UBS is building a fintech venture fund to invest hundreds of millions of dollars in startups and more mature companies.
The investments will target companies capable of deepening customer engagement, providing alternative platforms for financing and improving the core operations of the banking industry.
The Swiss bank has already begun checking the prospects and plans to invest between 10 and 20 million dollars in dozens of companies, according to Bloomberg.
Citing a ” person familiar with the matter,” Newswire said the bank was considering keeping its investments for at least five years.
The move comes when the new CEO, Ralph Hammers, takes office. Hammers has built its reputation at ING, the Dutch bank that is an active investor in the fintech space.
“UBS wants to further engage and support the fintech space, ” Mike Dargan, UBS ‘global technology director, told Bloomberg.
“The new venture capital portfolio is the next step in accelerating our innovation and digitalization efforts.”
Last month, UBS released a research report describing the global fintech industry as reaching an “inflation point,” with revenue expected to grow from $ 150 billion in 2018 to $ 500 billion in 2030.