Israel, Switzerland signed agreement for larger cooperation in Fintech

On Monday, Israel and Switzerland signed a memorandum of understanding aimed at increasing their relations in the financial services sector. The document was signed in Tel Aviv by Israeli Finance Minister Moshe Kahlon and Ueli Maurer, the head of Swiss Confederation Federal Department of Finance.   

The Ministry of Finance stated, "Israel and Switzerland have signed a letter of understanding for extensive cooperation in the financial services sector." At the same time, sources said that the Israel Securities Authority was promoting an extension of the dual listing arrangement for Israeli companies to Hong Kong and Singapore.

The agreement states that the two countries will work together on a number of financial and economic projects including the exchange of delegations made up of professionals from the relevant fields.

"The strengthening of the relations between Israel and Switzerland is an interest shared by both countries," Kahlon stated. "The Swiss economy is one of the strongest in the world and the large interest that they have for the Israeli economy and the high-tech and fintech [financial technology] industry attests to Israel's strength."

“The Swiss economy is one of the strongest in the world, and the great interest they are showing in the Israeli economy and in the high-tech industry and our fintech testify to Israel’s strength in these fields,” Kahlon said.

Kahlon said that a ministry delegation will be visiting China next week, as part of Israel’s continued effort to strengthen economic cooperation with nations “and solidify its status as a global high-tech and innovation power.”

As part of the visit, the Swiss delegation toured the CITI Accelerator, a center established in 2013 in Tel Aviv for Israeli startups specializing in financial technologies.