Global experts navigating future of banking through various topics at SIBOS 2024

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

Peace, cooperation and friendship should be the new narrative of the South China Sea, Chinese Foreign Minister Wang Yi said on Sunday.

Wang made the statement at a press conference in Beijing on the sidelines of the ongoing fourth session of the 14th National People's Congress (NPC), China's supreme organ of state power.

"The South China Sea is home to the world's busiest, safest and freest shipping lanes. Over the past year, cooperation in the South China Sea has maintained a sound momentum. China had in-depth discussions with Indonesia on joint maritime development. China held bilateral dialogue with Malaysia on maritime issues and carried out cooperation with Vietnam on sustainable fisheries development. Just recently, China Coast Guard successfully rescued over a dozen Filipino crewmen distressed at the South China Sea. All these are ample proof that peace, cooperation and friendship should be the new narrative of the South China Sea. Making waves wins no hearts and fermenting trouble finds no takers," said Wang.

To achieve lasting peace and stability in the South China Sea requires solid institutional support, noted Wang, highlighting that consultations on the Code of Conduct in the South China Sea (COC), a long-sought framework to manage differences, have now reached a critical juncture.

"To achieve lasting peace and stability in the South China Sea requires solid institutional support. As we continue with the full and effective implementation of the Declaration on the Conduct of Parties in the South China Sea, consultation on the Code of Conduct in the South China Sea, the COC, as you mentioned, has reached crunch time. All relevant parties look forward to wrapping it up this year. Together with the parties, China has the confidence and the resolve to remove interference, bridge differences, expand common ground and reach an agreement as soon as possible. The COC will provide the golden rules for the parties to effectively manage differences, build trust, and advance cooperation," he said.

The foreign minister called for the Philippines to fulfill its responsibility as this year's ASEAN chair and make positive contributions to regional peace and stability.

"We hope that as this year's ASEAN chair, the Philippines will recognize and fulfill its responsibility, resist the pull of self-interest, and play a positive and constructive role for peace and stability in the region," said Wang.

The fourth session of the 14th NPC opened on Thursday and is scheduled to run till March 12.

Peace, cooperation, friendship should be new narrative of South China Sea: Chinese FM