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BF-August-2019-Main Vol. 18 No. 4 August 2019 `75 Pages 52 Alternate Channels @ Indian Bank HFCs and Risk Management Fintechs in Switzerland Corporate Communications www.bankingfrontiers.com V GH IJAY CHU I R A ND ANGAJ BHA A ND SUNITA HA L A ITT MUNISH M L AN ALIT MOH A RM A R DEEPAK SH A NIKHIL KUM CyberOPEN Insurance: BANKING Baby stepsRevolution for a big Ahead leap? Country Report Top in innovation, Switzerland sees maturing of fintechs Switzerland’s fintechs are mostly in cryptocurrency and blockchain and investment management: hile Switzerland is known for its superlative banking system, Number of fintech companies in Switzerland it is also placed on the top in 250 W n=220 the Global Innovation Index. The country 26 200 n=190 has seen transformative developments in 12% 12% n=162 28 digitization of its banking and financial 53 150 services sector. It is an established fact 29 40 34 2017 22% that nearly 10% of all fintech business in 29 24% 100 31 n = 220 Europe is based in Switzerland, and most 27 33 21 of it in Zurich. In global terms, every 10th 21 50 Number of fintech companies 46 48 15% fintech startup was founded in Switzerland. 37 15% 19 24 26 Investments in Swiss fintech enterprises 0 total around CHF 15 billion. There are 300 2015 2016 2017 plus fintech companies in the country and Analytics Banking Infrastructure Distributed Ledger Technology Deposit & Lending Investment Management Payment a majority of them belong to 2 significant Note: (n2015=162, n2016=190, n2017=220) categories - cryptocurrency and blockchain and investment management. handholding, operating, marketing traditional or innovative means. There There are over 100 startups engaged in and profit-generating in the startup is close monitoring of new technology developing cryptocurrency and blockchain regime in the country is becoming more developments and the government is ready systems. Switzerland’s Federal Council streamlined, as the Swiss government to make changes in regulations in order recognizes blockchain as an industry has taken several crucial steps to reduce to reduce administrative constraints. The and the existing laws in the country are bureaucratic interventions that normally Federal Council has introduced a sandbox conducive for its growth. There is a distinct prevent the younger generation from exemption, which is available to all geographic area, called Zug, which is setting up ventures. Investment in early companies. Under this, the acceptance of described as the Crypto Valley as most of stage startups is on the increase because public deposits of up to CHF 1 million will the blockchain startups are located here. of the growing network of angel investors not require a license under the Banking Act. Investment management is also an and venture capitalists. In 2018, there has In addition, the exemption from the license area where several startups are engaged been an estimated CHF1 billion worth of requirement under the Banking Act for in developing newer and efficient systems. investments in startups in the country. pure payment service providers which only There are 75 noteworthy startups in this accept deposits for settlement purposes has field and there are also called wealthtechs. SUPPORT FOR INNOVATION been expanded. They offer technology-enabled tools for What really encourages entrepreneurs to the HNIs, like full-service brokerage set up ventures in the country? EASIER REGULATIONS alternatives, automated and semi- As mentioned earlier, Switzerland is The Federal Council has created an automated robo-advisors, self-service a country that wholeheartedly supports innovation area and his enables firms to investment platforms, asset class specific innovation, and this includes innovations test a business model before they are finally marketplaces and tools to keep up with the by fintechs. Apart from having easier required to obtain a bank authorization changing dynamics in wealth management. financial market laws, the country has from the Swiss Financial Market Besides these 2 sectors, there are also established an attractive tax model Supervisory Authority, or FINMA. Fintechs successful startups in crowdfunding which for startups and provides financing can also obtain a new banking license ‘light’, focus on offering loans to private persons opportunities for innovative companies. which enables the commercial acceptance and companies, students, SMEs and other One important factor is that the country of public deposits. There is a more lenient institutional borrowers. has no specific fintech regulation. It has taxation regime and startups are taxed only a technology neutral approach, which on net asset value “until representative STREAMLINED PROCESS means that the same rules apply to the business results are available. Today the whole process of funding, same businesses, whether they are using One instance where the government 8 Banking Frontiers August 2019 has proactively intervened is in the case of crowdlending, where several startups have been operating. The government revised the Swiss banking ordinance to provide that the acceptance of funds for settlement purposes is allowed for up to 60 days without triggering a banking license requirement. This exception is particularly helpful as most of the firms collect money from supporters in a separate account on the platform before transferring the total Crypto Valley amount to the borrower. Which are the government agencies fintechs are the Banking Act, the Collective CRYPTO VALLEY that regulate fintechs in the country? Investment Schemes Act, the Stock The creation and growth of the Crypto The Parliament and the Federal Exchange Act, the Anti-money Laundering Valley was not coincidental. Many experts Council are mandated to regulate the Act, the Financial Market Infrastructure feel a combination of the good conditions financial markets on a statutory level. and Market Conduct in Securities and in Switzerland and the clustering of FINMA, has the authority to specify the Derivatives Trading Act, the Financial innovative entrepreneurs, a business- legal requirements through its ordinances Market Supervision Act and the Consumer friendly administration and the presence of and explain their application in circulars. Credit Act. In addition, startups as in the leading research institutes in and around The laws that govern the financial services case of already established institutions are Zug, resulted in a lively and self-enforcing in general and which in turn apply to the expected to self-regulate. ecosystem. This has helped the country benefiting from the global ICO boom, as it is one of the leading places globally in terms Crypto, blockchain, Treasury to P2P lending of capital raised through this alternative The top fintechs in Switzerland Neon offers fully-service digital accounts that form of financing. Besides the large growth Amnis Treasury Services provides services in provides visa debit /credit card tracking and in the ICO volume, the traditional venture the fields of international payments, treasury, controlling facilities. capital volume invested in the Swiss fintech risk management, or plays an advisory role in PriceHubble is a proptech company which sector also increased significantly. any of those fields for SMEs. aims to improve on the understanding and The IFZ FinTech Study 2019 shows that Apiax is in the regtech space and aims to transparency behind real estate markets, via the fintech sector grew strongly in 2018. At become a digital lighthouse in a regulated world data-driven insights. the end of the year, there were 356 fintech by making compliance lean, easy and efficient Proxeus offers a tool that enables the creation companies in Switzerland, with a growth via an app, or integrated into banking processes of blockchain applications that can be integrated rate of 62% over the previous year. The via API. into existing systems. study says the sector has become more Bitcoin Suisse provides private and institutional Rice Exchange is a digital rice trading mature, as demonstrated by the growing clients with a wide-range of crypto-related platform with an integrated supply number of employees and the increase in services such as brokerage, hyper-secure chain solution. the capitalization of companies. In terms of storage of crypto-assets and bespoke ICO Selma Finance is a robo-advisor aiming to bring risk capital investments, the fintechs have services. investing down to earth, by freeing their investors set new records in 2018, with 68 financing Crypto Finance provides blockchain-related from having to learn the lingo and allow them to rounds for a total of CHF 324 million raised. services and facilitates implementation of avoid pricing confusion. Zurich and Geneva are at the 2nd blockchain technology in the global economy. Splendit connects students with private investors and 3rd positions in the global fintech Loanboox is a P2P debt financing platform for on the basis of serviced crowdfunding of student ecosystem, just behind Singapore. London public sector borrowers, institutional investors loans. is at the 4th position, and Amsterdam at 5th, and banks. Viac is a robo-advisor for pension management at the end of 2018 as per the IFZ FinTech MelonPort is building Melon Protocol, a fully without asking for minimum deposits, minimum Study. Significantly fintech companies in decentralized asset management protocol which fees or minimum terms. the country do not directly compete with allows anyone to set up, manage and/or invest in Yapeal is a neo-bank based on blockchain- traditional
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