Switzerland: Bill amending Federal Act on Banks and Savings Banks including authorisation for financial technology firms enters into force

On 1 January 2019, the Bill amending the Federal Act on Banks and Savings Banks, including authorisation for financial technology (fintech) firms, enters into force. The authorisation framework introduces a special licence allowing companies to accept public deposits of up to CHF 100 million on a professional basis, provided they neither invest nor pay interest on these funds. The new authorisation category subjects firms to simplified regulatory requirements compared with traditional banks.