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Yapeal gets first Swiss fintech banking license

Yapeal gets first Swiss fintech banking license

Digital banking startup Yapeal has become the first company to be granted a fintech banking license by Swiss authorities.

Switzerland introduced fintech licenses last year in a bid to boost innovation in the sector, enabling small players to enter the market, albeit with the restrictions of a CHF100 million cap on deposits and a ban on investing and paying interest on funds.

Yapeal is the first firm to get a license from the Financial Market Supervisory Authority, paving the way for it to launch its service, promising to "redefine the way people handle their money".

The Zurich-based firm will offer the usual array of budgeting and money management tools as well as a Visa debit card, services tailored for children and a simple flat fee.

Yapeal is also stressing that it will be community driven, inviting its "Yapsters" to interact and exchange insight as well as help guide product development.

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