27 April 2017
visit nextgenbanking.co.uk

Chinese banks withdraw from Sibos as territorial dispute with Japan escalates

03 October 2012  |  5744 views  |  0 Sibos blurry

Three of the biggest Chinese banks have pulled their participation from the annual Swift banking conference, Sibos, which is scheduled to take place in Osaka at the end of the month, as relations between China and Japan sour.

The no-shows at Sibos are spilling into other high profile events, including the World Bank and IMF meetings next week in Tokyo, as China's dispute with Japan over sovereignty of a number of islands in the East China Sea escalates.

Swift has confirmed that Industrial and Commercial Bank of China, Agricultural Bank of China and Bank of China have withdrawn all speakers and delegates from Sibos, but insists that advance bookings stay "ahead of target".

The annual Sibos event usually attracts up to 7000 participants, although registration at this year's show was expected to falter as Western vendors and banks from Europe and the US tightened budgets and sent smaller crews.

When Sibos was last in Asia Pacific in Hong Kong, Swift boosted the numbers by shipping in large numbers of banks from the Chinese mainland on day passes.

A Sibos boycott by Chinese banks will have an impact on the strategies of the large Western transaction banks, such as Deutsche Bank and JPMorgan, which had geared up for a show of their expertise in managing cross-border flows of Remnimbi payments at the event.

Swift says that delegates from China, both from local Chinese institutions, as well as foreign institutions operating in China, were expected to make up about five per cent of the total Sibos audience in Osaka.

In a statement, the interbank group says: "As regional Asia Pacific registrations are typically done closer to the event, it is too early to make any definite statement on Asian registration levels."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Swift goes on hiring spree for new Apac corporate hub

Swift goes on hiring spree for new Apac corporate hub

26 September 2012  |  4114 views  |  0 comments
Standard Chartered shares tumble on Iran allegations

Standard Chartered shares tumble on Iran allegations

07 August 2012  |  5231 views  |  0 comments
Campos quits Swift

Campos quits Swift

21 May 2012  |  7805 views  |  1 comments
In 'unprecedented' step, Swift cuts off Iranian banks

In 'unprecedented' step, Swift cuts off Iranian banks

15 March 2012  |  11091 views  |  8 comments
Swift to take start-up contest global

Swift to take start-up contest global

07 December 2011  |  10367 views  |  1 comments
Swift re-instates Sibos 'party'

Swift re-instates Sibos 'party'

06 July 2010  |  8193 views  |  0 comments
Swift puts the squeeze on Sibos-goers with steep price hikes for 2010

Swift puts the squeeze on Sibos-goers with steep price hikes for 2010

15 December 2009  |  10736 views  |  4 comments
Typhoon Koppu hits Sibos Hong Kong

Typhoon Koppu hits Sibos Hong Kong

14 September 2009  |  8841 views  |  2 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit capgemini.comvisit vasco.com/news/PSD2-compliant-solutionsvisit dh.com

Top topics

Most viewed Most shared
hands typing furiouslyBitcoin ETF Bites the Dust, Needs More Sec...
15398 views 0 | 7 tweets | 7 linkedin
BBVA runs live funds transfers over RippleBBVA runs live funds transfers over Ripple
12004 views comments | 32 tweets | 20 linkedin
Coinbase plans Ethereum messaging appCoinbase plans Ethereum messaging app
9181 views comments | 14 tweets | 15 linkedin
EC plans blockchain 'observatory'EC plans blockchain 'observatory'
8557 views comments | 9 tweets | 16 linkedin
Plastc goes into meltdownPlastc goes into meltdown
7251 views comments | 12 tweets | 7 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job