Acupay at Sibos 2023: Key Takeaways
There is no doubt that Sibos is one of the most significant industry events in financial services. This year’s conference was held in Toronto and brought together over 9,000 financial industry professionals, making it the most successful Sibos event in North America in terms of participation, since the annual forum’s kick off back in 1978.
Sibos 2023’s tagline was ‘Collaborative finance in a fragmented world’ – no surprise, as collaboration and open innovation are more important than ever considering the global fragmentation challenges arising from current geopolitical and financial conditions.
In addition to the opportunities and challenges around the ongoing adoption of the ISO 20022 standard in payments and the shift to faster settlements which were at the heart of many roundtables, a lot of the conversation revolved around AI, ESG, collaborative innovation and the future of banking. Out of a week packed with thought-provoking discussions, demos, and networking, these were our key takeaways.
Artificial intelligence applications continue to impress (and scare) us
During Sibos 2023, we witnessed a lot of thought-provoking debates around the transformative power of AI in financial services. Impactful AI applications, paired with the abundance of data that financial entities are sitting on, push the boundaries in fraud detection, AML, cybersecurity, ESG, and client servicing. On the other hand, use of AI has raised concerns about information privacy, intellectual property, transparency, inequality, and more. Responsible AI use and governance will be instrumental to ensuring that the financial services industry, and humanity, it can maximise the benefits of the fast-advancing technology while mitigating its risks.
Collaboration and innovation accelerate the transition of financial services
The importance of collaboration as a catalyst for true innovation in the financial services industry spotlighted again this year. Important financial market players, such as BNP Paribas and State Street, shared their visions for the future of custody and banking, which, highlighted the value of automation, standardization and collaboration between financial service providers. Ranging from traditional custody service providers to fintech players, the industry is already embracing an open platform approach where both custodians and customers have access to a variety of services, and partnerships and ecosystems are set to pave the way for financial services improvements.
Conversation on the ‘future of money’ has moved to the ‘future of value’
Sibos’s Innotribe is the conference’s innovation platform, giving bankers, technologists and innovators the opportunity to discuss new technology and challenge perceptions with thought-provoking content. Following a decade of discussions on the ‘future of money’ at Innotribe, Sibos 2023 introduced a new flagship session addressing the evolution to the ‘future of value’. Existing value systems are being redefined with markets moving from money to other forms of value, whether it is novel digital asset types or intelligence derived from data and technology.
Importance of ESG and DEI is more relevant than ever
This year, Sibos introduced a Sustainability Pledge to invite exhibitors and participants to promote its ESG and DEI objectives. ESG and DEI were prevalent in various sessions, with financial institutions and fintechs highlighting the need for action due to employee and consumer demand, as well as financial regulation. Whether it is meeting the EU’s stricter regulations around green bonds and reducing carbon footprints or supporting DEI in their workplaces and client servicing, it is clear that companies must be ever aware of their environmental and social responsibilities to keep up with the challenges being faced.
Stay tuned for our next newsletter, where we will delve into how our strategy takes these factors into account and why we believe it will enable us to continue offering simple solutions to complex problems and help our clients to stay ahead of the curve.
Did you miss us at Sibos 2023? Contact our Product Team at product@acupay.com to learn more about our cross-border tax relief services.
