The plenary session of Sibos 2024, hosted in Beijing, brought together influential voices from the global financial sector to discuss key trends shaping the future of finance. From cross-border payments and digital currencies to technological advancements like AI and blockchain, the session provided a platform for forward-looking discussions on financial inclusion, innovation, and global cooperation.

A significant theme from the discussions was China's distinct approach to modernisation, which focuses on fostering growth through sustainability, economic resilience, and international partnerships.

In their opening remarks, Graeme Munro, Chair of the Swift Board of Directors, and Samantha Emery, Deputy Chair, emphasised the importance of viewing industry challenges as opportunities for growth. Munro noted, "We see challenges as opportunities to grow and to reach our industry's full potential," underlining the need to embrace innovation in navigating an increasingly complex financial environment. Emery further highlighted progress in key areas such as ISO 20022, the Group of 20 (G20) cross-border payment goals, and the role of sustainability in shaping future financial systems.

Beijing’s Mayor Yin Yong, in his welcome address, framed the city as a vibrant financial hub that balances its rich history with a modern approach to development. He highlighted Beijing's economic growth and its pivotal role in China’s financial management, noting that "Beijing has witnessed steady economic growth, with GDP increasing by 5.1% in the first three quarters of this year." Yin also pointed out that events like Sibos help facilitate international financial cooperation, adding, "the success of Sibos 2024 will strengthen communication among global financial institutions and continue efforts towards national and international financial cooperation".

A key feature of the session was China's approach to modernisation, as outlined by Yin. He emphasised that China's modernisation is grounded in the principles of sustainable development and common prosperity. "Chinese modernisation reflects both the successful lessons from over 40 years of reform and opening up, and a forward response to global changes," Yin said. He highlighted how this approach integrates economic growth with social and environmental considerations, balancing material advancement with cultural and ethical enrichment.

Deputy Governor of the People’s Bank of China, Lu Lei also underscored China's ongoing commitment to opening up its financial sector and promoting international cooperation. The renminbi (RMB), now the fourth most active currency in global payments, plays a central role in China's strategy to enhance cross-border payments and strengthen its position in global finance. "We will continue to strengthen local currency cooperation, reduce exchange rate risks, and improve the efficiency of international payments," Lu stated, reinforcing China’s efforts to align its financial systems with international best practices.

The fireside chat between Swift CEO Javier Perez-Tasso and Bill Winters, Group CEO of Standard Chartered, offered additional perspectives on global trade and financial services in an increasingly fragmented world. Winters discussed the shifting dynamics of global trade, driven by geopolitical factors and supply chain reconfigurations. He remarked, "We know that the trade flows are increasingly shifting... with geopolitical tensions and supply chain reconfiguration being key drivers," pointing to the need for financial institutions to adapt to these changes.

Perez-Tasso highlighted Swift’s vision of creating a more connected financial ecosystem by leveraging technologies like central bank digital currencies (CBDCs) and blockchain to enhance transparency and security in financial transactions. He emphasised, "Our network's strength lies in its ability to evolve with new demands for transparency and security in financial services".

The plenary session at Sibos 2024 not only illustrated the interconnectedness of global financial innovation and governance but also showcased China's unique approach to modernisation. Combining economic growth with sustainability and inclusivity, China’s strategy highlights the importance of both domestic and international cooperation. As Yin Yong noted, "Chinese modernisation is not only about advancing our national goals but also about contributing to global financial stability and cooperation." With discussions centred around financial innovation, inclusivity, and the evolving role of technology, Sibos 2024 in Beijing provided critical insights into how the global financial sector is adapting to modern challenges and opportunities.