Speaking at the Sibos 2019 conference, SWIFT Chairman, Yawar Shah highlighted the potentials of changes happening in the financial industry.
Crypto assets are in the limelight at the London Sibos 2019 conference. The ongoing conference tagged “Thriving in a hyper-connected world” aims at recognizing growth opportunities available from digital technologies to initiate new platforms, value propositions, and business models. This year’s conference holds the record number of registered delegates.
On Day 1 of the conference, chairman of the global provider of secure financial messaging services SWIFT, Yawar Shah spoke positively about crypto assets in the financial industry. Additionally, he also mentioned Libra, the crypto project of social media mogul Facebook.
He said: “The financial industry is undergoing an extraordinary change. This is because of new entrants like Facebook’s Libra and the emergence of technologies like crypto assets.”
Yawar comments come as a surprise looking at the fact that SWIFT could be endangered by the emergence of the said technologies.
Yawar Shah didn’t say anything about this. However, we’ll find out over time.
Presently, SWIFT is among the most widely used systems. It has sent over 7.8 billion FIN messages and has over 11,000 institutions connected to it. The messaging platform operates in over 200 different countries and territories.
Global Instant Payments Service Using GPI from SWIFT
While Yawar Shah spoke about crypto assets, SWIFT was continuously taking steps to stay on top of its game. The payment giants announced the launch of a new global instant payment service. It simply involves integrating its cross-border payments service, GPI (Global Payment Initiative), into domestic instant payment systems.
Before now, the Japanese government lead a SWIFT-like project focused on circumventing money laundering under the umbrella of cryptocurrencies.