Global financial service providers are engaged in race to build communities and create compelling and trustworthy ecosystems
December 16, 2019 | Siddharth Chandani
The industry focus for this year's Sibos is to cultivate and balance responsible innovation with stability and transaction security amidst trade-technology tension, unpredictable geo-political landscape, cyber threats and emergence of new competition or big tech.
An extension of last year’s theme, “enabling the digital economy”, this year saw more mature discussions around how one can leverage new technologies such as artificial intelligence (AI), application programming interface (API), distributed ledger technology (DLT) etc., and external partnerships to enhance business models and networks. In particular, acceptance of tokenised payments to improve existing payment systems was a popular topic as the industry gathers pace to achieve critical mass in using DLT. At the top of the agenda was digitalisation to achieve trade transformation as institutions shield themselves from rising costs of compliance and due-diligence. The launch of new products and services on platforms also garnered a fair share of conversation as institutions consider leveraging unstructured data to deliver better client experience.
Here are some of the highlights that emerged from the gathering as The Asian Banker spoke to leading industry practitioners and stakeholders on topical trends, the challenges and initiatives faced, and the key to ensuring the success of their clients in a hyper-connected world.
Increased commercialisation around blockchain
The interplay between geopolitics and technology and its impact on global corporates has inadvertently accelerated the aim of financial service providers to reduce costs and improve profitability. Digitalising trade becomes more critical as corporates relocate parts of their supply chains to new markets, so as to avoid punitive tariffs.
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