Yapeal has become the first fully-independent neobank to obtain a fintech licence in Switzerland.
The Zurich-based company aims to introduce customised accounts tailored to specific customers in Switzerland’s retail banking sector.
The fintech firm is forming a community-style customer base under the name ‘Yapsters’ to provide a Robo-advisory feature that balances income and fixed household costs.
It will also provide a new style of accounts for customers’ children.
The bank will charge a simple flat fee for its services and also intends to offer a Visa debit card.
Yapeal co-founder and chief marketing officer Andy Waar said: “Yapeal is very pleased to have reached this fundamentally important milestone.
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The new model of licence was enforced by the Financial Market Supervisory Authority (FINMA) in 2019.
It was launched for the emerging digital banks and start-ups in the country.
The new fintech licence has been designed to be easier to obtain than the full banking license.
Banks applying for the fintech licence need a minimum capital base of CHF2m ($2.11m) as against CHF10m ($10.58m) needed for a full banking licence.
The digital banks obtaining the license cannot have more than CHF100m ($106m) in deposits.
Banks need to be a limited liability company, with limited shareholding, with offices registered in Switzerland.
Yapeal will commence offering digital banking services following the receipt of regulatory nod.