According to Bloomberg, the venture fund will exclusively back fintech projects in three broad categories – client engagement, investing and financing platforms, and startups improving underlying operations of the bank.
The bank has already started the screening of potential companies within the sector and is planning to make investments between USD 10 million and USD 20 million in dozens of companies, considering holding its investments for at least five years.
UBS is still in the hiring process to build its team responsible for handling its venture investments.
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