The fast pace of digitalisation in all sectors of the economy is opening up new opportunities and accelerating structural shifts. Fintech innovations are challenging established business models and facilitating new types of financial infrastructure and services. Switzerland is one of the world's leading fintech hubs.
Financial market regulation in Switzerland is designed to facilitate market access for fintech companies. The fast pace of digitalisation in all sectors of the economy is opening up new opportunities and accelerating structural shifts.
Technological advances are opening up new lines of business within the financial sector, including infrastructure, services, increasingly powerful mobile applications and big data.
Fintech companies expanding their range of financial services
Digitalisation presents many opportunities, such as efficiency gains, for boosting growth. However, it also carries risks in terms of personal data processing and has implications for system stability and client protection. Many fintech companies provide additional services or have replaced services offered by traditional providers. Green fintech, which harnesses digital technologies in support of sustainable finance, is a highly promising area and Switzerland has therefore set up a Green Fintech Network. In 2020, Switzerland came second in the global fintech hub rankings.
The Federal Council's financial market strategy supports fintech companies by adopting legal measures to promote innovation and reduce barriers to market entry. It has also made proposals for improving the general conditions for new technologies such as distributed ledger technology (DLT) and blockchain.