Dubai-based Fuze Finance has expanded into Switzerland, marking its first entry into Western Europe. The company also holds regulatory licences in the Middle East, Turkey and Canada.
The Supervisory Organisation for Financial Intermediaries and Trustees (SO-FIT) has approved Fuze as an affiliated financial intermediary.
SO-FIT will supervise Fuze for activities that fall under Switzerland’s Anti-Money Laundering Act.
Fuze will provide institutional clients with crypto-asset infrastructure and stablecoin settlement.
This will run alongside conventional payment rails, including SWIFT, SEPA and SIC (Swiss Interbank Clearing).
For private banks and wealth managers, Fuze will offer a disclosed crypto-asset services model through Swiss-regulated partners.
The company will also provide institutional brokerage and agency-based OTC (over-the-counter) execution. The model is detailed in a joint paper with blockchain security firm Halborn.
“Switzerland is a leader in crypto-assets regulation, and Swiss banks and fintechs are looking for more than a crypto product bolted onto existing systems. They need secure, regulated infrastructure suitable for the future of finance,”
said Mo Ali Yusuf, chief executive officer of Fuze Finance.
“Under SO-FIT, we are establishing and growing an on-ground team with agile local decision-making. Swiss banks and fintechs hold their partners to a high standard and we want to provide the best possible service from day one,”
said Gianluca Masini, country manager of Fuze Finance Switzerland.
Fuze Finance Switzerland is not a bank and is not licensed or directly supervised by FINMA.
Its services are limited to institutional and professional clients on a B2B basis, and are not offered as a retail service or in jurisdictions including the EU/EEA where such an offer would be unlawful.
Featured image credit: Edited by Fintech News Switzerland, based on image by Who is Danny via Magnific
