Chances are you’ll be surprised by the result of a google search for “RegTech Startup Switzerland”. There’s quite a number of them! Swisscom, a major services and consulting provider in Switzerland, counts 28 RegTech startups in the country and even publishes a RegTech market overview with a categorisation based on areas of activity.
If you think about it, this really makes sense. Switzerland boasts one of the strongest financial centers in the world. As the financial industry struggles to get ahead of regulatory developments and to get legal and compliance activities in line with digital services and processes, it creates a natural demand for regulatory technology. Add to it a qualified and experienced workforce and you have the perfect recipe for a strong RegTech community.
We put the spotlight on 7 thriving RegTech startups in Switzerland:
Futurae offers an AI-assisted two factor authentication suite that is not only affordable, but also easy to integrate with a simple API. The startup was created in 2016 from the Systems Security Group of ETH Zurich, one of the leading universities in the world. Its core product is “SoundProof”, a two-factor authentication solution that uses a machine learning algorithm to securely authenticate the user via ambient noise and context information. That’s cool! Cool enough indeed for WIRED and Engadget to talk about it extensively.
NetGuardians is an award winning Swiss FinTech / RegTech company that helps financial institutions to fight financial crime. The startup developed the first augmented intelligence solution made for banks to proactively prevent fraud. They empower their clients by providing machine learning technology together with contextual information and strive for a great user experience. That certainly does the trick! At least it got them recognized as Gartner Cool Vendor in 2015 and Chartis RiskTech 100 Vendor in 2018.
Neuroprofiler provides assessments of investor suitability, which is one of the key requirements for investor protection. The RegTech startup assesses investment profiles through behavioral finance to improve compliance and client insight. Through a customized client suitability assessment questionnaire, financial institutions can offer their clients tailored recommendations in line with their true investment preferences and biases. Neat!
Apiax builds a powerful toolset to master complex financial regulations digitally. The team at Apiax combines legal and compliance expertise with technological capabilities to create a real value-added product. Together, they build a comprehensive RegTech solution to transform complex regulations into digital regulatory rules and to manage the full lifecycle of digital regulations. You can use Apiax’ technology for anything from cross-border compliance to digital wealth management and investment services.
TaxLevel offers companies and private individuals efficient options for organising their financial data. If you are a taxpayer in one or more countries, TaxLevel prepares tax reports for you that comply with the requirements in those countries. If you are a tax specialist of a financial institution, the startup strives to reduce the time you spend on routine work. In other words, TaxLevel takes the pain out of tax reporting. Nice!
Finform digitizes and approves compliance formalities. They aim to simplify handling and verification pursuant to compliance requirements. This is achieved via standardization, industrialization and digitalization of relevant processes and a combination of software and services. Complex cases which cannot be processed on an automated basis are even processed by specialists in real time. A comprehensive offering!
Edgelab quantifies the risk of investment portfolios and turns that data into action. They identify relevant risk sources and interdependencies for a broad range of asset classes as well as a broad range of geographies. The startup also automates – and here’s the reason they count as a RegTech startup – controls and reports to meet regulatory demands. That’s a lot! And certainly enough for them to win the “MarketPlace Provider of the Year” Award 2018 from Temenos, one of the primary providers of core banking solutions.