Digital financial technologies are increasingly complementing and boosting the Liechtenstein financial center. The second Fintech Conference Liechtenstein, which sold out, highlighted the level of interest shown by key players.
The classical financial market sector is being increasingly characterised by digital financial technologies, in Liechtenstein too, as the second Fintech-Konferenz has shown. The event brought together traditional financial market players from Liechtenstein with regional and international FinTech experts. Discussions considered trends such as blockchain and cryptocurrencies, online versions of classical banking services and new services, including online investment platforms. The Financial Market Authority Liechtenstein (FMA) was a cooperating partner of the congress, which was under patronage of the government.
The FMA is confronted with FinTech business models on a weekly basis, said Patrick Bont, head of banks at the FMA. A regulation laboratory provides a point of contact to this end, handling how these ideas can be realised in Liechtenstein. Bont added that one Liechtenstein bank has already opened an account in cryptocurrency.
FinTech solutions could greatly contribute to the Liechtenstein financial centres success in the coming years, commented Kurt Mäder, group COO of the Liechtensteinische Landesbank (LLB). The LLB has nudged into the field with the introduction of services including video identification tools.
Liechtenstein-based start-up Mylucy emerged victorious from a competition for FinTech ideas. The platform allows users to manage their insurance solutions, compare them with other offers and, if desired, make use of brokering services.