Switzerland’s five biggest banks are in discussions with top retailers on possibly developing a joint mobile payments platform for the country.
Credit Suisse, PostFinance, Raiffeisen, UBS and ZKB have begun talks with financial infrastructure provider SIX Group, retailers Coop and Migros and telecoms group Swisscom on how they might pool resources in developing such a service and fend off the threat of competition from Apple, Google and Samsung.
A joint statement said that the open-ended talks should produce initial results by early May and that any platform developed by the prospective partners would be open to others.
Currently, the potential partners are part of two competing mobile money services. UBS, ZKB, SIX and Swisscom have rolled out their Paymit mobile payment service for online and offline transactions. Meanwhile, PostFinance has enrolled several other banks for its own Twint offering.
Work will continue on these two technologically different services, but the various parties have also decided to investigate the creation of an integrated, standardised system.
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.
Kicking off the first day of the Singapore Fintech Festival, issues with cryptocurrencies were addressed by MIT media labs director, Joi Ito, and panels of technology leaders discussed how they’re using data analytics.