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Payments & FinTech Lawyer

New Swiss ‘FinTech licence’

On 15 June 2018, the Swiss Parliament adopted an amendment to the Banking Act that creates a new category of licence allowing companies that are principally active in the financial sector to accept or solicit from the public funds of up to CHF 100 million. This legislative amendment is expected to come into force on 1 January 2019. This new category of licence is commonly referred to as a ‘FinTech licence,’ because it will be most useful for companies that are active in the FinTech sector. However, it will also be open to companies that are not active in that sector, provided, however, that they are mainly active in the field of finance. The creation of this new licence follows other measures recently adopted by the Federal Council and the Swiss Financial Market Supervisory Authority (‘FINMA’) to improve the regulatory framework and remove barriers to market entry for FinTech companies in Switzerland. Caroline Clemetson and Grégoire Tribolet, of Schellenberg Wittmer Ltd, provide an overview of the current regulatory framework in Switzerland, and the conditions applicable to this new licence.

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