Digital Banking: Swiss Financial Giant UBS has Applied for a Virtual Bank License in Mainland China

  • “Koh revealed that acquiring a wealth management customer costs about $25,000. UBS’ management believes they can significantly reduce such expenses if they operate an all-digital bank.
  • Koh believes China is the ideal place to establish a digital banking platform, because of the nation’s expertise in artificial intelligence (AI). The $13.6 trillion economy is also home to rapidly evolving financial services and risk management businesses.”

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