The Swiss Post banking division intends to provide customers with direct access to the cryptocurrency markets through the controlled PostFinance service.
The Swiss financial system is undergoing dramatic changes. The emergence of domestic competitors such as banks Neon, Alpian, Yapeal, foreign competitors such as Revolut, and the launch of digital services by traditional commercial banks have reduced Swiss Post’s revenue and customer base.
In this regard, the Swiss Post has announced a new service – the integration of the PostFinance banking service with the Swissquote online trading platform. Swiss Post intends to create a single Yuh financial application and offer the company’s clients direct access to the cryptocurrency and stock markets, with the ability to buy crypto assets and shares of the company’s shares.
For Swiss Post, this was a difficult and forced decision, since the controlling stake is owned by the state, and PostFinance is legally prohibited from competing with private Swiss banks.
“In today’s world, the Swiss Post is gradually losing potential sources of income. Therefore, it is vital to respond to the challenge with an acceleration strategy to bring the conservative banking division into the modern digital age,” explains Hansruedi Kong, CEO of Swiss Post.
Yuh’s new financial app is expected to be fully operational by 2024.
Swiss Post is also launching a token on the Ethereum blockchain, Swissqoin, backed by the Swiss franc. Swiss Post customers will be able to earn tokens by making transactions using Yuh Mastercard or referring new customers.
In May, Swiss financial services provider Dukascopy Bank added the ability to deposit and withdraw USDT stablecoin along with ETH for multi-currency account holders.
