InCore Bank Launches Access to Digital Assetsby Company Announcement May 29, 2020
The Swiss Financial Market Supervisory Authority FINMA has authorized InCore Bank AG, headquartered in Zurich-Schlieren, to expand its range of services with immediate effect to include brokerage, custody, transfer and generation of digital assets. InCore Bank is thus the first traditional Swiss business-to-business bank positioned in this new digital asset class. Financial service providers and institutions worldwide can rely on InCore Bank without concerns about possible conflicts of interest, as the renowned service organization does not provide services to end customers.
As digital assets, crypto-currencies are a valuable extension of modern asset management and will become an indispensable payment and investment value in the future. In addition, other, previously “non-bankable” assets can also be represented as digital assets by means of security tokens.
As an established transaction bank in Switzerland, InCore Bank benefits from long-term experience in banking and in-depth knowledge of applicable regulations and processes. It thus offers financial service providers and institutions a secure access to the world of digital assets.
«Our clients benefit from the expansion into this new asset class at a stroke, without the need to invest in infrastructure and new processes themselves. This while maintaining our customary safety standards. This is how we bridge to traditional asset classes »,
states Mark Dambacher, CEO of InCore Bank.
Uniting the old and the new world
InCore Bank has a well-established team of banking and compliance experts who are able to serve both worlds – traditional and digital asset classes – and offer their clients a full range of services from one source. «Since the digital assets are entirely integrated into the core banking system, the end customers benefit from a user experience ranging from e-banking to asset reporting, as they are used to in the traditional banking world», explains Mark Dambacher.
In recent months, the newly formed «Digital Services» division of InCore Bank has built up the strategic project to introduce these new services.
Maerki Baumann & Co. AG is the first client
As its first client in the area of digital asset classes, InCore Bank was able to acquire the long-standing client bank Maerki Baumann & Co. AG, whose parent company holds a stake in InCore Bank.
The new digital asset classes are accessible to all financial service providers and institutions – even to those who are not on the InCore banking platform as outsourcing or transaction banking clients.
Creating digital assets
After launching services in the area of crypto currencies, Following the launch of services in the field of crypto currencies, InCore Bank will expand the brokerage, custody and transfer services to security tokens in a next step. In cooperation with its partner inacta AG, an independent Swiss IT consulting firm for information management and crypto assets, it is developing further services in the area of tokenization of assets. With the Security Token Services from InCore Bank, companies will be able to manage their securities more easily and cost-effectively and raise new capital. Here too, InCore Bank offers the full range of services from issuance, distribution, brokerage and storage.
Featured image: Mark Dambacher, CEO of InCore Bank