The Swift International Banking Operations Seminar (Sibos) opened its doors on Monday to over 7,000 global bankers. The four-day annual event, which is being held this year in Australia from October 22nd – 25th at the International Convention Centre Sydney, is a networking event that mixes big tech, traditional finance and the emerging technologies that are transforming the banking industry.
Organized by the Society for Worldwide Interbank Financial Telecommunication (SWIFT), Sibos 2018 focuses on collaborative innovation among industry leaders from fintech, banking, internet and computer companies.
In addition to banking participants, tech giants Google, IBM and Microsoft are in attendance.
“There’s a sense in the crowds that the financial services sector is at a historical turning point, and is going into battle in a massive fight with the tech giants.
According to McKinsey’s ‘Global payments 2018’ report, released on Monday, global revenues from the payments industry will surpass $2 trillion in 2018 and will approach $3 trillion in the next five years.
This represents more than 30 per cent of all banking revenue, and this is rising. The main driver is the electronification of transactions away from cash. But pools of revenue as big as this are attracting big interest from players outside banking.”
Despite the number of cryptocurrencies available to consumers and businesses, including Bitcoin, that can transfer value across borders, Swift issued a statement on day one – with a note about fintech startup Ripple.
The San Francisco-based company, also in attendance at Sibos, has been making waves in the banking industry on the strength of RippleNet, its cross-border payments platform that has signed on more than 100 financial institutions. Ripple takes aim at Swift by offering a suite of blockchain-based software APIs that can reduce fees and transaction speeds, and offer more transparency in a frictionless environment.
Source: The Daily Hodl
Link: dailyhodl.com/2018/10/22/over-7000-global-bankers-arrive-in-sydney
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