Switzerland risks missing the fintech revolution in Asia, as its presence at the Singapore Fintech Festival feels minimal compared to the vibrant participation of other nations. Despite hosting a reciprocal event in Zurich, the Swiss delegation lacks high-profile representatives, limiting its influence in shaping critical financial innovations. The recent launch of the Swiss Financial Innovation Desk aims to bolster the country's fintech landscape, but a delayed report on future strategies raises concerns about Switzerland's proactive engagement in the evolving financial sector.
The U.S. has sanctioned two Zurich lawyers, Andres Baumgartner and Fabio Delcò, for facilitating illicit financial activities linked to Russian assets, including connections to Putin. Despite ongoing pressure, Swiss lawmakers have resisted tightening anti-money laundering laws, citing concerns over professional secrecy and the burden of new obligations. The U.S. ambassador has urged Switzerland to enhance its legal framework to prevent abuse for illegal financial activities, especially in light of the war in Ukraine.
Thomas Gottstein's refusal to support a merger between UBS and Credit Suisse (CS) in 2020 marked the beginning of CS's decline, as he believed he could independently steer the bank back to stability. Despite significant losses from the Greensill and Archegos scandals, he remained CEO until 2022, while Urs Rohner, the Chairman, failed to hold him accountable. Ultimately, UBS acquired CS for a mere $3 billion amid the fallout from the Silicon Valley banking crisis, highlighting the missteps of both Gottstein and Rohner in navigating the bank's challenges.
Finma has suspended the approval of UBS's emergency plans due to necessary adjustments from the integration of Credit Suisse. The authority emphasizes the need for improvements to ensure UBS can be effectively restructured or liquidated in a crisis, while also calling for expanded legal frameworks for resolution strategies. UBS has begun addressing these requirements, asserting its capacity to manage potential crises without taxpayer intervention.
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