Open a Fintech Company in Switzerland
Open a Fintech Company in SwitzerlandUpdated on Thursday 25th January 2018
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Switzerland is considered one of the top financial centers at European and global levels. The fintech sector in Switzerland is very well developed, especially in the field of asset management or insurance services. Fintech refers to innovations performed in the field of digital financial technology and, at the level of 2016, Switzerland registered 160 companies with business activities in this industry.
Other types of fintech activities are also well represented on this market and our team of Swiss lawyers may assist with in-depth information on the registration procedure applicable in this case. Our attorneys can also offer legal assistance on the legislation applicable to the fintech sector.
Top fintech activities in Switzerland in 2016
With one of the leading insurance services market in Europe, Switzerland is also known as an excellent business destination for banking activities. In 2016, the fintech sector performed best in the following activities:
• investment management (23% of all fintech activities);
• banking (18%);
• saving deposits and credits (16%);
• payments (15%);
• virtual currencies (11%);
• other fintech activities.
The Swiss market for fintech activities was recently influenced by the rise in the operations related to virtual currencies and a large share of Swiss fintech companies (75%) declared that there are numerous business prospects for this new type of operation and that they will create blockchain applications in the next few years. Our lawyers in Switzerland can provide more details on the regulations imposed for transactions carried out in virtual currencies.
According to the Global Financial Centers Index for 2017, Switzerland ranks as one of the top destinations at a global level for financial services. Switzerland was included in the 2017 list twice, for Zurich (9th rank) and Geneva (15th rank).
Financing for Swiss fintech companies
Swiss companies can also obtain funding from the local agencies if they perform fintech activities. In 2016, startups in Switzerland received a total funding of CHF 909 million, representing an increase of 35% compared to 2015.
The highest rate of funds were awarded to companies operating in the ICT sector (which includes the fintech sector), which increased by 135% in volume.
Amongst the fintech companies, the top volume in funding was received by startups in the insurance sector.
Legal entities registered in this economic sector are regulated by the Swiss Financial Market Supervisory Authority (FINMA). The institution provides authorization for operations on the local market and ensures that such companies comply with the local regulations. For example, virtual currencies companies are required to comply with the Anti-Money Laundering Act and investors can contact our law firm in Switzerland for in-depth advice on its provisions.