Italy and Switzerland have agreed Monday to share banking and financial information, a deal hailed by Rome authorities as a major advance in the crackdown on tax evasion. “For Switzerland it is the end of banking secrecy,” commented the Italian economy ministry.
Once the agreement is ratified by the Swiss and Italian parliaments, Italy’s authorities will be able to access data from 2015 onwards on bank accounts held by Italian taxpayers in Switzerland.
“This will inevitably lead to the voluntary disclosure of assets illegally held in the [Swiss] Confederation,” the Italian ministry announced, adding that the exchange of information between the two countries should become automatic from 2017.
Italy’s economy and finance minister Pier Carlo Padoan, who signed the deal in Milan with Swiss finance minister Eveline Widmer-Schlumpf, said he expected “great benefits for public accounts.”
The US money market fund reforms came into effect in 2016 and are already dramatically shaping US fund industry with investors flooding out of prime funds and into government securities. While the reforms are similar, they are not the same. GTNews interviews Yeng Bulter, global head of the cash business at State Street Global Advisors on the differences.
The top five sectors Asian fintech investors are interested in are data analytics, blockchain, lending, payments and regtech, according to Gary Hwa, EY regional managing partner.
On the third day of the Singapore Fintech Festival conference, there was a focus on specific applications of fintech innovation. One was trade finance, which is clearly is ripe for a revolution.
Kicking off day two of the Singapore Fintech Festival, Deloitte Chairman David Cruikshank said that fintech is significant for three reasons. First, customer expectations of services are higher than ever. Second, barriers to entry are lower than before. And finally, financial institutions (FIs) face a threat of what a competitor might do.