General information

Population

8.9M

Online population

8.7M

Currency

CHF

Market overview

Population - 8.9M

At the start of 2024, 74.3% of Switzerland’s population lived in urban centres, while 25.7% lived in rural areas.

Internet penetration - 99%

There were 8.7M internet users in Switzerland at the start of 2024

FinTech Outlook: Trends, Insight & Technology

According to a market study, a total of 483 FinTech companies were active in Switzerland by the end of 2023.

Switzerland is the second most attractive location in Europe for FinTech stakeholders. The country is renowned for its conducive business environment and appealing local market for FinTech players, according to the 2024 European FinTech Index. However, despite high rankings in business and market dimensions, Switzerland ranks eighth in Europe for ‘FinTech attractiveness,’ trailing behind jurisdictions such as Estonia and Luxembourg.

A 2024 study by UBS, Credit Suisse, and the Swiss ICT Investor Club (SICTIC) indicates that Swiss startups grapple with significant funding hurdles and limited global recognition. The confined local market proves insufficient for startups to flourish, pushing young Swiss tech ventures to pursue international expansion in their early stages of development.

Switzerland has taken steps to foster a favorable business environment for FinTech companies. In 2023, the country launched the Swiss Financial Innovation Desk (FIND). This independent unit within the State Secretariat for International Finance (SIF) aims to promote financial innovation by facilitating collaboration between public and private sectors.

The 2024 IFZ FinTech Study, conducted by the Lucerne University of Applied Sciences and Arts' Institute of Financial Services Zug (IFZ), highlights Switzerland's position in the global FinTech landscape. The study reveals that Switzerland is falling behind leading FinTech hubs like Singapore and Sweden.

Banks

As of 2023, there are 236 banks in Switzerland. The breakdown includes 64 foreign-controlled banks, 58 regional and savings banks, 40 stock exchange banks, 25 branches of foreign banks, 24 cantonal banks, 15 other banking institutions, 5 private bankers, 4 big banks, and 1 Raiffeisen bank.