Swissquote is expanding its capabilities and offerings, becoming the newest member of the OpenWealth Association.
The Swiss online bank Swissquote announced Tuesday it is joining the OpenWealth Association in April as an active member, which will lead to expanded offerings of its application program interface (API) capabilities.
The OpenWealth Association's goal is to strengthen Switzerland as a financial and innovation center by connecting service providers, financial institutions, and wealth tech companies through an open API standard for the wealth management community globally, based on the open banking principle.
Increased Offerings
Swissquote's strategy is to develop its business by creating new use cases for API management, and by joining the association it can expand its offerings in order placement, custody services, and customer management.
«We are very excited to be the newest member of the OpenWealth community to further develop our API management for our clients in the best possible way. As part of the various working groups, we can shape the future of an international API standard for the wealth management community, alongside seven other Swiss banks and many international partners,» says Jan De Schepper, Swissquote's chief of sales, and marketing officer.
2021 Results
Last year, Swissquote reported a 49 percent increase in operating revenue to 479.6 million Swiss francs ($524.7 million). Its pre-tax profit of 223.3 million francs came ahead of the 200 million franc target set for 2024.
The bank reported organic net new money inflows of 9.6 billion francs, helping client assets grow to 55.9 billion francs.
