China is at the forefront of financial technological innovations that include mobile payment and artificial intelligence (AI), according to industry watchers at the SWIFT International Banker's Operation Seminar, or Sibos, in Beijing.
The four-day Sibos 2024 financial conference concluded on Thursday.
The theme of this year's conference was "Connecting the Future of Finance," with discussion that focused on the digital transformations shaping the industry.
Experts in attendance said China is at the forefront of adopting certain areas of fintech innovations such as mobile payment.
"I think the estimate is that in the next few years, the domestic mobile payment will already exceed 100 trillion U.S. dollars in the next few years," said David Chan, managing director and partner of Boston Consulting Group.
Another area of focus is called embedded finance, which integrates financial services directly into non-financial platforms or applications, such as shopping and travel apps.
The approach allows businesses to seamlessly offer services like payments, loans, insurance and investment options within their existing user experiences.
Most of the services leverage insights from collected customer data to provide tailored financial solutions.
"Also leveraging on the data to do better risk management so that they can actually allow more SMEs, more underbanked populations to be able to access funding," said Chan.
China is also leading in the research and adoption of generative AI, including chatbots that use large language models, or LLMs, to simulate real human communication.
"Even the foundational LLM is at the developing stage, but many of the global banks and insurance companies have been active in adopting use cases which are at the forefront, for example, I think these customer enablement, customer service, call centers," said Nicole Zhou, senior partner of McKinsey and Company.
However, combining AI with financial services is still at an early stage. Experts suggest for the financial industry to fully harness the power of AI, a deeper shift in the operating models of institutions is necessary, but this is expected to take time.
China takes lead in fintech innovations: experts
The Iranian government is focusing on public concerns and maintaining stable supplies of essential goods amid recent protests, Iranian President Masoud Pezeshkian said in a televised interview on Sunday.
In the city of Karaj, northwest of the capital Tehran, daily life has largely continued as normal. A video filmed by a local resident on Sunday shows food stores open and grocery shelves fully stocked.
"This is the block near my home, and there are some food stores here. Daily life continues here. Last night we did not see many protests in Karaj. Right now the city is very safe. This is a grocery store close to my home. All the food is available; nothing is in shortage. Here are noodles and different types of beans. Here are dairy products, cheese, and yogurt. I also checked other grocery stores and didn't see any shortages. Everything is available," said local resident Ali Reza.
Iranian officials have described recent disturbances as acts orchestrated by the "enemy," including some carried out by well-trained and armed "terrorists." The incidents have caused casualties among security personnel and civilians, as well as property damage.
The Secretary of Iran's Supreme National Security Council Ali Larijani has directed authorities to severely punish the "terrorists."
Meanwhile, Iran's police chief Ahmad-Reza Radan said on Sunday that the police had raised alert levels and arrested several leaders of the troublemakers during the operations on Saturday.
President Pezeshkian noted in the interview that the normal demands of the Iranian people are reasonable and justified, but they must realize that triggering riots and carrying out terrorist acts are the enemy's attempts to undermine the country. He urged the public to remain vigilant.
Also on Sunday, Iranian Parliament Speaker Mohammad Baqer Qalibaf warned that Tehran would regard U.S. and Israeli bases and facilities in the Middle East as "legitimate targets" if Washington takes military action against Iran. His remarks followed media reports saying U.S. President Donald Trump is "seriously considering authorizing a strike" against Iran.
Iranian state media reported that at least 109 members of Iran's security forces have been killed in clashes since the protests began 14 days ago. Meanwhile, human rights groups based outside the country said the number of protesters killed has exceeded 200, though the figure could not be independently verified.
The protests initially erupted over a sharp depreciation of the rial and sweeping subsidy reforms. Iranian authorities have blamed the unrest on foreign-linked agents and sanctions imposed by the United States.
Iranian president says government focusing on ensuring supplies amid protests
