Real-time payments, digital currencies define future of transaction banking: executive of ANZ Banking Group

Real-time payments and digital currencies define the future of transaction banking, said an executive from the Australia and New Zealand (ANZ) Banking Group.

Hari Janakirama, head of the Industry and Innovation Transaction Banking of ANZ, made the remarks in an interview with China Global Television Network on Thursday while attending the Swift International Banker's Operation Seminar 2024 (Sibos 2024) in Beijing.

The four-day Sibos 2024 financial services forum, which concluded in Beijing on Thursday, gathered nearly 10,000 participants from over 150 countries and regions to discuss banking and payments, technology and innovation, and environmental, social and governance strategies.

"There are a few themes which are coming up when it comes to latest in transaction banking. Most of them border on the concept of real-time economy, real-time everything, so real time, freshly, real-time payments, real-time liquidity. And now, what real time means will depend on what customer segment you are talking about. So if you're talking about an individual customer, like you and me sending money overseas, for example, real time is I just wanted to happen. Many of the Asian countries in the Asia Pacific, as an example, have their domestic real-time payments network. And efforts are underway to connect these payment networks so that if you are able to make a domestic payment in real time in your country, you should be able to do the same thing when you are sending a payment to the country, neighboring country. So that is happening for consumers. And eventually that will happen for business," said Janakirama.

"The other theme which is coming on to that is digital currencies and digital assets where convergence of multiple platforms where you have a platform which enables the transfer of ownership of an asset or a property, whatever it may be. And the payment which happens separately, they are converging together to make it happen at the same time. So it is more cost efficient, more faster and more transparent for the consumer. These are specific themes which are coming up in transaction banking. And all of this is underpinned by better data access to better data, more enriched data," he said.

In the interview, Janakirama also applauded the innovative development of China's digital economy which has exerted a positive impact on the banking sector.

China's digital yuan transactions amounted to 7 trillion yuan (about 986.07 billion U.S. dollars) by the end of June this year, according to the central bank.

Real-time payments, digital currencies define future of transaction banking: executive of ANZ Banking Group

As vote counting begun following Ireland's general election on Friday, exit polls show a neck-and-neck race between the country's three major political parties, with Sinn Fein, the largest opposition party, taking a narrow lead. 

Voting concluded at 22:00 on Friday night and counting began on Saturday morning as Ireland's 3.8 million voters choose new members of the 174-seat lower chamber of parliament, the Dail. 

While the final outcome may take several days to determine, an exit poll of some 5,000 people on Friday has given a clear indication of the result. 

The poll puts Sinn Fein on 21.1 percent, just ahead of Fine Gael on 21 percent, and Fianna Fail on 19.5 percent. 

For over a century since Ireland's independence, every government has been led by one of two main political parties--Fianna Fail and Fine Gael-- both seen as centre-right parties. However, the 2020 general election marked a shift, when Sinn Fein emerged as the second-largest party and largest opposition force in parliament. 

Sinn Fein, a left-wing, radical party, has a significant edge among younger voters and low-income groups. It advocates for social reforms and champions the idea of a unified Ireland by any means, including the use of force. 

Political analysts suggest that under Ireland's electoral system known as proportional representation, it is unlikely any single party will secure an outright majority in parliament. While Sinn Fein is expected to win a narrow majority of votes in this election, forming a coalition government afterwards remains a challenge for the party. 

Some analysts believe that if Sinn Fein successfully forms a coalition with other parties, the issue of Irish reunification could shift from the fringes to the center of the country's political agenda.

Sinn Fein holds slim lead in Irish general election: exit poll