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Switzerland recognizes that Blockchain and cryptocurrencies have considerable potential for innovation and enhanced efficiency both in the financial sector and in other sectors of the economy. Funds raised from TGEs/ICOs/STOs, speculative cryptocurrency investments or from mining successes are increasingly growing, together with the popularity of cryptocurrencies. Clearly, Blockchain companies as well as private crypto-investors are an interesting new client segment for Swiss banks. As Switzerland becomes an attractive hub for Blockchain startups, a growing number of these pay bills, salaries and social security fees using FIAT currency, which requires a bank account with a Swiss bank. While some banks are still hesitant, others are already onboarding cryptocurrency clients under the condition that strict legal and regulatory requirements are fully complied with.
According to the EY 2019 Global Wealth Research, more than one-third of the high-net-worth clients globally are considering to switch provider in the next three years. Clients switch for value, but their definition of value is complex. To better help providers build solutions that meet the changing expectations, EY surveyed 2,000 wealth management clients across 26 countries to understand what matters most to them.
After a legislative process of more than ten years since the financial crisis, the Swiss supervisory regulations on consumer protection will enter into force on 1 January 2020. These rules aim to provide an equivalent legal basis to the respective EU-legislation. In June 2018, the Swiss parliament has adopted the final drafts of the Financial Services Act (FIDLEG) and the Financial Institutions Act (FINIG). In addition, the consultation process of the drafts of the related Financial Services Ordinance (FIDLEV), the Financial Institutions Ordinance (FINIV) and the Supervisory Organisation Ordinance (AOV) has been completed at the beginning of February 2019. Small inconsistencies in these ordinances are planned to be adjusted by the Federal Department of Finance until autumn 2019.
A guide to leading practice transformation into an innovation-driven insurer. In all conceivable future scenarios, insurers will have to choose between two business models: the invisibility model or the engagement model. Genuine innovation will transform the core business, which makes cannibalization unavoidable.