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Data for today’s episode is provided by Mercator Advisory Group’s report – Sibos 2020: The View from a Desk
7 Takeaways from Sibos 2020:
- Formal and informal knowledge opportunity & networking is superior in-person vs. online formats.
- Central Bank Digital Currencies (CBDC) testing and pilots are underway: all G20 countries are either investigating or testing and use cases are being built out.
- CBDCs are not just a concept anymore; usage is imminent.
- Cross Border & Banks: traditional remittance and corresponding banking are under siege from new approaches, but banks will likely retain their central role.
- Top 5 focus areas for cross border: commitments from public & private sectors, global coordination on regulations, central bank infrastructure modernization, data harmonization (ISO 20022, APIs), CBDC viability.
- The real hurdle in trade digitalization is the connectivity gap between systems and the supply chain, which needs standardization.
- While “pandemic acceleration” was universally acknowledged, it was pointed out that technologies like AI and distributed ledger are still in their infancy.
In the midst of a pandemic, the singular international banking event was delivered in an online and condensed format, but still provided valuable information for institutions to prepare for the changing market demands.
The future is now as corporate banking and payments are adjusting to the technology demands of global markets.drive advertising revenue at the expense of the individual and society. To drive revenue, social networks build psychographic models for each user to predict exactly which content will best engage that user.”