Swissquote, a Switzerland-based online trading platform, announced today that the company will launch a collaborative digital banking app, Yuh next week. Swissquote announced a partnership with PostFinance, the financial services unit of Swiss Post, in November 2020.
According to the official press release shared with Finance Magnates, PostFinance and Swissquote will introduce the Yuh app to the public on 11 May 2021. Both companies are planning to adopt fresh approaches in mobile banking.
Swissquote mentioned that innovative features on the Yuh app are not available on any other banking apps in Switzerland. PostFinance and Swissquote have a strong presence in the Swiss financial services industry.
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Commenting on the latest announcement, Markus Schwab, CEO of Yuh, said: “Yuh will provide people with an app on their mobile phones that gives them the freedom to manage their money as they wish. And they’ll have partners in the background who they know and trust.”
In March 2021, Swissquote reported its financial results for 2020. The financial services provider saw net revenues of CHF 317.3 million in 2020, which is up 37.6% compared to 2019. Net profit exceeded the expectations and reached CHF 91 million, which is up by more than 100% compared to 2019.
Swissquote and PostFinance are planning to simplify banking for customers through the latest collaborative banking app. “We are delighted to have found a partner in PostFinance that not only supports us in terms of development but also has many years of experience in Swiss retail banking,” Marc Burki, CEO of Swissquote mentioned in the official press release. Companies added that details about the options and features of the Yuh app will be revealed at the digital launch event on 11 May 2021.
“Customers are increasingly seeking smart digital solutions for their finances. Yuh combines Swissquote’s online banking technology and experience with our high profile and strong position in the retail banking sector,” PostFinance CEO Hansruedi Kong added in the announcement.