FINMA Extends YAPEAL’s License to Now Include Cross Border Services
by Fintechnews Switzerland November 12, 2021Swiss digital challenger bank YAPEAL announced that the Swiss Financial Market Supervisory Authority (FINMA) has granted it a license extension to offer cross border services to international customers.
The services include national payments, international transfers, a VISA debit card for unlimited payments, cash withdrawals in Swiss francs and foreign currencies among the most important functions.
With the Private + offer from YAPEAL, the company said that all services are unlimitedly included, with no additional fees or surcharges.
YAPEAL added that it intends to gradually and continuously develop the international markets and is initially doing this from within Switzerland.
The firm relies on a pure digital experience and ensures that a customer relationship can be conveniently opened within a few minutes from anywhere in the world, also thanks to the ability to read biometric data from passports or identity cards.
YAPEAL is supervised by FINMA and obtained its first fintech license in Switzerland in March 2020 following which it successfully launched its market offerings in January 2021.
Daniel Bänziger
“In a first step, we will welcome customers from the neighboring countries of Switzerland and in the first half of 2022 from 15 other countries. We are ready to make the necessary investments to grow abroad, too.
Our product is perfect for cross-border commuters and seasonal workers. We listen to our community and know their needs. High fees, hidden costs and poor exchange rates are also a disadvantage for the Swiss abroad at Swiss banks.”
says Daniel Bänziger, Head of Market Development at YAPEAL.
