Swiss private banking giant UBS has partnered with FinChat, a Singapore-based technology provider, to offer secured social chat communication to clients and advisers in Asia Pacific.
Under the agreement, the two companies will jointly develop a solution in EVOLVE – UBS Centre for Design Thinking and Innovation, which will facilitate secured social chat communication between UBS clients and its advisers.
The platform will allow client-client advisor communications via social communications channels, while maintaining compliance standards, UBS said. Regulators across the world are demanding that financial firms remain compliant on data retention and archival.
UBS Wealth Management COO and head of digital strategy Dirk Klee said: “It is important for us to break any impasse between the ever-increasing usage of social media platforms and rise in compliance monitoring standards.
“In the future we look to engage with thousands of clients through their favourite social messaging platforms.”
FinChat Technology co-founder and CEO Bill Eng said: “This partnership is something that couldn’t have been possible just a few years ago. We are well placed to help UBS solve one of its key roadblocks for communications, and I am proud we worked so well together to get this off the ground in just a matter of weeks.”
According to data from We Are Social in their Digital 2017 report, nearly 2.8 billion people are active social media users worldwide.