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April 17, 2017

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Swiss craft deeper financial links

SWITZERLAND wants to strengthen financial links with China by deepening the opening-up of financial markets and exchange of fintech expertise, Swiss officials said yesterday.

Switzerland is open to Chinese financial institutions and it will offer financial services for Chinese companies when they expand business in Europe, Ueli Maurer, Swiss federal councillor and head of the Federal Department of Finance, said yesterday as his delegation ended their five-day visit to China’s mainland.

The two government also discussed the opening-up of the Chinese financial market wider to Swiss companies.

Maurer said the two countries will cooperate in fintech over areas such as managing client information and data safety.

Alexandre Zeller, chairman of Credit Suisse (Schweiz) AG, said Switzerland’s second-largest bank wants to exchange know-how on credit management with Chinese financial technology companies, as well as tap a rising demand of Chinese firms to issue bonds in Switzerland or acquire assets of Swiss companies.

The Swiss Bankers Association will urge over 100,000 retail outlets in Switzerland to accept mobile payment via Alipay.

Jorg Gasser, Swiss state secretary for international finance matters, said discussions have been held with Shanghai Pudong Development Bank about opening a branch in Switzerland.


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