SINGAPORE - Media OutReach - 12 November 2019 - The Switzerland finance regulatory agencies and organisations already collaborate closely with their Singapore counterparts and will continue to foster closer relationships, especially with fintech enterprises charting the future, Secretary of State for International Finance Ms Daniela Stoffel said yesterday.

Fostering collaboration at the Swiss Pavilion networking session. From L-to-R: Mr Patrik Wermelinger, Head of Investment Promotion, S-GE; Ms Daniela Stoffel, Secretary of State for International Finance; and H.E. Fabrice Filliez, Ambassador of Switzerland to Singapore. 

Present at the Swiss Pavilion amid a 70-member delegation with participation from 25 Swiss fintech enterprises, she said: "Fintechs are the future and they will bring the future to the Swiss banking system. You (fintechs) are the torch bearers" for the financial system and the government and regulators will provide support.

Switzerland is "always working on the next support system so that companies can deliver more international solutions," added Ms Stoffel. She is on a short visit to Singapore in conjunction with the Singapore FinTech Festival 2019 (11 -- 13 November).

Ms Stoffel was a key panel speaker on the opening day of the event and shared her insights on the track titled "2020: Policy Choices for the Digital Economy". Ms Stoffel spoke about the continued globalisation of the digital economy and the need to create greater access for all stakeholders to the financial system.

"Some of the key traits of Switzerland's economic success are its openness and its quest for continuous innovation" said Ms Stoffel. "Hence, digitalisation is a necessary strategy as it facilitates new, innovative business models. Switzerland aims to bring this message to the world and seek win-win collaborations."

For example, she highlighted that Switzerland already has a good legal framework for blockchain and it is currently adopting it. The government hopes to pass it through Parliament in 2020.

The Swiss delegation is keen to forge greater ties in Asia through co-innovation, collaborations, partnerships and deal making. Swiss financial institutions already have a head start through republic's fintech cooperation framework and agreements with Asean, China, India, Japan and South Korea.

The key goal of the Swiss Pavilion is to demonstrate the pioneering work of Swiss companies, which already have a global reputation for creating trustworthy, reliable and innovative financial institutions, to Singapore and International audiences.  For innovative and growing tech companies, Switzerland can be the ideal location to centre their European business.