UBS joins forces with FinTech Yokoy

UBS and Yokoy are joining forces. The major Swiss bank will be leveraging a digital solution developed by Yokoy for its company cards, further details of which can be found in a press release.

The Zurich-based FinTech’s development takes the form of a platform for the automated management of company expenses. It uses Artificial Intelligence (AI) to analyze receipts and supplier invoices, for example. The overall aim is to simplify expenses management processes, which in turn should help to cut costs.

“The partnership with Yokoy represents the perfect addition to our range of company card solutions by allowing our customers with large transaction volumes to now benefit from a significantly simplified way of managing their corporate expenses”, comments Alain Conte, Head of UBS Corporate & Institutional Clients Switzerland, in the press release. He also underlines the fact that the collaboration with FinTech firms represents a core element of UBS’s strategy to further develop its banking services.

Yokoy closed a successful financing round at the end of October. In so doing, the company raised a total of 26 million Swiss francs from a group of international and Swiss investors, further strengthening the reputation of FinTech in Switzerland.