Page 31 - ASSET MANAGER 9 (EN)

ASSET MANAGER • NO. 9/2018
NEWS • 31
UBS ENDS BRITISH OFFER OF ROBO ADVISOR
UBS has decided to close its Robo Advisory offer in the UK, SmartWealth, and to sell the rights to San Francisco-based SigFig.
While the bank is "satisfied" with SmartWealth's commercial progress, "we currently believe that its short-term potential is limited and have therefore decided to close our digital content offering in the UK.
The SmartWealth technology was developed completely in-house and sold to SigFig for an undisclosed sum. UBS has already invested in SigFig in 2016 as part of a broader partnership. In addition to financing, the compa- nies have established a joint research and innovation laboratory for advisory technology to work together to develop new technology tools for wealth management.
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BANK OF AMAZON IS DISRUPTIVE
Amazon attacks the financial services- services industry, but instead of building the next generation bank, the American e-commerce giant is focusing on building financial services which support its stra- tegic core goal of increasing participation in the Amazon ecosystem, according to a report by CB Insights.
Amazon has developed and introduced tools and services that focus primarily on payments, cash deposits and loans. In parallel to this, Amazon has made several Fintech investments.
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FACEBOOK BANKING & FINANCIAL SERVICES
Facebook delves deeper into the financial services busi- ness and is now trying to get large US banks to share de- tailed financial information about their customers, including card transactions, shopping habits and account balance checks, according to a recent report in the Wall Street Journal (WSJ).
Last year, Facebook asked JPMorgan Chase, Citigroup, Wells Fargo and US Bancorp to discuss possible offers for bank customers on Facebook Messenger. In talks with the social networking giant, however, data protection was a sticking point for the banks. According to Facebook, a US bank withdrew from talks with Facebook.
facebank
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