Hundreds of reports, news articles, startup tickers and interest groups from Singapore, across London to Boston are talking about the “FinTech Ecosystem”. Why has a vegetational concept originated from botanical literature become the place to be for companies seeking innovation? What makes up this cradle of life and who resides there? Is there a way to cultivate this El Dorado? And how is it that low failure and risk tolerance prove to be a barrier for new FinTechs in Switzerland?
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In the previous article, we considered the client on-boarding process; in this second part, we will focus on the sales/advisory process. We will explain which machine learning (ML) models can be applied to which parts of the process. This is not an exhaustive view of the possible options and is meant as an opening to further discussion.
There is a lot of buzz around artificial intelligence (AI) and machine learning (ML) and their application to financial services; specific examples include use cases applied to chatbots, robo advice, and credit risk scoring. Almost daily, articles are published focusing on specific functional areas, but do not address the potential of machine learning from an end to end perspective. This is the first of two lists whereby I document use cases by process area and potential use of ML algorithms and techniques. This initial list outlines AI and ML application to client on-boarding processes for new clients or for new products.
The Swiss Finance + Technology Association has signed a Memorandum of Understanding with the Fintech Association of Hong Kong (FTAHK). This further strengthens the collaboration between Asia and Europe. In practice this means that the two organisations will join each others’ events and they will exchange knowledge about the market and regulation. New opportunities for start-ups and investors of both countries will be created.
The Swiss FinTech Pitch, was held on Wednesday, October 11, at Landesmuseum in Zurich. Over 100 insiders attended the event to see Oliver Werneyer of IMburse take top place among entrepreneurs and Ralph Mogicato from SICTIC winning in the investor category.
On September 26 we had a great event in the Nietturm Bar with senior representatives from Abu Dhabi Global Market. Steve Barnett and Thomas Hirschi presented their organisation and explained the FinTech Regulatory Laboratory (RegLab). The audience was very interested in the FinTech ecosystem in Abu Dhabi and there were many questions in the end.
The Swiss Finance + Technology Association (SFTA) has signed a Memorandum of Understanding with the Singapore FinTech Association (SFA). This means that the two organizations will work closer together in the future to improve financial innovation in both markets. In a first step, a delegation from SFTA will visit the Singapore FinTech Festival in November. Beyond this, further collaboration is planned to create new connections and share knowledge between the FinTech ecosystems of Switzerland and Singapore.
Swiss Fintech + Technology Association now partners with Abu Dhabi Global Market (ADGM) to improve innovation and create new opportunities. John Hucker, the president of SFTA and Richard Teng, Chief Executive Officer Financial Services Regulatory Authority of ADGM, sealed this promising agreement in August 2017. For Swiss FinTech companies, this is a good opportunity to gain new insights and ease market entry.
The stories of companies worth millions or even billions of dollars prior to their IPO in combination with currently high cash reserves of large corporations such as Google, Facebook or Apple, looking to swallow up start-ups, has led to increased investor demands for lucrative exits. The Swiss Start-up scene has been gearing up as it comes of age, with the number and the size of exits by startups starting to become more visible, with examples including jobs.ch, Doodle or students.ch. Read More