Fintech in Switzerland and Lichtenstein

Executive summary

Situated at the heart of Europe and the global financial industry, Switzerland presents a wealth of opportunities for Canadian players looking to expand their international horizons in the Fintech space.

These opportunities range from the recent boom in crypto-technologies, blockchain and digital asset management; to the plumbing of the financial industry itself, in digital payments and settlement; to the highest tech developments in applied artificial intelligence and machine learning.

This report identifies and frames these opportunities in the context of local market developments, recent favourable changes in the regulatory landscape, the burgeoning start-up scene, and of course the vaulted positions of Zurich, Zug and Geneva at the heart of the global financial sector. Whether it is the long standing pillars of wealth management and private banking or the flourishing new generation of digital disruptors, there are niche markets for a wide variety of technologies and business models.

Key findings reported in this study include the following:

• Switzerland has 382 fintech companies, 172 of them are start-ups
• COVID massively drives customer demand for digital channels in banking, pensions, insurance and retail payments
• Since 2019 there is a new licensing category for fintech companies with deposits SFr. 100M
• There is an exploding demand for intelligent data solutions across all parts of the financial sector
• Switzerland has deep pools of highly educated fintech professionals

The insights presented here stem from primary and secondary research on the market, including a case study of Ottawan firm Solace, who has benefited hugely from its Swiss presence over the last years. This first-hand account provides relevant and timely information to Canadian players considering a similar journey. Importantly, it was highlighted that the close cultural fit between Canadians and the Swiss was a key success factor for their unproblematic and indeed rewarding venture into this market.

For a full copy of this market profile, please contact:

Michael.schindele@international.gc.ca and harjeevan.darred@international.gc.ca.

Please note that in order to receive a complete copy of this or any of the sector market profiles, your organization must be a qualified client of the Canadian Trade Commissioner Service (TCS).