Beijing is hosting the Swift International Banking Operations Seminar (Sibos) 2024, a pivotal event that showcases China’s growing openness in the global financial sector. Organized by Swift, a global cooperative in financial messaging, Sibos is one of the most significant international financial conferences, bringing together top industry leaders and experts from over 150 countries and regions.

This year, more than 10,000 participants are attending Sibos 2024, which offers a diverse agenda covering crucial topics such as payments, digital assets, trade finance, artificial intelligence, and sustainable finance. The exhibition space features 133 financial institutions and third-party organizations, including global heavyweights such as J.P. Morgan, Citibank, HSBC, and China's own ICBC, making it a vital platform for networking and collaboration in the financial industry.

A Global Platform for Financial Collaboration

Sibos has long been an important venue for the exchange of ideas, industry collaboration, and showcasing innovations in the financial sector. At this year's conference, major global financial institutions like Bank of America, BNP Paribas, and Standard Chartered are prominently represented alongside leading Chinese players such as the China Foreign Exchange Trade System, the Central Depository and Clearing Co., and the Cross-Border Interbank Payment System (CIPS).

The event also features a strong presence of financial technology firms, with over 50 fintech companies participating, including the BIS Innovation Hub, which is making its debut at Sibos. This blend of traditional banking institutions and cutting-edge fintech companies demonstrates the conference's role in shaping the future of global finance.

China's Commitment to Financial Openness

Lu Lei, Deputy Governor of the People's Bank of China (PBOC), emphasized in his opening remarks the significance of China's ongoing efforts to further open its financial markets. He highlighted the removal of foreign ownership restrictions in banking, securities, and insurance, which has drawn more than 110 foreign financial institutions to operate in China.

The PBOC plans to continue expanding the interconnectivity between domestic and international financial markets. Lu Lei mentioned ongoing initiatives to encourage Chinese companies to list and issue bonds overseas, as well as facilitating overseas investments by China's sovereign wealth funds and financial institutions. Moreover, he emphasized that qualified global financial institutions will be encouraged to join CIPS, easing the process of clearing cross-border RMB transactions and bolstering China's role in international finance.

A Forum for Global Financial Leaders

Javier Pérez-Tasso, CEO of Swift, expressed Swift's deep commitment to collaborating with Chinese financial institutions, particularly through partnerships with CIPS. He noted China's rapid economic growth and its pivotal role in global finance, reflecting the increasing importance of Swift’s business in China. Pérez-Tasso also reaffirmed Swift's dedication to ensuring the security and resilience of global financial messaging and payment systems.

Bill Winters, Group Chief Executive of Standard Chartered, highlighted China's integral role in global trade and cross-border payments. Winters emphasized that Sibos provides a unique opportunity to assess global payments infrastructure from a Chinese perspective, underscoring the critical importance of China in the global financial landscape.

Rani Gu, Managing Director and Head of Payments for Greater China at J.P. Morgan, pointed out that Sibos 2024 offers an invaluable opportunity to enhance communication and collaboration between China and top global financial institutions. She emphasized that such interactions will promote further openness and interconnectivity in China's financial markets.

A Focus on Sustainability

Sustainability is a key theme at Sibos 2024, with the event achieving a first in its history: 100% green energy is powering the venue. Additionally, exhibitors are encouraged to use reusable materials for their booths, and attendees are invited to sign sustainability pledges. These initiatives are part of Sibos'broader efforts to set a new benchmark for sustainable event management in the Asia-Pacific region, with an emphasis on carbon reduction.

The conference also features a range of social and community events, including a welcome reception, a closing gala, fintech networking activities, and a 5-kilometer charity run. These events foster interaction and engagement within the financial community, further enhancing the collaborative spirit of Sibos.

A Milestone for Beijing and China's Financial Sector

Hosting Sibos 2024 is a significant milestone for Beijing, marking China’s deeper integration into the global financial system. As China’s financial management hub, Beijing is home to many key financial institutions and regulatory bodies, making it an ideal location for the conference. The city's rich experience in hosting international events, coupled with its world-class infrastructure, offers attendees a top-tier experience.

Beijing is also the only city in the world to have hosted both the Summer and Winter Olympics, underscoring its reputation as a global center for international exchange. As the capital continues to build on its role as a national financial management hub, hosting Sibos is a testament to its growing influence in the global financial sector.

The decision to hold Sibos 2024 in Beijing highlights the city's strategic importance in China's financial openness. The event takes place at a time when China's financial markets are becoming more accessible to foreign investors, supported by policies such as expanded market access, easier qualification processes for foreign financial firms, and new measures to facilitate cross-border capital flows.

With the financial sector continuing to be a central focus of Beijing's development as a pilot free trade zone, the city is poised to further strengthen its role as a key player in the global financial ecosystem.

Sibos 2024 will run until October 24 at the China National Convention Center, offering attendees a unique opportunity to engage with the future of global finance from a Chinese perspective.