding that current models are not designed for today’s always-on digital economy. This means developing capabilities around real-time liquidity management, real-time insights, real-time forecasting and real-time positioning, while becoming more reliant on high-quality data to support faster decisions.

Yasemin Artar, Head of Corporate Sales, Europe, told delegates that treasury teams must adapt to manage the rapid adoption of AI and automation – and must understand how AI can improve forecasting, risk management, decision-making and operational efficiency, while also ensuring they have the skills, governance frameworks and technology infrastructure required to deploy these tools effectively.

Meanwhile, Vivek Ramachandran, Head of Global Trade Solutions, said the biggest shift will be moving from a finance function to a key strategic role right across their business.

He told delegates that, “as the world becomes increasingly strategic, treasurers in turn need to become more strategic”. That, he added, means getting closer to the procurement team and processes to ensure they understand and can influence supply chains, becoming part of the sales process to influence the margins, and getting to grips with how data is organised in the business.

Managing geopolitical and supply chain volatility

Across the day, geopolitical uncertainty was highlighted as a defining theme for treasurers right now, with experts setting out that businesses should no longer view disruption as a temporary event but as a permanent feature of the global operating environment.

Panellists described the ongoing reconfiguration of global trade as a structural reset, driven by geopolitical tensions, energy security concerns and shifting alliances, with nearshoring, friendshoring and ‘China Plus One’ strategies – whereby companies diversify their supply chains away from solely China by adding another supplier country – reshaping sourcing decisions and trade flows.

Companies were urged to prepare for continued volatility through scenario planning, liquidity buffers and more resilient risk management frameworks.

The event also heard that treasurers must be increasingly prepared for the growing impact of geopolitical events on supply chains. Disruptions to the Strait of Hormuz were cited by Janet Henry, Global Chief Economist, as an example of how regional conflicts can affect not only energy markets but also fertilisers, chemicals, food production and industrial inputs – creating inflationary pressures and supply shortages.

In response, organisations were urged to move away from traditional just-in-time models in favour of prioritising resilience, inventory flexibility and supply chain diversification.

The future of liquidity and FX management

With optimising liquidity a key priority for treasury teams as they navigate geopolitical uncertainty, higher interest rates and market volatility, experts shared their wish list for treasury’s future capabilities.

Looking ahead three to five years, panellists agreed that treasury teams will increasingly expect access to real-time information, real-time decision-making and ultimately more continuous liquidity management. Muneeza Mansuri, UK Treasurer, WPP plc, highlighted 24/7 liquidity as a key aspiration, telling delegates that the ability to move and manage cash without being constrained by market opening hours would significantly improve decision-making for global treasury teams.

By combining real-time information with automated decision-support tools, treasury functions could become more agile, more strategic and better positioned to manage risk while identifying opportunities for value creation, delegates further heard.

Technology was again seen as the primary enabler on this issue. Speakers pointed to AI-powered cash flow forecasting, predictive analytics and automated treasury workflows as tools that could provide greater visibility, improve forecasting accuracy and reduce manual intervention. Digital currencies and tokenised money market funds were also identified as emerging areas with the potential to reshape liquidity management, although panellists acknowledged that corporate adoption remains at a relatively early stage.

Tips for successful AI implementation across treasury

AI was identified throughout the day as one of the defining shifts in treasury, particularly in areas such as cash-flow forecasting, liquidity management, risk analysis, fraud detection and working capital optimisation. And speakers argued its impact will extend far beyond automation to fundamentally change how treasury teams operate, make decisions and contribute to business strategy.

However, speakers stressed that successful AI implementation depends on much more than technology. The quality of underlying data was identified as the single biggest determinant of success, with several panellists warning that “garbage in, garbage out” remains a fundamental risk. Organisations were encouraged to modernise legacy treasury systems, improve data governance and create integrated data environments before expecting transformational AI outcomes.

The discussions also highlighted the importance of people, governance and culture when implementing AI. Treasury leaders were advised to invest in AI education, create AI champions within their teams and ensure human oversight remains embedded within decision-making processes.

Delegates heard that treasury professionals will need to become more technologically fluent, understand how AI models are trained and learn new skills such as prompt engineering – but were urged to begin experimenting now while simultaneously building the data, governance and operating foundations required to scale AI successfully in the years ahead.

Day three’s morning session of HSBC London Banking Week brought together industry leaders to debate the vast amount of change impacting securities services right now.

With the pace of change faster than ever before, Fiona Horsewill, Global Head, Securities Services, opened the session by stressing the importance for organisations and investors to react with innovation, build in the resilience needed to deliver, and ensure they are well-positioned to take the broader market ecosystem to the next level.

Digital assets and tokenisation move beyond the hype

A prominent theme was that one of the biggest changes impacting the industry right now is the emergence of digital assets and tokenisation across capital markets.

Daragh Maher, Head of Digital Assets Research and Senior FX Strategist told the conference: "This is not really future money. This is right here, right now. The train has already left the station.”

He said tokenisation is gaining momentum because it solves “real-world problems” – further adding that it enables the instantaneous movement of value at very low cost, while creating opportunities for automated transactions, supply-chain payments and more efficient settlement processes. The real breakthrough comes when tokenised money interacts with tokenised assets, delegates heard – enabling “atomic instant settlement” and significantly reducing the friction, delays and reconciliation requirements that exist in traditional financial markets.

Comparing traditional financial systems with tokenised markets, Maher suggested that if markets were built today from scratch, few people would choose a model characterised by cut-off times, delayed settlement and fragmented record-keeping. As a result, he believes the direction of travel is inevitable and that tokenisation will become the dominant infrastructure of capital markets.

However, he stressed that significant work remains before widespread adoption can occur. One of the most important challenges is interoperability – ensuring that different forms of tokenised money can interact seamlessly across institutions and jurisdictions. He highlighted wholesale central bank digital currencies and tokenised deposits as important mechanisms for enabling different financial ecosystems to communicate with one another.

Securities services providers become strategic partners

Another emerging theme was that securities services providers are evolving beyond their traditional role as transaction processors and custodians to become strategic partners that help clients navigate complexity, improve efficiency and unlock value from data.

While safe custody, resilience and execution remain fundamental, clients increasingly expect providers to offer proactive support, greater transparency and deeper integration into their operating models.

Partnership was defined not by service delivery alone, but by the ability to anticipate client needs, support market change and help solve business challenges.

Looking ahead, panellists suggested that no single factor will define the leading providers. Instead, success will depend on combining scale and operational resilience with strong connectivity, interoperability, high-quality data and modern technology. The ability to deliver a superior client experience, leverage AI effectively and invest continuously in future capabilities were identified as key differentiators over the next five to ten years.

Blurring asset classes force a rethink of strategies

A final key theme from the event was how the growth of multi-asset strategies along with increasing demand for private markets, digital assets and tokenised products, is forcing asset managers to rethink both investment strategies and operating models.

Delegates heard that rather than managing asset classes in isolation, firms are increasingly focused on delivering integrated client solutions that combine public and private assets within a single portfolio – blurring the traditional boundaries between asset classes.

“As private assets become more accessible, more marketable, and easier to explain to the end investor, I think that multi-asset approach will continue to evolve and continue to grow,” Davina Goodall-Smith, Chief Operating Officer, Royal London Asset Management, told delegates.

However, this convergence is creating significant operational challenges – not least as public and private markets continue to rely on different technologies, processes, reporting frameworks and data structures. As a result, firms are investing heavily in scalable data architectures, flexible operating models and technology platforms capable of supporting multiple asset types.

AI, tokenisation and digitalisation were identified as important long-term areas of focus for asset managers, while collaboration with service providers was seen as essential for helping firms scale efficiently, manage risk and bring new investment products to market more quickly.

Day three’s afternoon session of HSBC London Banking Week saw industry leaders debate several high-profile trends impacting global payment solutions for institutional clients right now.

Francois Ionesco, Global Head of Institutional Sales, GPS, set the scene by telling delegates that the payments industry is being reshaped by a huge pace of change – with markets, technology and client expectations all moving faster, and against a backdrop of an increasingly complex and unpredictable operating environment.

He identified speed, control, resilience, innovation and trust as the defining themes for the sector – pointing to the growing commercial potential of tokenisation and digital assets, rising demand for real-time treasury capabilities and the transformative impact of AI as crucial to change.

How tokenisation can help unlock liquidity and efficiency

Tokenisation was highlighted as one of the most significant developments reshaping capital markets right now, with speakers arguing that the technology is moving beyond experimentation to deliver tangible benefits in the management and exchange of assets and value.

The discussion highlighted how tokenisation can improve efficiency by enabling the near-instantaneous movement of value at low cost, while creating opportunities for automated transactions, supply-chain payments and more streamlined settlement processes.

However, speakers stressed that wider adoption will depend on overcoming several challenges. Interoperability was identified as the most critical priority – ensuring different forms of tokenised money can operate seamlessly across institutions and markets.

The panel also emphasised the need for continued collaboration between financial institutions, regulators and technology providers to build scalable infrastructure and unlock the full benefits.

Real-time and AI-driven treasury delivers multiple benefits

Another key trend discussed throughout the event was how real-time and AI-driven treasury is reshaping the movement of money – by delivering faster settlement, greater payment certainty, and improved end-to-end visibility.

Speakers argued that real-time treasury is now a reality, with organisations increasingly seeking real-time liquidity visibility, faster access to information and the ability to take action immediately when required.

And delegates heard that the value of real-time payments extends far beyond payments speed, also enabling organisations to identify mismatches, limit breaches and exceptions more quickly.

Real-time data exchange, richer payment information and ISO 20022 standards were highlighted as key enablers of better tracking, straight-through processing and reduced payment friction in the future.

On the issue of AI in treasury, delegates heard that successful AI implementation in treasury is not about pursuing full automation, but about using AI to augment human decision-making and remove low-value manual work.

The session also heard that organisations should not “lead with AI” but instead start by identifying business problems and operational inefficiencies that AI can support.

The strongest implementations were described as those that automate repetitive activities such as reconciliations, cash allocation, reporting and customer enquiries, freeing treasury professionals to focus on judgement, risk management and strategic decisions.

Crucially, speakers emphasised that AI success depends on strong foundations. Organisations were warned that applying AI to fragmented systems and poor-quality data simply automates inefficiency. Treasury teams should therefore prioritise data quality, process simplification and system integration before scaling AI initiatives.

Resilience becomes an always-on, in-motion, everyday issue

Delegates also heard that operational resilience is no longer a periodic compliance exercise but a continuous business capability that must be embedded into day-to-day operations.

With organisations now operating in a world where disruption is expected, resilience must be managed “in motion” – alongside normal business activity – rather than through annual reviews and contingency plans.

Jack Armstrong, Partner, Cyber & Resilience, Ernst & Young LLP, argued that resilience should not be viewed as a risk in itself but as an outcome built on effective risk management.

He stressed that organisations must move beyond compliance and focus on understanding what is truly important to their business, how critical services are delivered, how quickly they must recover from disruption, and whether those capabilities have been properly tested. As he put it, organisations should continually ask: “What if it goes wrong? Do we have a plan?”

Another major theme was the growing complexity created by AI, automation and always-on digital services. While these technologies offer significant benefits, delegates were warned that they also introduce new dependencies and potential points of failure. The challenge for organisations is to balance innovation with resilience – by ensuring robust testing, governance and oversight of both internal systems and third-party providers.

The panel also highlighted the importance of continuous monitoring, data-driven decision-making and scenario testing.