Fintech companies are weighing up the benefits of obtaining a banking licence in the current political climate or going one step further and merging with a bank. The Association’s Vice President and head of the Advocacy Committee, Luca Bianchi, was quoted in this article in IFLR.
The prospect of fintechs filling the gaps was also predicted by Luca Bianchi, vice president of the Swiss Finance & Technology Association. “Successful FinTech companies, neobanks, and tech companies with innovative products will become stronger competitors of traditional banks in many business areas,” he added. Bianchi further feels that Europe will see more international competition in the coming years, especially from Asia, and that at some point, there will be consolidation in the industry. “Certain FinTech companies will merge or be taken over. Less fortunate FinTech startups will struggle,” he said.