Securing Your Swiss LightBank-FinTech License: Fintechlex offers a comprehensive turnkey application program for your Swiss Finma LightBank-Fintech application. Our services encompass the complete preparation and submission of your application, including all necessary supporting documents.
We provide step-by-step guidance to ensure a successful application process, managing every detail from start to finish. Do not hesitate to contact us at [email protected] for more information on this matter.
Swiss LightBank-Fintech License Features
- Status: Light/Restricted Bank License
- Regulatory Path to Bank License: Natural progression towards a full banking license as deposits reach CHF 100 million. Crypto-based assets of unlimited value can be held and are not calculated within the CHF 100 million limit.
- Strategic Growth Implications: Serves as a foundational structure for a full banking license application. It enables uninterrupted client services while firms operate and apply for full banking capabilities.
- Main Activities: Acceptance of public deposits up to CHF 100 million without interest or investments.
- Additional Services: Payment accounts, cards, e-wallets, crypto-related services.
- Currency Types: Fiat and cryptocurrencies.
- AML Regulations: Subject to stringent Anti-Money Laundering Act (AMLA) enforcement.
- Safeguarding Requirements: Customer deposits must be segregated from company funds, kept in Switzerland, and remain liquid at all times. No investments or interest payments on deposits are allowed.
- Capital Requirements: Initial capital of at least 3% of public deposits, with a minimum of CHF 300,000.
- Interest on Deposits: No interest permitted.
- Investment of Funds: Customer funds cannot be invested.
Finma LightBank-Fintech License Business Models
- Trading Platforms for Virtual Currencies: Providing accounts and wallets to clients.
- Electronic Money Businesses: Managing and operating electronic money systems.
- Account Opening and Issuing IBANs: Offering account opening and issuing International Bank Account Numbers (IBANs).
- Debit Card Businesses: Issuing and managing debit cards.
- Additional Business Models: Supporting various other applicable financial services.
Requirements for Obtaining the LightBank-Fintech License
- Fully paid-up capital of at least CHF 300,000.
- Business plan demonstrating compliance with capital adequacy, risk diversification, and liquidity rules.
- Qualified individuals ensuring proper business conduct.
- Articles of association clearly describing the business activities.
- Management operations based in Switzerland.
- Clear distinction between strategic and executive management.
- Comprehensive risk management framework.
- Effective internal controls and independent internal audit function.
- Accounting standards per the Swiss Code of Obligations (not the Bank Act).
Capital Requirement Details
- Initial Capital: Minimum CHF 300,000 for deposits up to CHF 10 million.
- Subsequent Capital: An additional 3% of public deposits up to CHF 100 million.
- Conditions for Capital: Fully paid, non-borrowed, and exclusively for company purposes.
Application Timeline
The process typically takes 8 to 10 months, involving fewer complexities compared to a full bank licensing process.
Banking Facilities
FinTech licenses enabling significant Swiss franc payment transactions may access the SIC system and sight deposit accounts at the Swiss National Bank.
Scope of Work, Professional Fees, and Costs for a LightBank-Fintech License
- Company Incorporation: CHF 8,000
- License Process (all deliverables): CHF 165,000
- Application draft preparation, FINMA consultations, and submission
- Development of internal policies, AML manual, and risk management manual
- Three-year business plan preparation
- Pre- and post-application meetings with FINMA
- Swiss Resident Director: CHF 15,000/year
- Virtual Office: CHF 6,000/year
- Payment Terms:
- Initial deposit: CHF 71,000 (including CHF 50,000 + CHF 21,000 costs)
- Six monthly installments of CHF 20,500
- Government Fees: CHF 15,000 to CHF 25,000 payable directly to FINMA.
Document Requirements for Directors and Shareholders
For individuals:
- Nationality and domicile details
- Judicial/administrative proceedings history
- CV and professional references
- Extract from the criminal record
For corporations:
- Corporate statutes and commercial register extract
- Description of activities, financial status, and group structure
- Shareholder declarations for those with qualifying stakes
Swiss LightBank-Fintech License Director Experience Requirements
Directors must have:
- Extensive banking or financial services experience
- Strong regulatory knowledge
- Proven management and leadership skills
- Clean criminal record and sound financial management history
- Higher education in finance, business, or law
- Risk management expertise and financial acumen
Swiss LightBank-Fintech License Shareholders Transparency and Integrity Requirements
- Fit and Proper Test: Assesses the integrity of shareholders with significant stakes (10% or more).
- Source of Funds: Disclosure required to confirm the legitimacy of capital.
- Disclosure Requirements: Mandatory reporting of shareholding changes.
- No Criminal Background: Ensures the institution’s integrity.
Why Apply with Us
At Fintechlex, we specialize in transforming business concepts into operational realities. Our expertise ensures a smooth transition from planning to operation.
- Deep knowledge of the Swiss financial legal framework.
- Strong working relationships with FINMA.
- A seasoned team in Switzerland, including lawyers with 30 years of experience, bankers with 11 years as CFO and CRO of a Swiss bank, and auditors with 9 years of experience.
Choose Fintechlex as your trusted partner. Contact us at [email protected] for more information.
