License is required to continuously accept deposits from the public on a commercial basis.
There are three types of relaxations from the banking license.
FinTech License as promotion of innovation
– a licence with relaxed requirements. FINMA is responsible for granting this license.
Settlement takes place within 60 days. The maximum period for which deposits may be held in settlement accounts is at 60 days.
The sandbox defined allows for public deposits to be accepted without a license up to a limit of CHF 1 million, provided that they are not invested and do not bear interest, even if such deposits come from more than 20 depositors.
“Public” = third party deposits are considered public unless exception applies Not considered as public deposits are those from: Banks Related parties: qualified shareholders (>10% voting rights or capital) and affiliated entities (e.g. parent, subsidiary, sister companies) Institutional investors: pension funds, municipalities, corporations Employees (active and retired) Associations, foundations, cooperatives: deposit for minimum 6 months; … Continued