SINGAPORE - Media
OutReach - 12 November 2019 - The
Switzerland finance regulatory agencies and organisations already collaborate closely
with their Singapore counterparts and will continue to foster closer
relationships, especially with fintech
enterprises charting the future, Secretary of State for International
Finance Ms Daniela Stoffel said yesterday.
Fostering collaboration at the Swiss Pavilion networking session. From L-to-R: Mr Patrik Wermelinger, Head of Investment Promotion, S-GE; Ms Daniela Stoffel, Secretary of State for International Finance; and H.E. Fabrice Filliez, Ambassador of Switzerland to Singapore.
at the Swiss Pavilion amid a 70-member delegation with participation from 25 Swiss
fintech enterprises, she said: "Fintechs are the future and they will bring the
future to the Swiss banking system. You (fintechs) are the torch bearers" for
the financial system and the government and regulators will provide support.
Switzerland is "always working on the
next support system so that companies can deliver more international
solutions," added Ms Stoffel. She is on a short visit to Singapore in
conjunction with the Singapore FinTech Festival 2019 (11 -- 13 November).
Ms Stoffel was a key panel speaker on
the opening day of the event and shared her insights on the track titled "2020:
Policy Choices for the Digital Economy". Ms Stoffel spoke about the
continued globalisation of the digital economy and the need to create greater
access for all stakeholders to the financial system.
"Some of the key traits of Switzerland's
economic success are its openness and its quest for continuous innovation" said
Ms Stoffel. "Hence, digitalisation is a necessary strategy as it facilitates
new, innovative business models. Switzerland aims to bring this message to the
world and seek win-win collaborations."
For example, she highlighted that Switzerland
already has a good legal framework for blockchain and it is currently adopting
it. The government hopes to pass it through Parliament in 2020.
The Swiss delegation is keen to forge
greater ties in Asia through co-innovation, collaborations, partnerships and
deal making. Swiss financial institutions already have a head start through
republic's fintech cooperation framework and agreements with Asean, China,
India, Japan and South Korea.
The key goal of the Swiss Pavilion is to
demonstrate the pioneering work of Swiss companies, which already have a global
reputation for creating trustworthy, reliable and innovative financial
institutions, to Singapore and International audiences. For innovative and growing tech companies,
Switzerland can be the ideal location to centre their European business.
Under the umbrella of
the Swiss Pavilion, Swiss companies are participating for the third consecutive
year and will showcase cutting edge expertise in crypto finance, blockchain
technologies, AI and cybersecurity, will continue to present some of the best
of what Switzerland has to offer.