It's this: https://en.wikipedia.org/wiki/Valeriepieris_circle
Half the world's population lives with a 2500 mile radius circle centred over the South China Sea. There's a market.
Half the world's population lives with a 2500 mile radius circle centred over the South China Sea. There's a market.
But how's this related to SWIFT?
Do you see India and Japan (and Vietnam and South Korea, all within the circle) joining a system controlled by China.
India has its own SWIFT alternative as a matter of fact
Very much yes. Think of two people trading rice between china and the Philippians. That rice is not digital. It is traveling across a not-digital ocean on a not-digital ship. If something goes wrong with a payment they would much rather be dealing with someone in the same timezone who can address the issue before the non-digital ship gets locked down somewhere. When things go very wrong, they don't want to be shopping for a European lawfirm to help with a matter between two Asian businesses. Timezones, language and local understanding still matters for realworld trade.
These systems are for the banks to transfer between them..
If a payment goes wrong, it's still the bank's problem. This is opaque to the end user if I understand it correctly.
And Going by this logic would the entire world also stop using Gmail and start using Alibaba/Tencent's email service?
https://www.gov.uk/courts-tribunals/commercial-court
A winning combo is a functioning, fair, nonpolitical legal system that works QUICKLY and predictably (fairness a bit secondary) and banking / finance so decisions can be enforced more easily.