Mr. G. Stephen Alsace at the Foreign Affairs and International Development Committee

On June 6th, 2023. See this statement in context.

June 6th, 2023 / 11:30 a.m.

Global Head, Economic Sanctions, Royal Bank of Canada, Canadian Bankers Association

Yes. In China, there's the CIPS system, and Russia has SPFS. In terms of the rise, we haven't seen significant traffic in that regard, but I think that in terms of alternatives to SWIFT they are on the rise, and there is certainly that risk of capital flight away from that system.

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