Authorisation
Taking payments for third parties requires permission from FINMA. This page sets out what that permission covers, what it does not cover, and where the Newton Wealth AG filing stands.
/ 01
Art. 1b permits public deposits up to CHF 100 million, or crypto based assets designated by the Federal Council. Two conditions come attached, and they define the entire model: the money may not be invested and may not bear interest. A bank lends deposits onward and earns the spread. A FinTech institution holds them still. Source: FINMA, FinTech authorisation.
/ 02
If a FinTech institution goes bankrupt, client money is neither privileged nor covered by the deposit insurance scheme. It ranks alongside the other claims. Art. 1b para. 4 let. d of the Banking Act requires that clients be told this before signing. That is why it is written here in plain words rather than in a footnote.
/ 03
The institution must be a company limited by shares, a partnership limited by shares, or a limited liability company, with its registered office and its actual business in Switzerland. Not a branch, not a letterbox.
/ 04
Newton Wealth AG, in formation, Zurich, has filed for a pre-assessment. That is the first step, not the last. No authorisation has been granted, the full filing depends on the audit report, and no date is given here because none can be. Read every product description on this site against this paragraph.
/ 05
A draft would replace the FinTech authorisation with a payment institution licence. A draft is not a law. Until it is in force Art. 1b applies, and a firm that plans against a bill still subject to change ends up authorised for the wrong thing.
/ 06
Onboarding with documents. A name screen before money moves, not a report the next morning. An append only ledger. Keys that can be revoked. Every incident with a named owner. This is the control set Newton Pay is built around.
