By Alice Chambers |
Sibos 2025 opened in Frankfurt, Germany, with a clear message: technology is shaping the future of global finance and Europe must accelerate its progress to remain competitive.
Graeme Munro, chair of Swift, welcomed delegates by highlighting the city’s importance as the financial heart of continental Europe and setting the tone for the days ahead. He emphasised that “continuous improvement is imperative and we’re reinforcing this with AI.” Munro also pointed to the organisation’s ongoing efforts to fortify its security against ever-increasing cyberthreats, while reminding participants of Swift’s ISO 20022 migration deadline for cross-border payments in November 2025.
Javier Pérez-Tasso, CEO of Swift, compared Sibos to the World Cup of finance, noting that “like the World Cup it unites lots of nations.” He urged the industry to prepare for challenges that are no longer distant, saying: “The frontiers are not that far away in the horizon… they are here right now” as shifts in global policies, the rise of AI, and new regulatory forces take hold.
Pérez-Tasso called for a balance between tradition and innovation with financial services providers needing to have “one foot in the past, one foot in the future.” Swift is working with banks on blockchain-based infrastructure that will allow them to “compliment” and “reuse” existing systems. “In infrastructure, strength comes from layered innovation,” he said.
Technology’s disruptive potential was also underlined by Joachim Nagel, president of Deutsche Bundesbank.
“Payments are more faster and political than ever,” said Nagel. “Rapid development of new technologies could be described as being disruptive and will definitely change our market infrastructure.”
While recognising the opportunities for fintechs, Nagel cautioned against over-exuberance: “I feel this gold rush kind of atmosphere… I have to apologise that I have to pour some cold water on some issues.”
Nagel stressed that the European financial sector must step up its readiness for digitalisation.
“Everyone in the industry is talking about digitalised assets,” he said, adding that “the digital euro is the most important part of the euro system. It’s becoming more resilient… it’s a digital form of the central bank money. In a world that’s getting more and more digital it’s a logical consequence.”
Nagel also acknowledged the need for speed in Europe: “Maybe in Europe we are not fast enough to deal with a situation. We have to speed up our processes and regulation is part of that exercise.”
The challenge of fragmentation remains central to Europe’s financial future. “Yes, Europe as a whole is still too fragmented,” said Nagel. “For cross-border payments, there’s a lot more we can do. Europe can do much better.”
Looking ahead, Nagel predicted that “AI will dramatically change our daily life and that will be true for payments as well – smart, tokenised assets.”
Christian Sewing, CEO of Deutsche Bank, reiterated the importance of Frankfurt’s role in finance, calling it “the financial epicentre of continental Europe.” He described how the industry is facing “a rapid transformation for digital finance” amid “unprecedented fragility driven by geopolitical challenges.”
While acknowledging the disruptive rise of AI, he noted: “We know it will be a game changer but we still need to know what and how it will help.”
Sewing outlined four major challenges for banks: geopolitical shifts, regulatory divergence, rising competition from fintechs and big tech firms, and declining customer loyalty. He argued that technology will be central to addressing them.
“That’s why the seamless customer experience will be more crucial than ever before,” said Sweing. “These are the issues that every bank must address going forward.” He also confirmed that “banks are open to the concept of a digital Europe” and urged the industry to “use well-known platforms that our clients will be happy with.”
Overall, the leaders left no doubt that the financial services industry is at a turning point, with technology – from AI to tokenisation – set to redefine Europe’s role in the global economy.