Financial innovation boosts humanitarian aid: Swiss foreign minister
Swiss Foreign Minister Ignazio Cassis believes that blockchain, coupled with the latest innovations in financial technology, can boost humanitarian relief efforts in crisis-stricken regions.
Speaking at the Crypto Finance ConferenceExternal link in St Moritz on Friday, Cassis said connecting people to financial services is just as important as providing sanitation, clean water and shelter.
“Today, millions of people in need receive humanitarian assistance through financial service providers, via ATM cards, mobile money, electronic vouchers or through blockchain solutions,” Cassis told the audience of blockchain specialists and investors.
“Around 16% of total global humanitarian aid today is channelled through cash and voucher assistance. It is often more efficient than traditional humanitarian aid.”
Swiss Humanitarian AidExternal link pioneered the use of cash transfers in crisis zones in the 1990s, Cassis added. Switzerland has implemented 30 such payment projects in such countries as Syria and in Albania, which was devastated by an earthquake last November. Victims were able to withdraw cash within eight days of the disaster.
“It also puts affected people in the driving seat, allowing them to choose for themselves how, where and when to cover their basic needs,” Cassis said.
He believes that the financial dimension of humanitarian aid is set to play a more important role in future with the advent of alternative mobile payment solutions. Some 90% of adults in sub-Saharan Africa have access to mobile phone connections, connecting them to financial services even if there are few or no local banking branches.
Closer to home, Cassis was challenged by Crypto Finance Conference delegates to explain why blockchain start-ups struggle to get basic banking services in Switzerland. Speaking to swissinfo.ch after his speech, Cassis said the industry should trust in the ability of the very technology they are creating to find a solution to the problem.
“Blockchain has the potential to improve the financial system by providing access to banking services beyond the traditional banking sector,” he said. “The banking system also needs to reinvent itself to meet the challenge of this disruptive technology.”
University students in Switzerland join Gaza protest wave
This content was published on
Pro-Palestinian activists occupied university buildings in Lausanne, Geneva and Zurich on Tuesday, widening the protest movement in the Alpine nation.
TradeXBank to resume full operations after Sberbank Switzerland taken off sanctions list
This content was published on
TradeXBank, the former Swiss branch of Russia’s Sberbank, will be able to resume its dollar-denominated activities from the second half of this year.
Geneva decides not to remove controversial memorials
This content was published on
The city of Geneva has presented an action plan regarding a series of controversial local statues and monuments of historical figures linked to racism, colonialism or slavery.
University of Lausanne calls for end to pro-Palestine sit-in
This content was published on
The pro-Palestinian occupation continues at the University of Lausanne (UNIL). On Monday evening, a group of students refused to agree to the deadline set by the rectorate.
Ukraine peace conference should include Russia, says Chinese ambassador
This content was published on
China supports a peace conference on the Ukraine war that would see equal participation of all parties, says Chinese Ambassador to Russia Zhang Hanhui.
This content was published on
A majority of Swiss citizens have open attitudes towards various infertility treatments, including even egg donation, which is currently prohibited.
Reports of Swiss cyber fraud almost doubled in six months
This content was published on
The head of the new Federal Office for Cybersecurity (FOC), Florian Schütz, has presented a new strategy after just over four months in office.
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
Crypto determined to emerge from the shadows
This content was published on
The blockchain industry is redoubling efforts to engage with policy makers at the Crypto Finance Conference in St Moritz.
Bitcoin billionaire twins to address St Moritz crypto event
This content was published on
The twin brothers famously fell out with Mark Zuckerberg, suing the Facebook founder for allegedly stealing their idea for the social media site. Since then they have built the Gemini crypto exchange and Winkelvoss Capital Management. They have also tried to break new ground in financial services with a so-far unsuccessful attempt to launch a…
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.