GCC bankers to discuss future of global financial system at Sibos

Cybersecurity, financial crime compliance, artificial intelligence, impact of geopolitical and regulatory shifts, and data and identity will be on focus at a three-day major international conference, Sibos 2017, in Toronto from tomorrow.Over 8,000 banks, financial and securities institutions, regulators, corporate customers and service providers meet at Sibos every year to discuss the key issues shaping the global financial industry. Many top bankers from the GCC region are also attending the conference, SWIFT, a member-owned cooperative and global provider of secure financial messaging services, said here yesterday. The theme of the conference this year is ‘Building for the Future’ and will be structured around four main streams: banking, compliance, securities and technology. The banking stream will cover the future of payments and the challenges facing correspondent banking. There will also be sessions exploring new collaboration models for banks and corporates, with increased demand from treasurers for speed, transparency and traceability in cross-border payments and a renewed push on digitisation in the trade finance sector. The compliance stream will look at developments in financial crime compliance and how banks are responding. The securities stream will examine how regulatory changes are shaping market infrastructures, and how the market players are responding. Finally, the technology stream will consider the profound impact that breakthrough technologies are having on financial services, and how they can deliver value to customers as well as address the challenges of cybersecurity. Other themes like artificial intelligence, blockchain and fintech ventures will be tackled. SWIFT’s head (Middle East, Turkey and Africa) Sido Bestani said, “For nearly 40 years, Sibos has brought together decision makers, business leaders and financial experts to network, collaborate and make sense of changes in the industry. This year, delegates from the Middle East will engage with regional and global experts in Toronto.” SWIFT head (Middle East and North Africa) Khaled Moharem said, “The Middle East hosted Sibos in 2013 at the Dubai World Trade Centre. Since then, regional support for Sibos has grown year on year. Middle Eastern banks want to be part of the global conversation about the future of the industry, its challenges and opportunities, since they are at the forefront of adopting the latest technology to increase efficiencies and better serve their customers.”