For UHNWIs, selecting the right financial technology company — or fintech for short — is a high-stakes decision. Different types of fintechs serve different purposes, but one supporting wealth management demands extra scrutiny: It handles a wide variety of a wealth owner’s most sensitive data. The country where such a fintech company operates is a key factor in how this data is protected — and should be a key factor in the decision to work with this company.

Wealth Fintech selection criteria: the obvious and not-so-obvious

When reviewing a wealth management fintech as a potential partner, among the most important decision criteria should be answers to two questions:

1. The obvious: does it address practical needs?
Fintechs typically aim to address a narrow range of pain points in clients’ financial lives. 

For UHNWIs with access to trusted advisers and other financial service providers of the highest caliber, partnering with a fintech is not usually the only way to solve a particular wealth management challenge — it is a way to solve that challenge better.

For example, UHNWIs will tend not to rely exclusively on a “roboadviser” fintech, as talented humans are better at understanding and responding to the nuances of a wealthy family’s goals and circumstances.

In comparison to machines, however, these professionals are rarely as good at — or interested in, usually — sourcing and entering data, running routine analyses, and all the other tedious tasks that are necessary to inform the strategic advisory where human intellect shines. This pain point in wealth management workflows is among several addressed by the Altoo Wealth Platform, which automates data aggregation, analysis, and visualisation for all the various bankable and non-bankable assets in UHNWIs’ complex portfolios.

2. The not-so-obvious: where does it manage wealth data?
In the digital age, where a technology company is headquartered and/or operates may not seem very important. Data easily flows across borders and everything is online anyway, right?

Think again. Different countries have different data protection laws. National regulators hold fintechs within their jurisdictions legally accountable for keeping data secure according to local rules.

For owners of significant wealth, the question is not if they can work with a fintech company in a particular country but rather which country’s laws best regulate fintechs to ensure private data remains private. 

Switzerland: the gold standard for wealth data protection

• In the US, wealth fintechs must follow the Gramm-Leach-Bliley Act (GLBA) for data privacy. State laws like California’s CCPA add protections.
• In the EU, General Data Protection Regulation (GDPR) safeguards wealth data.
• In the United Arab Emirates, authorities like the Central Bank and Dubai International Financial Centre (DIFC) enforce data protection laws.
• In Singapore, the Monetary Authority (MAS) oversees the Personal Data Protection Act (PDPA).

Switzerland, however, is the jurisdiction of choice for the most discerning UHNWIs intent on protecting their wealth data. Other jurisdictions may suffice, but none match Switzerland’s unique blend of regulatory stability and reputation for meeting the needs – including those related to data protection – of UHNWIs.

In comparison to other jurisdictions where many fintechs call home, Switzerland shines when it comes to:

• Centralised regulatory authority
  Unlike the United States’ fragmented regulatory landscape where wealth owners navigate a patchwork of federal and state laws governing data privacy, Switzerland offers a unified, comprehensive regulatory framework. The US approach creates uncertainty, especially with legislation like the CLOUD Act (2018), which grants American authorities access to data stored overseas by US cloud providers. In contrast, Switzerland’s centralised data protection regime provides a single, coherent set of rules enforced by dedicated regulatory bodies, offering the predictable, privacy-centered stability that ultra-wealthy clients seek.
   
• Flexible, independent innovation
  Switzerland’s Federal Act on Data Protection (nFADP), effective 2023, aligns closely with the European Union’s GDPR but simplifies compliance; Swiss fintechs are better positioned to focus on securing client data in practice and not just demonstrating that they are on paper.

Track record - Switzerland is the oldest “niche player” in the global wealth ecosystem when it comes to offering stability for ultra-wealthy families. Exciting possibilities and strong data protection laws can be found in emerging wealth management and fintech hubs like the UAE and Singapore, but such jurisdictions do not rival Switzerland’s legacy and proven reputation.

Altoo: a Swiss partner for legacy-level data protection

Altoo, exclusively managed and operated in Switzerland, is a prime example of a secure wealth management technology provider operating under Swiss data protection laws. Unlike many competitors who rely on third-party cloud services, Altoo maintains proprietary infrastructure through its self-owned data cloud housed in a Swiss tier 4 data center — exceeding regulatory requirements and establishing an exceptionally strong security foundation.

The Altoo Wealth Platform aggregates, analyses, and visualises data from multiple sources across wealth owners’ portfolios — including both traditional financial assets and non-bankable investments such as real estate, private equity, and collectibles — to provide a truly holistic view of total wealth.

Beyond the technological advantages, Altoo’s commitment to security is evidenced through rigorous penetration testing protocols and its zero-compromise approach to data sovereignty.

By operating exclusively under Switzerland’s client-centric regulatory framework, Altoo offers more than technological efficiency — it provides the confidence that wealth owners’ financial legacies remain protected within a jurisdiction renowned for its stability, discretion, and unwavering commitment to data protection.

Protect your wealth with confidence

When selecting a wealth management fintech partner, discerning UHNWIs must look beyond functionality to consider the critical question of jurisdictional security. While developed economies like the United States, European Union, United Arab Emirates, and Singapore offer adequate data protection frameworks, for ultra-wealthy investors demanding the best of the best they fall short of the gold standard established by Switzerland.

With Altoo, you are not simply adopting a wealth management tool — you’re embracing a comprehensive security philosophy where your financial data receives the same level of protection as your physical assets. In an increasingly volatile digital landscape, this approach is essential for preserving multi-generational wealth.

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