Keeping up the pace
Regulation, standards, and mobile remittances on the agenda of the Business Forum in Tokyo
This year’s Business Forum in Tokyo gave the local community the opportunity to come together and agree on how they can work together to take cost, risk and inefficiencies out of the financial system and to grow their businesses using SWIFT. Participants agreed that despite the conventional wisdom that the crisis seems to be in recovery mode, there’s no room for complacency.
“We must be vigilant and proactive,” said Yoshi Watanabe, Head of Japan, SWIFT. “In today’s interdependent ecosystem, none of us are immune from shocks to the system. We need to be active in letting policymakers and regulators know what is needed and what the implications of their actions may be on our sector.”
Focusing on the topics that matter to the community: optimisation, standardisation and innovation
Regulation, which is a featured theme at Sibos this year, was a focus of comments by Yasuyuki Fuchita, CFA, Senior Managing Director, Nomura Institute of Capital Markets Research, who gave the opening keynote. “An entirely new financial environment lies ahead,” he declared. “From here on, the overall framework and design of the financial systems will undergo a major transformation,” pointing to examples such as the discussions around living wills and how financial institutions might bear the costs of crises.
Standards, another headline topic within the Japanese community, was highlighted by SWIFT’s new Board member from Japan, Yumesaku Ishigaki, General Manager, Transaction Services Division, Bank of Tokyo-Mitsubishi UFJ, who made his inaugural speech to the Japan community. He emphasised SWIFT’s continued compatibility and coexistence between the existing message and MX and confirmed that SWIFT will continue to promote the dissemination of ISO20022 compliant messages.
A highlight of the day was the panel discussion on the Payment Service Law. Put into effect last April, the law deregulates funds transfer services, allowing businesses such as telcos and PayPal to offer consumers inexpensive and highly convenient alternatives to banks to transfer funds. Not surprisingly, participants in that session sparked off an intense round of debate; although the law itself does not directly affect banks, it does offer them new opportunities to collaborate and innovate with non-banks such as PayPal and NTT Docomo. As Toshihiro Eto, Director, Frontier Services Department at telecoms company NTT Docomo explained, “The service involves low-value fund transfers, so there isn’t much of an impact on banks. However, we currently lack advanced, specialised knowledge with regards to finance, so we’re aware that building a proper system is an issue.”
You can refer to the Wrap Up report for more details on the sessions held at the event:
- Optimising operations in asset management: Global trends and outlook of Japan
- Significance of standardisation in the financial industry
- Trends of BPO in securities operations
- Global CMS strategy by Japanese banks
- Panel discussion – Payment Service Law: Impact and new business models
- Interim report toward the implementation of ISO20022 and SWIFT
Celebrating 30 years of SWIFT in Japan
Yoshi Watanabe took advantage of the event to remind our community of SWIFT’s history long-standing trust and pride as SWIFT celebrates this year 30 years of presence in Japan. “I am confident that SWIFT will continue to contribute to Japan’s development in the financial services sector with the community,” he said. A reception to celebrate the milestone will take place in November.
Giving back to the community
As part of its Corporate Social Responsibility programme in APAC, SWIFT donated EUR 2,000 to the the Japanese branch of the World Wide Fund for Nature. Established in Tokyo in 1971, the WWF Japan protects endangered wildlife and environments, tackles climate change and promotes sustainable use of resources. The NGO also organises Earth Hour, a yearly event in which SWIFT took part this year. For more information, please visit http://www.wwf.or.jp/.