Real-time payments, digital currencies define future of transaction banking: executive of ANZ Banking Group

Real-time payments and digital currencies define the future of transaction banking, said an executive from the Australia and New Zealand (ANZ) Banking Group.

Hari Janakirama, head of the Industry and Innovation Transaction Banking of ANZ, made the remarks in an interview with China Global Television Network on Thursday while attending the Swift International Banker's Operation Seminar 2024 (Sibos 2024) in Beijing.

The four-day Sibos 2024 financial services forum, which concluded in Beijing on Thursday, gathered nearly 10,000 participants from over 150 countries and regions to discuss banking and payments, technology and innovation, and environmental, social and governance strategies.

"There are a few themes which are coming up when it comes to latest in transaction banking. Most of them border on the concept of real-time economy, real-time everything, so real time, freshly, real-time payments, real-time liquidity. And now, what real time means will depend on what customer segment you are talking about. So if you're talking about an individual customer, like you and me sending money overseas, for example, real time is I just wanted to happen. Many of the Asian countries in the Asia Pacific, as an example, have their domestic real-time payments network. And efforts are underway to connect these payment networks so that if you are able to make a domestic payment in real time in your country, you should be able to do the same thing when you are sending a payment to the country, neighboring country. So that is happening for consumers. And eventually that will happen for business," said Janakirama.

"The other theme which is coming on to that is digital currencies and digital assets where convergence of multiple platforms where you have a platform which enables the transfer of ownership of an asset or a property, whatever it may be. And the payment which happens separately, they are converging together to make it happen at the same time. So it is more cost efficient, more faster and more transparent for the consumer. These are specific themes which are coming up in transaction banking. And all of this is underpinned by better data access to better data, more enriched data," he said.

In the interview, Janakirama also applauded the innovative development of China's digital economy which has exerted a positive impact on the banking sector.

China's digital yuan transactions amounted to 7 trillion yuan (about 986.07 billion U.S. dollars) by the end of June this year, according to the central bank.

Real-time payments, digital currencies define future of transaction banking: executive of ANZ Banking Group

China's traditional dragon boats are driving the economic growth of Jiujiang Town of Foshan City in the southern province of Guangdong.

Known as "the town of dragon boats" and "the place with the fastest dragon boat rowing," Jiujiang is attracting a growing number of clients and tourists with its exquisite craftsmanship of boat making and thrilling racing events.

In many dragon boat factories in the town, workers are racing against time to keep up with the rising orders from home and abroad ahead of the Dragon Boat Festival which falls on June 19 this year.

"Our annual production capacity now is up to 1,000 dragon boats. Right now, we are working overtime every day to make the boats. We have orders not only from neighboring cities but also from Southeast Asia and Europe. At the same time, we have another 500 or 600 carbon fiber paddles to deliver simultaneously. Our races and training services have been scheduled into July," said Wu Pengjian, president of a local sports equipment company.

The boats manufactured in Wu's company are specifically designed for professional 22-person races, measuring 18.4 meters long and weighing 280 kilograms.

Beyond boat making, the company also provides one-stop services ranging from equipment rentals to event operations for dragon boat races.

Wu said the dragon boat events arranged throughout the year have already boosted the local culture-tourism industry.

The massive influx of visitors brought by dragon boat races has significantly promoted local catering and accommodation businesses.

"Whenever there's a dragon boat race, many people would come to have coffee and enjoy the scenic views. Then our coffee sales will easily double those in normal times," said Lai Zicong, a local cafe owner.

Nestled next to an ecological reserve home to egrets in Jiujiang, Wu Kaining runs a distinctive homestay. She said whenever a dragon boat race is held, she will receive a flood of booking calls two weeks in advance.

"Our rooms are very popular among tourists from Hong Kong and Macao. Plus I myself am a returnee to start business in Jiujiang from Macao, I know quite well that such unique waterside environment and ecological vitality here are exactly what they prefer. Many clients have already reached out to us in advance to book rooms for the Dragon Boat Festival and the summer vacation," Wu said.

Dragon boats boost Foshan town's economy