The Swiss financial industry can trace its roots back to the 1700s, when banks, such as Wegelin & Co, Hentsch & Cie and Lombard Odier, were established to meet the financial needs of mercenaries who made their fortunes abroad. Many of these founding banks are still in the hands of the original families, such as the Hottinger and Mirabaud dynasties.</p> Switzerland originally consisted of 22 independent states. In 1848, they unified to become one federal and single economic area. At the time, the economy was dominated by the cotton, silk, watch and clock industries - however the financial industry was on the rise.</p> Over 170 banks were already in existence, but they predominately focused on private banking activities. This meant there was a real need for banks which could finance the country’s rapid industrialisation and railway network, especially the development of the Swiss Northern Railway (known as the Spanisch-Brötli-Bahn) which connected the cities of Zürich and Baden.</p> In response, The Union Bank of Switzerland and the Swiss Bank Corporation were established in the 1860s. By the 1880s, over 50 million Swiss francs a year was being invested in Switzerland’s infrastructure. In 1998, the two banks merged as UBS. Today, UBS is the biggest bank in Switzerland and operates in over 50 counties, with 60,000 employees around the world. </p> As the country’s economy rapidly developed, so did the need for a central bank. In 1907, the Swiss National Bank was established with the mandate to determine Swiss monetary policy and issue Swiss franc banknotes. To this day, the bank drives the development of Switzerland’s economy and financial sector.</p> Switzerland’s growing reputation for neutrality throughout the 18, 19 & 20th centuries provided the perfect environment for the banking sector to develop and thrive even further. The passing of the Federal Act on Banks and Savings Banks in 1934, which governs the regulation of banks in Switzerland, cemented this reputation and allowed the country to become one of the most efficiently regulated and supervised financial centres in the world. </p> A technological pioneer </h3> Science and technology have played a crucial role in Switzerland’s economy, as the country has limited natural resources.</p> In terms of financial technology, Switzerland has always been ahead of the curve. For example, in 1987 Switzerland paved the way for real-time payments by becoming the first country in Europe, and second in the world, to implement a comprehensive real-time payments system. Today, a further 18 countries have invested in a real-time payments systems, including 7 across Europe.</p> Shaping the future</h3> The rapid adoption of financial technology has provided Switzerland with the perfect opportunity to become a leading FinTech hub.</p> Switzerland is seen as a “world leader” in innovation, according to </p> </svg> gii-full-report-2015-v6.pdf </a> </p> </div> </div> , and has held the no 1 position since 2011. This is impressive considering Switzerland has one of the lowest investments in R&D compared with other OECD countries. Switzerland’s reputation for economic & political stability, world renowned universities, and its strategic position within Europe, means that it will continue to be a global FinTech leader going forward. </p> FinTech will be high on the agenda at this year’s Sibos. The Swiss FinTech & Disruption lounges will provide delegates with the opportunity to share their experiences and address the evolving challenges presented by disruptive technology.</p> Delegates will also have the opportunity to meet the winners of this year’s Innotribe Startup Challenges in Africa and Latin America, who will be showcasing their products and services. </p> Sven Bossu, Head of Sibos, said: </p> “Switzerland has a rich financial heritage and has been at the forefront of the industry for the last few centuries. The fact that Sibos is returning to Geneva for the third time demonstrates this, and highlights the continuing importance of Switzerland’s crucial role in the financial world.”</p> For further information about this year’s event, visit Sibos.com</a></p> </p>