Swiss Banks UBS and Credit Suisse Launch Fintech Accelerator
Credit Suisse and UBS, the two largest banks in Switzerland, are joining forces to launch a new financial technology accelerator.
The financial giants are partnering with other small firms in Europe such as Swisscom, Ernst & Young, Swiss Life to create an accelerator that focuses on internationalism and younger startups in their infancy.
The first phase of the program will launch this summer in Zurich.
The program is attempting to emulate the Kickstart Accelerator created by DigitalZurich2025.
Both accelerators are pushing for internationalism by providing key services and integration, while also attempting to persuade foreign companies to use Switzerland as a base country for operations.
The push for internationalization appears to be working, with Switzerland having an enormous number of fintech accelerators and associations, despite its relatively small size and population.
The new accelerator being launched by UBS and Credit Suisse will attempt to focus specifically on wealth management, blockchain technology and digital identity and authorization technology.
So far, the accelerator is receiving support from two Swiss fintech associations, Swiss Finance Startups and Swiss Fiannce and Technology Association.
Another aim of the new accelerator is to help push and develop new and more robust fintech regulations, a sector that Ernst & Young believe the Swiss government is failing behind in.