Bloomberg has reported that UBS Group will build a venture capital fund focusing on financial technology solutions.
This will contain “hundreds of millions” from UBS’ own fund, say reports.
The fund will invest between US$10-20mn in “dozens of companies”.
FinTech businesses within three categories will be considered: client engagement; investment and financing platforms; and startups that improve the bank’s underlying operations.
What does this mean?
Details of the CVC fund have yet to be confirmed but it forms part of UBS’ mission to sift its focus further toward digital – new CEO Ralph Hamers is a huge advocate of digital transformation in banking.