Banking News

Digital asset offerings expand at Swiss private banks

private banking

Last week, InCore Bank announced it was authorized by the Swiss regulator FINMA to offer digital asset-based transaction services. InCore provides outsourcing services to private banks and will now enable them to trade, hold and transfer digital assets. 

Private bank Maerki Baumann, the first client for InCore’s new solution, will offer digital asset trading and custody solutions to end customers, including for tokens. It also has a FINMA license and aims to launch the service this month. 

In January, InCore Bank partnered with Zug-based inacta AG to develop technology and an ecosystem for financial organizations exploring crypto asset trading. 

“Our clients benefit from the expansion into this new asset class at a stroke, without the need to invest in infrastructure and new processes themselves. This while maintaining our customary safety standards. This is how we bridge to traditional asset classes,” said Mark Dambacher, CEO of InCore Bank.

InCore recently formed the ‘Digital Services’ division that is leading the development of crypto asset services. It is also collaborating with Swiss firm Crypto Finance for its digital asset brokerage and custody infrastructure. 

The solution will enable banks to trade a range of cryptocurrencies and digital assets. Additionally, organizations that are not part of the InCore banking platform as clients will also be able to access the new digital assets classes. 

InCore’s initial focus is on offering cryptocurrency services to its institutional clients. However, it will expand into brokerage, custody, and the transfer of security tokens. The partnership with inacta will help it develop tokenization services. 

Four months ago, one of Switzerland’s biggest private banks Julius Baer went live with its digital asset services.

Switzerland has a thriving digital asset ecosystem, and the SIX Group has launched a prototype of its SIX Digital Exchange (SDX). A few months ago, Swisscom joined the SIX Group initiative after it briefly worked with Deutsche Börse.