Takeaways from inaugural Point Zero Forum

SWISS State Secretary Daniela Stoffel tells The Business Times' Narendra Aggarwal about the importance of the growing Swiss-Singapore cooperation in the financial sector through the newly launched path breaking joint initiative the Point Zero Forum.

BT: In your view, how will the Point Zero Forum enhance Swiss-Singapore financial cooperation?

Stoffel: Financial relations between Switzerland and Singapore have been close for years. As innovation-friendly, strong financial centres, we have many common interests, even if we are of course also tough competitors.

I am convinced that competition will bring us further, but also that cooperation such as at the Point Zero Forum will strengthen both countries as financial locations and centres of innovation.

BT: For readers outside the world of finance, how would you describe the importance of the Forum?

Stoffel: The Point Zero Forum shows the great innovative power of fintech. Blockchain technology has a bad image among the general public due to violent price fluctuations of virtual currencies. But blockchain means much more than just virtual currencies. There is potential for a fundamental transformation of the exchange of data and information, and on a more secure basis.

Trust as a key theme came up frequently – besides compliance basics, there is a need for crypto players to create and sustain trust across all participants like users, regulators, policymakers and traditional players.

BT: Can you share with our readers what you think are the key benefits of the just-concluded Forum?

Stoffel: The conference allowed for an enriching personal exchange with entrepreneurs and authorities in a very short time and in an uncomplicated manner. I am impressed by the innovative power and the vibrancy of the fintech industry and its drivers.

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BT: Why is it important to set globally acceptable rules for the new world of fintech?

Stoffel: The fintech world is highly interconnected internationally. If regulation is too fragmented, this has an inhibiting effect on innovation.

In addition, there should be no unnecessary market closures. Certain international standards are needed to ensure legal certainty. Innovation can only develop within an orderly framework that does not create excessive bureaucracy. Globally accepted rules to increase cybersecurity and protect against financial crime are also important.

BT: How can Switzerland and Singapore work together in the area of digital and sustainable financial services?

Stoffel: We are, of course, competitors. Mutual competition on the basis of open markets spurs us on.

In addition, Switzerland and Singapore can work together in international bodies for good and innovation-friendly framework conditions and global standards that create a level playing field for large and small countries.

BT: What are the Forum’s plans going forward now that a highly successful inaugural meeting has been held in Zurich?

Stoffel: We will continue our cooperation with Singapore.

The first Point Zero Forum in Zurich showed that such an event is needed to bring Europe and Asia together in the field of fintech, including fintech innovation from the United States, Latin America and Africa. We are already looking forward to the next event in June 2023!