The Swiss Financial Market Supervisory Authority has granted a fintech license to Relio. After the successful approval process, the Zurich-based startup can now provide a digital account for businesses. According to a press release from Relio, the offer is of particular interest to clients with complex business models and international cash flows.
In this market segment compliance and anti-money laundering requirements have resulted in high costs for both banks and customers. Relio solves this problem by automating many compliance tasks, according to CEO Lav Odorovic. He states: “Thanks to our license, we work independently of partner banks and their outdated structures, processes and technologies. This is the only way we can drive the digitalization of compliance and save our customers a great deal of bureaucracy.”
The fintech license introduced by the legislator in 2019 aims to make it easier for innovative fintech companies to enter the market. The approval processes are simpler than for a full banking license and capital requirements are lower. Public deposits are limited to a maximum of 100 million Swiss francs and cannot be invested or earn interest. Instead, they are used to protect clients through the Swiss National Bank. mm
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