Race for EU fintech lead is on

Author: Amélie Labbé | Published: 18 Nov 2016

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 an...