Asian corporates are expanding their banking networks at pace as shifting trade flows and rapid advances in technology reshape cash management across the region. Data from Coalition Greenwich’s 2025 Asia Corporate Cash Management Study, part of its Voice of Client research and based on 1,288 interviews of companies with annual revenues above US$500m across 11 markets, shows that 44% of companies added at least one new cash management banking relationship in 2025, up from 41% the previous year. The increase reflects a growing willingness among companies to reconfigure banking structures as supply chains evolve and connectivity improves.

That shift reflects two overlapping developments: a redistribution of global trade flows, particularly within Asia, and the growing ease with which corporates can connect to and onboard new banking partners. Together, these trends are reshaping competition in the region’s cash management market and broadening the pool of viable providers.

Balance sheet behaviour also reflects this shift, with corporates tightening discipline. The report shows that stockpiling behaviour remains below historical norms, with companies continuing to favour lean inventories rather than building buffers against disruption. This suggests a continued emphasis on liquidity efficiency rather than precautionary inventory build-up.

Trade realignment drives banking overhaul

At the heart of the shift is a reorientation of trade patterns. Tariff policies have prompted many Asian companies to reduce reliance on exports to Western markets and instead deepen intra-Asia trade links, increasing the need for banking support across multiple jurisdictions. The result is a rise in demand for localised cash management capabilities, as corporates seek providers that can support operations in new markets. This is reflected in the variation in bank adoption across the region.

In Indonesia, 73% of corporates added a new provider, while figures in South Korea and Thailand reached 52%, and China recorded 51%. By contrast, Singapore stood at 36%, Taiwan at 26% and Malaysia at 25%. These differences indicate that the pace of change varies significantly by market, with higher levels of new bank onboarding in several faster-growing or shifting trade corridors.

While global banks remain the most frequently selected providers, winning 43% of new mandates, their share has edged slightly lower. Over the same period, Asia-Pacific regional banks increased their share from 31% to 34%. This suggests a gradual shift in competitive positioning within intra-Asia cash management.

Alongside rising demand, broader supply chain conditions remain relatively stable. Reports of material shortages increased, but remain broadly in line with long-run averages, while labour shortages are not currently acting as a significant constraint on production. Transportation costs have also held close to historical norms. 

Taken together, these indicators point to strengthening demand without clear evidence of widespread supply-side disruption.

Technology lowers barriers but raises expectations

A key enabler of this shift is the evolution of connectivity and digital infrastructure. The use of application programming interfaces (APIs) among corporates has risen from 18% in 2023 to 25% in 2025, while host-to-host connectivity increased from 38% to 44% over the same period. 

These tools are making it easier for companies to integrate bank platforms with internal enterprise resource planning and treasury systems, reducing the operational barriers associated with adding new providers.

Reflecting this trend, the share of corporates planning to implement multi-banking solutions has increased from 26% in 2023 to 32% in 2025. This indicates a growing willingness among corporates to operate across multiple banking relationships rather than relying on a smaller number of providers.

However, the transition remains uneven. Despite increased adoption of digital connectivity tools, 43% of corporates still rely on manual uploads to bank platforms. This suggests that, while digital capabilities are expanding, legacy processes remain a significant part of day-to-day operations for many firms.

Regional banks gain ground

The growing role of regional banks is closely linked to these technological developments. Many Asian banks have modernised their systems more selectively, enabling faster upgrades in areas such as connectivity, implementation and user experience. This has contributed to their increasing presence in new mandates, particularly in intra-Asia business where local expertise and connectivity are critical.

When selecting providers, corporates continue to prioritise a mix of traditional and operational factors Pricing remains the most cited criterion at 78%, followed by customer service at 68%. Digital capabilities are cited by 51%, alongside ease of doing business (48%) and ease of implementation (44%). 

These responses indicate that, while digital functionality is important, cost and service remain the primary drivers of provider selection.

Onboarding remains a persistent friction point

Despite advances in connectivity, onboarding new banking partners continues to present challenges. Corporates describe the process as complex and time-consuming, often involving multiple documentation requirements and lengthy approval cycles. In some cases, onboarding can still take around a week. This highlights a disconnect between improved connectivity and the operational realities of account setup.

Companies are increasingly calling for greater use of digital tools to streamline documentation, reduce duplication and accelerate account opening processes. There is also an expectation that relationship managers play a more active role in supporting onboarding.

The findings suggest that onboarding efficiency remains an area where banks can differentiate.

Real-time capabilities move into the mainstream

As corporates modernise their cash management operations, real-time capabilities are becoming more widely adopted. Nearly 58% of corporates expect to adopt real-time payments within the next 12–18 months, while 39% anticipate using real-time liquidity solutions over the same period. 

These capabilities are increasingly viewed as important components of domestic cash management, particularly where faster settlement improves visibility and working capital efficiency.

Real-time capabilities are also beginning to influence client perceptions. Corporates report higher satisfaction with providers offering real-time functionality, indicating that these capabilities are already affecting how services are evaluated. 

By contrast, blockchain-based transactions and digital assets remain at an early stage, with 7% of corporates expecting to use these technologies. However, companies continue to monitor developments in this area and look to banks for guidance on potential applications.

AI investment lags amid uncertainty

Artificial intelligence presents a more uneven picture across Asia’s corporate landscape. The data suggests the region is among the most polarised globally in terms of adoption, with a clear split between companies investing heavily in AI and others with no plans to adopt the technology at all. This divergence points to an uneven pace of digital transformation across markets and sectors.

Overall, corporates in Asia appear more cautious in their investment approach than peers elsewhere. Fewer than half of companies plan to increase spending on AI, compared with around 70% of large corporates in the US. 

Engagement with banks on the topic also remains limited. Globally, just 4% of corporates report having discussed AI capabilities with their relationship managers, suggesting that, despite growing interest, AI has yet to become a central part of the client-bank dialogue. 

At the same time, corporates in Asia are expressing clear reservations about how AI is applied in cash management. Concerns cited include the risk of bias and errors, a lack of consistent regulatory frameworks, and the potential for automation to replace human interaction in client service. 

Ultimately, responses indicate a pragmatic stance. Corporates appear less concerned with whether services are powered by AI and more focused on the quality, reliability and outcomes of the solutions delivered. 

A more open and competitive market

Taken together, the findings point to a cash management market undergoing gradual but meaningful change. Trade realignment is prompting corporates to expand their banking networks, while improvements in connectivity are lowering some of the barriers to working with multiple providers. At the same time, regional banks are increasing their share of new business, supported by technology investment and regional positioning.

However, challenges remain. Onboarding processes continue to lag behind connectivity improvements, and adoption of emerging technologies such as AI and blockchain remains uneven.

For banks, the data suggests that competing in Asia’s cash management market will require a combination of pricing, service quality and digital capability, alongside operational efficiency in areas such as onboarding. For their corporate clients, the shift is increasing choice, but also adding complexity as treasury teams manage a broader range of banking relationships while maintaining control and visibility over cash flows.