UBS has announced it plans to develop a digital bank, starting in mainland China.
In Brief:
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It will initially target 200,000 wealthy clients in the first two years.
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It’s hoped the move will cut costs and foster growth.
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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.
