Leading business executives from around the world have commended East China's Shanghai for its pioneering role in financial and technological innovation – noting that it remains a magnet for startups across Asia.

They made the comments at the main forum of the 2024 Inclusion Conference on Bund, held on Sept 5 in Shanghai.

Among those attending were key figures – including Mohammed Badi, president of Global Network Services at American Express; Vince Iswara, CEO & co-founder of DANA Indonesia; Michael Vallance, global managing director and global transaction banking head of Wealth & Personal Banking at HSBC and Yang Peng, CEO of Ant International and senior vice president of Ant Group.

They gathered to have discussions centering around the theme "Digitalization across borders: A global conversation on new trends in payments and commerce".

Vallance highlighted the potential for traditional financial institutions to leverage mobile innovation. He said that HSBC recognized the affinity of small business owners for mobile technology and had been developing new features in its banking software tailored to their needs, facilitating the flow of goods, services and funds.

Ant International's Yang emphasized the importance of global financial services – particularly inclusive credit services for small and medium enterprises – and expressed a commitment to using digital technology to bridge the digital divide.

Executives from various global financial institutions also shared their experiences with financial and technological innovation in Shanghai.

DANA Indonesia's Iswara noted Shanghai's unique appeal to Asian startups, citing the city as a hub for digital payments innovations. He praised the continuous stream of innovations emerging from Shanghai –positioning it as a coveted destination for global digital technology enterprises, especially for entrepreneurs in emerging markets.

American Express executive Badi reflected on his company's presence in Shanghai a century ago, noting that the city's vibrant atmosphere today, combined with its outstanding achievements in financial and technological innovation, had attracted increasing global attention.

When asked about the insights Asia can offer to the world in the next wave of digital innovation, HSBC's Vallance praised Asian peers for their relentless pursuit of enhanced user experiences – citing examples like Alipay's comprehensive super application known for its seamless and convenient features.

For his part, American Express' Badi also highlighted the dominance of super applications in the Asian market – contrasting with Western users who are still adapting – with some even accustomed to multiple single-function applications.

DANA Indonesia CEO Iswara emphasized the significance of applications as the primary gateway to the digital world in populous emerging markets like Indonesia, where traditional infrastructure was lacking. He stressed the transformative impact of AI in rapidly developing applications and digital storefronts.

Badi expressed his anticipation for increased technological collaborations and investments in China, particularly starting from Shanghai, as the city play an ever-greater role in this crucial market.

Overall, the discussions at the forum showcased a convergence of insights and experiences from global financial and technological leaders – highlighting the pivotal role of digital innovation in shaping the future of cross-border commerce and financial services.