Stocks dropped after Donald Trump ordered that U.S. companies find alternatives to their operations in China.US Marketsread more
"We don't need China and, frankly, would be far better off without them," Trump tweeted.Politicsread more
President Trump again rips into Federal Reserve Chairman Jerome Powell, comparing him to Chinese President Xi Jinping.Politicsread more
Multinationals that rely on the supply chain from China are tumbling after President Donald Trump ordered them find alternatives to their Chinese operations.Marketsread more
Powell repeats his pledge to keep the economic expansion going while acknowledging that tariffs and other factors are causing growth to slow.The Fedread more
The Koch brothers financed one of the most influential political networks in the modern era. The sprawling political empire includes conservative and libertarian nonprofits...Politicsread more
The president tweeted Friday morning that he was ordering "our great American companies" to "immediately start looking for an alternative to China."Marketsread more
The two American car companies are among the top exporters of U.S.-produced vehicles to China along with BMW and Daimler/Mercedes-Benz, according to industry data obtained by...Autosread more
China says the new tariffs will begin Sept. 1 and Dec. 15. That's when President Trump's latest tariffs on Chinese goods are to take effect.Marketsread more
The dollar fell on Friday following a speech from Federal Reserve Chair Jerome Powell and after President Donald Trump ordered U.S. companies to find alternatives to their...Currenciesread more
On Tuesday, Walmart filed suit against Tesla alleging its solar panels had caused fires in seven of its stores.Technologyread more
In order for financial technology to grow, some countries are giving firms freedom to experiment, lifting the burdens of tight regulation.
Switzerland, for one, has introduced a so-called regulatory sandbox, within which small fintech firms can play without regulation.
"We will try to introduce the regulatory system that enables the market to grow without being hindered," Jorg Gasser, Switzerland state secretary for international financial matters told CNBC.
"[Fintech firms] are able to accept 1 million Swiss francs ($1.01 million) from their clients without any regulation. And once they grow out of that sandbox, the regulation will be according to their size," Gasser said.
Switzerland also offers a tailor-made fintech license, which is far less taxing on small firms compared to a banking license. Gasser explained that it's "easier to handle and less expensive to establish."
Gasser was speaking on the sidelines of the Singapore Fintech Festival, which has brought over 25,000 participants to the Lion City.
Singapore's central bank, the Monetary Authority of Singapore, also launched a fintech regulatory sandbox last year. Since then, the MAS has received 30 applications from firms wanting to test their product without strict regulations.
Singapore and Switzerland have many similarities according to Gasser, which makes them ideal fintech hubs.
"We are both neighbors of very important economic jurisdictions like China, and [the European Union] for Switzerland. We are extremely open, very well connected, we have top notch educational systems, infrastructure is very good, " he said
Gasser said Switzerland could take a few lessons from Singapore's fintech operations.
"What we can learn from the situation here is the dynamics: The situation here is changing rapidly, fintech is blooming, flourishing," he said.