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XBRL News from China, Switzerland and elsewhere

Here are the three most relevant developments in the world of structured reporting we became aware of in the course of last week.

1  Chinese Central Bank releases 22-25 fintech development plan

2  SIX Whitepaper: The future of wealth management

Wealth management is one of the most important business areas in the Swiss financial industry, with trillions of Swiss francs in private assets managed by resident banks. However, the industry is facing a number of challenges related to technology and handling data. Combined with digital transformation, dynamic client needs and regulatory frameworks, and new competitors, the future shape of the Swiss wealth management business is uncertain.

This is a fascinating white paper highlighting clearly the pain points, skill gaps and lacks of strategic follow-through, especially concerning data capabilities. We are not saying that XBRL would be a panacea for these issues, rather the opposite: these issues express themselves in a lack of prioritisation of matters like XBRL in Switzerland.

3 More meaningful reporting with XBRL

There is a feast of food for thought in a recent pair of in-depth interviews in the Winter 2021 issue of ThinkTWENTY20, on the theme of ‘How XBRL supports more meaningful corporate financial reports in regulatory filings,’ providing better insights and transparency to the marketplace.

We would like to take the opportunity to highlight the News section of the XBRL International website as an invaluable source of news about everything XBRL under the sun. The attentive reader will have noticed that one or more of the news items each week comes from that place. We couldn’t do it without you guys – thanks to the team!!

 

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Christian Dreyer CFA is well known in Swiss Fintech circles as an expert in XBRL and financial reporting for investors.

 We have a self-imposed constraint of 3 news stories each week because we serve busy senior leaders in Fintech who need just enough information to get on with their job.

 For context on XBRL please read this introduction to our XBRL Week in 2016 and read articles tagged XBRL in our archives. 

 New readers can read 3 free articles.  To  become a member with full access to all that Daily Fintech offers,  the cost is just USD 143 a year (= USD 0.39 per day or USD 2.75 per week). For less than one cup of coffee you get a week full of caffeine for the mind.

 

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