The Swiss investment banking giant, UBS Group, is all set to create a venture capital fund specific to support fintech projects. This fund will comprise a corpus of hundreds of millions of dollars. The fintech news space notes the addition of funds specific to the sector and segments.
This VC fund will be seen backing the fintech projects exclusively in three-wide categories of investment and financing platforms, client engagement, and startups improving the underlying operations and functions of banks.Fintech News
The investment giant has already initiated the process of screening potential organizations within the industry and is planning on making investments ranging from $10 million to $20 million in several firms.
A person who is familiar with the subject matter stated that the banking giant is considering the thought to hold its investments for at least 5 years.
Not to forget that the company is still in the process of hiring a workforce for building the team for the company that will be responsible for handling the venture investments.
Mike Dargan, the global head group technology at UBS stated that the organization wishes to further back and engage with fintech companies. This new VC investment portfolio is the next step of the company for boosting the digitization and innovation efforts of the firm.
This step of the venture capital investment comes after the event of Ralph Hamers taking charge of the investment banking firm last October. Hamers is known for supporting the advancements of digital banking and with the global outbreak of the coronavirus pandemic, a lot of institutions including banks and financial firms are turning towards digital offerings.
If you want to know more about such fintech news and information, stay tuned to the fintecbuzz. Fintecbuzz rolls out regular and timely updates about the upcoming and ongoing trends from the fintech industry.
Chandrima Samanta, Content-Editor, FintecBuzz
Chandrima is a Content management executive with a flair for creating high quality content irrespective of genre. She believes in crafting stories irrespective of genre and bringing them to a creative form. Prior to working for Hrtech Cube she was a Business Analyst with Capgemini.