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Benefits of obtaining a light banking license in Switzerland:
Registering Swiss fintech companies and obtaining Swiss permits for financial activities are possible in accordance with certain legislative requirements of this jurisdiction, which must be reckoned with.
The term “e-money” is not legal tender in Switzerland, but FINMA still uses it to identify funds, that are in local currency and are registered/saved in electronic form.
FINMA financial regulator also emphasizes, that in Switzerland operations of users, who open and replenish wallets with electronic currency, qualify as accepting deposits, for the implementation of which it will be necessary to obtain a banking license in Switzerland.
If you want to register a Swiss payment service company or to establish a company for operations with electronic money, you must obtain an EMI license in Switzerland. The state also provides a light banking license (a simplified banking license in Switzerland). Starting January 1, 2019, it is allowed to send applications for a Swiss “light” license to FINMA.
A simplified banking license is similar to an EMI license. Entrepreneurs, interested in registering fintech business in Switzerland, should carefully study licensing conditions of this jurisdiction, which determine the circle of persons, having rights and grounds to issue a light banking license in Switzerland:
This license grants rights similar to a full banking license, but the process of obtaining fintech permits in Switzerland is simplified (audit requirements, requirements for protecting capital and investors to a lower level).
In order to obtain a fintech license in Switzerland, you:
The initial amount of the authorized capital is at least 300,000 CHF. For high-risk organizations, FINMA may request higher cash contributions.
Switzerland is an innovative financial center with progressive programs for those, who wish to register fintech business in Switzerland. New opportunities, that open up, when applying for a Swiss light banking license, give impetus to the further development of FinTech.
Although, this jurisdiction is not a member of the European Union, it presupposes strict regimes in obtaining a payment system license in Switzerland. A progressive fintech legislation makes the fintech licensing process in Switzerland flexible.
To integrate into the FinTech ecosystem, companies will need significant knowledge and the right approach to risk management. These and other questions will be answered by competent IQD Consulting experts.