Swissquote and PostFinance form JV to launch digital banking app
Swissquote and PostFinance, major providers of online financial services in Switzerland, today announce that they have entered into a joint venture (JV).
The companies have collaborated successfully on online trading for several years. They are now set to extend their partnership: the two companies plan to launch a joint digital banking app and have signed a letter of intent.
At the beginning of September 2020, PostFinance announced its intention to accelerate digital transformation in the new “SpeedUp” strategy period. Its plans include the launch of a radical, new service for “Banking & Beyond” geared entirely to the digital world over the course of the coming year.
Digital banking is a key element of Swissquote’s strategy. In line with the bank’s innovative drive, the launch of this app is the next logical step to develop its wide range of services.
Work on the app has been under way for some time. It will now be further refined as part of this joint venture. Both partners see major benefits in such a collaboration.
The transaction still has to go through the usual official approval process. Further details will be released when a concrete range of services is ready to be launched on the market. This is scheduled for the first half of 2021.