Why Switzerland has to act now to stay an attractive financial center and what we need to be more Fintech friendly.Switzerland would offer the optimal environment for Fintech to flourish, out of an innovation point of view, concludes the Swiss Fintech Report2016, published today by Ernst & Young and the Swiss Finance + Technology Association. Yet, it is dragging behind other hubs like London, Singapore or New York because the financial and regulatory environment. This is a call to action for the regional governments. Should Switzerland as a financial center want to play an equally important role as it has done before the banking secrecy, we have to act now.
Banks and insurances need Fintech
The message of the Swiss Fintech Report 2016, couldn’t be any clearer. Switzerland is worldwide leading regarding innovation. We have excellent schools that produce talents, we have an established financial center with banks and insurances in dire need for modern digital services to help them with the transformation to the digital age. Furthermore, we are to host an incomparable economic and political stability. A seemingly optimal condition for Fintechs to flourish. Yet, the global Fintech hotspots are elsewhere.
Fintech Hub Switzerland: It is time to act
First and foremost London, followed by New York and Singapore, host a more fertile soil for Fintechs. The success of London, to establish itself as the leading Fintech hub, leads back to a series of policies that have been implemented to specifically attract the Fintech community, with the FSA at the forefront. The British watchdog together with the City of London have realized, that the way to attract Fintechs is through friendly regulation and tax benefits. Therefore, the conclusion for Switzerland would be simple. Create a similar, attractive environment. With the available talent pool and the stable political environment, Switzerland has the best preconditions to be a leading Fintech hub.