Singapore And Switzerland Should Cooperate In The FinTech Sector

Singapore And Switzerland Should Cooperate In The FinTech Sector

The Swiss Finance Minister has recently said that Singapore and Switzerland should have a good working relationship in the field of financial technolo

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The Swiss Finance Minister has recently said that Singapore and Switzerland should have a good working relationship in the field of financial technology.

“It is important to have good relationships and today is a step to network between the two countries … I think it is important that small countries (which) are important financial centres have this network and understand the need to cooperate.”, as Finance Minister Ueli Maurer told channelnewsasia.com.

“We are not competitors (and) we can cooperate together.”, he added.

Also, the financial minister reportedly noted that Singapore benefits from its close proximity to a big Asian market, and can be a stepping stone into Asia for Swiss fintech start-ups. As a European country, Switzerland can help companies from Singapore that try to expand in Europe.

“Singapore’s fintech (sector) is on a high level and we have to learn from you… We can continue this sense of cooperation between Singapore and Switzerland.”, he elaborated.

Singapore is ranking among the top five fintech hubs in the world, as a report from Deloitte and All Street Research stated last year.

In the middle of November last year, the Oversea-Chinese Banking Corporation (OCBC), a public banking corporation situated in Singapore, announced that it would begin inter-bank payments that rely on blockchain technology in Southeast Asia.

In the meantime, blockchain start-up R3 has established a collaboration with the Monetary Authority of Singapore (MAS) to kickstart an exclusive blockchain lab in the country, as an earlier publication reported.

The efforts of Singapore clearly help the country stand out in the financial technology sector. Unsurprisingly, Switzerland wants to co-work with the Asian country.

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