The fifth generation of mobile technology (5G) will address the socio-economic demands and business contexts of 2020 and beyond. Leading operators from around the globe have defined their vision for 5G, considering customer and business contexts as well as potential technologies and migration issues in an initiative set up by the NGMN Alliance. While their concrete vision is described in the NGMN 5G whitepaper, this paper describes the key points, such as 5G design principles, 5G components, network slicing, 5G radio access technology and 5G interfacing options that have implications to the 5G architecture design.