Swiss FinTech Innovations (SFTI), the leading Swiss association of financial institutions supporting innovation in the financial sector has announced a partnership with inacta AG to explore and promote blockchain technology in Switzerland.

The first step in the cooperation between SFTI and inacta will be the former’s sponsorship and engagement in the 2018 edition of the Blockchain Competition – Blockchain for Finance, initiated and organized by inacta and Lakeside Partners.

The past year has seen exponential growth in the number of blockchain- and crypto-based startups settling in the area in and around Zug, where inacta is located. Many of these companies bring new and sometimes revolutionary applications of distributed ledger technology to the areas of micro payments, lending and asset management. As a founding member of the Crypto Valley Association and Genesis Member of the Crypto Valley Labs, inacta is uniquely situated in the middle of these happening.

The partnership between SFTI and inacta will allow the former’s more than 17members – of banks and insurance companies – to access this dynamic ecosystem and learn from the most innovative companies coming to Switzerland from all over the world.

Patrick Baumberger, president of SFTI commented on the cooperation,

“Some of the greatest, most dynamic innovation in finance is coming from the blockchain and crypto world – and we see this as a valuable opportunity to engage with it and learn from it.”

The first edition of the Blockchain Competition focused on the insurance industry attracted applications from more than 30 different countries. Its second edition promises to provide an even greater international reach and opportunity for SFTI members to see first-hand what innovations are being developed for the finance industry and engage in an effective screening process of those companies which it may invest in using blockchain-based crowdfunding.

Furthermore SFTI and Inacta are working together on educational Events on Blockchain technology for the co-workers of the members.

Daniel Rutishauser, Head of Blockchain and Financial Services at inacta sees this as great benefit for both parties,

“Things change so fast in the blockchain space – we all have to keep up with the latest developments. So we look forward to bringing our first-hand experience of working with startups to bear and give the SFTI a closer look at what is happening ‘on the ground’ so to speak.”

This article first appeared on swissfintechinnovations.ch, Featured image via Pixabay