IfFP China, a professional Swiss wealth management training center financed by the Swiss Business School of Financial Planning, recently opened in Pudong, Shanghai, becoming the first foreign-funded financial vocational training institute in mainland China.

IfFP China provides professional training courses for financial planners in enterprise wealth management, private banking, wealth management and global asset management. After systematic training and testing, students will be granted a Swiss registered financial planner (international) certificate.

“We hope to provide a window for Chinese financial institutions to explore the traditions and expertise of the Swiss wealth management industry. Whether bank management staff, financial planners or high-end clients, anyone involved in financial management can benefit from the new center,” said the president and CEO of Swiss Business School of Financial Planning.

Switzerland is a global leader in the field of financial management. From the largest private bank in the world – UBS Group – to Credit Suisse AG and Bank Julius Baer, the small European country can’t be beat when it comes to wealth management.

“I feel very lucky to meet China’s bolder reform and wider opening-up. Moreover, the examination and approval process is very smooth, and the relevant departments of the Free Trade Zone have given us guidance,” said Zhong Ke, the general manager of IfFP Professional Skills Training (Shanghai), the operator of IfFP China.

IfFP Professional Skills Training (Shanghai) was set up in Shanghai Free Trade Zone in September 2018. Its investor, the Swiss Business School of Financial Planning, was established in Zurich, Switzerland in 1998, and is authorized by the Swiss government. It deals with wealth management, financial planning, education and training.

“We are a Swiss sole proprietorship vocational skills training institution. Since China hasn’t had a sole proprietorship institution like this before, our enterprise has had many difficulties in applying for registration.”

According to the previous policy of the Free Trade Zone, an enterprise offering a training program needs to obtain a certificate issued by the Human Resources and Social Security Bureau before obtaining a business license, confirming that the enterprise has met all requirements.

However, such regulations create a stumbling block for enterprises that don’t have a business license and therefore don’t even have the capital inflow to operate and employ teachers, let alone meet the requirements to receive a certificate from the Human Resources and Social Security Bureau.

Therefore, the Human Resources and Social Security Bureau of Pudong New Area allowed IfFP Professional Skills Training (Shanghai) Company to obtain a business license for the duration of its preparation period, which included employing teachers, renting office space and mapping out the details of the project. After the bureau issued official approval, the enterprise was able to obtain a business license for official operation.

In addition, Pudong New Area provided policy consultation and preparation guidance throughout the process. Ultimately, IfFP Professional Skills Training (Shanghai) Company received approval and became the first foreign-invested financial educational institution in Shanghai Pilot Free Trade Zone.

“The innovative system of Shanghai Pilot Free Trade Zone opened the door for us,” Zhong said, “In the future, we will set up an incubation center that trains Chinese teachers through Swiss financial courses taught by Swiss experts.”