The Society for Worldwide Interbank Financial Telecommunication (SWIFT) has confirmed receipt of notification from more Chinese banks that they will not be participating at its annual Sibos financial services conference, being held in Osaka, Japan, from 29 October to 1 November.
Earlier this month, Swift reported that the Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China (ABC) and Bank of China (BoC) had withdrawn all speakers and delegates from
, but that registrations for the event were still ahead of target. The list of ‘no-shows’ has now been extended to China Citic Bank, Baoshang Bank and Bank of Inner Mongolia.
The latest withdrawals again relate to China’s dispute with Japan over the sovereignty of islands in the East China Sea, which continues to sour relations between the two countries.
The US money market fund reforms came into effect in 2016 and are already dramatically shaping US fund industry with investors flooding out of prime funds and into government securities. While the reforms are similar, they are not the same. GTNews interviews Yeng Bulter, global head of the cash business at State Street Global Advisors on the differences.
The top five sectors Asian fintech investors are interested in are data analytics, blockchain, lending, payments and regtech, according to Gary Hwa, EY regional managing partner.
On the third day of the Singapore Fintech Festival conference, there was a focus on specific applications of fintech innovation. One was trade finance, which is clearly is ripe for a revolution.
Kicking off day two of the Singapore Fintech Festival, Deloitte Chairman David Cruikshank said that fintech is significant for three reasons. First, customer expectations of services are higher than ever. Second, barriers to entry are lower than before. And finally, financial institutions (FIs) face a threat of what a competitor might do.