Many banks are circumspect when it comes to corporate relations with blockchain and crypto companies, because it is difficult to check the origins of their funds. Breaking with the trend, the Hypothekarbank Lenzburg from the canton of Aargau intends to position itself as a digital frontrunner.
"As a bank that sets itself up technologically and pursues a cooperative strategy in the field of fintech, it is also a question of credibility to work together with the young sector of crypto and blockchain companies in Switzerland,” explained CEO Marianne Wildi in an interview with the industry platform finews.ch.
Wildi noted that she was aware of the problem in checking the origins of money in the area of crypto and blockchain companies, and is outsourcing this process to the compliance experts at Geissbühler, Weber & Partner. “They will make a recommendation based on due diligence, but the board will make the ultimate decision,” clarified Wildi.
Because clients must cover the costs of this due diligence, it is more expensive for blockchain companies to open an account than for companies in traditional sectors. However, the Hypothekarbank Lenzburg has become a “first mover” in the field by opening its services to such companies.
According to finews.ch, while the Zurich-based Falcon Private Bank provides crypto asset management services in Switzerland, the Hypothekarbank Lenzburg is the most digital bank in the country. It is the only Swiss financial institute to practice open banking and has opened interfaces for fintech cooperations.