Switzerland launches Green Fintech Network
Switzerland has setup a new initiative to promote the interests of sustainable finance and support green fintechs.
The Green Fintech Network was launched earlier this week by the Swiss State Secretariat for International Finance (SIF).
Together with key industry players, including green fintech firms, university science researchers and law consultancies, members of the new network will collaborate to identify where the nation can make improvements to best support the growth of green fintech.
“The Network should then submit concrete proposals to both the government and the private sector. Finally, the Network should assist in the implementation of measures,” the SIF said in a statement.
The outcome of the network’s early work will be published in a report next spring.
Fintech goes green
Switzerland’s interest in nurturing sustainable fintech follows a broader trend across the industry. In October, US payments and ecommerce fintech Stripe took further steps in its fight against climate change, launching Stripe Climate. The new service gives businesses the opportunity to channel revenue towards projects that remove carbon dioxide from the atmosphere.
Stripe customers had made clear they wanted to play a role in climate change “but don’t because figuring out what to do can be time-intensive and complicated,” says Nan Ransohoff, Head of Climate at Stripe.
Stripe Climate aims to make the process simple through a fee-free service for businesses to take their first steps. 100% of funds will go to a group of four specialist companies, from which Stripe purchased $1m worth of carbon removal this summer. The initiative is currently only open for US businesses.
Startups in the green fintech space are also flourishing. TreeCard received 10,000 pre-signups just hours after going live with its wooden debit card. Account holders who use the MasterCard-backed card and app for everyday payments will contribute to reforestation efforts around the worl
The FinTech Show: Bitcoin, crypto mining, and payments
In episode six of the FinTech Show (originally broadcast live on 11 June at 2pm BST), Scott Birch and Will Girling discuss:
- El Salvador becoming the first country to make Bitcoin legal tender
- China's decision to clamp down on crypto mining operations
- The new developments in post-COVID payments, including the EU's decision to give every citizen a digital wallet
We also explore the newly released June '21 edition of FinTech Magazine, including a special look at our profile piece on HOOPP and the future of small business lending (guided by iwoca). Special thanks go to Valeria Simantob for providing the front cover of that issue.
Before you go! Follow us on LinkedIn and make sure to tune in on 25 June for the next FinTech Show.