FINMA
FINMA (the Swiss Financial Market Supervisory Authority) is the independent supervisory authority that supervises banks, insurance companies, stock exchanges, and financial service providers — including payment service providers — in Switzerland.
FINMA (Swiss Financial Market Supervisory Authority)
FINMA is the central supervisory authority for the Swiss financial market. It grants licences, monitors compliance with regulatory requirements, and can impose sanctions in the event of violations. FINMA is relevant to payment transactions because certain business models require licensing — for example, if a company professionally accepts third-party funds or provides payment transaction services.
For marketplaces and platforms, FINMA regulation is a central topic: anyone who, as a platform, accepts payments from buyers and forwards them to sellers can be considered a financial intermediary within the meaning of the Anti-Money Laundering Act (AMLA). In this case, affiliation with a self-regulatory organisation (SRO) or direct supervision by FINMA is required.
FINMA has various licensing levels: the FinTech licence (Art. 1b Banking Act) for public deposits up to EUR 100 million, the banking licence for traditional financial institutions, and, since the planned FinIA reform, the new category of payment institution. For SMEs operating a marketplace, partnering with a regulated payment service provider (PSP) is the most pragmatic way to avoid their own licensing requirements.
FINMA examples
A marketplace operator holds buyer funds in its own account before paying them out to sellers. FINMA classifies this as an activity requiring authorisation.
A PSP holds a FINMA licence and handles payment processing for the marketplace — the platform operator does not need a licence itself.
A FinTech applies for the FinTech licence according to Art. 1b of the Banking Act in order to be allowed to accept public deposits up to EUR 100 million.
FINMA FAQ
What is FINMA?
FINMA (the Swiss Financial Market Supervisory Authority) is the independent authority that supervises the Swiss financial market. It grants licences to banks, insurance companies and financial service providers and monitors compliance with financial market law.
Does a marketplace require a FINMA licence?
Not necessarily. If the marketplace outsources its payment processing to a licensed PSP and does not hold customer funds itself, its own FINMA licence is generally not required. On the other hand, anyone who accepts and forwards third-party funds may become subject to licensing.
What is the FinTech licence?
The FinTech licence (Art. 1b BankA) allows companies to accept public deposits up to EUR 100 million without holding a full banking licence. It is a simplified entry into regulated financial services.
What is an SRO in the context of FINMA?
An SRO (self-regulatory organisation) supervises financial intermediaries on behalf of FINMA. Anyone defined as a financial intermediary under the AMLA must join an SRO or be directly supervised by FINMA.
What is a financial intermediary?
According to the AMLA, a financial intermediary is a person or company that provides payment services or accepts, keeps in custody, or forwards third-party assets on a commercial basis. Marketplaces can fall under this definition if they accept buyers' funds.
