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Switzerland is set to release a significant political inquiry into the factors leading to Credit Suisse's 2023 collapse, with implications for UBS Group AG's future regulation. The commission, known as PUK, aims to complete its findings by year-end, paving the way for legislative changes by spring.
An investigation revealed that incorrect forecasting of Swiss pension expenditure stemmed from faulty methodology, not simple miscalculations. This led to implausible 10-year financing forecasts presented to voters ahead of pension reform referendums. The interior minister has ordered a probe into the discrepancies, prompting the resignation of the head of the Swiss social insurance office.
An investigation led by Elisabeth Baume-Schneider has determined that the poor forecasts for AHV spending were not due to calculation errors but rather imprecise mathematical formulas. The Federal Department of Home Affairs reported that two formulas used to project OASI expenditure resulted in implausible long-term financial outlooks.
Two Swiss fintech companies, Wallee Group and Ammer Group, have developed an app that allows conventional payment terminals to accept cryptocurrencies seamlessly, akin to credit card transactions. This innovation enables merchants to process payments in Bitcoin, Ethereum, or Tether without incurring additional fees, marking a significant step towards mainstream cryptocurrency adoption in Switzerland. Merchants can easily integrate the Ammer Pay app into their Wallee terminals, enhancing payment options for customers.
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