Switzerland may soon become a destination of choice for
fintech companies, after the introduction of a proposed law
aimed at lowering hurdles for market entry for startups
operating in the sector.
The draft regulation could not only see the implementation
of new banking laws in Switzerland – its existing
framework dates back to 1934 - but also the introduction of a
more flexible and competitive environment for the development
of fintech in Europe.
One of the main features of the proposed changes in
Switzerland is the launch of a specific fintech licence for
companies that do not lend any money but instead only take
deposits (totalling a combined CHF100 million ($100 million)).
The conditions necessary to secure a licence would be less
onerous than for a traditional banking licence.
Switzerland aims to be a top fintech jurisdiction"This is a
first in the financial world as the regulation is tailored to