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Fintech Market Overview

This article does not constitute legal advice.

Data protection in Switzerland

Fintech Software

Under the current Swiss Data Protection Act, protected data are not only data relating to persons but equally data relating to legal entities. Personal data must be protected against unauthorised processing by adequate technical and organisational measures. Processing of data is any operation with personal data, irrespective of the means applied and the procedure, and in particular the collection, storage, use, revision, disclosure, archiving or destruction of data. Thus, merely providing information or comparing products on a website may fall within the scope of Swiss data protection law (unless the data are public). In addition, such a comparison may be considered unfair under the UCA if the services, prices or business situation were reduced by incorrect, misleading or unnecessarily infringing statements. The storage of personal data on a server in Switzerland may be sufficient to trigger application of Swiss data protection law.1

Digital profiling may be considered as a personality profile or even include sensitive personal data within the meaning of the Data Protection Act; in other words, a collection of data that permits an assessment of essential characteristics of the personality of a natural person. Consent must be expressly given before processing this data, and personality profiles (and sensitive personal data) must not be disclosed to a third party without justification. In addition, the data processor must inform the person concerned of:

  • the controller of the data file;
  • the purpose of the processing;
  • the categories of data recipients (if disclosure were planned). 1

The Swiss Data Protection Act is under review; a new Data Protection Act (more aligned but not identical to the EU General Data Protection Regulation (GDPR)) was approved by parliament on 25 September 2020.1

The new Data Protection Act (more aligned but not identical to the GDPR) was approved by parliament on 25 September 2020.1

Cross-border payments in Switzerland

Fintech in Switzerland

Fintech in other countries

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