Switzerland based Digital Banking Challenger YAPEAL Acquires License Extension from FINMA

Switzerland’s digital challenger bank YAPEAL reveals that the Swiss Financial Market Supervisory Authority (FINMA) has granted it a license extension in order to provide cross-border services to international clients.

As mentioned in the announcement, the services include national payments, cross-border  transfers, a Visa debit card for carrying out unlimited payments, easy cash withdrawals in Swiss francs as well as foreign currencies.

With the Private + offer from YAPEAL, the Fintech firm noted that all services are offered without limits and no additional fees or extra charges.

YAPEAL’s management also mentioned that they plan to gradually and continuously develop the global markets and will initially focus on the Swiss market.

The company relies on an all-digital experience and aims to ensure that a customer can begin using services (like opening an account and accessing other financial services) within minutes from anywhere in the world. The company also supports the ability to obtain biometric data from passports or ID cards.

YAPEAL is being supervised/overseen by FINMA and acquired its initial Fintech license in Switzerland in March 2020, after which it officially introduced its market offerings in January 2021.

Daniel Bänziger, Head of Market Development at YAPEAL, stated:

“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.”

As covered in August 2021, Yapeal has a virtual banking service for children and younger people in general. Called Yapini, the new product offering is meant to support financial management services for young clients.

As noted by the Yapeal team:

“Yapini is a digital account for children and young people from the age of 7. The paperless account opening is possible within a few minutes when invited by a parent. With Yapini, account holders receive a Visa Debit Card including mobile payments, where minimum age requirements are defined by mobile pay providers.”

As mentioned on Yapeal‘s official website:

“It is important for parents to keep track of their children’s finances. For this reason, Yapini makes it possible to check their children’s spending at any time. Moreover, with Yapini it is possible to transfer money quickly. Managing pocket money is simple and straightforward.”

Yapini includes savings, virtual payments and financial security features. It also comes with a debit card. For parents who have a paid premium account at Yapeal, the Yapini service is available at no extra cost.

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