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SFMA

FinTech

SFMA supports innovation and competition in the Swiss financial market while applying the financial market laws to technology-driven business models. FinTech providers should clarify early whether their planned activity requires authorisation.

Technology does not by itself determine the regulatory result. The key questions are what service is offered, who bears the risks, whether client assets are accepted, whether payment or investment services are provided, and whether the activity falls under banking, securities, insurance, collective investment, anti-money laundering or financial services rules.

Assessing the business model

A FinTech project should be analysed by function rather than label. Crowdfunding, payment services, token custody, trading platforms, robo-advice, lending platforms and settlement solutions can trigger different requirements depending on their exact design. Small changes in custody, discretion, pooling or repayment promises may change the authorisation outcome.

Possible authorisation routes

Some models may require a banking licence, securities firm licence, financial institution licence, insurance authorisation or affiliation with an anti-money laundering self-regulatory organisation. Others may fall under a lighter regime or no prudential licence, provided the provider stays within the statutory limits.

Innovation and compliance

Applicants should build compliance, governance, cybersecurity, outsourcing control, client information and risk management into the product from the start. Early regulatory analysis reduces the risk of launching a service that later needs restructuring or must be suspended.

Preparing for contact

When seeking regulatory orientation, providers should prepare a concise description of the product, cash and asset flows, contractual relationships, target clients, technology stack, custody arrangements and planned safeguards. Clear documentation allows the authority to assess the relevant legal questions more efficiently.

Digital onboarding and video identification

The FinTech framework recognises that more financial intermediaries interact with clients through web and mobile channels. Digital onboarding is therefore addressed through technology-neutral anti-money laundering due diligence rules. The circular on video and online identification came into force on 18 March 2016 and was updated on 6 May 2021. It explains how client identification duties can be met in digital channels, including video identification.

For a FinTech provider, this means that a digital process must still deliver the substance of the legal checks. The system should identify the client, verify documents, handle risk indicators, retain evidence and allow follow-up where the process fails or produces inconsistent information. A digital interface does not reduce due diligence duties; it changes how they are performed and documented.

Blockchain company accounts

On 21 September 2018, the Swiss Bankers Association published guidance for its members on opening corporate accounts for blockchain companies. The Federal Department of Finance and the supervisory authority supported the publication because access to banking services is important for legitimate blockchain businesses, while banks still need a risk-based process for onboarding and monitoring such clients.

Regulatory landscape

Before starting operations, FinTech companies must check both anti-money laundering duties and authorisation requirements. The two checks are separate: one focuses on due diligence and reporting duties, while the other asks whether the business needs a licence, registration or other permission before launch.

Anti-money laundering

You are most likely subject to the Anti-Money Laundering Act if

  • client assets are paid into your accounts;
  • your business model includes payment transactions, currency exchange, fiduciary services, asset management, lending or leasing;
  • you issue payment instruments, provide wallet services, trade virtual currencies or operate a payment system;
  • you accept assets or help clients invest or transfer assets.

A business subject to the AMLA must affiliate with a self-regulatory organisation unless it is directly supervised for those duties. The related fact sheets, circulars and blockchain-payment guidance explain due diligence, reporting and documentation expectations.

Authorisation requirements

You require SFMA authorisation if

  • acceptance of client assets features in your advertising;
  • client assets are paid into your accounts;
  • the number of clients whose deposits or crypto-based assets you accept is over twenty;
  • managing units in collective investment schemes and advertising this service are part of your business model;
  • trading shares and other securities forms part of the service offered;
  • brokering insurance products or insuring client risks features in the services you provide.

Do I need .

. a banking or FinTech licence?

Yes, a banking licence, if:

  • you accept deposits from more than twenty clients;
  • client assets are paid into your accounts;
  • acceptance of client assets features in your advertising.

Yes, a FinTech licence, if:

  • you accept client deposits up to a maximum of CHF 100 million or take collective custody of crypto-based assets;
  • those deposits are not invested and no interest is paid on them.

No banking licence is generally required if:

  • accepted client assets are covered by a bank guarantee;
  • you accept a maximum of CHF 3,000 per person so clients can explicitly buy goods or services;
  • client assets are accepted through bonds that meet the statutory prospectus requirements;
  • crypto-based assets are stored on individual blockchain addresses for each client.

Crowdfunding and cryptoassets

Crowdfunding platforms and project developers must check whether their activity requires authorisation before launch. Where crowdfunding involves investment, funders face ordinary investment risks and the platform design can raise questions about deposits, securities, collective investment schemes or anti-money laundering duties.

Cryptoasset projects also require case-by-case analysis. Before commercial activity begins, a provider should examine custody, transfer, trading, payment, token design, client asset pooling and whether assets are held on individual blockchain addresses. The authorisation result depends heavily on the concrete facts.

. a licence as a securities firm?

Yes, if:

  • you buy and sell shares or other securities for clients;
  • you buy securities for short-term resale and annual turnover reaches CHF 5 billion or more.

No, if:

  • you buy and sell shares or other securities only to manage your own assets.
. a licence as a DLT trading facility?

Yes, if:

  • you operate a facility for trading DLT securities.
. authorisation to provide insurance?

Yes, if:

  • you insure risks and dangers for clients.

No, if:

  • you render services voluntarily and without any contractual obligation.
Must I register as an insurance intermediary?

Yes, if:

  • you broker insurance contracts.

No, if:

  • you represent an authorised insurance company when brokering insurance contracts.

International cooperation and roundtables

The authority promotes Swiss FinTech interests internationally by participating in bodies and cooperating bilaterally with foreign authorities. The page lists memoranda and cooperation documents with Abu Dhabi Global Market FSRA, the Securities and Exchange Commission of Brazil, the Financial Services Agency of Japan, the Hong Kong Securities and Futures Commission, the Hong Kong Monetary Authority, ASIC Australia, Israeli authorities and the Monetary Authority of Singapore. These arrangements support dialogue on innovation and can help Swiss FinTech companies when expanding outside Switzerland.

Memoranda of Understanding

The cooperation documents listed on the page carry concrete publication dates:

  • MAS Singapore dialogue document, updated 12 September 2016;
  • ASIC Australia dialogue document, updated 27 October 2017;
  • Hong Kong Monetary Authority cooperation document, updated 23 January 2018;
  • Hong Kong Securities and Futures Commission cooperation document, updated 26 February 2018;
  • Japan exchange-of-letter documents, updated 4 April 2018;
  • Israeli-authorities dialogue document, updated 21 June 2018;
  • Brazil CVM dialogue document, updated 19 July 2018;
  • Abu Dhabi Global Market FSRA dialogue document, updated 30 July 2018.

These arrangements support authority-to-authority dialogue on innovation and can help Swiss FinTech companies when they expand outside their home market.

Documents and update dates

The FinTech resource links include several dated materials. The video and online identification circular is dated 3 March 2016 and updated on 6 May 2021. The money-laundering due-diligence fact sheet is updated 1 January 2020. The circular on activity as a financial intermediary under the AMLA is dated 20 October 2010 and updated 26 October 2016. The asset management circular is dated 18 December 2008 and updated 10 June 2016. Guidance 02/2019 on payments on the blockchain is updated 26 August 2019.

Other resources address specific business models. The crowdfunding fact sheet is updated 17 June 2020, the cryptoassets fact sheet is updated 31 May 2022, the authorisation requirements FAQ is updated 1 April 2009, the public deposits by non-banks circular is dated 20 November 2008 and updated 26 June 2019, and the securities dealer circular is dated 20 November 2008 and updated 12 August 2016. Keeping these dates visible helps readers identify which materials are current guidance and which are archived or older reference documents.

FinTech roundtable and contact

FinTech roundtable events are organised periodically, with dates and topics posted on the page. Questions can be directed to info@swissfma.com. A provider preparing a question should set out the business model, client asset flows, custody arrangements, target clients, technology used and the specific authorisation question so the enquiry can be assessed efficiently.