Yapeal, an aspiring digital financial institution primarily based in Zurich, has acquired the very first Fintech license in Switzerland.
In 2019, the Swiss Parliament launched the Fintech license enforced by the Monetary Market Supervisory Authority (FINMA). The necessities for Fintech corporations are primarily based on the established auditing of banks and securities sellers, however the audit is much less intensive and the reporting course of easier, whereas specializing in the dangers particular to Fintech enterprise fashions.
Yapeal supplies a very digital banking service together with as full Swiss present account, debit/bank cards, Foreign exchange, funds/transfers, and extra.
Andy Waar , Chief Advertising Officer at Yapeal, commented on receipt of the Fintech License,
“That was extraordinary, robust teamwork, particular because of Enrico, who managed this demanding job very professionally and didn’t let something go along with tight reins. It’s an extremely satisfying feeling to see how the initially seemingly free puzzle items now match collectively virtually easily and now all the things materializes – this exhibits once more how strongly our staff has grown collectively and is restlessly working in direction of the identical aim.” [translated]
Whereas different Swiss banking entities provide a digital service, Yapeal is the primary to be utterly digital and with out piggy-backing on one other working financial institution. Companies haven’t but launched however expectations are for the digital financial institution to open its digital doorways quickly.