SIX launches a CHF 50 million venture fund

SIX operates the infrastructure underpinning the Swiss financial sector and offers a comprehensive range of services around the world in the fields of securities trading and settlement, financial information and payment transactions. The company is owned by its users - approximately 130 banks of various orientation and size. Since its foundation ten years ago, the environment SIX operates in has changed fundamentally (in terms of technology, new competitors, regulation and pressure on margins). As part of a strategy and organization review, the Board of Directors has, since the beginning of the year, been analysing the changing requirements that banks and the market are placing on SIX. The Board of Directors has adopted a number of strategic and organizational measures aimed at perfectly equipping SIX for the future.

One of the main elements in this realignment is the establishment of an innovation unit. Aside from bundling its own innovation projects, SIX will also establish a CHF 50 million venture fund to promote innovation within Switzerland's financial centre. This new innovation unit will also develop services to cover specific shareholders requirements, which can then be hived off in collaboration with the relevant shareholders. SIX is already active in the fintech space with the incubator and accelerator F10. In addition SIX has a number of partnerships with fintech start-ups such Veezoo or Payrexx.

Other elements of the realignment include the bundling of all activities in the securities business, the reorganization of the payments business, the separation of the card business and the consolidation of the strong market position of SIX in the data business. These measures are due to be fully implemented in the second quarter of 2018. In addition the Board of Directors of SIX has appointed Jos Dijsselhof CEO with effect from 1 January 2018. He succeeds Urs Rüegsegger, who announced in May 2017 that he would be retiring.

(SK)

Picture: SIX