Sibos 2018: What’s Next for Financial Services in the Asia-Pacific Region?
It’s very fitting that this year’s Sibos, a banking and financial conference, was hosted in Sydney, as the Asia-Pacific region has been truly transformed by financial innovation in the last couple of years.
The profound changes I’m experiencing in China, with the transformation of how we pay and how we engage with financial service providers, was but one of the topics at Sibos. Blockchain and API banking brought in a lot of technical depth into the discussion, and the focus area of quantum computing made us all work hard to grasp the concept and its impact on financial services.
Underneath the thin layer of technology, though, the main subject of the discourse focused on the duality of the banks versus fintech start-up world we’re living in. The conversation this year felt more like a balanced view of collaboration rather than pure competition. The traditional industries now view the disruptors as a potential ally to work with or a potential feature to implement, but the “how” is still the question on collaboration.
Our team was very active during the event. We partnered with the Emerging Payment Association for a sponsored event, hosted a roundtable on the intersection of technology and traditional banking in APAC, and recorded some analysis and interviews with Finextra at the venue:
Balazs Fejes, Chief Technologist at EPAM APAC, discusses the areas in financial services where China is leading and where the rest of the APAC region fits in terms of cashless payments and digitization of the industry.
Alistair Brown, Global Head of Payments at EPAM, talks about technological and business challenges around Open Banking, the latest trends in payments processing, and worldwide challenges we are seeing around Instant Payments.
Sibos 2018 was a truly unique opportunity to explore, debate and discuss how specific regions like APAC, and the world as a whole, are adopting data, AI and robotic technologies. We look forward to next year’s event in London!