Israel, Switzerland sign accords for greater financial services cooperation
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Israel, Switzerland sign accords for greater financial services cooperation

Pacts seek to increase regulatory and supervisory coordination; set out rules framework for fintech firms

Israel's Finance Minister Moshe Kahlon (left) signs accord with the Head of the Federal Department of Finance (FDF) of the Swiss Confederation, Ueli Maurer on Sept. 4, 2017. (Courtesy: Finance Ministry Spokesperson Office)
Israel's Finance Minister Moshe Kahlon (left) signs accord with the Head of the Federal Department of Finance (FDF) of the Swiss Confederation, Ueli Maurer on Sept. 4, 2017. (Courtesy: Finance Ministry Spokesperson Office)

Israeli Finance Minister Moshe Kahlon and the Head of the Federal Department of Finance (FDF) of the Swiss Confederation, Ueli Maurer, signed a Memorandum of Understanding in Tel Aviv on Monday to deepen cooperation in the financial services industry.

As part of the agreement, Israel and Switzerland will work together on a wide range of issues, the ministry said in a statement. The two countries will continue their regular financial dialogue; increase regulatory and supervisory cooperation; boost cooperation in the field of financial innovation to create an environment conducive to creativity, and strengthen the cooperation between institutions and organizations that formulate international standards in the field of financial services.

An additional accord, also signed on Monday, aims to provide companies operating in the field of financial technologies (fintech) with a framework that outlines regulatory requirements, thus reducing uncertainty and cutting back on time to market, the statement said. The accord was signed by the Swiss Financial Market Supervisory Authority and the director of Capital Markets at the ministry, Dorit Salinger, and the chairman of the Israeli Securities Authority (ISA) Shmuel Hauser.

“The Swiss economy is one of the strongest in the world, and the great interest they are showing in the Israeli economy and in the high-tech industry and our fintech testify to Israel’s strength in these fields,” Kahlon said.

Kahlon said that a ministry delegation will be visiting China next week, as part of Israel’s continued effort to strengthen economic cooperation with nations “and solidify its status as a global high-tech and innovation power.”

As part of the visit, the Swiss delegation toured the CITI Accelerator, a center established in 2013 in Tel Aviv for Israeli startups specializing in financial technologies.

The cooperation with Switzerland will help create new technological projects that will benefit consumers of both economies, Salinger said.

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