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Sydney’s financial sector set to flourish after successful SIBOS

Sydney has hosted a successful SIBOS, the world’s premier financial event, cementing Australia’s reputation as an innovative financial services hub.

SIBOS 2018 arrived in the city following a period of increased regulation and scrutiny in Australia’s financial services sector, facilitating cross-discipline collaboration and allowing the country to showcase its soft power strengths.

Taking place in the city for the third time, the 2018 event (22-25 October) welcomed more than 7,600 business leaders, global banks, academics and entrepreneurs from 150 countries to the International Convention Centre Sydney (ICC Sydney), which was built by the NSW Government to attract SIBOS, and other massive global meetings like it.

New South Wales Minister for Finance, Services and Property, Victor Dominello said Sibos was a prime example of the benefits global meetings generate for their host city, delegates and industry: “Sydney is recognised as an international finance hub and business centre, and the scale of knowledge creation and trade investment that took place at Sibos was unprecedented. It has firmly positioned our city as a premier business events destination with outstanding facilities, leading expertise and creative problem solvers.”

Ahead of SIBOS, the NSW government met with heads of the world’s major finance and banking institutions in a gathering brokered by the NSW Department of Industry. Taking place at Parliament House, the event highlighted the investment opportunities available in NSW.

Debate into the future of banking also shone a light on Sydney’s surging FinTech community. Innovation stakeholders including top FinTech companies, local startups and leading universities exhibited in a new space at ICC Sydney – the Discover Zone. The Oceania Lounge featured exhibitions from 32 FinTech start-ups from across NSW, Australia and New Zealand. There were Innovation Labs from leading Australian banks Commonwealth Bank, ING, National Australia Bank and Westpac.

Local young talent was also on show: The 2018 SWIFT Institute Challenge, which invited students to create solutions in the area of personal data protection, had eight selected finalists including two teams from the University of Sydney and one from the University of Technology Sydney.

Organisers believe the event will certainly exceed its estimated A$40 million in economic impact and leave a lasting legacy that ripples beyond city-centre borders.

“Economies are increasingly becoming knowledge intensive,” said BESydney CEO Lyn Lewis-Smith. “And, for Australia to remain truly competitive, we need to future-proof our sectors. Global meetings, which promote and encourage the development of skills, drive important conversations forward and provide opportunities for global trade and investment, support this.”