21 - 24 October 2024
Beijing
At Sibos 2024 in Beijing, The Asian Banker explores the critical themes that will shape the global financial landscape. The event is held for the first time in the capital of China, an economic powerhouse, a rapidly evolving financial hub, and a global leader in fintech innovation. It is the second-largest economy in the world and has one of the most dynamic and fast-growing financial ecosystems, and pushing forward with its financial market reforms, internationalisation of the renminbi, and increasing influence in global trade and investment, this year's event will focus on the integration of digital currencies, artificial intelligence (AI), tokenisation, and compliance innovations, all under the broader theme of connecting the future of finance.
Sibos 2024, themed "Connecting the future of finance," is a landmark event in Beijing, that brings together the global financial community to discuss how to foster a resilient and inclusive financial ecosystem in the face of rapid digital transformation. The Asian Banker’s event coverage will delve into how financial institutions are preparing for this future by embracing innovations in digital currencies, AI, and blockchain, as well as the shift towards more sophisticated compliance frameworks.
Our coverage will highlight the importance of digital operational resilience, the impact of AI on financial services, and the ongoing shift in the global use of major currencies within the context of Special Drawing Rights (SDRs). Additionally, we’ll explore the critical role of ISO 20022 implementation, environmental, social, governance (ESG) considerations in finance, and how tokenisation is transforming asset management and payments.
On the first day of Sibos 2024 in Beijing, the First Abu Dhabi Bank (FAB), showcased its commitment to facilitate cross-border transactions between the United Arab Emirates (UAE) and China. Sanjay Sethi, Head of Global Transaction Banking at the bank, asserted, “as the largest bank in the UAE, FAB is committed to supporting trade and financial cooperation between the UAE and China.
At Sibos 2024, Winnie Chen, the Head of Asia Pacific Global Payment Solutions at Bank of America, discussed the bank’s strategic priorities in the region, focusing on real-time payments, liquidity management, and foreign exchange (FX) risk mitigation. Chen has dedicated her initial months in this role to understanding the specific needs of clients across the Asia-Pacific markets, where regulatory environments and payment challenges are constantly evolving.
At Sibos 2024, Patricia Sullivan, the Global Head of Institutional Cash Management at Deutsche Bank, outlined the bank’s approach to modernising global payments infrastructure. A major focus is the adoption of ISO 20022, which offers enhanced data richness and standardisation in payment messaging, significantly improving reconciliation, compliance screening, and overall payment efficiency. Sullivan described ISO 20022 as a game changer, facilitating better data-driven processes and future-proofing Deutsche Bank’s systems for digital currency integration.
Atul Jain, co-head of trade finance and lending at Deutsche Bank, discussed the industry's transition towards ISO 20022, the challenges banks face, the infrastructure it requires, and the innovation it will enable in trade finance. The implementation of ISO 20022 has been a multi-year endeavour, with banks worldwide aiming for full adoption by 2025. However, varying adoption rates across jurisdictions and the coexistence of legacy systems with the new ISO format continue to create operational challenges for banks.
At Sibos 2024 in Beijing, Sebastien Avot, Managing Director and APAC Head of Institutional Cash and Trade Finance at Deutsche Bank, shared insights on how the bank is leveraging ISO 20022 to enhance payment services, address compliance, and tackle financial crime. He also highlighted the significance of collaborative data sharing in the prevention of fraud.
In an interview at Sibos 2024 in Beijing, Fabian Khoshbakht, Global Head of Client Insight and Innovation at BNY, discussed the transformative power of artificial intelligence (AI) in finance, the implications of digital currencies, and the operational challenges of ISO 20022 standards.
In an interview at Sibos 2024, Xu Li, Chairman of Shanghai Rural Commercial Bank (SHRCB), and Huang Zhao, General Manager of the Bank’s Trade Finance Department, shared how the bank is meeting the increasingly complex financial needs of local small-to-medium enterprises (SMEs).
At Sibos 2024 in Beijing, Temenos Business Director Frankie Wai addressed some of the pressing issues in financial services today: the ISO 20022 transition, the integration of AI and machine learning (ML) in financial systems, and the necessity of resilience by design in technology architecture. He underscored the transformative potential of these technologies and the challenges banks face as they adopt them.
As financial institutions become increasingly interconnected, ensuring digital operational resilience while embracing artificial intelligence (AI) innovation is paramount. David Runacres, President of Asia Pacific at Broadridge, shared insights into how firms are integrating cybersecurity, managing risks, and balancing innovation with ethical and regulatory considerations.
At Sibos 2024 in Beijing, BNY and Mizuho Bank jointly announced an agreement to collaborate on enhancing global trade services, further solidifying their positions in the international trade finance landscape. The partnership aims to leverage BNY’s extensive network and Mizuho Bank’s growing corporate client base to create seamless and efficient trade finance solutions for their customers.
At Sibos 2024, Thomas Warsop, CEO of ACI Worldwide, outlined how the international payments software company is leveraging AI to enhance productivity and efficiency for its customers, improve fraud management, and how payments will evolve in the next decade.
Conor Colleary, Senior Vice President, Digital & Data Transformation, Oracle Financial Services, shared insights from Sibos 2024 in Beijing on how the transition to ISO 20022 and the deployment of generative (artificial intelligence) AI and machine learning (ML) are shaping the future of banking.
Unveiled at Sibos in Beijing, the 2024 TAB Global 1000 ranking highlights BOCHK, BIBD, Public Bank, and Vietcombank as the strongest banks in their markets, showcasing resilience and financial strength in a competitive global landscape. Bank of China (Hong Kong), Bank Islam Brunei Darussalam (BIBD), Malaysia's Public Bank, and Vietcombank emerged as the strongest banks in their respective countries or markets in the 2024 TAB Global 1000 Strongest Banks ranking. Announced at a special dinner and presentation ceremony in conjunction with Sibos in Beijing, the annual ranking evaluates the strength of banks worldwide based on their resilience, balance sheet management, and ability to meet short-term obligations. Among the top 100 strongest banks of the 1000 globally, 40 are from Asia Pacific, including Bank of China (Hong Kong) and Public Bank.
Swift and Bottomline collaborate to streamline cross-border payments and help financial institutions meet upcoming ISO 20022 deadlines, reducing friction and enhancing transparency.As the financial services industry inches closer to the end of the co-existence period for ISO 20022 in late 2025, the partnership between Swift and Bottomline is helping to shape the future of cross-border payments. At Sibos 2024 in Beijing, Julie Bolan, head of payments, APAC, Global Transaction Management (GTM), Swift, and Vitus Rotzer, chief product officer of financial messaging at Bottomline, discussed how their collaboration is evolving and what lies ahead.
In a discussion with Zhou Wenkai, vice president of Bank of Nanjing, during SIBOS, he outlined the bank's strategic focus on expanding its international and transaction banking services by leveraging its local insights and client base in the Yangtze River Delta. The bank has total assets amounting to RMB 2.28 trillion ($320 billion), ranking fifth among all city commercial banks in China. China's evolving international trade relationships present key opportunities for transaction banking, to which the bank has made a strong commitment to support local SMEs.
In an interview at Sibos 2024, Tsvetanka Nankova, Global Head of Sales for Institutional Cash and Trade Finance at Deutsche Bank, discussed how the bank is leveraging ISO 20022 to enhance payment services, navigate economic uncertainties, and meet market challenges. The conversation highlighted the future of payments, operational efficiency, financial crime compliance, and the role of technology in building successful banking models.
Jonathan Tanner, Industry Principal at Pegasystems, shared insights into the evolving role of automation and AI in banking. Tanner emphasised that while automation in banking has progressed significantly, particularly in core services, there is still untapped potential in back-office functions. He introduced PEGA's vision of an "autonomous enterprise," where human intervention is reserved for high-value tasks, allowing AI-driven systems to handle routine operations.
At Sibos 2024 in Beijing, Tae Yoo, managing director of global client development at HKEX, shared insights into how HKEX Group is addressing the evolving dynamics of China's mainland markets. In a landscape shaped by recent government stimulus measures and technological advancements, Yoo outlined HKEX’s strategies to tackle settlement challenges, attract global investors, and enhance cross-border trading infrastructure.
In a discussion with Jackie Kallman, Head of Payments Industry at ANZ during SIBOS 2024, the focus was on the progress in real-time cross-border payments and how ANZ is leveraging this to enhance transactions.
At SIBOS 2024, Adam Lieberman, Chief AI Officer at Finastra, outlined the company's strategic focus on AI and its impact on financial services. Lieberman highlighted how AI is transforming the company from three key perspectives: employee productivity, developer efficiency, and client solutions. Internally, AI is enhancing everyday tasks, automating emails, and creating PowerPoints, while supercharging developers with tools like code autocompletion and unit test generation. Externally, Finastra is leveraging generative AI to introduce new products and features for clients, including advanced chatbots and enhanced data processing capabilities.
Beijing took centre stage as the global financial community gathered for Sibos 2024, a milestone event that showcased China’s growing influence in international finance. The event, hosted for the first time in Beijing, attracted over participants, online and offline, and delved into key themes such payment system modernisation, the role of Chinese banks in cross-border trade, sustainable finance and implementation of global environmental, social and governance (ESG) standards.
Global supply chains for corporations and trade finance have been influenced by major global themes in recent years. This necessitated new strategies and innovative solutions to sustain growth, manage liquidity, mitigate risk, ensure sustainability, and the transition to ISO20022 in trade finance. Atul Jain, Global Co-Head of Trade Finance and Lending at Deutsche Bank, discussed the challenges corporates face and how Deutsche Bank is addressing these.
North America and Asia Pacific banks maintain overall balance sheet strength over those in other regions, with the Middle East showing some improvements. Profitability among all 1000 banks improved, driven by higher interest rates, while asset quality indicators stayed stable.
While asset growth of world’s 1000 largest banks remained stable, loan and deposit growth slowed
At Sibos 2024 in Beijing, Mehdi Manaa, CEO of Buna, took centre stage to discuss how the platform is revolutionising cross-border payments in the Arab region and its future impact beyond. Launched by the Arab Monetary Fund (AMF) in 2020, Buna is a regional payment platform that facilitates seamless international payments and settlements across multiple currencies. It addresses long-standing challenges in cross-border payments, including inefficiencies, high costs, and complex regulatory landscapes. During the “View from the Top” chat, Manaa shed light on Buna's large-scale transformation, innovation in foreign exchange (FX), and its approach to compliance, all aimed at improving financial integration and economic growth in the region.
Sibos 2024 in Beijing showcased the evolving landscape of global finance, focusing on cross-border payments, financial inclusion, and technological innovations such as artificial intelligence (AI) and blockchain. The event also highlighted China's unique approach to modernisation, emphasising international cooperation and sustainable growth.
Buna, launched by the Arab Monetary Fund (AMF), is reshaping cross-border payments by enhancing financial inclusion, reducing inefficiencies, and fostering economic integration.
Global trade is facing significant challenges as sanctions, tariffs, and shifting supply chains reshape the landscape. At the same time, digitalisation and emerging technologies are creating new pathways for efficiency and growth, particularly in regions like ASEAN and South Asia.
Kamran Khan, Head of ESG for APAC & MEA at Deutsche Bank, discussed the integration of environmental, social, and governance (ESG) principles into the bank’s core banking businesses and financial solutions.
Standard Chartered’s transaction banking leadership shared insights on how the bank is managing the challenges and opportunities posed by digital transformation, sustainability, and regulatory requirements in the evolving financial landscape.
As the world shifts towards sustainability, bank CEOs are at the forefront, driving ESG initiatives, overcoming challenges and reaping the benefits from the opportunities.
JP Morgan is advancing global settlement by leveraging programmable payments, expanding the use of JPM Coin via its Onyx platform, employing AI to enhance fraud detection and transforming liquidity management for corporate clients, logistics companies, and marketplaces, particularly in Asia Pacific.
In response to shifting global trade patterns, HSBC is refocusing its efforts through its newly rebranded Global Trade Solutions. It is embracing data-led financing and a solution-centric approach to adapt to the evolving trade finance landscape in the region.
Barclays' $1 billion investment in global payment infrastructure aims to expand client access to local instant payment systems while enhancing cost-efficiency, speed, and risk management in a competitive market.
AI patents at BofA increase 94% since 2022
BofA sees 51% increase in companies leveraging APIs for treasury needs
Swift cross-border payment speed surpasses G20 target
CPMI reports to G20 on fast payment system interlinking and APIs to enhance cross-border payments
Deutsche Bank launches next-gen correspondent banking with dbX
Standard Chartered introduces Straight2Bank Autoquote
Global banks to trial digital asset transactions on Swift in 2025
The 2024/25 Global Leaders in Financial Institutions and Transaction Finance directory serves as an essential resource for understanding the state of transaction banking globally. It focuses on the critical developments in cash management, payments, and trade finance, with a special emphasis on the Asia Pacific region.
The publication highlights how financial institutions are navigating the complexities of rising interest rates, inflation, and geopolitical shifts by integrating cutting-edge technology such as AI and API-driven solutions to enhance liquidity management and optimise treasury functions. Through detailed case studies and surveys, this edition also delves into how instant payment systems, API-led innovations, and sustainability initiatives are reshaping the global transaction banking landscape.
This special edition of TAB Global 1000 ranks the world's largest and strongest banks of 2024, showcasing the financial strength, resilience, and market dominance of top institutions like JPMorgan Chase, China Merchants Bank, and Royal Bank of Canada. As the global banking sector faces economic volatility and regulatory challenges, this year's rankings highlight how banks across Asia Pacific, North America, and Europe are adapting. Chinese banks, including Industrial and Commercial Bank of China and Agricultural Bank of China, continue to lead, while Middle Eastern players like Saudi National Bank rise in prominence.
The edition also previews Sibos 2024, taking place in Beijing, where innovations such as digital currencies, blockchain, AI, and cross-border payments will take centre stage. Also, an exclusive Interview with Kim Sung-Tae, Chairman and CEO of Industrial Bank of Korea, provides insight into how the bank is aligning profitability with societal growth, focusing on sustainability and technological integration to shape the future of SME finance.
The 2024-2025 Global Leaders in Financial Technology Directory and Handbook reaffirms our commitment to providing comprehensive insights into the financial technology industry. Since 2015, our List of Leading Practitioners (LLP) programme has recognised individuals shaping technological advancements regionally and globally.
In addition to listing prominent practitioners, this directory features thought-provoking articles, insightful commentary, and in-depth analyses addressing industry challenges. It fosters connections across institutions and geographies, facilitating dialogue among participants and enhancing industry data, research, and benchmarks.
This evolving resource is available at listofleadingpractitioners.theasianbanker.com
We value your insight and feedback on this directory and the LLP programme.
This special edition of The Asian Banker highlights the exemplary leadership driving innovation and sustainability in the global financial services industry. Focusing on the prestigious Leadership Achievement Awards 2024, it celebrates visionaries like Tay Ah Lek of Malaysia's Public Bank, Brian Moynihan of Bank of America, and Sashidhar Jagdishan of HDFC Bank in India, who are leading their institutions through important transformations. With deep dives into key trends such as sustainable finance, AI advancements, and cross-border payments, this issue provides critical insights into the future of the financial world.
Our feature in this issue explores the latest discussions on ESG, regulatory changes, and technological innovations shaping the industry today.
Rehan Ahmed, CEO of Marketnode, is driving the transformation of capital markets using blockchain technology, with a focus on overcoming regulatory challenges, streamlining cross-border payments, and unlocking new investment opportunities through tokenisation.
Jennifer Barker, global head of treasury services and depositary receipts at BNY, discussed the rapid evolution of cross-border payments in Asia Pacific, the impact of blockchain on FX transactions, and the pressing challenges in payment security.