5 min read

This joint report, produced in collaboration between TAB Global and China’s national English broadcast network, CGTN, offers an overview of the strategic priorities discussed at Sibos 2024.

China’s position as a major global player was reinforced by Christian Kapfer, research director of TAB Insights, the research arm of TAB Global, who emphasised that China, as the world’s second-largest economy, continues to strengthen its role in global finance, particularly through its banks’ support of Chinese corporate internationalisation.

"Chinese banks are increasingly facilitating mid-cap and corporate expansion into regions like Southeast Asia, South America, and the Middle East," Kapfer said. This expansion is driven by the provision of essential services such as working capital, investments and centralised global cash management, all aimed at supporting corporates as they globalise their operations.

He also highlighted that China's banks remain resilient despite market challenges. Four of China’s largest banks are ranked among the top 10 in the TAB Global 1000 assessment of the world’s strongest banks, based on balance sheet strength. "This speaks to the robustness of the Chinese banking system, even in the face of operating difficulties," Kapfer added.

Foo Boon Ping, managing editor of The Asian Banker and president of TAB Global, noted that Sibos 2024 marked a pivotal moment for Beijing and China. He emphasised that this year’s event, the first Sibos to be held in the Chinese capital, underscored China's growing importance as a global financial hub. "There was a clear sense that China has firmly established itself among the global financial centres, and the modernisation of payment systems was one of the most discussed topics," Foo said.

A key focus at the event was the new messaging standards for payments, which will come into full effect by the end of 2025. These standards, driven by rich data, are expected to elevate the global financial ecosystem. Other priority discussions revolved around artificial intelligence (AI), machine learning (ML), open banking, and the continued integration of global financial systems through application programming interfaces (APIs).

The synergy and connection between China, Europe and beyond in setting ESG standards was another critical highlight. As cited by CGTN reporter, Liu Zhaoqin, global connectivity combined with these standards, known as common ground taxonomy (CGT), have facilitated smoother transitions between the regions in areas like supply chain management. This collaboration underscores the importance of institutional partnerships in advancing global financial stability and sustainability.

The future of financial collaboration, as discussed at Sibos 2024, is deeply tied to technological advancements. Kapfer pointed out that Chinese financial institutions are well-positioned to drive forward innovations that not only benefit their domestic market but also enhance their standing globally. 

sibos 2024, global finance, payment system modernisation, cross-border trade, esg standards, corporate internationalisation, working capital investments, banking system resilience, messaging standards, ml, open banking, financial systems integration, common ground taxonomy, institutional partnerships, financial collaboration, technological advancements