IBS Journal November 2015


Sibos 2015: Sleek and smooth in Singapore


While blockchain did dominate the discussions – a few people let slip at the end of the week that they still didn’t really understand what it is or does. Others were just sick of the sub- ject. Whatever the level of comprehen- sion, there’s a great deal of interest in it and the jury’s out on whether block- chain is a passing fad or a long-term solution. There were a few complaints about


the show being stretched over four floors. They felt the time spent on mov- ing to different parts of the huge con- vention centre and the issue of seeing exhibitors being apart were both prob- lematic. But with so many exhibitors, conferences and talks, there was no other option.


A small minority grumbled that some smaller banks and vendors are being priced out of exhibiting due to the high costs of hiring a stand – and factoring in other expenses, such as travel and hotels. However, most delegates seemed


to be happy with the show – hailing the chance to meet up with others and get some ‘serious’ business done. Overall, the atmosphere felt posi- tive and energetic – but not due to the


activity of the bigger companies. It was more a case of the start-ups attracting attention and creating excitement in the Innotribe (Swift’s fintech innovation ini- tiative) area. Companies like IBM and Wells Fargo Bank also used the event to scout for new talent, and made no attempt to hide their intentions. At a late-night Innotribe party the big guns were noticed targeting the start-ups. This could mean acquisitions, recruiting the best and brightest, or standing back a bit and investing. We’ll have to wait and see. Apart from blockchain, there was


a lot more happening. Along with the two massive halls for exhibitors’ stands, there were typically 48 different talks or panel discussions going on throughout each day. These ranged from big issue


debates (aka plenaries), ‘community’ events (mainly on payments), Innotribe’s space, an ‘open theatre’ for companies to promote themselves, a standards forum, Swift’s ‘auditorium’ and ‘institute’, and talks on market infrastructures, securi- ties, diversity, compliance, technology and the Association of Southeast Asian Nations (ASEAN).


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Day 1: The blockchain boom Interest in blockchain overflowed on the first day and Innotribe had its own space for its ‘New kids on the block(chain) platform’ session. Some were there to figure out what it was, some were looking to invest, and some wanted the investors to back their blockchain firms. The moderator, Mark Buitenhek, global head of transaction services at ING, kept the discussion moving well, and says blockchain has moved from ‘disbelief to engagement’. Buitenhek believes the jury is still out


on its merits. Adam Ludwin, co- founder and CEO of Chain.com, says people have to look at the industry as a long game. His company has also received money from Fiserv, Visa and Nasdaq. For Joyce Kim, executive director


at Stellar.org, blockchain’s low costs can help the world’s poor. Her non-profit organisation is seeking to help people – typically those ‘who survive on five dol- lars a day’. She thinks it is a solution for the greater good of humanity. Oliver Bussman, group CIO and


group MD at UBS, represented a more traditional voice in the industry. He points out that bank’s processes have been in place for hundreds of years. They have worked for some time. Simon Taylor,


© Sibos


vice-president of blockchain R&D at Barclays, sees it as an ‘exciting’ solu- tion but feels it is ‘massively misun- derstood’. He sees it as a technology for reconciliation and not payments, a view at odds with most others on the panel.


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© IBS Intelligence 2015


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sibos 2015


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