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Fintech Market Overview

This article does not constitute legal advice.

Payment services in Switzerland

Fintech Software

Payment systems only require a licence from FINMA if they are deemed relevant for the proper functioning of the financial market or for the protection of financial market participants and if the payment system is not operated by a bank. As a rule, payment systems are not deemed relevant and can be operated without a licence; however, in the case of Facebook's now abandoned Libra (later Diem) project, for example, FINMA stated that it considered the project as a relevant system requiring a licence. To be eligible for a FINMA licence as a payment system, certain requirements have to be met; for example, the applicant must be a legal entity under Swiss law and have its registered office and head office in Switzerland, provide a guarantee of irreproachable business conduct, the minimum capital of the applicant must be fully paid in and the applicant must possess appropriate IT systems.1

Switzerland, not being a member of the European Economic Area, decided not to implement the second EU Payment Services Directive. This means that there is no harmonisation of interfaces and no obligation on Swiss banks to grant general access to accounts to third-party payment service providers (however, the private association Swiss Fintech Innovations, supported mainly by banks and insurance companies, has published a common API standard). As banking services in Switzerland are often cross-border, it is expected that many banks will soon provide open access to account interfaces upon client request.1

Cryptocurrencies in Switzerland

Fintech in Switzerland

Fintech in other countries

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Swiss Fintech Lawyers

Maxim Minaev

Maxim Minaev

We provide legal and organizational services for the creation, structuring and development of fintech companies

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Notes
  1. https://thelawreviews.co.uk/title/the-financial-technology-law-review/switzerland
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