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Bulls Land Rob Dillingham in Multi-Player Deal With Timberwolves

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Rob Dillingham

The Chicago Bulls have acquired rookie guard Rob Dillingham from the Minnesota Timberwolves in a multi-player trade that signals a fresh direction for both franchises ahead of the stretch run. The deal also sends forward Leonard Miller to Chicago, while guard Ayo Dosunmu heads to Minnesota, where he is expected to step into the Timberwolves’ rotation as soon as he is cleared from a quadriceps injury.

Rob Dillingham
Rob Dillingham

Trade details reshape both backcourts

Minnesota is sending Dillingham and Miller to the Bulls as part of a package for Dosunmu, with multiple outlets reporting that the Timberwolves are also receiving forward Julian Phillips and sending four second-round picks to Chicago. Dosunmu, 26, has missed time with a quad issue but is projected to join Minnesota’s backcourt mix immediately once healthy, adding scoring, length and defensive versatility to a team with Western Conference aspirations.

For Chicago, the move is another in a series of guard-focused trades that have dramatically reshaped the roster. The Bulls recently added Jaden Ivey, Collin Sexton and Anfernee Simons, and Dillingham now joins that crowded group as a high-upside but unproven rookie. With so many ball-handlers and scorers on the depth chart, his exact role remains unclear and could depend on future moves or injury developments.

Timberwolves bet on win-now guard help

The Timberwolves’ side of the trade is centered on Dosunmu, who is enjoying a career year in Chicago. He is averaging about 15 points, 3.6 assists and 3 rebounds per game while shooting over 51 percent from the field and an elite 45 percent from three-point range, production that has made him an attractive target for contenders in need of reliable two-way guard play.

Minnesota’s front office appears to view Dosunmu as an ideal fit to bolster a bench that has been heavily leaned on during consecutive deep playoff runs. His ability to guard multiple positions on the perimeter, hit catch-and-shoot threes and handle secondary playmaking duties aligns with the Timberwolves’ emphasis on depth and defensive intensity.

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By parting with Dillingham, Miller and four second-round picks, the Timberwolves are effectively choosing proven production over potential. The move follows a broader pattern of Minnesota pushing chips in to maximize its current competitive window after back-to-back trips to the Western Conference Finals.

Bulls continue aggressive rebuild

For Chicago, the trade extends an aggressive mid-season overhaul that has seen the front office turn over a significant portion of the rotation and stockpile draft capital. In addition to earlier deals that moved veterans and added multiple second-round selections, the Bulls now bring in another young, offensively gifted guard in Dillingham, along with a versatile forward prospect in Miller.

Reports indicate the Bulls have already accumulated at least nine second-round picks and nine new players through a flurry of trades, underscoring a pivot toward youth and flexibility rather than chasing the middle of the Eastern Conference standings with a veteran-heavy core. The decision to move Dosunmu — whose trade value is widely considered to be at or near its peak — for a package built around prospects and seconds reflects that longer-term strategy.

Dillingham faces crowded backcourt in Chicago

Dillingham, a dynamic rookie guard known for his scoring instincts and playmaking upside, enters a Bulls situation that could either accelerate his development or limit his early minutes. Chicago’s recent acquisitions of Ivey, Sexton and Simons have already created stiff competition for backcourt minutes, and Dillingham is “likely buried in the depth chart” at least initially, according to the initial fantasy-focused report.

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That reality has fueled debate among fans and analysts about whether the Bulls envision Dillingham as a long-term piece or as another asset that could be moved in future deals. Some observers argue that he is the type of high-upside guard who could thrive with more opportunity, possibly on an expansion team or a franchise in a more radical rebuilding phase, rather than behind a stack of established scorers.

Miller, meanwhile, offers Chicago length and athleticism in the frontcourt, with the potential to grow into a rotational forward if his defense and shooting continue to develop. His inclusion also provides the Bulls with another young, cost-controlled piece as they reshape the roster around their next core.

Fan reaction mixed, with scrutiny on Bulls’ front office

Reaction to the trade has been mixed across the league’s fan base, with particular scrutiny directed at Chicago’s front office. Some fans and commentators have praised the Bulls for capitalizing on Dosunmu’s peak value and landing a highly touted rookie guard plus additional assets without surrendering a first-round pick. Others have criticized the move as another example of the franchise holding onto players too long or failing to extract maximum value in trades, pointing to past decisions and a perception of organizational conservatism.

On the Minnesota side, the general sentiment is that the Timberwolves paid a meaningful but reasonable price for an impact guard who can help immediately, especially given that they did not have to part with any first-round draft capital. Still, some fans lament the loss of Dillingham’s potential and Miller’s upside, noting that both could flourish with more opportunity in Chicago or elsewhere.

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Outlook: Short-term gains vs. long-term upside

For the Timberwolves, the calculus is straightforward: Dosunmu’s current production and skill set address immediate needs on a roster built to contend now. His expiring contract adds some risk—he is set to become an unrestricted free agent at season’s end—but Minnesota is betting that his impact this year justifies the cost and that the team will have a chance to re-sign him.

Chicago, conversely, continues to trade near-term certainty for long-term upside, stocking the roster with young players and stocking the asset cupboard with second-round picks. Whether Dillingham can carve out a meaningful role amid the Bulls’ guard logjam could be a key storyline for both his development and Chicago’s rebuilding timeline.

As the trade deadline dust settles, the deal stands as one of the more intriguing gambles of this cycle: a win-now push by Minnesota that hinges on Dosunmu’s ability to translate his Chicago breakout to a new system, and a high-variance play by the Bulls that depends on Dillingham and Miller growing into difference-makers in a crowded, evolving roster.

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Where billionaires’ investment firms placed their bets in January

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Where billionaires' investment firms placed their bets in January

Key Points

  • Investment firms of the ultra-rich started the new year with buzzy investments, including in a motorcycle racing team.
  • But 2026 is hardly off to a roaring start, with family offices making 32% fewer direct investments in January on an annual basis, according to Fintrx.
  • While family offices are making fewer bets, their appetite for mega-rounds, which have come to dominate the VC landscape, hasn’t waned.

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Homebuyers gain leverage in these 3 metros as housing market slows

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Homebuyers gain leverage in these 3 metros as housing market slows

Three of the nation’s largest housing markets are seeing a sharp rise in the number of homes for sale, giving buyers more choices even as the overall U.S. housing market shows signs of cooling.

In January, 46 of the country’s biggest metro areas had more homes on the market than they did a year earlier. Seattle saw the biggest increase, with inventory jumping 32.4%.

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Charlotte, North Carolina, followed at 28.6%, while Washington, D.C., ranked third with a 26.8% rise, according to Realtor.com’s January 2026 Monthly Housing Market Trends Report.

In Seattle and Charlotte, much of the inventory growth is being driven by homes lingering on the market longer rather than a surge of new sellers, Realtor.com Senior Economist Jake Krimmel told FOX Business.

HOMEBUILDERS REPORTEDLY DEVELOPING “TRUMP HOMES” PROGRAM TO IMPROVE AFFORDABILITY

The Seattle skyline as seen at dusk.

People gather at Kerry Park to see the Space Needle at dusk in Seattle June 21, 2025. (Juan Mabromata/AFP via Getty Images)

Homes in Seattle took about 15 days longer to sell than they did a year ago, while Charlotte homes remained on the market roughly 12 days longer. 

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“[Washington], D.C., is a little different, where stronger new listing growth seems tied to uncertainty over the local job outlook,” Krimmel told FOX Business.

Seattle’s expanding supply is also being influenced by layoffs in the tech sector, according to Michael Orbino, a managing broker at Compass.

“Several companies, including T-Mobile, Microsoft and Amazon, are repositioning their workforces,” Orbino said in a statement. “This is not a large part of the inventory but often puts buyers in pause mode, which has the effect of slowing down absorption, which increases inventory.”

JUST 17% OF VOTERS THINK NOW IS A GOOD TIME TO BUY A HOME AS AFFORDABILITY CONCERNS WEIGH: POLL

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Skyline of Charlotte, North Carolina.

An aerial view of Charlotte, N.C. (iStock)

Several other metro areas also saw significant increases in homes for sale.

Louisville, Kentucky, was up 25.6%, while Las Vegas and Indianapolis each rose 25.4%. Baltimore saw inventory climb 24.1%, San Jose increased 23.3% and Cincinnati rose 21%, Realtor.com reported.

Regionally, the West posted the largest year-over-year inventory gain in January, up 12.2%. The Midwest followed at 10.3%, with the South close behind at 10.1%. The Northeast continued to lag, with inventory rising just 6.6%, according to the report.

COALITION WARNS TRUMP MORTGAGE CREDIT SHIFTS COULD SPARK ANOTHER 2008-STYLE CRASH

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The U.S. Capitol building in snow.

The U.S. Capitol in Washington, D.C., Jan. 26, 2026. (Mandel Ngan/AFP via Getty Images)

Nationally, housing inventory is up 10% from a year ago, but the pace of recovery is slowing. Year-over-year inventory growth has declined for nine consecutive months, and new listings rose just 0.7% compared with last year, Krimmel said.

January inventory remained more than 17% below 2017 to 2019 levels, according to Realtor.com.

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“Even though January is the slow season for housing, it’s an important moment to take stock,” Krimmel added. “The data and trends coming in right now will set the stage for how the market might behave once things pick up in the spring.”

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North East tech firm Vianet seals ‘significant’ deal with US restaurant group

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The Stockton firm updated shareholders on a robust first half, but reiterated how customers have been cautious to invest

James Dickson, chairman of Vianet Group

James Dickson, CEO and chairman of Vianet Group(Image: Jonathan Pow/jp@jonathanpow.com – for Vianet Group)

North East drinks and vending tech firm Vianet has announced it has sealed a “significant” deal with a US restaurant group. The Stockton business, which specialises in telemetry and data collection, said its subsidiary Vianet Americas Inc has entered a long-term, multi-year agreement with a large full-service restaurant company.

Under the deal, the value of which has not been disclosed, the US restaurant firm will use Vianet’s Beverage Metrics solution – the US-based, inventory software business Vianet acquired in 2023 – in its sites across the nation, within one of its major brands. The system helps hospitality operators to monitor and manage inventory.

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James Dickson, president of Vianet Americas Inc and CEO of its parent company Vianet Group PLC, said: “This agreement reflects continued progress in the group’s strategy and together with our recent contract with World of Beer, and new partnership agreement with www.Fintech.com, it reinforces our long-term commitment to investing in the US hospitality market, which continues to perform strongly.

“Deploying Beverage Metrics to a leading restaurant operator validates the relevance of our technology for large, multi-site operators in delivering measurable operational and financial benefits at scale.”

The deal was announced as the company provided a trading update to shareholders, highlighting how its two divisions – hospitality and unattended retail – are expanding their installation footprint by extending existing customer contracts and winning new clients, despite the backdrop of UK economic uncertainty, particularly within hospitality.

Despite delivering recurring income and a healthy pipeline, it said its “customers’ current cautious approach to investment” meant its activities had been slower than previously anticipated in the second half of the year. It said a “robust” performance in the first half of 2026 saw Ebitda rise by 10.5% to £1.88m, but it expects full year profit to be similar to its 2025 performance.

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Last June it reported Ebitda of £4.14m for its 2025 financial year. At the year-end, it said net debt is projected to be in line with market forecasts, which it said should facilitate a continued increase in the group’s final dividend.

Mr Dickson added: “I’m pleased with the progress our business is making despite the challenging economic environment. The expansion of existing customer contracts, the acquisition of new clients, and our advancements in the USA underscore the strength and quality of our operations.

“These developments will drive growth in recurring income and enhance cash generation. We remain optimistic about the group’s outlook and expect to deliver increased returns for our shareholders.”

Last November Vianet said earnings grew 11.6% to £1.73m in the six months to the end of September, and described a “solid” performance in which recurring revenues made up 84% of total income, with gross margins said to be healthy. The increase in Ebitda was in line with expectations despite a £140,000 investment in Beverage Metrics.

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Like this story? For more news from the tech sector, visit our dedicated page for the latest news and analysis here.

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10 Must-Know Facts About Golf’s Most Dominant Champion

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Tyler Shough

Scottie Scheffler is the dominant force in men’s golf right now, and his rise has been one of the most remarkable stories in modern sports. Here are 10 essential things you need to know about the world No. 1.

Scottie Scheffler
Scottie Scheffler

1. He is a multiple major champion

Scottie Scheffler has already built a major-championship résumé that puts him in elite company. He owns multiple Masters Tournament titles, winning his first green jacket in 2022 and adding a second Masters victory in 2024. In 2025 he captured the PGA Championship, giving him at least three majors before turning 30 and placing him alongside some of the game’s greatest early-career performers. At The Open, he has also contended on links golf’s biggest stage and is now recognized as a complete player across all major setups.

2. He has already dominated a full PGA Tour season

Scheffler’s 2024 campaign is widely viewed as one of the best single seasons of the modern era. That year he won the Arnold Palmer Invitational for a second time, then became the first back‑to‑back winner in the history of The Players Championship, a tournament often called the sport’s “fifth major.” He followed that with a second Masters title and a win at the RBC Heritage, giving him four victories in five starts during an astonishing spring run. Later that stretch of dominance helped propel him to the FedEx Cup title and the season‑ending Tour Championship, cementing his status as the game’s standard‑bearer.

3. He’s a former world No. 1 with a historic reign

Scheffler is not just a one‑year wonder; he has sat atop the Official World Golf Ranking for a sustained period. After his breakout wins in 2022, he ascended to world No. 1 and has repeatedly reclaimed and extended that position. By 2025 he became the first player since Tiger Woods in 2007 to reach 100 consecutive weeks as world No. 1, a milestone that underscores how completely he has separated himself from his peers. As of early 2026, official profiles still list him at No. 1 in the world rankings, with a sizable cushion in advanced statistical metrics and points systems.

4. His college roots are at the University of Texas

Before he was the dominant pro on television, Scheffler was a standout at the University of Texas, one of the premier college golf programs in the United States. At Texas he collected wins and top finishes in major collegiate events, including a Big 12 Championship title and strong showings in NCAA regional and national championships. His performances for the Longhorns confirmed what junior and amateur observers already suspected—that he had the temperament and ball‑striking to thrive against the very best.

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5. He tore through the Korn Ferry Tour on his way up

Scheffler did not skip steps on his way to the PGA Tour. After turning professional in late 2018, he spent a full season on the Korn Ferry Tour, the main developmental circuit for PGA Tour hopefuls. There he won multiple titles, finished at the top of the points list and comfortably secured his PGA Tour card for the 2020 season. His dominance at that level hinted that his ceiling was far higher than simply keeping a card; it foreshadowed a quick leap into the game’s top tier.

6. His breakout PGA Tour season came in 2022

Although Scheffler’s rookie year on the PGA Tour in 2020 brought plenty of promise—including a final‑round 59 at The Northern Trust—2022 was the year he became a superstar. That season he picked up his first PGA Tour win at the WM Phoenix Open in February, defeating Patrick Cantlay in a playoff. He followed with victories at the Arnold Palmer Invitational and the WGC‑Dell Technologies Match Play before winning the Masters for his first major championship. The run earned him Player of the Year honors and vaulted him to No. 1 in the world, transforming him from promising talent to the face of men’s golf.

7. He is a prolific winner with huge career earnings

By mid‑2025 Scheffler had compiled 15 PGA Tour wins and 20 professional victories overall, including titles on the Korn Ferry Tour and at the limited‑field Hero World Challenge. Those tallies include his three majors and one World Golf Championship, plus multiple wins in signature events like The Players and the Arnold Palmer Invitational. Official PGA Tour records show that he has surpassed $100 million in career earnings, making him one of the highest‑earning players in tour history at a relatively young age. His victory at the 2024 Tour Championship alone delivered a $25 million FedEx Cup bonus, highlighting the financial scale of his dominance in the current era.

8. He is an Olympic gold medalist

Scheffler’s résumé is not limited to the PGA Tour and majors—he has also succeeded on one of the biggest global stages in sports. At the 2024 Paris Olympics he captured the gold medal in men’s golf, representing the United States. The victory added a unique line to his legacy, placing him among the rare modern golfers who can claim both major titles and Olympic hardware. That performance reinforced his reputation as a player who thrives under pressure and delivers when national pride is on the line.

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9. He has been a key figure in U.S. team golf

Scheffler has become a fixture on American Ryder Cup and Presidents Cup teams. He made his Ryder Cup debut in 2021, contributing to a record‑setting U.S. victory and impressing observers with his poise in the intense match‑play environment. Since then, he has been viewed as a cornerstone of U.S. team lineups, often slotted into crucial singles and pairing positions thanks to his reliable tee‑to‑green game. His success at the WGC‑Dell Technologies Match Play further underscores his comfort in one‑on‑one showdowns, a critical asset in team competitions.

10. His game is built on elite ball‑striking and improved putting

Statistical profiles consistently show Scheffler near the top of the PGA Tour in strokes gained tee‑to‑green, reflecting his exceptional driving, iron play and short‑game control. For much of his early career, analysts viewed putting as the one relative weakness in an otherwise complete package. That narrative shifted in 2024, when he changed to a mallet putter—reportedly after a suggestion from fellow star Rory McIlroy—and transformed his performance on the greens, draining virtually everything inside 15 feet during his win at the Arnold Palmer Invitational. With his putting upgraded to match his ball‑striking, Scheffler’s margin over the field widened dramatically, fueling the historic win streaks that defined his mid‑2020s peak.

Scottie Scheffler’s story is still being written, but the outline is already clear: a college standout who dominated the developmental tour, exploded into multiple‑major stardom, anchored U.S. teams and put together a world‑No.‑1 reign that draws direct comparisons to the game’s all‑time greats.

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A Bad Time for Private Credit’s Trust-Me Numbers

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David Uberti hedcut

Private-credit firms, like private-equity managers, long used opacity to their advantage. Right now it is a liability.

Fear over the outlook for software companies swept through the markets this week. Anthropic unveiled new artificial-intelligence tools to automate tasks for lawyers such as contract reviews and legal briefs. Software stocks tanked, as did shares of media companies, stock exchanges and providers of research and data.

Alternative-asset managers such as Blue Owl Capital and Ares Management were hard hit, as were the likes of KKR and Blackstone. On the credit side, some of the loan books they manage are weighted heavily to software makers and other services providers paying rates befitting junk credits.

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Earnings call transcript: Knowles Corp Q4 2025 sees revenue and EPS beat

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Earnings call transcript: Knowles Corp Q4 2025 sees revenue and EPS beat

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Blackstone appoints bankers for Piramal Glass IPO

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Blackstone appoints bankers for Piramal Glass IPO
Blackstone has appointed Axis Capital, Bank of America and HSBC as lead bankers for the proposed initial public offering of PGP Glass, formerly Piramal Glass, sources familiar with the matter told The Economic Times.

PGP Glass, which is fully owned by Blackstone, is expected to raise about $400 million to $500 million through the public listing, the sources said. Bloomberg reported last month that Blackstone was considering an IPO at a valuation of around $4 billion.

Blackstone spokesperson declined to comment.

Blackstone acquired Piramal Glass from the Ajay Piramal family in 2020 at a valuation of about $800 million. The transaction was advised by Axis Capital and Bank of America.

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PGP Glass Private Limited is a global specialist in design, production, and decoration of glass packaging, providing glass packaging solutions for customers in the Cosmetics & Perfumery, Food & Specialty Spirits, and Pharmaceuticals industries.


It has presence in India and Sri Lanka with an overall capacity of 1,720 tonnes per day, with 12 furnaces and 70 production lines. It has offices and warehousing facilities in France, Germany, Turkey, Spain, Brazil, India, the UAE, UK, and Sri Lanka. PGP Glass serves customers in over 50 countries around the world, according to the company website. About 77% of its sales come from high end cosmetics and specialty spirits.
Incorporated in 1974, Piramal Glass (formerly Gujarat Glass) was acquired by the Piramal Group in 1984. In 1990, it was merged with Piramal Healthcare Limited (PHL, erstwhile Nicholas Piramal India Limited), and in 1998, the glass division was spun off to a subsidiary. Subsequently, private equity (PE) investors picked up 46% stake in this subsidiary. After restructuring operations, in July 2003, PHL divested its 54% holding in Gujarat Glass to a new subsidiary, Kojam Fininvest, which was subsequently listed. This was followed by the merger of Kojam Fininvest into Gujarat Glass and the merged entity was later relisted as Piramal Glass Limited. It was delisted from both stock exchanges effective from July 2014.

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Strengthening ASEAN Currency Resilience: Towards Financial Independence

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Managing Risks and Seizing Opportunities: ASEAN's Approach

ASEAN currencies demonstrate resilience through economic fundamentals and integration efforts. Initiatives like local currency frameworks and fintech development reduce reliance on the US dollar, enhancing regional stability and investment opportunities.


ASEAN currencies have shown significant resilience to global economic shocks driven by robust domestic economic fundamentals, effective policy buffers, growth in FDI and investments and global developments, such as geopolitical uncertainties, trade tensions and financial crises.

Key Points

  • Resilience of ASEAN currencies
    • Strong domestic fundamentals, prudent monetary policies, and large foreign reserves have helped withstand global shocks.
    • Growth in exports (US$1.9 trillion in 2024) and FDI (US$234 billion in 2023) supports stability.
  • Geopolitical pressures and USD reliance
    • Sanctions on Russia and global trade tensions highlight vulnerabilities of USD dependence.
    • ASEAN nations are diversifying reserves and promoting intra-regional trade to reduce reliance on the dollar.

Mounting geopolitical uncertainties and trade tensions, exacerbated by sanctions against Russia, have challenged the US dollar’s dominance driving a need for ASEAN countries to deepen integration, diversify currency reserves, and promote intra-regional trade to build resilience against future crises and reduce reliance on external currencies, the US dollar in particular.

At present, the ASEAN nations are developing an independent and more resilient regional financial system through integration and cooperation initiatives such as Regional Payment Connectivity, integrated QR payments, financial safety nets, Digital Economy Framework and Central Bank Digital currencies that aim to strengthen the payment connectivity among these nations while withstanding external shocks and future crises.

The development of fintech and digital banking in ASEAN has brought in stability to the banking system in the region offering broader currency and economic stability. The evolving fintech and digital banking landscape in the region is offering significant investment opportunities for investors in digital payments and lending, neobanking, embedded finance, investment technology and infrastructure.

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ASEAN’s Emergence as a Global Powerhouse Supports Financial Resilience

The ASEAN region, with a total population of 682.7 million and a combined GDP of US$3.8 trillion ranks as the fifth-largest economy in the world. The region has evolved into a rapidly growing hub maintaining strong economic resilience driven by robust household consumption, steady increase in foreign direct investment (FDI), economic diversification and access to developed export markets.

Regional integration initiatives

  • Local Currency Settlement frameworks (Indonesia, Malaysia, Thailand) encourage trade in local currencies.
  • Regional Payment Connectivity (RPC) and interoperable QR payments lower transaction costs and improve cross-border efficiency.
  • Chiang Mai Initiative (US$240 billion swap arrangement) provides financial safety nets.

The manufacturing sector continues to play a crucial role as the key driver of economic growth in the region. Manufactured goods such as electronics, automobiles and parts, textile & garments and agricultural products (such as palm oil, rice and rubber) dominate the exports in the ASEAN region.

In 2024, region’s exports reached US$1.9 trillion (7.7% of global exports) growing from US$1.1 trillion in 2016. Over the past decade, ASEAN’s exports to the US alone have increased roughly from 10% to 17%, highlighting the increased role of ASEAN in international trade.

During the last decade, ASEAN also has demonstrated strong performance in services trade, whereas service exports expanded by 8.0% in 2023 to US$554.2 billion.

During this period, intra-ASEAN trade also experienced significant growth with the removal of tariff on most products across the region (through ATIGA) which has helped build an integrated and stable regional market. In 2023, intra-ASEAN trade exports contributed to 22.1% of total ASEAN exports, growing at an average annual growth rate of 7.3% between 2003-2023.

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Intra-ASEAN services trade also has experienced sustained growth over the years accounting for 14% of ASEAN’s total trade in services in 2023 (vs 12.6% in 2022). This strong growth in intra-ASEAN services trade further emphasizes the interdependence among ASEAN nations and strong regional integration.

Having a strong export sector and deep intra-regional integration have helped these nations generate significant foreign exchange earnings that have helped currency resilience through building large foreign exchange reserves.

Exports and foreign investments have been key drivers of economic growth in the region and have helped reduce the need for external borrowings in foreign currency. This has paved the way for the development of strong local currency bond markets which has helped build further resilience by reducing dependence on foreign funding.

Prudent monetary policies (such as interest rate and foreign reserve management) aimed at inflation targeting also has offered currency stability in the region. The inflation across most countries in the region has moderated and remains largely within the target.

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Source: Source: Board of Governors of the Federal Reserve System (US)

Central banks in countries such as Indonesia and Vietnam have set higher local interest rates which has helped attract foreign investments due to higher yields, driving local currency appreciation.

The inward foreign direct investment flows into ASEAN have shown steady growth over the years (from US$119 billion in 2015 to US$234 billion in 2023) despite seeing a temporary decline in 2020 due to the COVID-19 outbreak. This growth has been driven by a large consumer market, strong economic fundamentals, diversification of supply chains and favorable government policies.

Geopolitical Uncertainties Create a Need for Building Resilience

The US Dollar has been dominating the global trade for decades, and ASEAN has been no exception. The ASEAN nations rely heavily on the US dollar (USD) as the primary currency for trade with the US and other nations including for intra-regional transactions. However, mounting geopolitical uncertainties and trade tension have challenged the USD’s dominance during the past few years, and the economic sanctions levied against Russia in response to its invasion of Ukraine further exacerbated this situation.

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This resulted in a need for the countries in ASEAN to further deepen their integration and cooperation to diversify reserves and promote intra-regional trade. Moreover, this created a desire for ASEAN nations to bolster their resilience to weather future crises by reducing their dependence on external currencies.

ASEAN currencies are now less tied to the USD than before, and during the past decade, the exchange rate/USD (weighted average currency index) has shown less volatility compared to other emerging economies.

De-Dollarization in ASEAN: A Collective Effort 

Local Currency Settlement Frameworks (LCS): The member states in ASEAN are implementing bilateral and multilateral LCS frameworks to promote the use of local currencies for intra-regional trade and investment. The goal is to reduce exposure to external currency volatility while enhancing efficiency for businesses in the region. At present, operational frameworks exist between Indonesia, Malaysia and Thailand, and as a result, transactions in local currencies within ASEAN have seen tremendous growth during the past five years.

Regional Payment Connectivity (RPC): In November 2022, five ASEAN member states (namely Indonesia, Malaysia, The Philippines, Singapore and Thailand) signed a MoU on cooperation on RPC which aims to strengthen bilateral and multilateral payment connectivity among the nations. This has supported faster, cheaper, transparent and more inclusive cross-border payments in the region. The initiative has now been extended to other member states including Vietnam (2023), Brunei (2024), Lao PDR (2024) and Cambodia (2025). The development of the RPC has also attracted countries outside the ASEAN.

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Investment opportunities

  • Rising demand for fintech, neobanks, embedded finance, and digital infrastructure.
  • Strong manufacturing and services sectors continue to attract investors.

Integration of QR Payments: Having an ASEAN interoperable Quick Response (QR) payment is a key focus area of RPC that aims to encourage integration across participating central banks to standardize national payment systems through a common QR code format, ensuring seamless cross-border transactions. QR code systems of several member states including Cambodia (KHQR), Indonesia (QRIS), Lao PDR (Lao QR), Malaysia (DuitNow), The Philippines (QR Ph), Singapore (PayNow), Thailand (PromptPay), and Vietnam (VietQR) have already been connected. These initiatives are expected to lower transaction costs while mitigating foreign exchange risk. In the meantime, Japan is also reportedly exploring the integration of its QR payment system into RPC, with full implementation expected by end-2025.

Regional Financial Safety Nets: A multilateral currency swap arrangement (The Chiang Mai Initiative Multilateralisation (CMIM)) with a funding size of US$240 billion has been in place among the ASEAN+3 member countries (ASEAN, China, Japan, and South Korea) to address balance of payment and short-term liquidity crises (by enabling rapid financing facilities) in the region.

The regulators and central banks in the region have launched several policy frameworks to facilitate seamless transaction in the region.

The ASEAN Policy Framework is a regional initiative that provides the guiding principles for the implementation of interoperable, real-time payment systems across the region. These include common standards, data security (ISO:20022) and linkages between national QR systems.

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The Local Currency Transaction Framework is an initiative by the central banks of Indonesia, Malaysia and Thailand to promote the use of local currencies for trade and investment thereby reducing reliance on USD. This framework was extended in 2025 to include portfolio investments to further strengthen financial cooperation in the region.

The ASEAN Digital Economy Framework Agreement (DEFA) is a comprehensive roadmap negotiated by the countries to create the world’s first comprehensive digital trade rules through harmonizing standards, digital trade, cybersecurity and digital payments. Negotiations are expected to conclude, with the agreement signed by 2026.

In addition to the above, the countries in the region are in the process of adopting international standards such as ISO:20022 messaging standard to facilitate data exchange for regulatory compliance and greater transparency.

Central Bank Digital Currencies (CBDCs) to Further Strengthen Regional Integration

ASEAN Countries are actively exploring CBDCs to further enhance financial inclusion and cross-border payments while further strengthening regional efforts to reduce US dollar reliance. While Singapore (a trial is expected in 2026) is at the forefront, Thailand, Indonesia and Malaysia have already launched pilot projects exploring both wholesale and retail applications as a means of modernizing cross-border payments. The other countries in the region including The Philippines, Cambodia and Vietnam have already initiated several measures (such as receiving training, ongoing research, etc.) related to CBDCs to enhance cross-border interoperability.

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CBDCs, if made interoperable with systems of other countries, have the potential to reduce transaction costs by cutting down transaction times and facilitating deeper economic ties with other economies in the region. This offers unique advantages to countries in ASEAN by enabling direct settlement in local currencies thereby reducing US dollar dependency and stability against currency volatility.

Fintech and Digital Banking Further Boost Currency Resilience

The development of fintech and digital banking in ASEAN has further enhanced currency resilience by complementing the regional cooperation initiatives. As countries in the region attempts to interlink economies and financial systems, fintech has offered various measures to achieve the above through streamlining cross-border payments.

Digital transformation

  • Fintech and digital banking enhance financial inclusion and stability.
  • Central Bank Digital Currencies (CBDCs) are being piloted to strengthen cross-border payments and reduce USD dependency.

Digital banks and fintechs in the region offer services such as mobile money, digital wallets and micro-credit to population which were previously unbanked as well as to SMEs in the region promoting financial inclusion. Strong and inclusive economies are inherently more resilient to external pressures which in turn supports currency strength.

In general, fintech applications leverage big data, AI and blockchain that enable financial institutions to accurately assess risk and manage liquidity in real-time. This offers stability to the banking system and resilience to external shocks which in turn provides the foundation for broader currency and economic stability.

Investment Implications for ASEAN

As fintech firms in the region play a crucial role in developing a robust ecosystem for local currency transactions in the region, there has been strong demand for fintech, digital banks and RegTech (regulatory technology) offerings. The acceleration of digital payment platforms and cross-border payment systems such as the RPC initiative have created a fertile ground for fintech investment in ASEAN. Neobanks are rapidly growing in the region targeting its large underbanked population presenting significant opportunities for innovation and growth. At the same time, embedded finance is also transforming ASEAN’s fintech landscape offering significant opportunities in areas including payments, lending, wealth management and insurance infrastructure. In addition to diversified manufacturing and service hubs in ASEAN offering attractive investment opportunities, investors should also look at companies that stand to benefit from this evolving fintech transition (such as infrastructure and technology providers).

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Conclusion

The use of local currencies in cross-border transactions in ASEAN is increasing driven by geopolitical uncertainties and trade tensions. Strengthening macroeconomic fundamentals and deepening regional financial integration and payment connectivity have promoted cross-border settlements in ASEAN, accelerating the move away from the USD. The policy makers and central banks in the region have introduced several policy frameworks to develop an independent financial system thus bringing in further resilience to ASEAN currencies.

An evolving fintech and digital banking landscape in the region have further supported this move by improving the efficiency of cross-border transactions. The investors in ASEAN are increasingly hedging their USD exposures with slowdown in the US economy driving further demand for ASEAN currencies. An attractive bond market in the region (including higher yields compared to other developed markets) also offers investors an opportunity for portfolio diversification.

Despite the cooperation among ASEAN countries and the significant progress made towards building an independent financial system in the region, diverse regulatory landscapes among countries, varied stages of digital infrastructure development and the need to harmonize data protection protocols need to be addressed to achieve an independent financial system. While US dollar’s dominance is expected to continue, ongoing collaboration among ASEAN nations have paved the way for gradual development of an independent financial ecosystem.

This article was written by Smartkarma, in collaboration with ASEAN Exchanges. 

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Source : Currency Resilience in ASEAN: Moving Towards an Independent Financial System

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