SUISSE news Fall 2017
Banking / Financial
October 2017

Fintech

(Markus Reubi)
During the week of October 16th, Toronto held the Sibos conference. Sibos is an international business forum for the global financial community. It brought together financial leaders from around the world to network, collaborate and address issues and changes impacting the industry. Organized by SWIFT (Society for Worldwide Interbank Financial Telecommunication) since 1978, this year's conference, titled "Building for the Future," examined the industry's biggest issues including Cybersecurity, Artificial Intelligence (AI), the impact of geopolitical and regulatory shifts, data and identity, and Financial Technology (Fintech). Sibos 2017 Toronto was a record breaker. With 8,100 delegates from all over the world, it's officially the largest Sibos ever seen in the Americas. While last year's edition was held in Geneva, Switzerland, next year's edition will be held in Sydney, Australia. The kick-off ceremony included Toronto mayor John Tory and was held at MaRS. MaRS Discovery District in Toronto is one of the world's largest urban innovation hubs. MaRS focuses its work on four main sectors: Energy & Environment (Cleantech), Finance & Commerce (FinTech), Health, and Work & Learning.

During the same week, several important delegations from Switzerland were in Toronto. One of them was led by Mrs. Ruth Metzler-Arnold, Chairwoman S-GE (Swiss Global Enterprise), former Vice President and member of the Swiss Federal Council. The Swiss-Canadian Chamber of Commerce (SCCC) had the opportunity to contribute to two events and presentations during the week. The collaboration between SCCC, S-GE and the Swiss Business Hub Canada (SBH) was once again a fruitful experience.

Picture taken at the "Swiss Digital Invest Evening" on October 17, 2017, in Toronto. From left to right: Beat Guldimann, Elisabeth Bösch Malinen, Ruth Metzler Arnold, Anja Zobrist, Markus Reubi 

Digital revolution - both a challenge and an opportunity for the financial sector

By Markus Reubi 

How do we create ideal conditions for innovation in the financial sector and how can we collaborate across countries and industries more effectively? These two questions were discussed by Fintech entrepreneurs, banks, associations and intermediaries from Switzerland and Canada during the "Swiss Digital Invest Evening" last October 17th in Toronto.

The term Financial Technology, also known as "Fintech" for short, refers to innovations in the financial services sector. Fintech companies use modern technologies to update and develop traditional lines of business in this industry or to offer completely new solutions. The financial hubs of Zurich (including Zug and the famous "Crypto Valley"), Geneva and Toronto are among the leading locations for innovation in this field.

Why is Switzerland a leader? According to a study of the Lucerne University of Applied Sciences and Arts, Switzerland offers excellent conditions for the Fintech sector. The analysis of 27 business centers led to a ranking in which Zurich and Geneva occupy the second and third position, shortly behind frontrunner Singapore. Among the numerous indicators taken into account were the political stability, efficiency of administrative bodies, access to credit and venture capital, number of university graduates in the fields of science and technology, as well as access and implementation of information and communications technology. For more information click here.

From left to right: Markus Reubi (Head of Swiss Business Hub Canada), Nicholas Hacking (Director ERI Bancaire), Julien Favre (Executive Director, UBS Bank Canada), John Hucker (President Swiss Finance and Technology Association)

Why is Canada a leader? In fact, until 2015, the acceptance level for financial technology products in Canada was low, but the sector is now on the rise. In 2016, the number of users was almost three times that of the previous year, and the country saw a wave of new start-ups. Canada represents a growing market for Swiss providers. For more information click here.

According to the SBH, there is a lot of potential for collaboration in this field. On one hand, Swiss Fintech companies are extremely innovative and ready to expand into North America. "The SBH is able to support them and connect them with potential partners and clients". The strong Swiss brand and an existing customer base in Switzerland and Europe is often an advantage. On the other hand, Switzerland can be an ideal place for Canadian Fintech companies if they are looking to expand into Europe. "Switzerland provides some of the best framework conditions and is renowned for its openness to innovation from elsewhere in the world".

The Swiss Digital Invest Evening helped create awareness among entrepreneurs and institutions on how the growing Fintech ecosystems in Switzerland and Canada can collaborate with each other. Organizations such as the Swiss Fintech Association in SwitzerlandMaRS Discovery District in TorontoFinfusion in Montreal, the Canadian Trade Commissioner Service and Switzerland Global Enterprise, the official export and investment promotion agency of Switzerland, were present at the event and expressed their interest to promote further exchange. Financial institutions such as UBS or technology providers such as ERI Bancaire explained how they deal with the challenges and opportunities during a panel discussion. According to Mrs. Ruth Metzler, Chairwoman of Switzerland Global Enterprise, organizing such events is absolutely in line with what we would like to achieve: "It is our mission to strengthen our economic relations - by enabling new business for companies of both Canada and Switzerland."

Markus Reubi
Consul, MBA
Head of Swiss Business Hub Canada 
Consulate General of Switzerland, Montréal 
SCCC Corporate Members
  • Habib Canadian Bank  (Subsidiary of Habib Bank AG Zurich)
  • Zurich Canada
  • Laderach (Canada) Inc.
  • Custom Spring Corporate
  • Rolex Canada Ltd.
  • Lette LLP
  • Swiss Business Hub
  • Roche Canada
  • Swissmar Ltd.
  • Swiss International Air Lines Ltd.
  • Endress + Hauser Canada Ltd
  • Hilti (Canada) Corporation
  • Switzerland Tourism
  • Mazars LLP
  • Canadian Tire Corporation
  • Lindt & Spruengli (Canada) Inc.
  • Adecco Employment Services Limited