Swiss wealth manager Credit Suisse has announced plans to infuse CHF30m ($31.7m) in venture capital for investing in local fintech firms.

The funds will be pumped through SVC, a subsidiary of Credit Suisse that was established in partnership with the Swiss Venture Club in 2010 to support Swiss SMEs. The unit has invested a total of nearly CHF110m in 44 firms till date.

The funds will be allotted to firms that develop and commercialise digital innovations in finance, with the allotment to be decided by a special fintech investment committee.

In order to be eligible for the investment, firms have to be domiciled in Switzerland or have a clear Swiss connection.

Credit Suisse (Switzerland) head of corporate and investment banking and SVC chairman Didier Denat said: “The additional CHF30m in investment capital is a clear signal of SVC Ltd.’s support for Switzerland as a fintech hub.

“At the same time, our commitment allows us to connect with innovative companies offering solutions that might be of interest to us as a bank or to our clients.”

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