As the Swift International Banker's Operation Seminar 2024 (Sibos 2024) unfolds in Beijing, financial experts from around the world are expressing keen interest in critical themes shaping the future of banking, such as artificial intelligence, cross-border payments, and sustainable development strategies.
With the theme "Connecting the future of finance", the four-day conference which kicked off Monday has attracted over nearly 10,000 participants from over 150 countries and regions. The event's main exhibition has attracted 133 financial institutions and third parties, with 114 being from overseas.
Meanwhile, over 50 fintech companies will showcase their best offerings at a separate exhibition.
Xeniya Uglyumova, a banker from Fortebank JSC in Kazakhstan, highlighted the growing influence of China in the global economy.
"So I'm interested in bonds, securities and sustainable development. I can see that China is getting better and better. All I know from the news, the Chinese economy is growing, and I think you're one of the main dragons in the world now, economic dragons," she said.
Artificial intelligence has emerged as a prominent topic among industry leaders. Christos Garoufalis, head of Network Relationship Management at the National Bank of Greece, expressed his hope to get a glimpse of future investment directions in this field.
"Actually, SIBOS is always interesting to begin with, but this year is definitely artificial intelligence. A lot has been invested in it and obviously everybody is eager to see if you know how things are going to proceed and going forward what else will be necessary for the companies to invest," he said.
Tekano Allen Mogwerane, Programme Manager at the South African Reserve Bank said he is paying special attention to three topics, including the Cross-Border Payments and Reporting Plus (CBPR+) initiative, which prepares the documentation for SWIFT's migration to standardized financial messaging protocol ISO 20022.
"The top three that we have I think it's the ISO CBPR+ that's going to happen next November 2025. That's a big one. Another interesting topic is the real time instant payment and the impact will have on financial inclusion. I think (the third will be) cross border, what's happening around the cross-border payments," he said.
Ferguson Ofori-Atta, senior manager of finance at Republic Bank Ghana, reflected on the topic of innovation.
"So we are here to particularly learn something about AI and innovative banking. And we are also mindful of the fact that ESB (Enterprise Service Bus) is also driving our operations now, so we are seeking to leverage on this program," he said.
Global experts navigating future of banking through various topics at SIBOS 2024
