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Sibos Week in review 2015 in review Week Issues he official daily newspaper of Sios Singapore - ctoer Future of Reinventing Responding Renminbi: An industry Money: banks for the to risk Not if, ripe for “We’re all in digital age page 10 but when transformation this together.” page 7 page 14 page 18 page 4 PUBLISHER’S LETTER Something for everyone Dear Sibos 2015 delegates Let me begin by thanking you for making this year’s Sibos in Singapore the iggest event we have held in the sia-acific region and the second iggest Sibos ever. A total of 8,213 of you walked through the doors of the Marina Bay Sands Expo and Convention Centre over the four days of Sibos 2015, and I trust that your experience was a valuable and enjoyable one. Our aim is to make Sibos relevant to the broadest spectrum of the financial community. his year’s record-reaing figures suggest we’re getting something right, but we continue to seek improvements and value your feedback. We realise that most people attend Sibos for a variety of reasons, which is why we try to meet your high expectations both from a content perspective – providing high-level big issue debates on the Internet of Things, disruptive risks and the internationalisation of the RMB as well as more granular and interactive discussions and workshops – and in terms of opportunities to sit down with customers and network with peers. Of course, Sibos is not purely a once-a-year experience. We hope that you take home with you some new ideas and perspectives that can help improve your performance and that of your organisation in the year ahead. To that end, this wrap edition of Sibos Issues contains summaries of the main sessions and industry themes explored at Sibos 2015, highlighting the main points of discussion that may inform your future decisions. e loo forward to finding out next year how your usinesses have progressed and how the industry has evolved and – importantly – how Sibos can further support your needs. We are already well advanced in our planning for Geneva. Look out for more details on www.sibos.com, and of course the first edition of Sios ssues. Best wishes Sven Bossu, head of Sibos Publisher: Sven Bossu, SWIFT Managing editor: Alan Rowan, SWIFT Sibos Issues is written and produced by Asset International on behalf of SWIFT Advertising contact: Stephanie Gerniers, SWIFT; [email protected]; +32 2 655 4734 Printed by Innovative Print Solutions Pte Ltd Legal notice: SWIFT © 2015 Reproduction is authorised with acknowledgement of source. All other rights reserved SWIFT, the SWIFT logo, Sibos, Accord, SWIFTReady, and SWIFTNet are registered trademarks of SWIFT. Photographs feature SWIFT employees, customers and partners. Sibos, powered by SWIFT. Sibos Issues 1 www.sibos.com www.swift.com CONTENTS PUBLISHER’S PAYMENTS LETTER The payments Something for conundrum everyone page 33 page 1 SECURITIES FUTURE OF MONEY Firms plot route out “We’re all in this of perfect storm together.” page 36 page 4 COMPLIANCE FORUM BIG ISSUE DEBATE: Banks, regulators INTERNET OF grapple with THINGS evolving challenges Reinventing banks page 38 for the digital age page 7 CORPORATE FORUM BIG ISSUE DEBATE: Singapore feels full DISRUPTION, force of trade winds GEOPOLITICS, AND page 41 FINANCE Responding to risk DIVERSITY page 10 Not just a numbers game BIG ISSUE DEBATE: page 44 RMB Not if, but when ASEAN page 14 Balancing act page 47 PLENARIES An industry ripe for SWIFT INSTITUTE transformation Finance under the page 18 microscope page 50 MARKET INFRASTRUCTURES WORKSHOPS FORUM Picture this Creativity behind page 52 the scenes page 21 GAME CHANGERS Are you ready for TECHNOLOGY the next great leap FORUM forward? Getting relevant, page 54 staying safe page 24 SIBOS 2015 SINGAPORE STANDARDS FORUM IN NUMBERS What’s the secret of Page 57 standards success? page 27 INNOTRIBE Reaching for a digital future page 30 Sibos, powered by SWIFT. Sibos Issues 2 www.sibos.com www.swift.com Wondering where Sibos is next year? (Here‘s a subtle hint.) As one of Switzerland’s finest exporters of quality services, we are delighted that Sibos 2016 moves to our neck of the woods (and lakes and mountains…!). And we look forward to welcoming all of you to what will certainly be a brilliant Sibos in Geneva. See you next year! Securities Services FUTURE OF MONEY We’re all in this together. Digital innovation can transform credit provision – but only if solution providers collaborate to embrace real-world change. “What is the next big trend in our lives? The next big disruption will be at the heart of the finance industry, which is credit,” said Udayan Goyal, co-founder and co-managing partner, Apis Partners, opening Innotribe’s 2015 ‘Future of Money’ session. To ensure a ‘crossfire’ of ideas on the future of credit, the speaker panel was split between bankers and ‘disruptive’ technology providers, who were placed on either side of a packed conference room. “The people you see on this stage are fundamentally disrupting credit, but the big pools of capital sit within the global institutions,” said Goyal referring to panellists on the other side of the room. But was this about the disruption or the are starting to engage in this industry, we Rules of engagement transformation of credit assessment and have Google, Amazon, Apple. Standing still provision? Goyal went on to propose “co- is not an option,” said Goyal. What is needed A number of messages were emphasised opetition” as a model for the future – the – and what the session amply delivered – is throughout the session: bankers need to idea that we can compete and collaborate not so much a confrontation, as active and work together and together with innovative at the same time. “There are innovators on creative engagement between very different startups (and with others, such as telcos); both sides who are making that happen. Also, actors and speakers, all with substantive bankers also need to recognise that they outside this room, there are the telcos, who contributions to make. can be innovators too. And innovators need Sibos, powered by SWIFT. Sibos Issues 4 www.sibos.com www.swift.com FUTURE OF MONEY There is a need for collaboration between the various actors, not just startups and banks, but also governments and regulators, incubators and tech channels. Claire Calmejane, director of innovation, Lloyds Banking Group to recognise that they need banks as much company, figuring out who to partner with, as banks need them, not least because who to learn from, who to invest in, who to banks offer scale. Claire Calmejane, director partner with in strong or weak networks, of innovation at Lloyds Banking Group, you may be missing the boat.” said: “We have a strong view about the We have to work together, possibly with need for collaboration between the various unexpected partners, possibly in unfamiliar actors, not just startups and banks, but also ways. But work together on what? “It’s governments and regulators, incubators really about data and analytics, and it’s and tech channels such as Google and about committing a lot of resources, and Facebook.” In short, we’re all in this if you’re not focused on that, you’re together. Steve Ellis, group head, innovation not going to be relevant in five years, group, Wells Fargo, said: “The smartest perhaps even in three,” Ellis added. By people in the world don’t work for your this mid-point in the session, delegates company. If you’re not looking outside your had already heard short presentations GLOBAL TRANSACTION BANKING & SECURITIES SERVICES MEET US NEXT YEAR AT SIBOS IN SWITZERLAND SIBOS.SOCIETEGENERALE.COM Societe Generale is a credit institution and investment services provider (entitled to perform banking activities and/or to 26-29 provide investment services other than the operation of multilateral trading facilities) authorised and regulated by the French Autorité de Contrôle Prudentiel et de Résolution (Prudential and resolution control authority), Autorité des Marchés Financiers SEPTEMBER (Financial markets authority) and for prudential purpose, by the European Central Bank (ECB). Societe Generale benefi ts from the EC passport authorising the provision of certain banking and investment services within the EEA. This material has been prepared solely for information purposes and does not constitute an offer from Societe Generale to enter into a contract. Not all 2016 products and services offered by Societe Generale are available in all jurisdictions. Please contact your local offi ce for any further information. © 2015 Societe Generale group and its affi liates. © Corbis. FRED & FARID Sibos,SOGE_1509_SIBOS_ISSUE_WARP_UP_GTB_SGSS_180x118.indd powered by SWIFT. 1 Sibos Issues 5 www.sibos.com www.swift.com22/09/2015 12:04 FUTURE OF MONEY hard part is not making the loan; the hard part is getting the money back.” And that was where the creative engagement really broke out. The innovators asserted the Partnering is the way ability of their credit-scoring methodologies that this will play to correlate behaviour with a tendency towards repayment; the global bankers then out, probably more led the discussion on the full range of issues than you think. that will have to be addressed prior to the banking industry’s widespread conversion Steve Ellis, group head, innovation group, Wells Fargo to the tech-enabled future for credit scoring. There were contributions from Neal Cross, chief innovation officer at S an, eda told, could be applied to small- to medium- Glyptis, head of EMEA Innovation Centre, sized enterprises, retail customers and Mellon, nu atwardhan, gloal chief even those currently excluded from credit. innovation officer, Standard hartered an, iscussing the typically moile-owning and Angus Scott, head of product strategy unaned, who y definition cannot offer and innovation at Euroclear.
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