The Swiss FinTech license, also known as a banking license light, digital banking license or neobank license is a regulatory license introduced by the Swiss Financial Market Supervisory Authority (FINMA) in 2019. This license is designed to foster innovation within the financial industry, reduce hurdles for entry faced by FinTech firms, and establish a more competitive landscape for digital banking services.
The key benefits of a Swiss FinTech license:
- Issuing multi-currencies IBANs
- Providing customized vIBANs
- Being independent of banks
- Opening a sight deposit account with the SNB
- Getting a VISA/MasterCard principal
- Accessing SWIFT / SIC / EuroSIC / SEPA
- Accepting deposits up to CHF 100 million
- Crypto custody with omnibus or segregated wallets
- Providing open banking services / BaaS
- Operating an FX platform
- Issuing debit cards
- Cards acquiring business
- Operating a Crowdfunding platform
- Processing payments/settlement
- Operating a crypto exchange without derivatives
