In the opening plenary of Sibos 2025 in Frankfurt, executives from Swift alongside leading German banks, including Deutsche Bundesbank and Deutsche Bank, unveiled the conference themes, focusing on “the next frontier of global finance.”
Graeme Munro, chair of Swift, emphasized the necessity for financial institutions to commit to continuous improvement by keeping pace with technological advancements. He stressed the importance of cooperation in ensuring the foundations of transactional banking while paving the way for security, compliance, and ongoing innovation.
Swift CEO Javier Pérez-Tasso highlighted that discussions over the next few days will center on emerging technologies, including AI, quantum computing, CBDCs, tokenized assets, and stablecoins. He noted the rapid growth in the cross-border payments sector and the rising demand for instant payments, asserting that “more ways to move value” will be essential as global consumers seek increased options.
Pérez-Tasso also announced that Swift will integrate a blockchain-based ledger into its technology framework to facilitate the transfer of tokenized value across digital platforms. He responded to potential concerns about aligning traditional finance with blockchain by stating that banks are prepared to embrace this evolution, collaborating with over 30 global banks to develop a prototype that maximizes the ledger’s value for the industry.
Joachim Nagel, president of Deutsche Bundesbank, spoke about the vision of a “truly smart economy” made possible through technologies like smart contracts and digital money, but cautioned against innovation for innovation’s sake. He asserted that trust in money is reliant upon price stability, emphasizing that central banks will not endorse developments that may compromise their ability to conduct effective monetary policy.
Nagel outlined three guiding principles for central banks:
1. To maintain financial stability,
2. To prevent new instruments from causing market volatility, and
3. To ensure compliance with existing regulations.
In discussion with Pérez-Tasso, Nagel emphasized the need for context and governance in the deployment of digital assets and tokenized money, urging resilience and regulatory compliance in navigating complex environments. He expressed optimism about the digital euro’s launch within four years, noting the necessity of a digital solution as the world becomes increasingly digital.
Christian Sewing, CEO of Deutsche Bank, addressed transformative changes in the financial industry, detailing the significant shifts in global trade and geopolitical dynamics over recent years. He pointed out that technological advancements, particularly in AI, are reshaping the landscape, although the full impact remains to be seen amid geopolitical tensions and economic uncertainty.
Sewing outlined four major challenges facing the European financial ecosystem:
1. Geopolitical changes affecting trade dynamics,
2. Divergence in global regulatory environments leading to fragmentation,
3. Increased competition from both inside and outside the industry, and
4. Declining customer loyalty as new technologies are leveraged.
To address these challenges, he urged financial institutions and fintech companies to pursue collaborative strategies aimed at driving innovation in transaction banking, enhancing security, promoting sustainable initiatives, and utilizing new technologies to achieve shared goals.