Uncertainty continues to cloud the global economic horizon, with tariffs remaining a dominant con- cern in both political and financial circles. In the

United States, decisions by the Trump administration have increasingly been subject to legal scrutiny and challenged in court, and what’s legal one week may be overturned the next. As economists at BNP Paribas aptly describe it, the legal status of trade decisions moves like a yo-yo.

Meanwhile, formal and informal trade talks between sovereign nations continue moving up and down. Financial markets reflect this instability with sharp reactions. But for the corporate world, time doesn’t stop. Daily decisions must be made—regardless of the uncertainty hanging over long-term strategies. Questions abound: Will multinational infrastructure projects go ahead? Will financing for wind and alternative energy initiatives hold firm? These are difficult questions, and for many, the answers remain elusive. And yet, in this uncertainty, one sector shows remark- able resilience: innovation. In this issue, we’re proud to present our annual awards for innovation and innovators, along with a selection of some of the most dynamic innovation labs around the world. Unsurprisingly, artificial intelligence leads the way, both in concept and in real- world application. Many of the financial institutions and fintech firms recognized this year are not just adapting to the future—they are helping to shape it.

The innovations profiled by our global team of reporters and analysts are impressive on their own merits. But more striking is the broader trend they represent. Despite economic and political volatility, organizations across the financial and technology spectrum—banks, startups, consulting firms, and independent labs—are continuing to invest aggressively in R&D. Why? Because innovation is not a luxury. It’s a necessity.

This strong commitment to innovation suggests something profound: in uncertain times, looking forward becomes more important, not less. Innovation, in this context, is not merely a growth strategy—it’s a survival strategy. And in many ways, it proves to be counter-cyclical. When the present is unstable, thinking ahead becomes not just prudent, but essential.

Andrea Fiano | Editor At Large | [email protected]