The Swiss Financial Market Supervisory Authority FINMA published guidelines aimed at simplifying the application process for FinTech license. FINMA is responsible for granting this licence and supervising these institutions. From 2019, interested parties can apply for the new FinTech licence.
To boost innovative financial companies, the Swiss parliament has introduced the new FinTech licence (persons under Article 1b of the Banking Act)—a licence with relaxed requirements. The Federal Council has set out the terms of this in the Banking Ordinance. The FinTech licence allows institutions to accept public deposits of up to CHF 100 million, provided that these are not invested and no interest is paid on them. A further requirement is that an institution with a FinTech licence must have its registered office and conduct its business activities in Switzerland.
Keywords: Europe, Switzerland, Banking, Fintech, Fintech License, Regtech, Banking Ordinance, FINMA
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