Federal Council puts new fintech rules into force

The Federal Council adopted an amendment of the Banking Ordinance. It will enter into force on 1 August 2017. The revision should ensure that barriers to market entry for fintech firms are reduced and that the competitiveness of the Swiss financial centre is enhanced. The amendment to the Banking Ordinance (BankO) aims to regulate fintech firms which provide services outside normal banking business according to their risk potential.

Source: Federal Council, See more