The Swiss banking giant UBS plans to launch a digital banking platform in China, and also introduce it to the global market at a later stage. This plan, however, depends on whether the bank can secure a digital banking license. China’s new regulation regarding this should be available by June or July this year.
Edmund Koh, head of UBS pacific, states that via digital banking, the costs of acquiring a wealth-management client could decrease from USD 25,000 to only USD 60. Mr. Ko’s goal is to extend UBS’s 30,000 customer base in Asia to 200,000 within two years.
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