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An AI agent should have only the authority it needs.

The Monetary Authority of Singapore and industry partners have published a paper on safeguards for agents in finance. Its SAFR framework proposes checks at the point of action: what is the agent authorised to do, what must be tested before execution and what record must be kept? It is a proposal from Singapore, not a Swiss rule.

In leasing, the distinction is practical. A document agent may read files and draft a request for missing evidence. It has no reason to access payments. A KYC agent may highlight contradictions. It should not independently approve a customer.

Each agent therefore needs a defined mandate: purpose, data sources, permitted actions, limits, an accountable owner and a way to stop it. Critical actions should be checked against that mandate at the time they are attempted.

Technical ability does not confer business authority.

Which action in your process would you explicitly refuse to delegate to an agent?

Source: https://www.mas.gov.sg/news/media-releases/2026/mas-partners-industry-to-develop-safeguards-for-ai-agents-in-finance

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Succession, M&A and growth

The riskiest phase of an acquisition begins after the signature.
Succession processes rightly devote intensive discussion to valuation, structure, tax and warranties, because substantial amounts are at stake. What is regularly neglected is the first 24 months after completion.
That is when three burdens converge. First, acquisition financing ties up cash flow and claims collateral. Second, an investment backlog has accumulated because the seller understandably did not address it during the final years; nobody modernises immediately before a sale when the buyer receives the benefit. Third, a new leadership team is settling in while employees, customers and suppliers assess the new situation and some reconsider their choices.
During this phase, postponed decisions arrive together: machines at the end of their useful life, an ageing fleet, unsupported IT systems and integration of a second site. If they must be financed through the same credit line as the purchase price, the new owner quickly faces a choice between foregoing investment and stretching liquidity. Both are poor starts, particularly when the new owner needs to demonstrate the ability to act.
Switzerland faces a significant number of upcoming succession arrangements, many involving businesses with substantial fixed assets. [Evidence: current succession study, for example by Bisnode/Dun & Bradstreet or Credit Suisse] This is not a niche issue but a structural challenge for the coming years.
The practical principle is that investment planning for the first two years belongs in due diligence, not in the period afterwards. Financing those investments should be considered separately from transaction financing. Asset-based financing does not place additional strain on the acquisition structure because it is aligned with the asset and its use.
This also changes negotiations. Anyone who has quantified the investment need can argue about the purchase price with figures rather than feelings.
A successor acquires a business and leases new equipment without placing further strain on the acquisition financing.
For anyone currently valuing a business: have you quantified the investment backlog, or only the purchase price?

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The first question for an AI provider should be: where will our customer data go?

ESMA has made digital innovation a European supervisory priority from 2027 and explicitly includes AI. European supervisory authorities have also highlighted dependencies on external technology providers and cyber risks. These are European signals; they do not by themselves create a new rule for a Swiss leasing company.

The operational questions are already immediate. Which documents reach the model? Who can see them? Where are prompts and outputs stored, and for how long? What happens when a provider or an interface fails?

A firm that waits until after a pilot to answer may have to rebuild a working process. I would map the data flow, permissions and fallback arrangements before using real customer files.

A policy alone cannot enforce a control. The control must work in the system and leave evidence that it did.

Could you draw the route a customer document takes through your AI workflow today?

Sources: https://www.esma.europa.eu/press-news/esma-news/esma-sets-new-supervisory-priority-digital-innovation-2027
https://www.eba.europa.eu/publications-and-media/press-releases/esas-call-vigilance-over-external-dependencies-cyber-threats-and-private-credit-risks

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Data sovereignty becomes a management issue

The most interesting AI question may soon no longer be which model we use. It may be where our data resides.
A survey published on the Swiss SME Portal in July 2026 reveals a telling tension. Eighty nine per cent of respondents already use AI professionally. Fifty one per cent consider compliance with Swiss or European data protection standards important. And 29 per cent may use AI through private accounts. Swiss SME Portal
That shows how quickly technology spreads and how slowly governance can follow.
An executive team can no longer stop at purchasing AI licences. It must decide on a data architecture.
Which information may enter external systems? Which information must remain internal? How are confidential customer data handled? Who controls accounts and permissions? Which models may access which corporate knowledge? What happens to prompts and outputs?
Those questions sound technical. They concern intellectual property, customer protection, compliance and competitiveness.
They also affect investment. A company may need a different cloud architecture, a private AI environment, new interfaces, stronger access controls or a structured knowledge system that gives employees secure access to information.
Data sovereignty is becoming infrastructure. Infrastructure belongs on the investment agenda.
It should not arrive there only after the first incident demonstrates what was missing.

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The third AI pilot is often when a company discovers it needs a platform.

Citi describes Arc as infrastructure for agents across its businesses with common controls. AXA is developing a global AI hub, with an initial version in use across five entities. The examples raise an organisational question: who manages access, permissions, logs and quality once separate experiments become daily operations?

A leasing company does not need to copy a global bank. Yet ten isolated assistants, each with its own path to customer data, soon become difficult to govern.

I would establish common foundations first: approved data sources, roles, approval points, test cases and a record of what each agent has used. Specific tools for applications, KYC and contract checks can then share that foundation.

The platform has no value by itself. Its value appears when a successful pilot can move into production without rebuilding its controls from scratch.

Which control does your organisation currently recreate for every AI pilot?

Sources: https://www.citigroup.com/global/news/perspectives/2026/competitive-differentiator-david-griffiths-building-worlds-most-ai-empowered-financial-institution
https://www.axa.com/press/press-releases/axa-and-publicis-sapient-collaborate-to-deploy-global-ai-hub-at-scale

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Productivity instead of AI rhetoric

Productivity is not a topic for the future. It is a metric you can measure this month.
The debate about technological transformation takes place on conference stages. The decision is made on the factory floor, in the warehouse and in the service vehicle.
For a mid-sized company, what matters is not which technology is making headlines. What matters is output per employee, lead time from order to delivery, error and scrap rates, and setup time per changeover. Four figures. You either know them or you do not.
If you know them, you can usually identify the bottleneck within a week. It is rarely where the innovation debate points. More often, it is an installation that is manually retooled three times per shift; a warehouse where people search instead of pick; orders entered twice because two systems do not communicate; or technicians spending half a day each week on reports.
That is the uncomfortable news for anyone waiting for the great technological leap: a significant share of the attainable productivity gain lies in unglamorous automation, better warehouse technology and tools that do not date from the last decade. It is difficult to illustrate but easy to substantiate.
Switzerland compares well internationally on labour productivity, but its growth is slow. [Evidence: FSO or SECO data on labour productivity] In a labour market that offers hardly any additional skilled workers, this is not an academic statistic. Growth through additional headcount is simply no longer an option for most businesses.
What remains is this: every employee must be able to work with better tools. And those tools require capital.
The financing structure determines whether sound insight leads to action. A one-off investment competes with everything else in the budget. A monthly instalment competes with what the equipment saves, and for a genuine bottleneck that calculation almost always works.
A metalworking company leases an automated system and processes more orders with the same team. No transformation. Just one bottleneck removed.
Do you know your four figures, or are you still debating technology?

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Two No Votes Against Self-Restraint

70.15 per cent voted No to the neutrality initiative. 72.52 per cent voted No to the food initiative. Not a single canton voted in favour. That is a remarkably clear result.

The two proposals had little in common. And no one should claim that everyone who voted No did so for the same reasons.

Still, one common interpretation suggests itself: Switzerland twice rejected the idea that security can be created through rigid constitutional constraints.

Neutrality Requires Room for Manoeuvre

Neutrality does not mean standing still.

The neutrality initiative would have significantly restricted Switzerland’s scope for security cooperation. Cooperation with military or defence alliances would, in principle, only have been possible once an armed attack against Switzerland had taken place or was being prepared. Sanctions against belligerent states outside the UN framework would also have been heavily restricted.

That may sound consistent. But it would have come at the cost of flexibility.

If cooperation can only begin once the threat has already materialised, it begins too late.

Security is built beforehand. Through dialogue. Through exercises. Through partnerships. Through relationships that work before they are urgently needed.

The No vote was therefore not a rejection of neutrality. Neutrality remains. What was rejected was the attempt to lock its application into a much narrower constitutional framework.

And that matters.

Cyberattacks, geopolitical pressure and organised crime do not respect borders. A sovereign state must therefore be able to decide when, with whom and how it protects its interests.

Self-Sufficiency Is Not the Same as Security of Supply

The food initiative raised a similar question about what security actually means.

It aimed to raise Switzerland’s net self-sufficiency rate from around 46 per cent to at least 70 per cent within ten years.

More domestic production can strengthen security of supply. But that does not mean greater autarky automatically creates greater resilience.

Switzerland has limited agricultural land, a high population density and a deeply interconnected economy. Its food security therefore rests on several pillars: domestic production, imports and mandatory reserves.

That is not a weakness.

It is diversification.

Every risk manager knows the principle: resilience is not created by putting everything on one card. It comes from multiple sources of supply, reserves and alternatives.

A strong Swiss agricultural sector therefore remains essential to food security.

But so do reliable trading partners.

Sovereignty Means Being Able to Decide

That leads to the broader point.

Sovereignty does not mean having as little to do with others as possible. Sovereignty means retaining the ability to decide for yourself.

A country that voluntarily removes its future options does not automatically become more independent.

Switzerland therefore does not have to choose between independence and cooperation.

It can remain neutral and cooperate on security.

It can strengthen domestic agriculture and continue to trade internationally.

It can defend its own interests without isolating itself.

A small country at the heart of Europe is strongest when it remains independent in its decisions while staying reliably connected to others.

The double No vote of 27 September can therefore also be read in this way:

No to self-restraint.
Yes to room for manoeuvre.

Switzerland does not become more sovereign or more secure through less cooperation.

It does so by preserving the freedom to decide for itself whom it works with.

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KYC involves more than collecting identity documents.

Deutsche Bank has deployed an agentic AI solution for source-of-wealth work in its private banking centres in Singapore and Hong Kong. It researches approved sources, prepares documentation and identifies gaps. People review the assessment.

A Swiss leasing company faces different questions, but much the same problem of fragmented evidence. An application, company register, identity checks and information on beneficial owners must agree. Someone needs to spot conflicting names, missing records and facts that require clarification.

An assistant could prepare that comparison for the operations team. It should not convert an unresolved match into an approval. In a difficult case, the useful result is a clear explanation of what remains uncertain and who must review it.

The aim is a more complete, auditable file, with less time spent moving between systems.

Which recurring question delays onboarding most often in your organisation?

Source: https://wealth.db.com/en/about-us/news/2026/deutsche-bank-private-bank-launches-agentic-ai-kyc-processes.html

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The right benchmark for Switzerland as a business location

A location can look strong in a regional comparison and still come under pressure.
In “Climbing higher”, McKinsey and Swiss AmCham note that around 80 per cent of the CEOs interviewed compare Switzerland with global locations. Those interviewed mainly represent the perspective of internationally active companies.
I consider this finding relevant for Swiss SMEs as well. The right benchmark follows from the customer’s decision. What quality can they obtain elsewhere? How quickly is it delivered? How reliably are problems solved?
Anyone who answers these questions only by looking at familiar competitors may be making the judgement too easy.
The same applies to investment. A new asset should be measured by whether it improves our position in the competition we actually face. Progress compared with our own machine fleet is not yet a sufficient justification.
The strength of a business location grows out of many such decisions. And out of the courage to choose a comparison from which we can still learn something.

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