Switzerland will not over-regulate fintech sector, says president
Swiss politicians and leaders from the tech sector reaffirmed in Davos on Wednesday their liberal strategy towards the regulation of new technologies in the fintech sector.
This content was published on
3 minutes
SDA-ATS/dos
العربية
ar
الرئيس ماورر: “سويسرا لن تُبالغ في تقنين قطاع التكنولوجيا المالية”
Swiss rules for innovations like blockchain will continue to target “processes, not technologies”, said Switzerland’s current president, Ueli Maurer, at a roundtable event at the World Economic Forum (WEF) in Davos on Wednesday.
This means that new technologies themselves are not regulated, Maurer said, but rather the impacts which they cause are overseen by existing legislation, made to be flexible enough to accommodate innovation.
Contrasting this approach with the sometimes-heavy-handed regulations of other countries, Maurer said that it was necessary to take risks to stay on top in the digital world, and to maintain Switzerland’s strong economic position in decades to come.
The small size of Switzerland – which continues to be listed near the top of competitiveness and business rankings – allows it to be supple in adapting to digital progress, he said.
Regular dialogue between politicians and leaders from the financial sector – particularly the burgeoning fintech scene – also helps the authorities know what is needed to foster innovation.
Other members of the panel included Jörg Gasser, the state secretary for international finance, Credit Suisse president Urs Rohrer, and Swiss National Bank head Thomas Jordan; it was organised by digitalswitzerlandExternal link, an umbrella group founded in 2015 to try and promote the country’s development as a digital leader.
More
More
Switzerland lays out fintech-friendly future plan
This content was published on
Finance Minister Ueli Maurer said it was crucial to press ahead with “innovation-friendly framework conditions” in the new sector in Switzerland. “We want to remain among the most important players in this sector,” he told a news conference on Wednesday. His ministry will set to work drafting a consultation paper suggesting changes to the banking…
Also on Wednesday in Davos, Maurer met with newly-inaugurated Brazilian president, Jair Bolsonaro, for talks that focused mainly on a potential trade deal between the European Free Trade Area (of which Switzerland is one of four members) and Mercosur, the trading block representing much of Latin America.
Maurer, who was accompanied by economics and foreign affairs ministers, Guy Parmelin and Iganzio Cassis, said after the meeting that discussions “will surely continue” on the issue, but did not mention any time frame.
Bolsonaro, who has come under some criticism since his inauguration due to (among other things) an alleged scepticism towards environmental issues, is undertaking his first visit abroad since becoming head of state.
A handful of demonstrators staged a symbolic action on Wednesday morning in Davos demanding that Maurer raise the issue of climate change with the Brazilian president; Maurer confirmed that the topic was discussed, without giving further details.
Young undocumented migrants gain easier access to vocational training
This content was published on
Rejected asylum-seekers and young undocumented migrants in Switzerland will have easier access to basic vocational training from June 1.
Migration: Swiss government wants to shorten reunification period for families
This content was published on
Family members of people temporarily admitted to Switzerland should in future be able to join them after two years instead of three.
This content was published on
2023 was a record year for the Rhaetian Railway in several respects. Never before has the narrow-gauge railway in Graubünden, eastern Switzerland, transported so many passengers and cars.
Swiss CFOs much more optimistic despite global uncertainty
This content was published on
The main concerns of business leaders in Switzerland are geopolitical uncertainty and the important trading partners Germany and China.
Record organ donation in Switzerland despite high rejection rates
This content was published on
More organ donations were recorded in Switzerland in 2023 than ever before. This was despite a high rejection rate of 58% by surviving relatives.
This content was published on
Seven years after the death of record-breaking Swiss mountain climber Ueli Steck, his estate is going to the Alpine Museum of Switzerland in Bern.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Why the Swiss stock exchange is gearing up for cryptoasset era
This content was published on
The SIX Swiss stock exchange is not alone in exploring distributed ledger technology (DLT) options, so what’s behind this move?
This content was published on
A new approach to fintech, which kicks off with a Zurich conference, aims to marry new tech with the needs of the traditional financial sector.
This content was published on
Swiss insurance heavyweight Swiss Re has laid down the gauntlet for fintech start-ups to shake up the financial industry in Switzerland.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.