Thread by @quant_network

Highlights from the #Sibos Opening Plenary...a 🧵

"Millions of small merchants are now taking payments from phones in their pockets," says HM Queen Maxima. "But we should not seek innovation for innovation's sake. The first priority is 'do no harm', ensure cybersecurity and data governance are in place."

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"But we have a chance to move beyond that to 'doing good'," says HM Queen Máxima. "It is important to see how much value for customers and value for firms we can generate in the long term. How can we do more of this?"

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"One approach is to encourage private-private partnerships," says HM Queen Maxima. "Collaboration between industry and government is also key to enable services beyond finance - think of health, think of education. If we get this right, digital innovation holds enormous promise."

"In these difficult times it's more important than ever to have a strong financial system," says Commissioner McGuinness via video.

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"We risk leaving behind those who are not so comfortable with technology," says Commissioner McGuinness. "Digital finance carries risk so we embrace the possibilities but guard against the risks. There is a clear and urgent need to bring crypto into the regulatory fold."

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"We also recognise the advantages of distributed ledger technology," says Commissioner McGuinness. "Next year, we will be testing trading and settlement using DLT."

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"We want a fully integrated market for payments in Europe," says Commissioner McGuinness. "Central banks are looking into CBDCs - over 100 of them. That makes international cooperation absolutely essential. A digital euro would be a companion to cash."

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"We also see a digital euro as working alongside privately-issued digital currencies," says Commissioner McGuinness. "We look forward to seeing the innovations that will change the world for the better. We're designing the future of finance."

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"Security, reliability, resiliency are what we focus on at @swiftcommunity," says Shah. "It's important that you engage with us and the financial community. Continue to challenge us so together we can realise a faster, better, smarter financial future."

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"Technology is accelerating at a massive pace," says Perez-Tasso. "We're now looking at CBDCs, tokenisation and digital assets. We're well placed to address global fragmentation. We're about more than messaging."

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"We heard it from Commissioner McGuiness: international collaboration on CBDCs is essential," says Perez-Tasso. "DLT networks can be interlinked. Not just with each other but also with existing payment systems. So, CBDCs can scale and be used globally. SWIFT can act as a bridge."

"We need you to adopt all of these innovations," says Perez-Tasso. "We're here to support you every step of the way. Our purpose is to unify the financial industry. Technology is at its best when it brings people together."

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