The governments of Israel and Switzerland have inked a memorandum of understanding (MoU) to strengthen cooperation in the financial services industry and support a regular financial dialogue between the ministries.
Simultaneously, an agreement was signed between the Swiss financial regulator Finma, Israel’s Capital Market, Insurance and Savings Authority (CMISA) and the Israel Securities Authority (ISA) to boost cooperation in the fintech space.
Under the agreement, the regulators will share information about regulatory issues on financial services innovation, fintech issues, and emerging market trends and developments.
The regulators will also share expertise and provide support to financial innovators in the other jurisdiction, as well as discuss fintech issues and other issues of common interest.
“The Authorities intend to cooperate with the aim of encouraging and enabling innovation in their respective financial services industries and of supporting Financial Innovators in meeting the Regulations in each others jurisdictions as may be required to offer Innovative Financial Services in the respective financial markets,” the regulators said in a joint statement.
The watchdogs noted that the latest fintech pact does not alter existing regulations in Switzerland or Israel.