Research: Swiss Fintech Startups Lag behind Other Countries
Switzerland’s fintech is failing to make an impact compared to New York, London, and Berlin, according to research, while Luxembourg and the Netherlands are threatening to overtake the country as a European fintech center. Other countries such as China, India, and Singapore are also making headway in the fintech industry. According to research group Statistica, money produced by digital transactions could exceed $2 trillion by the end of 2016, and may well expand to $5 trillion by 2020; however, Switzerland only accounts for $16.5 million. The Global Financial Centers Index has stated that....
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UBS has shown particular interest in fintech developments, creating an innovations lab to explore potential applications of bitcoin and the blockchain technology. Just recently, the company announced the launch of the Future of Finance Challenge, which is a competition open to fintech entrepreneurs and bitcoin startups. UBS is a Swiss global financial services company based in Zurich. It provides investment banking, asset management and wealth management services for private, corporate, and institutional clients worldwide and operates in more than 50 countries with about 60,000 employees....
Although the draft for these new regulations has yet to be created, the government is hopeful they can shake up the Swiss banking sector. Regulation is always a double-edged blade. On the one hand, guidelines can help legalize new currencies and financial tools. At the same time, these rules can nip innovation in the bud at a very early stage. Switzerland wants to ease up on fintech regulation, which is excellent news for Bitcoin activity in the country. New rules have been proposed by the Swiss government to encourage fintech startups in the country. By easing these regulatory guidelines,....
The Swiss Finance Minister recently said that as Singapore and Switzerland are not fintech competitors it is important to have a good working relationship between the two countries. Speaking to Channel NewsAsia, Swiss Finance Minister Ueli Maurer, said: It is important to have good relationships and today is a step to network between the two countries … I think it is important that small countries (which) are important financial centres have this network and understand the need to cooperate. He added: We are not competitors (and) we can cooperate together. Benefits of Working with....
Swiss banking giant UBS has announced that it will research the technology behind the peer-to-peer network Bitcoin in order to explore how blockchain can be used in mainstream financial services. The research lab will open this month at Canary Wharf-based fintech accelerator space Level39, which is a hub for fintech startups in London. UBS's first investment in the blockchain research will bring together technology experts from the bank and the financial technology community, said UBS. Apart from studying and experimenting with the blockchain technology, the lab members will strive to....
Since 2015, an increasing number of multi-billion-dollar financial institutions such as Goldman Sachs have exhibited their interest in emerging innovative financial technologies and startups. Several major banks and financial organizations have established various investment funds for fintech and blockchain startups, to research the application of fintech and blockchain technologies in the financial market. Blockchain technology focused startups have been the main attraction of these banks. According to the Outlier Ventures research team, there are over 1,000 blockchain startups in....