From the 21st-24th of October, Beijing will host the annual global financial services event, Sibos, which attracts thousands of participants from across the globe each year.
The event organised by SWIFT (Society for Worldwide Interbank Financial Telecommunication) will focus on the theme ‘Connecting the future of finance’.
As a PR firm specialising in the financial services sector, we are excited that we will be attending the conference on its first visit to China. It provides our industry with a valuable opportunity to connect with key clients and network with some of the key players in payments, banking, and financial technology.
In such a rapidly evolving industry, it’s fitting that China will host the conference as it is currently home to some of the largest global financial institutions and plays a significant role in driving technological advancements in the financial services markets.
China is fast becoming a major player in the global fintech industry and is leading by example in the green technology space. According to the International Energy Agency’s 2024 Global EV Outlook report, in 2024, the market share of electric cars could reach up to 45% in China, higher than that in Europe (25%) and the United States (over 11%).
In the run up to Sibos this year, the team at Cognito have penned a series of articles regarding the trends that will be showcased both on and off the stage in Beijing. Here are the highlights from each of those pieces, along with a link to read them in their entirety.
Follow Cognito’s X and LinkedIn accounts for on the ground updates, and come back after the conference for some reflections on the biggest themes of the event.
What it means when we say ‘Climate finance, China style’ – Cognito (cognitomedia.com)
China’s rapid increase in green investment has captured attention around the world, with China boasting the sale of over eight million electric vehicles in 2023. The rise in EV’s reflect the countries broader strategy to lead in green technology, assisted by initiatives such as “Made in China 2025”. Sibos 2024 will provide the opportunity for key stakeholders to discuss how the developments happening in China can help wider sustainability efforts.
On the first day of Sibos experts from EY will curate a panel on “The “The Future of ESG and How Green Investment Can Increase Profitability,” focusing on the increasing significance of global green finance efforts.
Upon arriving at this year’s Sibos event, one of the first things Sibos delegates will notice are payments. China holds a payment landscape which is often more efficient that other countries, with WeChat and Alipay the dominant payments methods for the population. International credit cards, backed by Mastercard and Visa, are distant laggards.
China’s highly integrated payments systems allows anyone, anywhere from the smallest zha jiang mian stall selling fried noodles to the massive stores of Wangfujing to make payments. Attendees of Sibos will learn some valuable lessons even though some may still dismiss China’s payment innovation as unique to its population and state driven initiatives. The use of mobile payments can eliminate lengthy waits and manual data entry.
SWIFT estimates there will be more than 125 companies there in October. Some are widely known: NatWest, UBS, Red Hat, Visa and ABN Amro are all sponsors. There will be key players missing suh as HSBC, BNP Paribas, , Societe Generale, and Citibank.
Instead of focusing on some of the absentees of Sibos this year, we suggest paying more attention to some of the firms that may not be so familiar to those in the west. The event is a great opportunity to learn more about innovators who have built their own niche in the billion-person market or Chinese entrepreneurs navigating the challenges of strict regulatory oversight.
In this article, Janet highlights three businesses to watch out for and what this says about the overall fintech market in China.
Greg Noble, a senior account executive in London, prepared this post. The original posts are by Janet Lin, Kinki To and Jon Schubin
