The Swiss Finance Minister recently said that as Singapore and Switzerland are not fintech competitors it is important to have a good working relationship between the two countries.
Speaking to Channel NewsAsia, Swiss Finance Minister Ueli Maurer, said:
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.
We are not competitors (and) we can cooperate together.
Benefits of Working with Singapore
Singapore is experiencing a boost in its fintech sector, which many countries are taking notice of.
In October, the Monetary Authority of Singapore (MAS) and the Korean Financial Services Commission (KFSC) banded together to explore the development of blockchain and fintech in South Korea and Singapore.
Last month, MAS signed a pact with the Abu Dhabi Global Market (ADGM) to develop and nurture fintech innovations and entrepreneurs in both countries. This was followed by partnerships between MAS and the Japanese Financial Services Agency (FSA) and several French regulators to boost fintech ties between both countries.
With Singapore within proximity of the Asian market, the country benefits, which makes it an attractive country to partner with. Not only that, but by teaming up with Singapore, it provides a door into which many countries can enter. It also gives Singapore an entry into different nations too to establish fintech startups.
A FinTech Hub
Singapore is certainly pushing the fintech agenda, which could see it becoming the next number one location for financial technology companies to grow.
A report from Deloitte and All Street Research conducted last year, found that Singapore is one of the top five fintech hubs to work in.
It’s not hard to see why this is the case.
In November, Singapore announced that it would begin inter-bank payments powered by the blockchain technology in Southeast Asia. This announcement came after a successful duo of pilot payment transactions conducted between the Oversea-Chinese Banking Corporation (OCBC), headquartered in Singapore, and a regional and an international banking partner.
Around the same time, MAS partnered up with prominent enterprise blockchain startup R3 to launch an exclusion blockchain lab in the country. Known as the R3 Asia Lab, it will enable a collaborative efforts between competing banks and financial institutions focusing on blockchain-based initiatives.
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