Blog post by Jay Surti | Half of all financial assets worldwide are now held and intermediated by companies that are not classified and regulated as banks. The global financial crisis of 2008 froze the financial system. Banks pulled back credit, families tightened their belts and companies laid off workers. It was a frightening time for everyone, and an extremely difficult moment for the financial services industry. Today, the landscape of finance is quite different. Different types of investors and firms...

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Here in Finland, the idea that economics cannot be separated from geopolitics is hardly new. During the early 1990s, as the Soviet Union collapsed, Finland lost more than 10% of its GDP when trade with its eastern neighbour suddenly evaporated. Few countries know better the costs of ignoring geopolitical realities. Today, the rest of Europe is facing a similar reckoning. We find ourselves in a new world – one where policymakers can no longer confine themselves to traditional economic and financial...

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Thank you for inviting me to speak here today. The theme for Sibos this year, "the next frontiers of global finance" is a fitting one. We are indeed witnessing a new frontier of innovation in payments and the broader financial system. New technologies like distributed ledgers, tokenized assets, smart contracts, and artificial intelligence (AI) have the potential to make payments smarter, faster, and more efficient. I know many of you in the audience today represent firms that are using...

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A digital euro could foster innovation in the European payments system and boost financial inclusion, according to a report published today on the outcome of the first iteration of the digital euro innovation platform – an initiative launched by the European Central Bank (ECB) in October 2024 for collaboration and experimentation with digital euro project stakeholders. This iteration of the innovation platform brought together almost 70 market participants, including merchants, fintech companies, start-ups, academia, banks and other payment service providers,...

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