Next year will witness the entry into force of the European regulation on the provision of cryptoasset services, aka the MiCA Regulation, and with it a whole new generation of players is expected to break into the world of digital assets, as indeed prophesied at the 7th Blockchain Forum organized by El Confidencial. “Now more than ever, banks have an essential role to play in consolidating the cryptoasset ecosystem,” remarked Alfonso Gómez, CEO of BBVA Switzerland, who took part in the forum, where he proclaimed that BBVA was the first big bank to launch a bitcoin custody and trading service in Europe.
The best of both worlds
Switzerland has emerged in recent years as a blockchain hub, thanks to a conducive regulatory framework and the enactment of the blockchain law (the DLT, or Federal Act on the Adaptation of Federal Law to Developments in Distributed Ledger Technology), which regulates book-based securities via blockchain. The bank has managed to carve out a position right at the forefront of financial solutions based on new technologies.
In 2021, BBVA’s Swiss subsidiary was a pioneer among the big banks in the eurozone—and indeed one of the first in the world—to implement a digital asset trading and custody service, thus offering investors the possibility of trading bitcoin, ether and, more recently, USDC directly. They can now manage their assets in one place and automatically have their digital assets converted into any fiat currency or vice versa, through a bespoke digital wallet.
In late 2023, the bank signed a partnership agreement with Ripple to host the custody service on the Harmonize platform, with the aim of offering the utmost security in custody, coupled with faster, more agile transactions.
The bank has amassed an excellent range of products and services enabling its customers to explore new opportunities to exchange value in the digital environment under a multi-currency concept. More precisely, trading can take place in the world’s main currencies, both in assets and liabilities. The rapid uptake of this service at BBVA showcases the central role played by banks within the blockchain ecosystem. In recent years, BBVA in Switzerland has received numerous awards and accolades from major financial publications.
A new breed of digital investor
The launch of the digital investment business line, known as BBVA New Gen, marked a turning point in the way we look at finance and opened up a new path toward the democratization of investment. This 100% online account offers an agile and secure experience for international investors seeking freedom and control over their finances.
BBVA New Gen responds to the needs of a new breed of investor client: one who prefers to operate independently while relying on technology or who wishes to diversify and invest in sectors that are transforming the future. BBVA New Gen is one of the few places in the world offering, in the same place, company shares, funds, ETFs, a multi-currency account and a wallet with cryptoassets.
An open and digitized structure
With its highly efficient and scalable structure, client-centric approach, the backing of a global banking group and its track record spanning half a century, combined with its projection towards new technologies, BBVA in Switzerland continues to grow and thrive in one of the world’s most demanding markets.
The bank is expanding its cryptocurrency custody and trading services to include USD Coin (USDC), a leading stablecoin whose value is pegged to the US dollar. This addition will enable BBVA’s institutional clients to speed up their trading operations by enabling them to transfer value more efficiently with blockchain and secure their stablecoins into BBVA’s vault.
In a bid to streamline the onboarding process and continue to grow the business, the Swiss subsidiary has focused on strengthening operational excellence by integrating video identification and smart biometric technology capable of recognizing and verifying ID documents and passports from more than 160 countries. This system allows the bank to extend its reach to increasingly diverse clients, regardless of their geography, as AI can now spot identity fraud and ensure absolute security when signing contracts.
“The ability to operate in both spheres by proactively offering advice makes our bank a benchmark within the market, where a single asset allocation can provide the best options available today in a fully open architecture environment. All this under the umbrella of the BBVA Group’s strength in an AAA (-rated) country,” concludes the CEO of BBVA in Switzerland.
Private banking of tomorrow
BBVA in Switzerland is moving swiftly towards innovation, efficiency and productivity in its operating model. On this path towards the bank of the future, the bank continues to strengthen its services and its relationship with clients, relying on technology, sustainability, financial literacy and the democratization of investment as its main levers as it seeks to accompany its clients in their personal, business and corporate endeavors.
At the latest edition of the Private Banking & Wealth Management Switzerland Awards 2023 held in Zurich, BBVA in Switzerland was singled out in the ‘Excellence in Client Experience’ category.
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Publish date : 2024-11-04 18:06:00
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