The Swiss government is boosting fintechs focus on sustainable finance. The move is part of a wider bid to make Switzerland a hub for impact investments.
Bern is launching a network to bring together «green» fintechs, associations, potential financial backers, academics, and consulting and legal firms, it said in a statement on Thursday. The body is to submit proposals to the government and finance industry on how to foster green fintech in Switzerland.
The move is part of a wider push to shift Switzerland's massive financial services industry towards ethical and impact investing. The efforts are hamstrung by the lack of clear definitions and comparable approaches, not just in the alpine nation but more widely. Larger players like UBS and Credit Suisse have also been criticized for continuing to invest in fossil fuels, for example.
The Swiss network is to result in an action plan, due in spring. «The combination of sustainable financial services and digital technology – green fintech — is particularly promising,» said Daniela Stoffel, Switzerland's top finance diplomat.
