The fintech company is building private banking services in Switzerland and plans to seek a local banking licence as it moves into wealth management alongside UBS.
Revolut is developing private banking services in Switzerland and plans to apply for a Swiss banking licence, according to the provided report. The move would expand the company’s role in wealth management and place it in competition with UBS, one of Switzerland’s largest banking groups. For digital asset markets, a Swiss expansion is notable because Switzerland is a major international financial hub with an established environment for fintech and crypto-related businesses.