Swiss Finance in Transition

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hello guys so i will try to try to do it short it's just

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seventy minutes so um okay so i would like to talk to you

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uh why i believe sets switzerland is predestined to

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become a new scripts will finance hop

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and um i would like to help you maybe it to put a little bit things into perspective

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i i would like to tell you to stores

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just always set up that are different but just always speech ah about the scene

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but still is that a long story because all the two hundred years it's about a conscious

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and see all the story yes but a recent they're short and it's about technologies

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so let's have a look at the first story

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or or rubber

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we're

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her

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or or

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or or

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or or i that history of sleaze private banks and

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two hundred year old history in sixty seconds

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it was a little bit exercise right at this point here is you know is

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it this time she uh has always had this independent neutral status right

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which helped it to chairs the tradition of privacy and bank secrecy

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and this is the cousins on of the or competitive advantages

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of this can shows as being can centre um and

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this advantage gotta crack um as in two thousand nine you

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best had to give out information client information to us

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um and from there you know the next steps involved was european union

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and so on so basically next year um it's very historically or because

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next year it will be the first year where's the automatic

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uh information exchange agreement fixing or swiss banks just need to

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give information boggles the clients in automated could um we

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and that's quite a big deal because you see that was very important

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um the constituents it's a basis of this privacy and security

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so is this story kind of get in its tracks and it's a question of red headed to

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finish images there is a news story coming up let's have a look at the story

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huh

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alright

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get it to different stories rate but they have basically though to see

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they are about human rights say about protection and safety of wells in savings

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the things that is still you know normal and natural to us that which is

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quite not sorry for almost all of people living outside of of ritual i

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and it's actually very interesting historical coincidence that you know

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the moment cyclone full custody of the whole switzerland

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was put in questions just doesn't eight exactly that moment new global custody

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it going wasn't rice

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mm hum and this is exactly you know two

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things that how people can go about saving

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they are well since you know storing their money somewhere outside of their local

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currencies they're conscious rage like if you are out there in china and russia

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in any kind of the place where you have a reason to worry

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because you know you if no in the can she controlled by the government sets you know maybe abuse

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um monetary policy and uh put it's as a

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means for wealth redistribution printing money or

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maybe you know it's not you're not very protected buys the book

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awful there's mister three she of companies happenings the route

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retirement performs you know all kind of sorts of money no

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place to lose your wells then you kind of really

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i would like to put money somewhere safe as far as possible from you can she had

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to do you have to opportunities one is full over for each and one is for

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so if you reach and but each i mean you know in terms of

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suisse private banking definition if you have five million liquid assets or more

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so while you can book your flight here to switzerland to allow me to very nice with maker and he will be

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very helpful with a lot of things uh and you can be pretty much or is that what you have today

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will be the same as what you have to more and maybe even a little bit more

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but if you're not reach like outside of the five school then basically out there you don't

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have a lot of opportunities until recently basically not many but today you have bit claim

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basically in any branch of the vote you can buy be the cohen

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and you can transfer you can you can do with that whatever you want it's yours nobody can take it away

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i'm so excited i mean it's been like a ten years join

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your bit going but i'm so excited about it until now

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and i tell you why because um as i was to nature and

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um you know be leaf through collapse of the soviet union

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you know in ukraine this effort probably through the worst hyperinflation of

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modern history we had like ten thousand percent inflation per year

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between two to ten thousand over five years so we basically lost everything right

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it was pretty bad on my grandmother a famous researcher professor at the university

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she would end up on the street if i wouldn't do like enough to get a scholarship

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from german government and be able to send sure fifty fifty the each mark for months

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and back then they didn't have because and they couldn't do anything great we couldn't even by

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you know there were so that that's you know that's the reality of conscious out there

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that we don't see but i think you know was emergence of grip to currency

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the receiver great opportunity to change that to give access to safe

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or unsafe your save save and as it's brought to everybody

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it doesn't have to be on the rich and powerful it doesn't have to be

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only five new and plus crypt occurrence enables us to move funds easily

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and this is a great also business opportunity and of course you know big aquinas a block changes the

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technology uh gives us at an opportunity to go

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to very efficient um market infrastructure i'm out

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completely um the next generation a trade in platform and so

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on where um transaction and settlements falling too long

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creating completely new structures sent liquidity opportunities

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and this is actually what to be a smart follower invest envisaged as an opportunity

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ah the ability and uh de centralise marketplace

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the tool can nice to alternative investments

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this was a safe and we go ah as a swiss bank

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but accessible and for all of us is because this is our vision and i think or

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there is no better time to do it and the weather place to do it sent here and now

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because to d. v. stand in hats unique interests actually

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perfect crossing of new technology and regulator opening

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new technology will change technology technology for money in first place

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and regulator opting instead which we'll even here in switzerland and

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this regulator opening maybe it's not so transparent for you now

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but i just to touch base on what's going on

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to make regulator change happen you need to thinks

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the the regulator needs to be able to do the change

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and it needs to be a political will behind it

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and i would like to say is that here in switzerland we have both

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we have the ability and we have so little visibility us first of all

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not which of the regulators three gratuity needs to understand the technology

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and this is it actually not uh not such a given thing um

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if you look at a up back it's a history in a lot of uh he says

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dick now uh uh regulation was always like in the technology

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and it's obvious thing you know of course is new technology which is there are not a lot of people

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sets have a deep understanding and comprehension about implications for the business model for being can

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rate so for regulators it's very difficult to catch up with all the developments

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and uh in q. three we had the most funniest

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uh examples uh about different figure eatery uh

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cases um at the meeting invented the car this

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is maybe comparable back in the late at

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and of the nineteen century in your key there was a red flag act

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i don't know if you heard about this one trip black actor actually said that you know the car

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needs to move on the four kilometres per hour in the c. t.

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there needs to be a man going ahead of this was that at flag

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morning everybody of the printer so that nobody gets killed trade and of

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course as you can imagine you know there were just so

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many people to work with the red black so that was quite a harder um it's not that bad in our case right

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and the great advantage what we have here in switzerland is that

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our regulates is very knowledgeable about it going and property

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this started to look and into the into this topic back in two thousand fourteen

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and by now i would say is things that they developed quite an expert tyson's this field

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so coming back to ability is the ability of the regulated to

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make a change it's understanding of the technology number one

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um it's you know flexibility and independence

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and this is also what we have here right because switzerland is a small country it's not part of european union you know

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euros artist can decide what needs to be done and and just do it right more or less um

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and insisted factor is you know is of a regulation is structured

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and here in switzerland three half our regulations that as a

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potential in principle based set means you know that

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they're not trying to make settles about everything into small detail but um

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to to to uh to provide guidance on the principle based oh

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line yeah so this is you know this is why i but i think

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the abilities here and so will the political will is also here

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and um this is easy to understand even if you're not from switzerland here don't know uh oh

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our banking stories up this is easy to understand you know

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as this was that being can secrecy goes away

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you know this question for competitive advantage this is kind of you know like

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if this goes away what should be our basis like how do we

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gonna compete on the global as a global being can or finance centre

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until this question to this one is of course from tech right interact bob she

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this is how i'm piazza switzerland can you know still hold

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very good position angle been can uh_huh um yes um so

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but this is not just to see really it it is actually what's going on

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um they have several very good examples

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what about you know how regulated was open in two crypt space and

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i was very likely to be able to influence one of them

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uh last here it was a case of you know bit corn custodian that came here just what's

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learnt to oppose the goal to establish had which airs here and to be regulated here

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bit going custody bit convoluted this kind of stuff it and um

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and usually have very difficult conversation was female alexis script so and you know

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you hold the private keys so if you call the private keys

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then you're kind of in control of the fonts if you're in control of the

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funds you're kind of a bank so then you know the discussion was like

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you guys should apply for bank license and you can understand you know for any

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startup banking license per you have ten million capital requirements and all that

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a structural requirements it's mission impossible right um so

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it was like well this is it

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and then i understood that we just need to calls us into tension

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on a broader social and political level right so i started to talk

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to you know to to shuns political organisation associations even banks

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and servers so much there was there was so much support from

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all the different uh angles right everybody said like all wall

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looks as silicon valley companies coming here to switzerland and they

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need you know to get this license and stuff down

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so why don't test support that right makes this happened and there was so much momentum

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that finally end of the last here female swiss financial regulator pulled

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back and said okay guys we gonna do an exception

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you go right you're allowed to operate in switzerland without thinking license simply the financial

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um intermediary or is that was a big deal that was a big achievement

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and i think a lot of cases are happening now we

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will see a lot of new cases lexus common um

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thank you light thing type license is coming up next here that's gonna

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be also quite a big deal and very beneficial like to

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companies like ours because will be able to operate almost like a

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bank without need to put so much capital and decide

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but i think you know looking back will always look to this

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case topple case right on and see it as a turning point in regulatory policy

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uh_huh uh_huh so was that um

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i would like to tell you on set yes there is the hope and actually believe

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that's what's one will be in terms of regulation was one of the most

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a forward thinking countries going forward to creep to space for block chain

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but it's not just enough for us to sit down there

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relax and hope that you know they will figure out

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we need to shape the need to be loud we need to

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talk we need to discuss the need to show the regulator

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the way we're going to wait should be and now i'm here i'm talking about i seal

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you know be nice steel company it's almost like being that

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probably company like even more public company right was out

00:19:30

heavens rules of those it all those people say given you

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money right and you're kind of not obliged to do

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all that you know requirements that you would do is it

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a regulated public company but the more i think we

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need to do it on our free will be

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and there are so many things that we can do better in terms of prominence in terms of you know how

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i still up down and what is the government's instructors

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that you know full when that and i think

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we would need to start a conversation also here in switzerland a plane into um

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start to serious off round tables around perspective says fly still here in switzerland

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and i would like to welcome everybody who would like to dedicate

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to this topic let us leads the way and she'll

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how what is the best way i still companies should be

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you know regulated or even like self regulate it made

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and this is about talking structure great it's about cap when your race mine it's

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about q. bases that you take yours that you don't get dirty money in

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it's about a self imposed the commitments to financial

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to audited financial statements it that you you just do it right

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usual how much activity hold tool control for your team usual

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how us to to complete transparency three just so

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many things that we can do better and this is michael to all of you uh_huh let's do together

00:21:18

thank you very much

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