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Control over financial messaging systems is becoming a decisive advantage as countries consider alternatives like China's CIPS, which connects banks in nearly 190 countries. Geopolitical events, such as the war in Ukraine, highlight how financial systems are weaponized, with actions like freezing Russian assets changing perceptions of currencies from neutral to political instruments.

SWIFT still dominates, but nations are diversifying reserves to reduce reliance on Western systems. The G20 is urged to refocus on technical financial coordination, while countries like Australia and Singapore strive for resilience by engaging with both SWIFT and CIPS to navigate the shifting global financial landscape.