A Zurich-based accelerator co-founded by a former UBS IT manager is looking to establish Switzerland as a hotbed for fintech innovation.
Nexussquared, established by Daniel Grassinger from real estate consulting and workplace design firm Aecom and UBS tech bod Daniel Casteiger, says its initial focus will be on the application of blockchain technology to financial services business models.
The venture is embarking on a six-month build out to create a platform for mentoring and growing startups with the aim of acting as a catalyst for the development of international fintech businesses out of Switzerland.
In a whitepaper published to coincide with the launch, Nexussquared outlines three possible future scenarios for Switzerland to be a leading fintech location: as a blockchain expertise centre, a next generation wealth management hub and a continental European fintech hub.
Switzerland has just topped the World Economic Forum’s competitiveness ranking for a seventh consecutive year, with Singapore and the US second and third, in part due to its deep financial services and technological expertise, stable geopolitical environment and approach to nurturing innovation and talent.
Zurich already hosts an operational fintech incubator in the shape of Polytech Ventures-funded Fusion. Established in February last year, the venture recently selected the first ten startups to join a 12-month accelerator scheme, having ploughed through over 100 applications from aspiring companies working in traditional Swiss strongholds such as asset and wealth management, insurance, and commodity trading.