UBS has announced it plans to develop a digital bank, starting in mainland China.
It will initially target 200,000 wealthy clients in the first two years.
It’s hoped the move will cut costs and foster growth.
China should make the framework for a licence available by July.
What does this mean?
UBS will try to create a low cost financial services offering across China to rival the likes of Tencent and Alibaba. It will initially develop the platform in China, but eventually intends to take it global.