Switzerland and Israel Explores Possible Partnership on Fintech and Blockchain

After signing their memorandum of understanding (MoU) Tel Aviv, Swiss delegates landed in Jerusalem to request that Israel opens its market for Swiss banks to trade in the region.

The Swiss Minister for Finance Ueli Maurer made the journey, along with State Secretary for International Matters Jörg Gasser, representatives of the Swiss authorities, as well as senior representatives from the banking and fintech sectors.

Both parties have expressed that they would cooperate on market access, fintech regulation, cryptocurrencies and especially combating money laundering and terrorist financing.

According to Reuters, discussions between Jörg Gasser and the Deputy Minister of Finance in Israel Yitzhak Cohen sees the possibility of Israel opening up trading opportunities to Swiss banks, which are not part of the EU and thus regulated differently.

Switzerland requests unfettered access to Israel’s market, and are expecting the latter to answer within the next year.

The pair also discussed issues like cross-border financial services, financial regulation, cryptocurrency, and combating money laundering and terrorist financing.

Both countries have also agreed to trade notes on blockchain regulation.

As a result of these discussions, Reuters reported that Jörg Gasser will be preparing a report on how to regulate blockchain, and will submit his recommendations before year’s end—with a goal of going live in early 2020.

While there, Swiss delegates were given an overview of the Israeli blockchain sector in the region.

Featured image via the Swiss Department of Finance