Sibos conference in Beijing reveals China's financial openness

The Swift International Banker's Operation Seminar 2024 (Sibos 2024) opened Monday in Beijing, a milestone demonstrating the country's openness in the finance sector as it is the first time the Chinese capital has hosted the event.

Over 10,000 participants from more than 150 countries and regions have gathered for Sibos 2024, which covers a wide range of topics, including payments, digital assets, trade financing, artificial intelligence and sustainable finance.

The forum also has an exhibition area covering 133 financial institutions and third-party organizations, such as J.P. Morgan, Citibank, HSBC and ICBC.

Lu Lei, deputy governor of the People's Bank of China (PBOC), said at the opening ceremony that China has removed foreign ownership restrictions on banking, securities and insurance, attracting over 110 foreign financial institutions to operate in the country.

The PBOC will expand the interconnectivity of domestic and international financial markets, further support excellent Chinese companies in listing and issuing bonds overseas, and encourage China's sovereign wealth funds, financial institutions and other business entities to invest overseas, Lu said.

He also noted that the PBOC will support qualified global banking institutions to join the Cross-border Interbank Payment System (CIPS), facilitating the clearance of cross-border RMB transactions.

Javier Pérez-Tasso, chief executive officer of Swift, highlighted the rapid economic development in China and the corresponding growth of Swift's business in the country. Swift is collaborating closely with CIPS and other entities to ensure the security of global finance and payments, the CEO said.

Rani Gu, managing director and head of Payments, Greater China at J.P. Morgan, said the conference will foster communication and cooperation between China and top financial institutions around the world, further promoting the interconnectivity of the global financial industry and contributing to the further openness of China's financial market.

Bill Winters, group chief executive of Standard Chartered, said China is at the heart of the global trade and cross-border payments.

The opportunity to be in China -- looking at the global payments infrastructure through the lens of the Chinese market and from a Chinese perspective -- is a special opportunity for Standard Chartered and could not be more timely, he said.

The annual conference will run until Oct. 24 at the China National Convention Center.