At the Swiss Pavilion, hosted by Switzerland Global Enterprise (S-GE) and the Swiss Business Hub ASEAN, the Switzerland participants will showcase proven fintech expertise and cutting-edge solutions. This year's festival theme is "Applications of Artificial Intelligence (AI) in Financial Services".
Renee Koh, Head of Swiss Business Hub ASEAN, said: "Swiss fintechs have grown more mature as they have emerged from an environment with strong regulatory frameworks that enable a lot of experimentation and testing. In doing so, they have developed a global competitive advantage and participants will bring this to bear at the Swiss Pavilion in Singapore."
According to the World Intellectual Property Organization (WIPO) Global Innovation Index 2023 report, Switzerland is a leader in technologies such as artificial intelligence and blockchain.
Switzerland is one of the most advanced financial centres in the fintech and blockchain sector with over 1,000 companies operating in innovation-friendly framework conditions. It also became one of the first countries in the world to enact legal regulations for blockchain technology. This creates legal certainty and enables innovation and growth.
Around 50% of financial institutions supervised by the Swiss Financial Market Supervisory Authority (FINMA) currently use AI or have detailed plans to do so, according to its survey conducted in 2022. AI-based applications are essentially deployed in their front offices and for process optimisation purposes. Other areas of application include for example compliance and conduct, financial risk management, system monitoring and language translation.
One of the advocates for greater integration of AI in fintech, Modulos AG, aims to showcase its 'Responsible AI Platform,' which operationalises AI governance and ensures seamless alignment with international AI regulations.
"At the Singapore Fintech Festival 2023, we're eager to demonstrate to financial sector leaders — from banks to insurers and fintech firms — the capabilities of our platform in developing and implementing trustworthy AI applications that prioritize safety, transparency, fairness, and inclusivity," said CEO Kevin Schawinski.
Hashtag: #FintechFestival2023
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Global partners with Switzerland Global Enterprise, Swiss Business Hub ASEAN
Switzerland Global Enterprise (S-GE) is the official Swiss organization for export and investment promotion with around 200 employees at offices throughout Switzerland and in 31 countries. S-GE supports Swiss SMEs in their international business and helps innovative foreign companies to settle in Switzerland. In doing so, S-GE relies on a unique network of national and global partners. This is how S-GE creates added value for its clients and prosperity for Switzerland.
As a non-profit organization, S-GE provides a public service for its clients on behalf of the Swiss Confederation (State Secretariat for Economic Affairs SECO) and the cantons. S-GE operates its 27 offices, known as Swiss Business Hubs and Trade Points, in 31 countries jointly with the Federal Department of Foreign Affairs FDFA. Thanks to its global network of partners, S-GE supports its clients in many other countries.
The Swiss Business Hub ASEAN champions the interests of Swiss and Lichtenstein Businesses and is responsible for formulating and overseeing the engagements for the promotion and development of trade and investments in ASEAN.
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