Cyber security is a “major issue” and should be viewed as more of a pressing challenge for banks than disruption from fintech even though some new technologies such as blockchain are here to stay, according to Gottfried Leibbrandt, the chief executive of payments network Swift.

Speaking to Financial News on the last day of the organisation's Sibos conference in Singapore -- where talks on disruptive technologies sometimes drew standing-room only crowds -- Leibbrandt said he believes there is a hype surrounding fintech and added that the financial industry should be more concerned with the threat of cyber attacks.