Hypothekarbank Lenzburg agreed to license out its core banking system to a firm that plans to launch one of Switzerland's first crypto banks.
Hypothekarbank Lenzburg and Seba, the company aspiring to open a crypto bank in Switzerland, signed an agreement for the use of Finstar, the core banking system developed by the regional bank.
Seba in the autumn applied for a banking license from Finma, the regulator based in Bern. As a crypto bank, Seba intends to use an open and decentralized software design.
Bridging Two Worlds
The core banking system will contain a series of interfaces allowing clients not only to use the standard services on Finstar. It will also be possible to process emissions, trades and storage transactions with crypto currencies and Blockchain products.
Seba will also use the securities management services and the handling of payments of Hypothekarbank Lenzburg.
Seba intends to bridge the gap between traditional banking and the digital ecosystem, said Seba CEO Guido Buehler in today’s statement.
