The entire board of Switzerland's Finance + Technology Association, or SFTA, has stepped down. The fintech backer's president views this as an opportunity, not a setback.
The SFTA made it official on Wednesday: the whole board of the Swiss Finance + Technology Association, a fintech support group, stepped down, as reported by finews.com earlier this week. The moves followed a long fight between board representatives and the group's president, John Hucker, sources told finews.com.
Hucker said that the exits were part of a «mutually-agreed solution,» and he thanked Alexandre Gaillard, Klaus Kummermehr, Boris Battistini, Christian Dreyer and Daniel Diemers for their work since the group's founding three years ago, according to a letter seen by finews.com.
Ruffled Feathers
The missive is meant to take the sting out of the sudden and unexpected departure of the five, which indicates trouble in fintech paradise. Hucker described finews.com's coverage of the exits earlier this week as «fake news,» and accused Gaillard of slander – the same person he then thanked for three years of service in his letter on Wednesday.
Apparently @finews_ch is a source of #fakenews - publishing this misinformation, misrepresentation of others, and slander by Alexandre Gaillard. His actions speak for themselves. #facts will be shared in due course to clarify this nonsense @finnovationCH https://t.co/FXPHkswLfg
— John Hucker (@johnehucker) 5. März 2018
Neither Hucker nor any of the departed board members wanted to comment on their exits, which according to several sources are rooted in a disagreement over future strategy.
SFTA head Hucker is keen for a new strategy which departs from the lobby's non-profit past. By contrast, the board wanted to stick with the founding principles, which were to build SFTA into a Swiss fintech ecosystem for as many interested parties as possible.
Incompatible Behavior?
The board accused Hucker of behavior which is incompatible with the initial purpose, and which isn't in the interest of the lobby's members or leadership, a source familiar with the matter told finews.com.
The result? A fintech lobby with a president who is home alone and seeking a renewal which he views as an opportunity for its members as well as for Switzerland's nascent fintech scene.
Hucker also wrote that the group will remain a non-profit for its members, as well as a hub for Swiss fintech – it currently counts roughly 600 members. He said he would send nominations for new board members in coming weeks.
