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.
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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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By GlobalData“We are working with high intensity to achieve market entry.”
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.
