Switzerland is one of the world's leading and most competitive financial centres. The financial sector is therefore crucial to the Swiss economy.
Swiss financial centre
Switzerland is one of the world’s leading and most competitive financial centres. Roughly a quarter of total global cross-border assets are managed in Switzerland. The Swiss financial centre is also a leader in transaction financing and a key international location for insurance and reinsurance. Switzerland therefore boasts a large number of banks and insurance companies. The main financial hubs are Zurich and Geneva, both of which have an international reputation, with Lugano taking third place. The Swiss financial sector is a cornerstone of the Swiss economy and generates around 10% of GDP.
Switzerland has adopted global standards on tax, the prevention of money laundering and terrorist financing, and financial market stability. It has also established an appropriate legal and regulatory framework to enable its financial sector to provide high-quality products and services and stay innovative, for example by removing the barriers to market access for fintech companies.