The fast pace of digitalisation in all sectors of the economy is opening up new opportunities and accelerating structural shifts. Innovations in financial technology are challenging established business models and making new types of financial infrastructure and service possible. A dynamic fintech system significantly enhances the quality and competitiveness of the Swiss financial centre.
Switzerland’s financial market regulation is designed so as not to make it needlessly more difficult for financial technology (fintech) firms to tap into the market. The fast pace of digitalisation in all sectors of the economy is opening up new opportunities and accelerating structural shifts.
Technological progress is giving rise to new types of infrastructure and service, including ever more powerful mobile applications and big data, i.e. the increasing availability and analysis of large quantities of data.
Fintech companies complement traditional financial services
Digitalisation presents many opportunities – to improve efficiency, for instance – that must be seized in order to generate growth. However, it also entails risks, for example in terms of dealing with personal data, the impact on system stability and client protection. Many fintech companies complement or substitute the financial services offered by traditional providers. This kind of innovation is not only a key factor in competition between financial companies, it also represents a major advantage for the Swiss financial centre as a whole.