As previously explained in the DACH market update, one of the crucial steps in the Hiveterminal platform entering the Swiss market was gaining compliance with the Swiss Financial Market Supervisory Authority (FINMA).
In Switzerland’s regulatory landscape, traditional financial institutions — i.e., banks — report directly to FINMA. However, financial intermediaries interested in participating in the Swiss market — especially fintech companies — must report to one of the Self-Regulatory Organizations (SROs) who are recognized and monitored by FINMA. To enter the Swiss market, Hiveterminal had to become a member of an SRO and be subject to supervision by FINMA through this proxy organization.
We are happy to announce that after an extensive review of the company, the platform, and the business model, Hiveterminal has been granted member status. We will report to SRO annually on the activities of the platform and be subject to monitoring by an official auditing firm.
We believe in creating long-term partnerships that are built on trust. We are convinced this compliance review, which resulted in SRO membership status, will give our customers additional confidence that the Hiveterminal platform is not only committed to providing them with a tool to help their business grow but also to becoming a fully legally compliant partner to work with.
Stay tuned for further updates as we progress into the DACH launch.