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Fraudsters swindled nearly 50,000 francs from Zurich cab driver Erhan C. by impersonating UBS employees and using spoofed phone numbers. After a series of deceptive calls, they gained access to his e-banking through a malicious app. Despite security measures in place, the banks involved, including Valiant and Postfinance, faced criticism for their inability to prevent the fraudulent transactions.
Swiss digital asset banking group Sygnum has raised $58 million in a strategic growth round, achieving a valuation exceeding $1 billion. The funding, led by Fulgur Ventures, will support Sygnum's expansion into EU/EEA markets and its regulated presence in Hong Kong, while the bank manages over $5 billion in client assets.Despite this success, co-founder Mathias Imbach warns that Switzerland is losing its competitive edge in the financial sector, emphasizing the need for continuous innovation. Sygnum also made history by issuing a $50 million Bitcoin-backed loan to crypto lender Ledn, marking a significant milestone in regulated banking.
Sygnum, a global digital asset banking group, has achieved unicorn status with a valuation exceeding USD 1 billion after raising USD 58 million in a strategic growth round led by Fulgur Ventures. The funds will facilitate market expansion into the EU and EEA by 2025, establish a regulated branch in Hong Kong, and enhance its Bitcoin-focused product portfolio. Sygnum has also reached operational profitability in 2024, significantly increasing its trading volume and expanding its institutional client base across multiple global financial centers.
Sygnum Bank, founded in 2018 and licensed in 2019, has achieved a valuation of over $1 billion after raising $58 million in an oversubscribed financing round, making it Switzerland's 15th crypto unicorn. The funds will support expansion into the EU, EEA, and Hong Kong, as well as enhance its institutional infrastructure. The bank has seen significant growth, with trading volumes in 2024 surpassing previous years, driven by partnerships with over 20 banks.
Postfinance is undergoing significant changes under new leadership, with the departure of Benjamin Staeheli, head of "Payment Solutions," amid concerns over potential job cuts. The new strategy, named "Pulse," aims to enhance customer loyalty and service quality, shifting power dynamics within the bank. The focus will be on wealth management and adapting to challenging interest rates, but details on job impacts remain unclear.
The Federal Council has reaffirmed its rejection of a state guarantee for UBS, citing risks of competition distortion and the need for higher capital requirements. The PUK report highlights the unresolved issue of taxpayer protection and calls for stronger regulatory measures, including potential nationalization options for large banks. As Switzerland grapples with the implications of the Credit Suisse crisis, the future of banking regulation remains uncertain.
Postfinance is facing challenges in finding a successor for departing CFO Kurt Fuchs, who will leave at the end of February 2025. Until a new CFO is appointed, Marc Bonfils, currently Head of Treasury and Deputy CFO since 2008, will serve in an interim capacity starting in March. The bank plans to announce Fuchs' permanent successor in the first half of 2025.
Postfinance is redesigning its branches to enhance personal advice and customer experience, starting with a pilot branch in Lausanne. The new concept features an open entrance, an "interactive table" for entertainment, and aims to simplify services while maintaining the importance of physical locations in banking. Two additional pilot branches are set to open in Thun in early 2025.
Revolut is rapidly expanding its user base, aiming for 100 million customers while entering the real estate lending market in Lithuania, Ireland, and France. Swiss fintechs like Neon and Yuh are also thriving, with innovative solutions and transparent pricing, fostering competition that benefits consumers. Digital pension providers, such as Viac, are revolutionizing investment accessibility, although the market remains dynamic and competitive.
Wyden has secured $16.9 million in a Series B funding round led by Truffle Capital, aiming to expand its digital asset services for banks, brokers, and exchanges. The company plans to integrate up to 20 new partners by 2025, focusing on markets with stringent regulatory frameworks, while enhancing its workforce and product development, particularly with its Wyden Infinity platform. This investment positions Wyden as a leader in institutional digital asset trading infrastructure, catering to the evolving needs of financial institutions.
PostFinance Fonds 3
Companies
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fraudsters steal 50000 francs from zurich cab driver using spoofed calls
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