Today Geneva is universally recognized as a global financial center. Its reputation depends on the expertise and skills of the 35,600 people working in finance and banking. Innovation is another key success factor. The Geneva financial center is exploring many promising avenues to pioneer the finance of the future, including FinTech, sustainable finance and philanthropy.
On April 27, 2022, the Fondation Genève Place Financière and the Swiss Finance Institute presented the results of 2022 GFRTCI at the FER-Genève.
The Global Financial Regulation, Transparency, and Compliance Index (GFRTCI), designed as a "meta-index", scores and ranks countries according to their degree of adoption of, compliance with, and enforcement of a set of relevant international standards. The strength of the index lies in its simplicity and transparency.
The updated 2022 SFI Public Discussion Note on the GFRTCI shows clear shifts in the country rankings, the EU having caught up with regard to its implementation of the Basel III framework. Switzerland remains in the top tier.
The bridge connecting Geneva’s left and right banks is more than a popular selfie spot for tourists – it's also a powerful symbol of collaboration. In 2019, the Geneva sustainable finance community came together to organise the first edition of the Building Bridges Summit. The aim was to foster connections between the international organisations on Geneva's right bank and the financial institutions clustered on its left bank. The 2021 edition highlighted the financial centre’s expertise in sustainable investing. Following the overwhelming success of this weekalong event, the “founding partners” – among them the Geneva Financial Center Foundation – are planning a
third Building Bridges Week from October 3 to 6, 2022 !
The fourth Swiss Sustainable Investment Market Study, jointly prepared by Swiss Sustainable Finance (SSF) and the Center for Sustainable Finance and Private Wealth at the University of Zurich, once again confirms the unceasing mainstreaming of sustainable investments in Switzerland.
According to the "EY Banking Barometer 2022", Swiss banks have come through the coronavirus pandemic in good shape up to now. Views on future performance in the financial markets and on their own business performance are much more positive than a year ago. The banks surveyed also expect that inflation will be limited and interest rates will stay low in Switzerland. Sustainability remains a key issue for the majority of banks; at the same time, more than half of them are planning new products for investing in cryptocurrencies.
Switzerland is well placed overall, with a slight weakness in comparison with other centres such as the US and the UK, owing to its smaller domestic market size and lower profitability of wealth management providers.
In terms of absolute IMV value, Switzerland is still leading with US$2.6tn booked in 2020, corresponding to a market share of 23.7%. Second and third are the United Kingdom with US$2.1tn and the United States with US$2.0tn of IMV.
The Swiss Bankers Association (SBA) published its biennial study of the image of banks in Switzerland and topical banking issues in May 2021. This survey, conducted by the gfs.bern research institute, provides a unique analysis of public opinion about the banking sector.
It shows that 75% of all Swiss citizens have a positive or highly positive opinion of the Swiss banks. That percentage has never been higher in the past 20 years. What is more, 90% of the persons polled have a favourable opinion of their own reference bank. Qualities of the banking institutions that are mentioned include credibility, dependability and employee competence.
Created in 1991 by the 80 banks that were members of the Geneva stock exchange, the Geneva Financial Center (GFC) is the umbrella association of the financial sector. The financial sector generates 35,600 jobs and accounts for 12% of Geneva's GDP. It is based on three main pillars: private and institutional wealth management, commodity trade financing, and commercial and retail banking. With the presence of activities such as marine freight and inspection, Geneva has emerged as an economic cluster with a unique concentration of skills. The central mission of the Geneva Financial Center is to support this value chain and to contribute to the development of an optimal business environment for all financial center partners.