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
Chinese Foreign Minister Wang Yi said on Tuesday that mediation efforts of the Pakistani side regarding the Middle East tensions are in the common interests of all parties.
Wang, also a member of the Political Bureau of the Communist Party of China Central Committee, made the remarks in his talks with Pakistani Deputy Prime Minister and Foreign Minister Mohammad Ishaq Dar in Beijing.
During their talks, the two sides exchanged views on current international issues and regional conflicts.
Wang welcomed the visit of the Pakistani side to Beijing for discussion on easing tensions in the Middle East, just after its holding of a quadrilateral foreign ministers' meeting in Islamabad.
He said China supports and looks forward to Pakistan playing a unique and important role in easing the situation and resuming peace talks. This process is no easy task, and Pakistan's mediation efforts are in line with the common interests of all parties, Wang added.
He noted China is willing to make joint efforts with Pakistan to end the hostilities as soon as possible, create opportunities for peace and open the window for peace talks.
On bilateral ties, Wang said this year marks the 75th anniversary of the establishment of diplomatic relations between China and Pakistan, calling on both sides to implement the important consensus reached by the leaders of the two countries and constantly advance the building of a China-Pakistan community with a shared future.
For his part, Dar said the Pakistan-China friendship is precious and deeply rooted in people's hearts, adding that Pakistan is willing to work with China to promote the continuous development of the all-weather strategic cooperative partnership between the two countries.
Dar thanked China for supporting Pakistan's mediation of the situation in Iran, adding that the current conflict has disrupted international energy supplies and caused heavy damage to developing countries.
Noting that solutions can only be found through negotiation, Dar said Pakistan is willing to strengthen communication and coordination with China to push all parties to start peace talks as soon as possible and restore regional peace.
The two sides also put forward a five-point initiative for restoring peace and stability in the Gulf and the Middle East region:
I. Immediate cessation of hostilities: China and Pakistan call for immediate cessation of hostilities and utmost efforts to prevent the conflict from spreading. Humanitarian assistance must be allowed to all war-affected areas.
II. Start of peace talks as soon as possible. Sovereignty, territorial integrity, national independence and security of Iran and the Gulf states should be safeguarded. Dialogue and diplomacy is the only viable option to resolve conflicts. China and Pakistan support the relevant parties in initiating talks, with all parties committing to peaceful resolution of disputes, and refraining from the use or the threat of use of force during peace talks.
III. Security of nonmilitary targets. The principle of protecting civilians in military conflict should be observed. China and Pakistan call on parties to the conflict to immediately stop attacks on civilians and nonmilitary targets, and fully adhere to International Humanitarian Law, and stop attacking important infrastructure, including energy, desalination and power facilities, and peaceful nuclear infrastructure, such as nuclear power plants.
IV. Security of shipping lanes. The Strait of Hormuz, together with its adjacent waters, is an important global shipping route for goods and energy. China and Pakistan call on the parties to protect the security of ships and crew members stranded in the Strait of Hormuz, allow the early and safe passage of civilian and commercial ships, and restore normal passage through the Strait as soon as possible.
V. Primacy of the United Nations Charter. China and Pakistan call for efforts to practice true multilateralism, to jointly strengthen the primacy of the United Nations, and to support the conclusion of an agreement for establishing a comprehensive peace framework and realizing lasting peace based on the purposes and principles of the UN Charter and international law.
Pakistan's mediation efforts in common interests of all parties: Chinese FM
Pakistan's mediation efforts in common interests of all parties: Chinese FM
