Although Switzerland does not always get appropriate attention as a global FinTech hub, that doesn't change the fact that the country has one of the most advanced economies, startup ecosystems and forward-thinking and effective governments in the world to support innovation. In fact, the Global Innovation Index 2016 puts Switzerland at the first place, holding the top position for the sixth consecutive year. Moreover, the country is also at the top position in the Global Competitiveness Index 2016–2017.

According to the GII 2016 report, in addition to maintaining its top spot in the GII since 2011, Switzerland takes the number one position in the Innovation Output Sub-Index and in the Knowledge and technology outputs pillar since 2012. It ranks among the top 25 in all pillars and sub-pillars with only three exceptions on the sub-pillar side: Business environment (31st), Education (32nd), and Information and communication technologies (39th). Switzerland, a knowledge-based economy of 8.3 million people with one of the highest GDP per capita in the world (PPP$58,551), ranks in the top 10 for all pillars with the exception of Infrastructure (15th).

Professionals suggest that the country’s high Innovation Efficiency Ratio (5th among all econo ...