Answer ... The fintech industry in Switzerland covers a broad range of sectors, including mobile payments, crowdfunding, robo-advice, cybersecurity and blockchain-related services.
Answer ... A variety of innovative products and services are offered by traditional financial institutions and new market players, including mobile/online payment services, account information services and crowd-funding platforms. In addition, the fintech industry offers compliance tools for financial institutions.
Answer ... In Switzerland, there are many fintech start-ups. In addition, the SIX Swiss Exchange, Swisscom and a number of banks and insurance companies have established their own fintech teams.
Answer ... The following financing and investment schemes are commonly used by fintech start-ups in Switzerland:
- friends and family;
- grants from private and/or state-sponsored fintech incubators and accelerators (eg, F10);
- business angels;
- investment clubs;
- family offices;
- seed funds;
- grants from state agencies (eg, Innosuisse);
- venture funds; and
- corporate ventures.
Answer ... Switzerland has a well-established fintech scene. Many fintech start-ups are working closely with banks, insurance companies and other financial institutions. Many banks and insurance companies, as well as the SIX Swiss Exchange, support fintech start-up incubators and accelerators, such as www.f10.ch.
Answer ... A number of start-ups outsource back office functions to various service providers. However, the board of directors of the company remains responsible for the outsourced services. This is particularly relevant where compliance matters are outsourced.