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banking in Switzerland, other than a reliance on new technology that will release it from the “legacy burdens” of “outdated IT infrastructure” that currently afflict traditional banks.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 voters to decide on three issues on November 30
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Dollar falls to lowest level against franc in 14 years
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Swiss President Karin Keller-Sutter has met French President Emmanuel Macron to discuss the EU treaties and geopolitical challenges. US tariffs were also part of the bilateral talks.
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Swiss moors and floodplains are in a poor state. Researchers say further efforts are needed to preserve these biotopes in the long term.
Drones banned during the three Euro games in St Gallen
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EU nationals come to Switzerland primarily to work
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Swiss parliamentary commission to investigate F-35 purchase
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Objections and appeals most common obstacles to residential construction projects
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Swiss electricity prices predicted to fall in 2026
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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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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.