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Fintech Market Overview

This article does not constitute legal advice.

Artificial intelligence in financial products

Fintech Software

Artificial intelligence (AI) projects are not separately regulated and they need to comply with the regulations applicable to the actual project. In addition to data protection and confidentiality issues regarding the access to data to train self-learning systems, a focus of the current discussion is on compliance and liability; various compliance rules stipulate that a regulated entity must be aware of and control its decision parameters (e.g., risk management), which may be difficult in the case of deep learning systems. Furthermore, liability issues are unsolved in the case of non-controlled deep learning through neural networks. The government set up a working group to study AI issues, and a report was issued on 13 December 2019, which led to certain guidelines for the Federal Administration but no legislative proposals. A number of insurance companies are experimenting with new insurtech products; for example, in the field of claims management, customer handling or AI applications in risk assessment. The international Blockchain Insurance Industry Initiative (B3i) is domiciled in Zurich.1

Data protection in Switzerland

Fintech in Switzerland

Fintech in other countries

Let's introduce you

Swiss Fintech Lawyers

Kristina Berkes

Kristina Berkes

Participation as a lawyer at investment venture funds, leading venture M&A deals in IT, supporting iGaming and business assets

Maxim Minaev

Maxim Minaev

We provide legal and organizational services for the creation, structuring and development of fintech companies

Notes
  1. http://www.sbfi.admin.ch/sbfi/de/home/bfi-politik/bfi-2021-2024/transversale-themen/digitalisierung-bfi/kuenstliche-intelligenz.html
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