Swiss banks and insurers need to drop their dependence on tradition and adopt a disruptive mindset if the country is to challenge the world’s leading financial technology (fintech) players. That’s the view of John Hucker, President of the Swiss Finance and Technology Association. Significant strides have been made in recent years to establish a strong global hub for blockchain and cryptocurrency start-ups. And a constellation of fintech start-ups have emerged in Switzerland. But Switzerland will lag behind the likes of London, Singapore and New York until the traditional wealth management and insurance industries embrace radical change from within, Hucker argues. “For generations, Switzerland relied on banking secrecy to flourish. Now it has gone, the financial sector is seeking a new path,” Hucker told swissinfo.ch. “We are challenging the status quo, because there is no culture of risk taking." “In Singapore, the big banks are actively pushing the whole fintech story. There ...
