Israel, Switzerland to boost bilateral financial services activity


(Israel Hayom/Exclusive to Israeli Finance Minister Moshe Kahlon and his Swiss counterpart Ueli Maurer signed a memorandum of understanding Monday to increase bilateral cooperation in the financial services industry.

Israeli Finance Minister Moshe Kahlon (left) and Prime Minister Benjamin Netanyahu at a signing ceremony for an agreement to build thousands of new apartments in the Ramat Beit Shemesh neighborhood April 3, 2017. Credit: Hadas Parush/Flash90.

As part of the agreement, Israel and Switzerland plan to boost collaboration on a wide range of issues, including regulatory and supervisory cooperation, financial technology innovation, and cooperation between financial institutions that set international standards in financial services.

"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 testifies as to Israel's strength in these fields," Kahlon said during the signing ceremony.

Israel's chief economist, Yoel Naveh, noted that officials from the Israeli and Swiss finance ministries plan to hold annual meetings to further develop financial ties.

Israel and Switzerland, "being small and developed economies, share many common themes," he said.

"I'm sure the annual meetings will foster mutual learning and strengthen the financial ties between the nations," said Naveh.

Posted on September 6, 2017 .