Making Geneva a global Fintech Hub

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19.07.2016
Genfersee

Fintech in Geneva is an ongoing topic that among the authorities and players in the field. Recognised as a centre of finance, the Geneva Financial Centre and the cantonal authorities are collaborating to foster and accelerate innovation of new technologies and activities developed by Fintech start-ups in the region.

For many years now Switzerland plays a significant role in the development of the Fintech sector. The country’s financial marketplace features over 325 banks and it manages 27% of transnational assets. The Swiss Fintech Report published early this year indicates that Switzerland is progressing to become an excellent place for start-ups to establish themselves. Its widely recognized universities, a deep knowledge in the field of financial services and job opportunities make the country attractive. In Geneva alone over 35’000 people are employed in the financial sector, making it a central place to connect and collaborate.

A number of organisations and financial institutes as well as various players in the field have joined hands to foster the development of Fintech and ensure continued success while attracting more talented professionals in Geneva.

Geneva is recognised as a key player in the financial sector due to the dense network of international companies. These include; wealth management companies, over 400 commodity-trading companies, commodity finance, shipping and inspection companies that are operating in the Canton. This unique value chain has no equivalent anywhere else in the world. Moreover the presence of international organizations and high-calibre research institutes further enhances the region’s appeal.

The Geneva Financial Center (GFC) is committed to publicise the advantages of Fintech and to accelerate the growth and development of fintech companies as well as start-ups. Geneva’s Economic Minister Pierre Maudet is also working closely with the authorities in the Canton of Geneva to establish a common goal aimed at enhancing the Fintech sector in the Canton as well as support the development new services and technology created by start-ups. With this ambition, he puts innovation and collaboration at the heart of his plans for the future of Swiss finance. Digitization of specific activities is also ongoing and has fostered the growth of several Geneva-based start-ups, especially in the promising field of data processing and protection.

As the member of the executive council in charge of security and the economy, Pierre Maudet is responsible for Geneva’s development and prosperity. In August 2015, he announced the publication of the ‘Cantonal Economic Strategy 2030’, which put innovation and FinTech at the heart of Geneva’s economic future.

On Wednesday 28 September 2016, Pierre Maudet brings some of the country’s top bankers at the Sibo Conference – an annual conference, exhibition and networking event organised by SWIFT for the financial industry – to demonstrate the impact of Fintech on business models. The 2016 conference is structured around four streams: Banking, Compliance, Culture and Securities. Maudet sees Sibos 2016 Geneva as a special opportunity to bring the banking and research and innovation communities together to collaborate and drive positive change in Switzerland’s financial industry.

“Switzerland has the potential to emerge as an innovation driver particularly in the Fintech branch due to the presence of global banks and a highly competitive IT infrastructure” says Pierre Maudet in an Interview with Sibos. “New players have also appeared and the digital revolution requires additional attention from the authorities in order to preserve jobs and competences as well as to remain at the forefront of innovation. Sibos thus brings several opportunities to the Fintech industry”.

Picture: Luisfpizarro/Pixabay

(RAN)

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