The FinTech licence allows institutions to accept public deposits of up to CHF 100 million, provided that these are not invested and no interest is paid on them. A further requirement is that an institution with a FinTech licence (persons under Article 1b of the Banking Act) must be a company limited by shares, a corporation with unlimited partners or a limited liability company and must have its registered office and conduct its business activities in Switzerland.
FINMA is responsible for granting the FinTech licence. Upon receiving licence applications, FINMA assesses whether the intended business activities require a licence and whether the planned business activities are possible under the terms of the FinTech licence. To simplify the application process, FINMA has published guidelines. Interested parties can also present their project to FINMA during a meeting prior to submission of the application. As a rule, examination by FINMA is subject to a fee.
After receiving the application, FINMA will inform the applicant which FINMA staff member is responsible for the procedure and whether any additional information or documents need to be submitted. The duration of the procedure depends on the complexity of the project and the quality of the application.