Indonesia explores Fintech in Switzerland

London (ANTARA News) - Indonesia held the first fact-finding mission on Switzerland Fintech (financial technology) to Switzerland following a change in the economic and financial landscapes, as the technology offers various opportunities while increasing potential risks, according to a statement.

The Indonesian Embassy in Bern made the remarks in a statement received by Antara here Friday.

Fintech is believed to be able to support the development of financial inclusion and efficiency, yet it can pose risks to consumers and investors, and to financial stability.

The mission is in line with the Bali Fintech Agenda, which was held at the IMF and World Bank Annual Meeting in Bali from October 8-14, 2018.

The fact-finding mission on Switzerland Fintech held by the Indonesian Embassy in Bern saw the participation of 30 stakeholders from Indonesias fintech ecosystem, consisting of regulators, industrial players, businesses, banks, and chambers of commerce.

The Indonesian delegation comprises those engaged in financial institutions, such as the Financial Services Authority (OJK) and Bank Indonesia, as well as business people from an online trading platform, Bukalapak; Investree; Amartha Mikro Fintech, state-owned banks, Islamic banks, and community credit banks from all over Indonesia.

During the four-day event held from November 6-9, 2018, the delegation visited a number of financial organizations, including the State Secretariat for International Financial Matters, the Swiss Global Enterprise, and the Swiss National Bank.

They also visited the fintech business incubator and startup accelerator in Switzerland and met with a number of associations in the fintech sector in the country.

The Indonesian Ambassador to Switzerland and Liechtenstein, Muliaman Hadad, said the fact-finding mission was aimed at, among other things, exploring cooperation between Indonesia and Switzerland in the field of fintech.

"Indonesia and Switzerland are two countries that have the potential to complement each other and can learn from each other in the field of fintech," Hadad said.

The growth of the fintech sector in Indonesia is one of the highest in Southeast Asia, while Switzerland is widely known as one of the worlds financial centers and has the best fintech ecosystem in the world.

Hadad hoped that stakeholders in the financial technology sector in Indonesia could study the fintech landscape in Switzerland, and bring the results to build a strong fintech ecosystem in Indonesia.

From the meeting at the State Secretariat for International Financial Matters, it was revealed that nine percent of Swiss Gross Domestic Product comes from the financial sector.

The Swiss government is very careful and closely monitoring the development of fintech, while still preparing the ecosystem from principal-based, technology, human resources, as well as infrastructure. The fact-finding mission in Switzerland Global Enterprise opens opportunities for Indonesias fintech to expand their business to Switzerland.

The Chairperson of the Indonesian Fintech Joint Funding Association (AFPBI), Adrian Gunadi, said Indonesias fact-finding mission on Switzerland Fintech was a very important and timely program especially after the annual meeting of the IMF and World Bank in Bali in October 2018.

"The approach of the Swiss Government in the fintech sector is more principal-based, not regulation-based. This is in line with the principal-based results at the Bali Fintech Agenda at the IMF and World Bank annual meeting in Bali last October," Gunadi said.

The fact-finding mission will continue with visits to the Swiss Central Bank, the Crypto Valley Association, and fintech incubators, as well as the business meeting with Zurich Insurance, Credit Suisse, and UBS Bank.

Source: ANTARA News

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