On 4 March 2025 the Swiss Financial Market Supervisory Authority FINMA opened bankruptcy proceedings against the FinTech start-up SWISS4.0 SA. This measure was necessary as there was justified concern that the institution was overindebted and had serious liquidity problems. FINMA has engaged a bankruptcy liquidator.
FINMA has been closely monitoring the FinTech institution and demanded at an early stage that steps be taken to improve the start-up’s financial situation. SWISS4.0 SA and its corporate bodies were unable to successfully implement adequate measures within a reasonable period. The Swiss Financial Market Supervisory Authority FINMA thus opened bankruptcy proceedings against the FinTech institution on 4 March 2025 as there was justified concern that the company was overindebted and had serious liquidity problems. FINMA has engaged Valfor Avocats Sàrl as the bankruptcy liquidator. SWISS4.0 SA is a micro-start-up with around 250 customers.
The supervisory requirements for the FinTech licence (persons pursuant to Art. 1b of the Banking Act) were deliberately kept low by the legislator so that new business models can be implemented with a lower entry barrier. The likelihood is correspondingly higher that ongoing operations will show that a business model cannot be successfully operated.
In the event of a FinTech institution’s bankruptcy, client assets are neither privileged nor subject to deposit protection. Institutions with a FinTech licence are therefore required by law to inform their clients explicitly of this fact. As part of the regulatory project on the amendment of financial market legislation with regard to innovative business models of financial institutions, FINMA is committed to ensuring that client assets will enjoy adequate protection in future in the event of an institution’s failure.
The FinTech licence permits the acceptance of deposits from the public up to a maximum of CHF 100 million or cryptoassets, provided that these are not invested and no interest is paid on them.
