The goal of the new round of funding is to further develop their digital bank into a universal institution for the new economy. SEBA is a developing bank that works primarily to providing digital asset services to investors and companies, while also maintaining the regular banking services offers. This wouldn’t be the first time SEBA has set out to raise $100 million because back in 2018 the bank managed to raise another $100 million to kickstart its foundation as a digital financial service provider. Their efforts haven’t gone without results because in 2019 they received a license from the Swiss Financial Market Authority to operate as a financial services provider with a focus on digital assets. Switzerland is one of the best places in terms of fintech adoption and the country has one of the most blockchain-friendly regulations in the world. Switzerland’s main stock exchange, SIX, has even announced publicly that they plan to tokenize some existing securities by 2021. Switzerland is determined to create a crypto-friendly environment where digital asset trading is safe and dependable and SEBA is one of the most prominent contributors since the Swiss Euro (EURCHF) has been at a 33-month high, the country can definitely afford to invest in digital banking.

Pioneering digital banking innovations

The bank operates outside Switzerland, Austria, the United Kingdom, Hong Kong, Singapore, France, Italy, Germany, and Portugal. SEBA is the innovator in the country and is bringing digital services to big clients, allowing them to invest in or trade digital assets while also storing them. SEBA even allows customers to issue their own tokens. Very few banks can say they have raised $100 million for digital development but SEBA seems to be doing a very good job of providing innovations that are inclusive enough to keep the contributors interested while also focusing on key areas like digital asset trading. Since the last funding round was so successful the SEBA decided to go for another round to improve their existing services and this time around they are expecting funds from financial institutions, family offices, and individuals. The CEO of SEBA is a digital banking advocate who has said that in five or ten years the majority of all financial transactions will be happening through blockchain. According to his the efficiency of blockchain technology is what most of the financial industry is lacking right now which is why its potential is so important to this sphere and why so many of the big banks who have previously never worked with tech companies are looking into it right now.

What will the funding cover?

People and companies alike are more interested in working with fintechs or digital banks like SEBA because of its efficiency, lower fees, and easier access. While digital banking is way less complicated and time-consuming, there are some downsides to it that still need to be resolved and hopefully, SEBA will use this funding for those challenges. The security aspect of it, while not necessarily a problem with SEBA is a huge drawback for the fintechs since they are more vulnerable to attacks. There is a lot to be done about these security and privacy issues and with time, the developers will surely find a middle ground that maintains the easy-to-use qualities of the fintechs while increasing the security of the entire industry.

While there are not very many people who are still suspicious of fintechs, majority of the older generation remained dead set on relying exclusively on banks for their financial needs even though their offers and services often can’t even compare to those offered by fintechs who prioritize the customers, simply because the industry is new and they are looking for loyal users who will stick by them for a long time. Meanwhile, Switzerland has established a reputation as one of the most fintech friendly countries with regulations that don't restrict fintechs excessively. Switzerland houses multiple blockchain companies and consciously promoted the technology to attract even more organizations that operate through blockchain. They have ruled against the profit tax and value-added tax for Security Token Offerings and unlike many countries across the world, they don't try to make it difficult for the blockchain-based companies to operate from inside their borders.