From the magazine SZW-RSDA 5/2019 | S. 498-508 The following page is 498

L’émission d’actions digitalisées comme moyen de financement de l’innovation et des PME

Switzerland is a world-leading nation in terms of entrepreneurship and promotion of innovation. Its universities produce a high number of start-ups. Its economy is based on a web of small and medium-sized companies, which make for the bulk of the country’s economic activity. Paradoxically though, the Swiss capital markets are relatively inefficient in channeling savings to companies. Only a handful of Swiss companies are listed on one of the two Swiss stock exchanges. Even if the private equity market is developing and the Swiss market for non-listed securities is a relatively active one, these remain too small to satisfy the needs of the Swiss economy in capital. This article argues that, by limiting the implication of intermediaries, the use of tokenized securities can facilitate capital raising by medium-sized companies, who currently do not have access to capital markets.