…..and Cow Level is part of it!

Financial technology, or FinTech, has revolutionized the financial services industry by offering innovative solutions that leverage technology to improve efficiency, accessibility, and convenience for customers. The Swiss FinTech sector has been growing rapidly in recent years, with FinTech companies becoming increasingly important providers to the traditional financial service industry.

In 2022, the Swiss FinTech sector returned to a path of growth, with a total of 437 FinTech companies operating in Switzerland, representing a 14% increase compared to the previous year. This positive development can be attributed to the favourable conditions in Switzerland, which are among the best in the world for the FinTech industry. One of the main canton responsible for the growth is Zug, where Cow Level is based.

The increasing investment volumes in the Swiss FinTech sector reflect the dynamism of the industry, with companies focusing more on sustainability. The aim of the study is to evaluate the state and evolution of the Swiss FinTech sector, drawing upon the methodology established in prior editions.

The study is structured into ten chapters.

Chapter 1 provides an introduction to the topic and methodology used, while

Chapter 2 discusses the results of the empirical analysis of the business models of Swiss FinTech companies, including a focus on sustainable FinTech solutions and perceived challenges in the sector.

Chapter 3 analyses t

he business models of globally leading FinTech companies, while

Chapter 4 assesses the framework conditions of various global FinTech locations. The regulatory and legal environment for FinTech solutions in Switzerland is specifically addressed in Chapter 5.

Chapter 6 provides a deep dive into the developments of the crypto assets investment ecosystem in Switzerland, and

Chapter 7 evaluates financing activities in the FinTech sector, as well as an analysis of the performance of listed FinTech companies.

Chapter 8 discusses the impact of FinTech solutions on traditional financial institutions, while

Chapter 9 provides an overview of the state of Open Finance in Switzerland. Finally,

Chapter 10 concludes the study.


The study offers insights for a diverse range of stakeholders within the Swiss financial sector, including FinTech companies, traditional financial institutions, and political decision-makers. It provides a comprehensive assessment of the state and evolution of the Swiss FinTech sector, and helps stakeholders identify emerging trends and challenges that they may need to address in order to remain competitive and relevant in the rapidly evolving landscape of financial services.



You can download the study:

IFZ FinTech Study – IFZ Retail Banking Blog (hslu.ch)



A big thank you goes to the authors of the study:

Daniel Haeberli, LL.M, Stefano Ferrazzini, Dr. Alexander Wherlock


Prof. Dr. Thomas Ankenbrand, Nadine Berchtold, Denis Bieri, Moreno Frigg, Timon Kronenberger, Levin Reichmuth


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