CapGemini report: GCC Banks especially UAE testbeds for intelligent money

The Capgemini World Payments Report 2027 has noted that the global payments industry has reached a tipping point as stablecoins, tokenized deposits and CBDCs move from experimentation to commercialization.

The report also adds that banks are facing mounting pressure as stablecoins, tokenized deposits and CBDCs are expected to account for 4% of global payments by 2030. This will impact the bank’s high margin revenue streams in foreign exchange spreads, correspondent banking, float income and transaction processing fees.

Noted as well is that the Gulf markets are positioning themselves at the forefront of the next phase of payments innovation, with the UAE and Saudi Arabia emerging as key drivers of the adoption of tokenized deposits, stablecoins, and real-time cross-border payment infrastructure, according to findings.

It argues that the global payments industry is moving beyond simply making transactions faster and is entering an era of what it calls “accelerated intelligent money,” where stablecoins, tokenized deposits, and central bank digital currencies (CBDCs) embed settlement, compliance, and business rules directly into payment flows.

For the GCC, the shift is particularly significant as governments pursue ambitious digital transformation agendas and seek to strengthen their role in international trade and finance. The report highlights that the Middle East and Africa region continues to benefit from national modernization programs, specifically citing Saudi Vision 2030 as a major catalyst for payment innovation and broader financial digitization.

The region is also expected to record strong growth in digital payments activity. According to the report, non-cash transactions across the Middle East and Africa are projected to grow from 46.8 billion transactions in 2025 to 83.9 billion by 2030, representing a compound annual growth rate of 12.4%.

UAE Takes Centre Stage

Among GCC markets, the UAE stands out as one of only nine countries included in Capgemini’s global corporate and banking executive surveys, alongside major financial hubs such as the United States, the United Kingdom, Singapore, Hong Kong, France, Germany, the Netherlands, and Australia. This reflects the country’s growing importance in shaping the future of digital payments and digital assets.

The report points to a tangible example of adoption already underway. HSBC and Standard Chartered have expanded their tokenized deposit service with SWIFT ledger as have FAB Bank and Mashreq Bank in UAE. HSBC also introduced its tokenized deposit service in the UAE prior to their live settlement with SWIFT.

This places the UAE among a select group of markets where tokenized banking infrastructure is moving beyond experimentation into real-world deployment. The report notes that such systems can support faster settlement, enhanced liquidity management, and continuous cross-border fund transfers without relying on traditional banking operating hours.

This comes as banks are prioritize payment innovation for corporate clients with 60% identifying it as a strategic area of investment, while only one in three corporate clients are satisfied with their primary banking partner.

Banks have prioritized payment innovation for corporate clients over the last three years with 60% identifying it as a strategic area of investment. However, only one in three corporate clients are satisfied with their primary banking partner.

Capgemini’s World Payments Report 2027 finds that only 21% of banks are actively scaling at least one accelerated intelligent money instrument, and that corporates are increasingly willing to seek alternatives when their banking partners do not keep pace.

Nearly three-quarters (74%) of corporates describe cross-border payments as slow, costly, and unpredictable. The end-to-the-end journey for corporate payments, from origination and transfer to confirmation and reconciliation, takes roughly 3.5 days.

During that process, more than half (57%) report lacking access to live payment status, cash positions, or transparent pricing. Corporates rank predictability of settlement outcomes, real-time visibility into payment execution, and stronger protection against fraud among their most persistent unmet needs.

As a result, corporates incur total costs equivalent to 2% of transaction value for a typical cross-border business-to-business (B2B) payment.

Cross-Border Payments Driving Demand

The GCC’s role as a global trade and logistics hub makes it particularly well suited for the adoption of intelligent money solutions.

The report identifies 24/7 cross-border B2B payments with atomic settlement as one of the highest-value emerging use cases for intelligent money. These solutions allow payment, foreign exchange conversion, liquidity management, compliance screening, and settlement to occur simultaneously within a single workflow.

For Gulf economies that depend heavily on international trade flows, treasury operations, logistics networks, and global supply chains, the ability to settle payments instantly across borders could significantly reduce operational friction and improve capital efficiency.

Growing Momentum for Tokenization

CapGemini also highlights broader international momentum behind tokenized deposits and programmable money. Recent examples include a corporate treasury transaction completed by BNP Paribas and HSBC for Siemens using Swift’s blockchain-based shared ledger, demonstrating how tokenized deposits can facilitate live cross-bank settlements.

The report finds that bank executives identify tokenized deposits as the top near-term priority for their ability to remain on balance sheets and fit within existing regulations. However, only 21% of banks – classified as leaders – are actively scaling at least one accelerated intelligent money instrument, while the remaining 79% of banks are still evaluating their position.

For GCC financial institutions, these developments provide a blueprint for future adoption. Rather than viewing stablecoins and tokenized deposits as competing technologies, banks are increasingly evaluating them as complementary tools within a broader digital money ecosystem.

Cap Gemini estimates suggest that an average of approximately $4 trillion is held globally in nostro and vostro accounts to support cross-border settlement, reflecting the high level of capital tied up in today’s infrastructure.

Accelerated intelligent money offers a path to more efficient settlement, better liquidity utilization, and reduced friction across payment flows. When combined with AI-enabled decisioning and automation, these capabilities can operate continuously, not only resulting in instantaneous settlement, but also providing real-time liquidity and controls.

Competitive Advantage for Early Movers

Capgemini concludes that the largest opportunity for banks is no longer simply processing transactions but coordinating liquidity, settlement, compliance, and financial intelligence across increasingly complex commercial ecosystems.

Corporate demand is already building for this new generation of payment instruments and banks remain the preferred provider: 71% of corporates would choose a bank over a fintech for tokenized payments at equivalent cost and quality. However, that preference is not guaranteed. Nearly 60% of corporate clients are willing to source stablecoin services from non-bank providers if their banking partners fail to keep pace. This competitive erosion arrives as corporate clients report 36% of their B2B payment volume already flows through non-banks.

For GCC markets, where governments continue to invest heavily in digital infrastructure and economic diversification, the convergence of regulatory support, cross-border trade activity, and growing institutional interest appears to be creating favorable conditions for accelerated adoption.

As tokenized deposits, stablecoins and programmable payment systems move from pilot projects to commercial deployment, the UAE and Saudi Arabia are increasingly positioned to play a leading role in shaping the future of digital money across the broader Middle East.