Swiss Review / February 2022 / No.1 26 What are FinTech companies? Question: “I am a Swiss Abroad in France and have heard about FinTech company Yapeal in the media. What are FinTech companies? Are they also supervised by the Swiss authority? And what services can Yapeal offer me?” Answer: FinTech stands for “financial technologies”. It is a collective termfor modern technologies in financial services. FinTech companies offer financial services via the internet and mobile devices. FINMA, the Swiss Financial Market Supervisory Authority, supervises and monitors all the financial sector areas in its role as Swiss financial regulator. Financial services provided via digital channels are also subject to the FINMA regulatory framework. The FinTech licence as per Art. 1b of the Banking Act came into effect on 1 January 2019. FINMA is responsible for granting FinTech licences. These licences enable public deposits of up to 100million Swiss francs or crypto-based assets, provided they are not invested and no interest is paid on them. FinTech companies are subject to the Anti-Money Laundering Act, as are all other financial intermediaries. According to Art. 1b para. 3 of the Banking Act, these companies expressly require adequate riskmanagement and effective internal control mechanisms that, inter alia, ensure compliance with legal and corporate requirements (compliance). Swiss Abroad often find it difficult to maintain their financial ties with Switzerland. The Organisation of the Swiss Abroad (OSA) has spent years working to change that. The newpartnershipwith FinTech company Yapeal, which is recognised by FINMA, is part of the OSA’s ongoing commitment, in addition to the partnership with the Banque Cantonale de Genève (BCGE), which has been in force for some years. These are two different service types: BCGE is a bank offering Swiss Abroad the full range of banking services. Yapeal, on the other hand, is a FinTech company focused on processing international payments and initially offering its services to those countries bordering Switzerland. A further 15 countries will be added to that group in the first half of 2022. Jana Malet ic, OSA LEGAL DEPARTMENT Young, fresh, playful and forward-looking – new logo and website for the FYSA Although the pandemic has playedhavocwith its schedule in recent months, the Foundation for Young Swiss Abroad (FYSA) has been anything but idle – using the extra time towork behind the scenes on a future-proofing project. This result was visible for all to see in January 2022, when the FYSA unveiled its new logo and website – showcasing a young, fresh, playful feel as part of its first visual revamp in over ten years. Free spots on the summer holiday camps You are warmly invited to visit the newwebsite at www.sjas.ch and take a look at our offers for the year ahead. There are still a few free spots available on the FYSA summer holiday camps for young Swiss Abroad aged eight to 14. Taking place between the end of June and the end of August 2022, these camps are an opportunity for children to get to know Switzerland and its culture – and have a great time. Visit the new website for further details. LOÏC ROTH Foundation for Young Swiss Abroad (FYSA) Alpenstrasse 24, 3006 Berne, Switzerland Tel.: +41 31 356 61 16 Email: info@sjas.ch, www.sjas.ch Yapeal offering: yapeal.ch/auslandschweizer Further information from FINMA: revue.link/finma
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