After being awarded a fintech license, Swiss startup Relio plans to offer digital accounts for SME customers. Relio wants to reduce compliance efforts for customers.
The Swiss Financial Market Supervisory Authority (FINMA) has granted Swiss startup Relio a fintech license. With the approval, Relio plans to offer digital business accounts for SMEs.
With custom-developed compliance technology, the offering is said to be aimed at sophisticated clients who have complex business models and international cash flows. Relio promises to automate many compliance tasks to reduce the high overhead for its customers.
“Thanks to our license, we work independently of partner banks and their outdated structures, processes and technologies. This is the only way we can consistently drive the digitalization of compliance and save our customers a great deal of bureaucracy,” said Lav Odorovic, CEO of Relio.
Fintech license should ensure more innovation in the Swiss financial market. The world’s first regulated crypto exchange is located in Geneva, resulting from such a license.