Digital bank Yapeal receives fintech license in Switzerland

Wednesday 18 March 2020 11:36 CET | News

Digital bank Yapeal has received the first fintech license in Switzerland.

Yapeal provides a digital banking service including as full Swiss current account, debit/credit cards, Forex, payments/transfers, and more. While other Swiss banking entities offer a digital service, Yapeal is the first to be completely digital and without piggy-backing on another operating bank. Services have not yet launched but expectations are for the digital bank to open soon.

In 2019, the Swiss Parliament introduced the Fintech license enforced by the Financial Market Supervisory Authority (FINMA). The requirements for fintech companies are based on the established auditing of banks and securities dealers, but the audit is less extensive and the reporting process simpler, while focusing on the risks specific to fintech business models.

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Keywords: Financial Market Supervisory Authority, Yapeal, digital bank, Switzerland, Swiss Parliament, fintech, financial technology, FINMA
Categories: Banking & Fintech
Countries: Switzerland
This article is part of category

Banking & Fintech

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