Paying with mobile phones, trading in virtual currencies, crowdfunding: technological developments are presenting traditional financial institutions with a major challenge; internet groups such as Google and Facebook are noticeably moving into this market. However, digitisation also stimulates competition between business locations, and Switzerland has not yet reached its full potential as an international business location for digital financial innovation.
The regulatory environment for the financial sector should promote competition within the sector and enable market access also for service providers with innovative business models that use new technologies. Given the momentum in this area, it is an important concern that Swiss financial market law is shaped in such a way that the rapidly progressing digitisation in the financial sector can be exploited as an opportunity. A competitive environment for established financial service providers and new market entrants will strengthen the financial centre in international competition.
Specific steps within the framework of the financial market policy for a competitive Swiss financial centre:
- The regular dialogue with the private sector will be intensified so that future challenges can be used positively for the financial centre.
- For innovative financial service providers that do not conduct traditional banking business, the Federal Council is proposing legislative adjustments for new forms of authorisation and an enlargement of the authorisation-exempt area (see press release of the 2 November 2016).
- The sector’s initiatives to further develop the expertise and innovativeness of the financial centre in the area of sustainable investment will be supported.
Last modification 29.01.2018