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UBS seeks China digital bank licence as part of plan to turbocharge growth and slash costs

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Swiss bank UBS aims to create a digital banking platform that could slash costs and spur growth, but its plan hinges on securing a licence in mainland China to kick-start the project.Edmund Koh, who heads UBS in the Asia-Pacific region, sees China’s framework digital banking rules in place by June or July. At which point, he hopes that the lender’s application for a nationwide, majority-owned digital bank licence will gain traction.If UBS succeeds, it will join the likes of Tencent Holdings’…

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