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The sometimes-termed ‘Olympics of banking’ saw the biggest names in banking give speeches and panels over four days covering new developments in the industry, innovation, and emerging themes for the coming year.

Keynote speeches by SWIFT executives and banking leaders promised discussions on the conference’s theme, ‘Connecting the future of finance’. What were the main takeaways from the conference, and did it deliver on its promises? 

The expectations

Kicking off proceedings with their keynote speeches, Yin Yong, Mayor of Beijing, and Lu Lei, Deputy Governor of the People’s Bank of China, spoke about China’s extraordinary economic growth and the development of its finance sector. “Opening up is a defining feature of Chinese modernisation and Beijing’s high-quality development would not be possible without the support and the participation of friends both at home and abroad,” said Yin. 

The conference, which was held in mainland China for the first time ever, brought almost 10,000 people to Beijing, with more following online. The setting made discussions about sustainable development and growth of emerging economies all the more relevant, and highlighted the success story of interconnectedness propelling growth.

The opening of the conference was also an opportunity for SWIFT to celebrate its recent achievements as a prominent technology platform in the industry. “Seeing everyone today from all corners of the globe is a testament to the strong integrated financial ecosystem that we’ve built over the years that has been an essential foundation for decades of economic growth,” said Javier Pérez-Tasso, CEO of SWIFT, addressing the audience.

What banks are talking about

The themes varied widely to cover almost every aspect of payments, banking, trade finance, and innovation. On the technical side, new standards and practices like T+1 settlement and ISO 20022, the new standard for financial messaging being implemented next year, were broadly celebrated as important innovations for the industry.

Cross-border payments, on the other hand, were identified as a field where development was still ongoing. New technologies and increased collaboration were proposed as ways to increase transparency and efficiency, which are sometimes lacking. 

Transparency in cross-border payments is especially crucial because of how vulnerable they are to being used for financial crime. Developments in cybersecurity and fraud were a common topic at the conference, cited by many as a worry, especially as scammers’ techniques become more and more sophisticated. The overall outlook was optimistic, however, as new tools developed by Interpol and others leverage technological developments to prevent fraud. 

New technology was perhaps the hottest topic at Sibos, with artificial intelligence (AI) and digital assets stealing the show. AI was hailed as a new frontier, revolutionising everything from back-end data analysis and risk assessment to customer-facing interactions. Tokenisation, digital ledger technologies, and digital assets were implemented to improve efficiency.

From a broader perspective, themes like sustainability, governance, and G20 goals were important considerations for everyone at the conference. Hardly any discussion ended without a mention of climate sustainability or net zero, with admirable commitments from most institutions to consider social and sustainability aspects just as much as their bottom lines. 

With the backdrop of today’s geopolitical situation, supply chain and trade concerns were also topics of discussion. New trade finance instruments that integrate new technology into outdated processes were hailed as transformative, with resilience and transparency over supply chains also agreed to be important. 

The main takeaways

After four days, dozens of panels, and hours of discussion, what are the takeaways from Sibos 2024?

Starting from its historic location, a topic pervading the conference was growth, especially in emerging markets and with regard to the environment. China and India were both discussed as models for emerging markets, especially in Sub-Saharan Africa and Central Asia, to grow their economies and join the international finance worlds. Institutions like the World Bank have been leveraging new technologies to support SMEs and individual countries to develop and access trade finance, a model that international and domestic banks seem keen to follow. 

Whether discussing blockchain or settlement, the same issues cropped up over and over. Inconsistency and lack of clarity of legislation, especially around new technologies, was frustrating for institutions wanting to bring new products to scale or expand in foreign countries; on the other hand, an excessive lack of regulation and commonly accepted standards could make it difficult to collaborate with similar products, overcrowding the market. Overall, flexibility and resilience, both in regulation and to external challenges like supply chain disruptions, were seen as the key for new and established players alike.

The one thread that linked every discussion was exactly the theme of the conference: connecting the future. Interoperability, collaboration, and global connectivity were perhaps the single most important factors in the future success of finance, with new technologies only flourishing if they are integrated with existing processes and with players all around the world.

Sibos 2025: what next?

Sibos 2025 will be held in Frankfurt, the German financial capital and home of key European Union institutions like the European Central Bank. Hot topics for next year are likely to be regulation, on AI and specific tokenisation projects; social and governance initiatives; and adaptation to any new technology developed between now and the next conference.

For now, the feeling at Sibos and in the industry as a whole is optimistic. Institutions have bounced back from the pandemic better than anyone could hope, staying nimble and resilient in the face of supply chain and geopolitical challenges. New technologies and innovation make firms strive for greatness and work together effectively, with sustainability and social responsibility at the forefront.