According to Bloomberg, UBS Group is planning to invest hundreds of millions in fintech projects, with the aim of boosting innovation and accelerating its digitization.
According to various international media, the Swiss investment bank is planning a corporate fund to invest between 10 and 20 million dollars in dozens of companies. A company spokesman confirmed the news of the fund’s creation, but declined to comment further.
The fund will look at three broad categories of investment: customer engagement, investment and financing platforms and improving the bank’s underlying operations. According to the information, UBS is already considering possible investments, but for the time being it is focusing on the recruitment process of a team dedicated to fund management.
In their Fintech-Longer Term Investments Report, UBS expect global fintech revenues to grow from USD 120bn in 2017 to USD 265bn in 2025, implying an average annual growth rate about three times faster than the broader financial sector’s.
