Beijing, October 22, 2024 – The Europe Today: The Swift International Banker’s Operation Seminar (Sibos) 2024 officially commenced on Monday in Beijing, highlighting China’s increasing openness in the global financial sector. This marks the first time the prestigious event is being held in the Chinese capital.
Sibos 2024 has attracted over 10,000 participants from more than 150 countries and regions, with discussions covering key topics such as payments, digital assets, trade financing, artificial intelligence, and sustainable finance. The forum also features an extensive exhibition area, with 133 financial institutions and third-party organizations, including J.P. Morgan, Citibank, HSBC, and ICBC, showcasing their services.
During the opening ceremony, Lu Lei, Deputy Governor of the People’s Bank of China (PBOC), emphasized China’s recent progress in removing foreign ownership restrictions in banking, securities, and insurance sectors. He noted that over 110 foreign financial institutions are now operating in China, a testament to the country’s expanding financial market. Lu also highlighted China’s plans to enhance the interconnectivity of domestic and international financial markets, support Chinese companies in listing and issuing bonds overseas, and encourage outbound investments by China’s sovereign wealth funds and financial institutions.
Additionally, Lu announced the PBOC’s intent to support qualified global banking institutions in joining the Cross-border Interbank Payment System (CIPS) to facilitate smoother cross-border RMB transactions.
Javier Pérez-Tasso, CEO of Swift, underscored China’s rapid economic development and its impact on Swift’s growing operations in the country. Swift is working closely with CIPS and other financial entities to ensure the security and stability of global payments, he noted.
Rani Gu, Managing Director and Head of Payments for Greater China at J.P. Morgan, expressed confidence that Sibos 2024 will strengthen communication and cooperation between China and leading global financial institutions, contributing to the further integration of China’s financial market into the global economy.
Bill Winters, Group CEO of Standard Chartered, highlighted China’s central role in global trade and cross-border payments. He described the opportunity to explore global payment infrastructure from a Chinese perspective as both unique and timely for Standard Chartered.
Sibos 2024 will continue until October 24 at the China National Convention Center, offering an important platform for discussions on the future of global finance.
