FINMA
FINMA (Swiss Financial Market Supervisory Authority) is the independent supervisory authority that oversees 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 infringements. FINMA is relevant for payment transactions because certain business models require a licence — for example, if a company accepts third-party funds on a professional basis or provides payment services.
For marketplaces and platforms, FINMA regulation is a key issue: anyone operating a platform who accepts payments from buyers and forwards them to sellers may be deemed a financial intermediary within the meaning of the Anti-Money Laundering Act (AMLA). In this case, affiliation to a self-regulatory organisation (SRO) or direct supervision by FINMA is required.
FINMA has various licensing categories: 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, cooperating 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 a separate account before paying them out to sellers. FINMA classifies this as an activity requiring a licence.
A PSP holds a FINMA licence and handles payment processing for the marketplace — the platform operator does not need a licence themselves.
A FinTech applies for the FinTech licence under Art. 1b BankA in order to be allowed to accept public deposits of up to EUR 100 million.
FINMA FAQ
What is FINMA?
FINMA (Swiss Financial Market Supervisory Authority) is the independent authority supervising the Swiss financial market. It grants licences to banks, insurance companies and financial service providers and monitors compliance with financial market legislation.
Does a marketplace need a FINMA license?
Not necessarily. If the marketplace outsources payment processing to an authorized PSP and does not hold any customer funds itself, its own FINMA license is usually not required. Anyone who accepts and forwards third-party funds, on the other hand, may become subject to licensing requirements.
What is the FinTech license?
The FinTech licence (Art. 1b Banking Act) allows companies to accept public deposits of up to EUR 100 million without holding a full banking licence. It is a simplified entry point 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 who qualifies as a financial intermediary under the AMLA must affiliate with an SRO or submit directly to FINMA.
What is a financial intermediary?
According to the AMLA, a financial intermediary is a person or company that provides payment services on a professional basis or accepts, holds or forwards third-party assets. Marketplaces may fall under this definition if they accept buyers' funds.
