In November 2020, the State Secretariat for International Financial Matters initiated the promotion of green financial technology by establishing the Green Fintech Network. The ‘Green Fintech Action Plan’ for the Swiss financial center is now available. The goal is a digital, sustainable financial ecosystem of global leadership. The action plan provides proposals for funding, which will be discussed at a round table chaired by the Swiss finance minister on 19 May 2021. One proposal aims to offer financial service providers simple access to an international platform for sustainability data. Disclosure obligations will be enforced in accordance with the recommendations of the international Task Force on Climate-related Financial Disclosures (TCFD).
An annual green fintech innovation competition and regular events are planned to ensure innovators and sustainability advocates bring their knowledge to Switzerland. The launch of a ‘Green Fintech Map’ intends to make players in the field visible and allows financial service providers to form coalitions to support the emerging ecosystem. Hurdles for venture capitalist investments in green fintechs should be removed, and a state-financed fund aims to provide the funds with money. The network is planning a global exchange platform and courses to expand expertise in green finance in Switzerland. A range of partners are working on the proposals, such as green fintechs Celsius Pro or Yova, law firms such as PwC and MME, think tanks such as Foraus, and startup forges such as F10. The Swiss Bankers Association (SBA) and Swiss Insurance Association (SVV) were also consulted for the action plan.
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