Innovation Joins Switzerland And Singapore.
Singapore and Switzerland are similar to each other in the sense that they are both small countries but important financial centers on their respective continents. Switzerland is known as one of the largest financial centers in Europe, while Singapore is the main development force of fintech and Blockchain in Asia.
Both countries are leading a close partnership in order to provide a practical ecosystem in terms of regulation and investment to their local fintech companies. Switzerland and its Finance Minister Ueli Maurer are particularly optimistic towards their partnership with Singapore due to the country’s exceptional level of understanding in Fintech and other emerging technologies.
Singapore, Ueli Maurer, Switzerland’s finance minister, expressed optimism about the relationship between Switzerland and Singapore in the development of fintech.
According to Maurer, “Fintech Singapore is at a high level and we have to learn from you. We can continue this sense of cooperation between Singapore and Switzerland. Maurer also emphasized that regulators and startups in Switzerland are benefiting from the Singapore fintech scene which is at a significantly higher level compared to other countries.
Maurer said, “It is important to have good relations and today is a step in the network between the two countries. I think it is important that small countries that are important financial centers have this network and understand the need to cooperate”.
According to Gina Heng, co-founder of Lattice80 and CEO of Marvelstone Group, she stated that the country also has a supportive government and a practical regulatory ecosystem for new businesses to grow. Heng also declares, “They see this as a central place to start their enterprises, there is a good infrastructure and legal system, with a supporting government, we are also close to many countries, which makes it easier in terms of scope”.
However, some early investment companies and private hedge funds have allocated billions of dollars over a four-year period to provide financial stability to fintech Singapore companies. During overtime, Singapore became an important financial center for emerging companies and large corporations.
On the other hand, Singapore’s fintech industry is praised by some of the largest banks and financial institutions worldwide, including UBS, DBS and Citibank.
In recent years, the three billion-dollar banks have established innovation laboratories and investment groups in Singapore for hundreds of millions of dollars after seeing enormous potential in their market for technological innovation.
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