The Swiss Financial Market Supervisory Authority FINMA has published guidelines for a new FinTech license which is to be introduced in January 2019, in a bid to boost innovative FinTech companies
The new license allows companies (that operate beyond the core activities characteristic of banks) to accept public deposits of up to CHF 100 million, provided funds are not invested and no interest is paid on them
Another requirement is that the company applying for the FinTech license must have a registered business and conduct business activities in Switzerland
The Swiss Federal Council put out measures in 2017 to promote innovation within FinTech firms and to remove barriers to market entry for them. One of the measures; ”a new authorisation category with simplified requirements in the Banking Act” will come into force January 2019 under the new license
According to the guidelines FinTech companies must list all participants with a direct or indirect holding of 5% or more, provide a three year business plan, provide Swiss criminal records or criminal records extract from the previous country of residence or home country (if lived in Switzerland for less than five years) as well as many other requirements.