Switzerland and Hong Kong agreed to improve cooperation on issues related to the financial market. No doubt, fintech will have an important part to play in the discussions between the two governments.
The Swiss State Secretariat for International Financial Matters (SIF) and the Hong Kong Monetary Authority (HKMA) today launched their financial dialogue, which will cover questions ranging from wealth management to fintech, the Swiss government said in a statement today.
Governments in countries with strong financial markets currently face demands for better regulation of emerging industries such as the issuance of crypto coins and fintech, while at the same time being asked to reduce the burden of an ever-tightening regulatory framework on the banking industry.
Fintech Matters
Earlier today, the Swiss financial market regulator Finma said it closed the providers of a fake cryptocurrency called E-Coin and warned that further such steps may follow as it watches closely the boom of cryptocurrencies.
Ambassador René Weber, head of the markets division at SIF, and Vincent Lee, executive director of HKMA, chaired today’s meeting in Bern that was attended by representatives from Finma, the Swiss National Bank, SIF and the HKMA.
The Swiss Bankers Association chaired a seminar for the private sector to exchange views on the latest financial trends and developments before the official meeting of the two authorities.
