Switzerland is establishing a Green Fintech Network in order to help the country take advantage of the different opportunities offered by sustainable finance solutions.
As stated in the announcement:
“The Federal Council sees sustainable finance as a great opportunity for the Swiss financial centre. The combination of sustainable financial services and digital technology (green fintech) is particularly promising. For this reason, the State Secretariat for International Finance (SIF), together with industry representatives, launched the Green Fintech Network on 3 November 2020.”
The Fintech network has been introduced by the State Secretariat for International Finance (SIF), which is an administrative division of the Swiss Confederation. The network is being supported by key industry players which include “green” Fintech firms, universities or academic institutions, and local consulting and law firms.
Members will be responsible for identifying the different areas in which the conditions for green or sustainable Fintech in Switzerland may be further improved. The members will try to provide concrete or clearly defined proposals to the Swiss government and the nation’s private sector businesses.
The final results of the Green Fintech Network’s activities will be published as part of an action plan (which will be released in spring 2021).
Green investments and related initiatives have become increasingly popular during the past few years.
Bruce Davis, Co-founder of UK-based online investment platform Abundance, confirmed (earlier this year) that his company will be supporting the IMF’s recommendation to back green investment projects.
While backing the International Monetary Fund’s latest position, Davis had said that crowdfunding platforms could potentially provide the best solution to the problem.
Gita Gopinath, an economic counselor at the IMF, had told the House of Commons Treasury committee (earlier his year) that the UK government should seriously look into spending on low carbon emission, green projects. This should help provide new jobs and support the nation’s economic recovery plan as it struggles to cope with the COVID-19 outbreak.
As covered in August 2020, Abundance helped a UK town to become the first carbon-neutral community in Britain with a green bond.
As reported in March 2020, LendInvest began offering the first green finance initiative with a cashback offer for improved energy efficiency ratings.