A new private banking venture has joined the growing list of companies applying for licenses from the Swiss financial regulator. Tallyon aims to become a “next generation” private bank, riding the way of “radical change” in the industry.
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“Banking is to be redefined, and the use of technology should ensure that employees and customers receive a higher esteem than many banks do today,” says chairman David Bisang, who last year founded the blockchain company Heymate.
But Tallyon is remaining tight-lipped about how exactly it plans to “democratise” private banking in Switzerland, other than a reliance on new technology that will release it from the “legacy burdens” of “outdated IT infrastructure” that currently afflict traditional banks.
Bisang has teamed up with Alain Kunz, who founded Swiss blockchain firm TokenSuisse. Bisang declined to comment on the intended role of blockchain or crypto assets in the Tallyon venture. Further details will only be given if the Swiss Financial Market Supervisory Authority (FINMA) awards a full banking license.
Tallyon plans to start in Zurich but states it wants to follow up with other branches and has its eye on Asian markets.
Earlier this year, FINMA granted bank licenses to crypto banks Sygnum and SEBA. Crypto financial services firm Bitcoin Suisse has also applied for such a license
Other entities, such as Mt Pelerin and Initium are also waiting in queue while Yapeal intends to launch a digital bank if it gets a fintech license.
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Swiss mountain village threatened by serious landslide risk
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The situation in the mountain village of Blatten, canton Valais, remains serious due to the threat of a landslide, Swiss officials said on Sunday afternoon.
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World’s first crypto banks seen as game changer for Switzerland
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Crypto banks Sygnum and SEBA have convinced the Swiss regulator that crypto assets can have a place in the traditional financial sector.
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Once financial technology (fintech) innovation properly takes off in the over-crowded banking sector, the competition may well cause some traditional players to disappear, says the Swiss National BankExternal link (SNB) in its “Survey on Digitalisation and Fintech at Swiss BanksExternal link”. Fintech is a growing theme in Switzerland, but its current importance pales in comparison…
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The Swiss banking landscape has experienced a dramatic thinning of numbers in recent years. The number of banks fell from 337 in 2005 to 248 in 2018, while last year saw five more banks disappear without trace. The arrival of crypto banks would provide a rare growth area for the industry. Bitcoin SuisseExternal link said…
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If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.