Policy @ DEF CON’s Post

Last week, #Sibos 2024, a landmark event in the global financial sector, often dubbed the "Olympics of Finance”, was held in Beijing for the first time. The prestigious conference gathered financial industry leaders worldwide to discuss and shape the future of finance. The choice of Beijing as the venue marks the conference's return to China since 2009 and its first time on the mainland.  “Having Sibos held in China, in Beijing, is a great occasion for more diversified institutions to join in this event,” says Nicole Zhou, Senior Partner and Leader of the Financial Institutions Group Practice in China. Her words underscore the theme of the conference, "Connecting the future of finance," which explored cutting-edgesuch as AI, digital currencies, and tokenization. The selection of Beijing had aligned with the city's ambitions to become a hub for international communications and technological innovation. As financial experts and thought leaders converged in Beijing, Sibos 2024 proved to be a crucial platform for sharing insights and fostering collaboration across diverse markets, including emerging economies in Asia, the Middle East, and Africa. This event was not only a testament to China's growing influence in the global financial landscape but also a showcase of the country's commitment to fostering a more inclusive and diversified financial ecosystem. Watch Nicole’s interview by CGTN: https://lnkd.in/gTDQ8APa #Sibos2024 #innovation #banking

The EU’s inability to tap its capital markets to finance the green and digital transitions is “increasingly untenable,” a key report commissioned by the French government will say. The report recommends changes in line with arguments made by the French government over the past months, including pushing for central EU supervision of big nonbanks, a European safe asset, and boosting the bloc’s dormant securitization market. New story on the Noyer report out now (€): https://lnkd.in/eKk-ikcN

Council of the European Union’s #Consilium on #digitaleuro #competitiveness #innovationgap #investmentgap #CapitalMarketUnion Here are the key points from the #Eurogroup meeting on October 7, 2024:1 Digital Euro: Discussions focused on the advancements in payment technologies and the shift towards cashless transactions2. Public outreach and citizen trust are crucial for the potential rollout of a #digitaleuro. Competitiveness: Reviewed various policy areas and received feedback from ministers. Aiming to reach an agreement on enhancing the EU’s #competitiveness by November. Capital Markets Union (#CMU): Discussed the development of #capitalmarkets to support mid-sized companies and the role of the European Investment Bank (EIB). Upcoming Meetings: Preparations for the Euro summit on October 18 and international meetings in Washington, including the International Monetary Fund and The World Bank Annual meetings and a #G7 finance ministers’ meeting. https://lnkd.in/efzZasbd

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To ensure households, companies, and #investors benefit from the best possible services, the EU needs banks and capital markets that face fair competition both domestically and internationally. 🙌 This involves three key dimensions: (1) ensuring digital fairness by applying the same rules for the same services and risks to all players, (2) promoting international #equity by making sure European banks can compete fairly with global competitors, and (3) maintaining Europe's attractiveness as a #business hub by keeping capital markets competitive and open to foreign investors while safeguarding EU sovereignty.  Fair competition will help retain the EU’s appeal as a premier place to do business. 📈

The internationalisation of China’s financial markets and currency will continue, fuelled by rising interest from global investors, with Hong Kong positioned as a critical “superconnector” and hub for technological development, panellists said at the Sibos conference in Beijing. “China’s financial sector has and will continue to embrace opening up and cooperation,” said Lu Lei, deputy governor of the People's Bank of China (PBOC). The four-day event, organised by the Society for Worldwide Interbank Financial Telecommunication (Swift), has drawn more than 10,000 financial professionals from around the world and over 125 exhibitors. At a separate panel discussion, David Liao, HSBC’s Asia-Pacific co-CEO, said global usage of the yuan “is not remotely proportionate to China’s economic heft”. As China seeks to elevate the international presence of its financial markets, Hong Kong’s role as a “superconnector” between the mainland and the world can be expanded in a number of sectors, with technology as a key growth driver, said Wilfred Yiu, deputy CEO of Hong Kong’s stock exchange (Hong Kong Exchanges and Clearing Limited (HKEX)). “China is at the heart of the global trade and cross-border payments system, so the opportunity to be there, looking at the global payments infrastructure, and do that through the lens of the Chinese market and Chinese perspective, is a special opportunity for us and could not have come at a better time,” said Bill Winters, CEO of Standard Chartered. Source: South China Morning Post SCMP

One conference of 730 people conducted in the pre Internet and pre Intercontinental jet days created the world we live in today. 730 people travelled from all over the world. This group included 3 Indians reporting to their british boss. They all landed up in Bretton Woods, New Hampshire for a conference starting July 1st 1944. Most of them started gathering in Atlantic City in May and June where there was a pre conference. What an impactful conference Bretton Woods was. Never was one before like that one and most probably will never be again. On July 22nd 1944, all 730 were packing their bags and saying their goodbyes after having spent 22 days in the twin mountains area. By July 22nd 2024, 8 Billion (!) people are using their product. That's some impact. Banks, Central Banks and international organizations like IMF, World Bank etc came out of that conference. Boring banks are now reinventing themselves. Bretton Woods conference of 1944 (https://lnkd.in/gwgr6eVY) created a monetary system that supercharged commerce. Now it's time for community & commerce to supercharge banking. There is a transition happening from a unipolar world created by the Bretton Woods conference to a multipolar world. Who will be the winners in this transition? Will it be the banks of the past or will it be new ones? Follow eSamudaay and Earth Economic Forum for more on the transition that is underway from the unipolar world to a multi-polar world. This topic covers a array of interconnected topics including World War II, US History, History of Banking, Internet, History of Commerce. All with specific focus on figuring out what the future holds for the human civilization.

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Germany reduces its growth forecast for 2024 to only 0.2% due to challenging economic conditions, as reported by CNBC. Also, check out Reuters' report on the UK's record monthly budget surplus, but tough picture ahead of budget. Additionally, stay updated on the latest developments in financial and commodity markets. Don't miss the World Economic Forum's special analysis titled "The Future of Global Fintech: Towards Resilient and Inclusive Growth". Find this and more in our weekly economic newsletter at the following link👇 https://lnkd.in/dvnTt5ft #oureconomyandtheworld #cnbc #world_economic_forum #eces