Retail News CRM

Tag: zurich

  • Korean Air Marks Half a Century of Flying High on the Seoul-Zurich Route: A Legacy of Connection and Culture

    Korean Air Marks Half a Century of Flying High on the Seoul-Zurich Route: A Legacy of Connection and Culture

    Korean Air celebrates its golden jubilee of the Seoul-Zurich route, highlighting half a century of unifying Korea and Switzerland through travel and cultural exchange.

    In honor of this significant achievement, a gala reception was held at Zurich’s Widder Hotel on May 27. About 70 esteemed attendees, including Woosik Shin, the Chargé d’Affaires of the Republic of Korea to Switzerland, Stefan Gross, the Chief Commercial Officer of Zurich Airport, and prominent members from the Swiss-Korean community, graced the occasion. Representing Korean Air were Jungho Choi, the Executive Vice President and Head of Sales, Sukwoo Lee, the Managing Vice President of Passenger Sales, and Euisuk Byun, the Regional Manager for Switzerland.

    Seoul-Zurich Route: A Long-standing Bridge Between Two Nations

    Korean Air pioneered the first direct flight between Korea and Switzerland on July 14, 1976, with the launch of the Seoul-Zurich route. Over half a century, the route has played a crucial role in fostering bilateral ties, and catalyzing business, tourism, and cultural exchanges between the two nations.

    The airline constantly broadens its reach via Zurich, one of its fundamental European entry points. A recent collaboration with Swiss Federal Railways (SBB) has led to the launch of a Rail & Fly service, facilitating seamless post-flight journey to major Swiss cities from Zurich Airport for passengers.

    To elevate the passenger experience, Korean Air plans to deploy its Boeing 787-10 Dreamliner on the Zurich route from June 2, 2026. This aircraft, furnished with the latest Prestige Suites 2.0, promises superior privacy and an exquisite cabin interior inspired by Korean traditional design. The revamped Economy Class cabin also offers improved comfort, with a seat pitch of 32 inches and a recline angle of 120 degrees.

    Looking Ahead: Korean Air’s Commitment to the Future

    With a legacy of five decades of secure operations and customer trust, Korean Air remains dedicated to boosting the Zurich route as an integral fragment of its European network. The airline is unwavering in its commitment to service innovation and network connectivity, with a view to maintaining the route as a pivotal bridge between Korea and Switzerland for many more decades.

    Jungho Choi, Executive Vice President and Head of Sales, emphasized the airline’s steadfast dedication to linking Korea with Europe’s core. He stated, “As we look towards the next 50 years of operations, our focus remains firmly on upholding the highest standards of safety, comfort, and premium service for our customers.”

    Questions & Answers

    What does the Seoul-Zurich route signify for Korean Air?
    The Seoul-Zurich route symbolizes Korean Air’s enduring commitment to establishing a connection between Korea and the heart of Europe.

    What new developments are in store for the Seoul-Zurich route?
    Korean Air plans to introduce its Boeing 787-10 Dreamliner, offering superior privacy and comfort, on the Zurich route from June 2, 2026. The airline also recently launched a Rail & Fly service in collaboration with Swiss Federal Railways.

    How has the Seoul-Zurich route impacted bilateral relations between Korea and Switzerland?
    The Seoul-Zurich route has significantly strengthened bilateral relations and promoted business, tourism, and cultural exchanges between the two nations over the past 50 years.

  • Zurich Fintech Propels Blackrock’s Retail Growth in Cross-Border Wealth Solutions

    Zurich Fintech Propels Blackrock’s Retail Growth in Cross-Border Wealth Solutions

    In a strategic move to enhance its global investment offerings, BlackRock has integrated technology from Zurich-based fintech company Investment Navigator into its Aladdin Wealth platform. This collaboration aims to streamline cross-border compliance and improve product distribution efficiency for financial advisors.

    A New Era for Investment Management

    This integration, announced jointly by both firms on Monday, equips financial advisors with the necessary tools to deliver tailored portfolio proposals for end investors. By simplifying regulatory checks within the Aladdin Wealth platform, this technology facilitates a more transparent and effective investment management process.

    Transformational Digital Solutions

    Investment Navigator, launched in 2014, has developed digital solutions that incorporate regulatory and offering checks along with selling restrictions into the investment lifecycle—from proposals to validation and trading execution. This foundational technology is set to revolutionize how financial advisors manage international investments.

    Venu Krishnamurthy, Global Head of Aladdin Wealth at BlackRock, commented on this initiative, stating, “Wealth management is undergoing a transformation as more financial advisors turn to technology to deliver tailored solutions at scale. Through our collaboration with Investment Navigator, clients can now seamlessly navigate the complexities of cross-border investing within Aladdin Wealth.”

    Implications for the Retail Sector

    This integration not only signals a significant leap in BlackRock’s technological capabilities but also highlights the growing trend of fintech partnerships within the retail investment space. As consumer demand for cross-border investment solutions increases, this development could reshape how financial advisors interact with global markets, ultimately benefiting consumers seeking diverse investment opportunities.

    The partnership between BlackRock and Investment Navigator underscores the crucial role technology plays in enhancing investment management, paving the way for future advancements in the retail sector.

  • UBS and Zurich Strengthen Partnership

    UBS and Zurich Strengthen Partnership

    UBS and Zurich Insurance are building on their collaboration with a new product aimed at small to mid-sized companies.

    Zurich is offering UBS clients insurance solutions via the bank’s e-banking, addressing the needs of small to mid-sized companies as these mature, the partners said in a statement Monday.

    Some companies will go from having a capital deposits account with mandatory accident insurance and occupational benefits insurance to requiring insurance for leased equipment, for example.

    In the case that they expand abroad, these companies will go on open a foreign currency account and might need to add international insurance coverage, the statement said.

    The cooperation guarantees full data protection, with neither of the entities passing bank-specific data or insurance-specific information to each other.

    Lees ook:

  • UBS Offers its Compliance Knowledge via a Regtech

    UBS Offers its Compliance Knowledge via a Regtech

    UBS has put a great deal of effort into its compliance guidelines and action models. That accumulated legal knowledge is now being offered to third parties for the first time. UBS has compiled its financial market legislation and compliance knowledge in an expansive collection of documents. This know-how in the form of legal commentaries and the interpretation of laws is now being made available to other Swiss financial services providers, according to a statement on Tuesday.

    The offerings can be accessed via the Partnervine platform, a Zurich-based startup specializing in marketing legal texts and services. The financial guidelines FidSA and FinIA as well as the revised Collective Investment Schemes Act provide the framework for the action and decision paths developed by the UBS.

    The core element of the knowledge collection is a catalog of over 630 questions and answers that Swiss financial service providers can use for orientation. In addition, the collection contains decision trees, glossaries, tables, graphics, and cross-references to related topics and documents delivered in static pdf format.

    The documents are offered in English only, but forms are also available in German, French and Italian. Access can be purchased either as a complete package or as topic-specific access to separate, smaller bundles, and come as static PDF files, according to the statement.

    PartnerVine’s platform allows us to share our legal know-how on regulatory matters with other Swiss financial service providers helping them to navigate the complex regulatory environment, says Barbara Koch-Lehmann, group general counsel COO at UBS. She sees smaller financial institutions or asset managers, as a potential client group.

    It is much easier and cost-effective especially for smaller Swiss financial service providers to plug into UBS’s knowledge than develop it themselves. Because it is the first time that a large company has provided comprehensive access to their legal know-how, it is a major milestone for legal operations globally, says PartnerVine CEO Jordan Urstadt.

    Urstadt sees foreign banks operating in Switzerland as potential customers for UBS’s product, mainly because the documents are available in English. In Switzerland, the use is limited due to legal constraints.

    Lees ook:

    Lees ook:

  • A Swiss Crypto Lender Partners with Major US Bank

    A Swiss Crypto Lender Partners with Major US Bank

    Zurigg-based crypto lender Nexo is looking to take advantage of the consolidation in the crypto world. With help from a US bank, it sees itself as financially well equipped to take over the assets of struggling competitors.

    In what is increasingly looking like a repeat of the consolidation of companies following the burst of the dot-com bubble,  quite a few crypto companies are unlikely to survive the current crash or at the very least have been severely hobbled in the wake of the collapse. Other companies, however, will emerge stronger from the crypto winter.

    Zug-domiciled crypto lending platform Nexo plans to provide liquidity during the current market turmoil by acquiring the assets of struggling crypto companies. In doing so, it intends to play a key role in the upcoming consolidation of the blockchain space.

    To that end, the crypto platform is enlisting support from a major US bank. In a blog post, Nexo announced that the company is being advised by banking giant Citigroup. Acquisitions are expected to help crypto investors regain access to blocked funds. Nexo is already in contact with a number of troubled crypto companies and has offered them various options for help.

    Celsius, which is threatened with insolvency and suffering from a huge liquidity crisis, recently froze withdrawals and transfers between accounts as a result of cryptocurrencies’ rapid downward slide. According to media reports, Celsius is also seeking help from Citigroup, last week having hired the bank to advise on possible financing.

    To paraphrase Shakespeare, for many firms this is the winter of their crypto discontent.

    Lees ook:

    Lees ook:

    Lees ook:

  • Zurich Fintech Hires Wirecard Whistleblower

    Zurich Fintech Hires Wirecard Whistleblower

    A former CEO of German fintech Wirecard is joining a Zurich-based startup. Blockchain fintech FQX is hiring James Freis as a regulatory technology officer, it said in an emailed statement Friday.

    Freis helped uncover fraudulent activities at Wirecard, going on to lead the company as its CEO. His ties to the payments company, which continues to be at the center of an international financial scandal, have put him in the media spotlight.

    We’re honored to have James Freis join our team. With his unique combination of skills at the intersection of regulation, financial market infrastructure, and technology he is ideally positioned to work on FQX’s RegTech Engine to enable programmable debt securities and compliance by design, FQX’s Co-CEO Benedikt Schuppli, said.

    Freis started his career at the U.S. Federal Reserve in New York. From 1999 to 2005 he worked for the Bank for International Settlements (BIS) in Basel. In 2007, he was appointed CEO of the Financial Crimes Enforcement Network (FinCEN), an agency of the U.S. Department of Justice (DOJ).

    After a six-year term as managing director at Deutsche Boerse, Freis joined Wirecard as a manager in 2020. In June of the same year, the company was forced to admit that there was a 1.9 billion euros ($2.2 billion) hole in its balance sheet, after which long-time Wirecard boss Markus Braun was pressured to resign.

    Freis stepped into the CEO position which he held for seven months.

    Lees ook:

  • Accenture Plans Major Zurich Campus

    Accenture Plans Major Zurich Campus

    The consulting firm plans to expand its activities in Zurich to house more than 1,000 people. The move is sparked by a pandemic-induced change to working ways.

    Accenture will build a more than 9,000-square-meter hub in the heart of Zurich’s banking district, it said in an emailed statement on Tuesday. The new space will house more than 1,000 of its employees.

    The move was sparked by a shift in the definition of work as a result of both digitalization and the pandemic. «With the move, we are not only responding to Accenture’s current growth but also the changing needs of our employees,» country head Marco Huwiler said.

    Accenture will relocate in phases through 2024. «If the pandemic has shown one thing, it is that the previously valid work culture is undergoing a major transformation»

    The consulting firm led a consortium including SIX’s digital exchange, Credit Suisse, and UBS which helped the Swiss and French central banks on a cross-border settlement of digital currencies, or CBDCs, experiment.

    Lees ook:

  • Zurich Sells Life Insurance Book in Italy

    Zurich Sells Life Insurance Book in Italy

    The Swiss insurer is disposing of a life insurance portfolio in Italy. The deal lowers credit risk and boost capital.

    Zurich Insurance is selling its life and pension business to Gamalife, a Lisbon-based insurer, it said in a statement on Monday. Neither party disclosed financial details of the transaction.

    The deal encompasses traditional and unit-linked policies and will see $9.5 billion in net reserves transferred to Gamalife. Zurich said this will lead to a result of roughly $1.2 billion of capital and add 11 percentage points to its solvency ratio.

    Zurich, which said the sale lowers its exposure to credit risk considerably, expects to benefit from a $200 million boost in liquidity as well.

  • Zurich Buys Estonian AI Chat Start-Up

    Zurich Buys Estonian AI Chat Start-Up

    The Swiss insurer is buying an Estonian start-up for conversational artificial intelligence. The move is a bid to improve the digital capabilities of its customer services.

    The Zurich-based insurer it is buying Alphachat, a four-year-old Tallinn-based company with a messaging automation product that understands natural language, authenticates users, and provides personalized responses, it said in a statement on Thursday. Zurich didn’t disclose the financial details of the deal.

    The insurer said it wants to use Alphachat’s conversational artificial intelligence to try and meet increasing demand from customers for personalized products and services, 24/7. Alphachat represents a considerable reinforcement of Zurich’s AI capabilities.

    The start-ups’ CEO, Indrek Vainu, said Zurich will launch a hub for intelligent automation in Estonia in order to create AI-powered messaging automation solutions for its customers.

  • Chubb Names Australia and New Zealand President

    Chubb Names Australia and New Zealand President

    Zurich-headquartered insurer Chubb has appointed a new president for Australia and New Zealand.

    Chubb names Peter Kelaher country president for Australia and New Zealand, according to a statement, succeeding Jarrod Hill who is leaving the firm. Kelaher reports to Paul McNamee, senior vice president of Chubb Group and APAC regional president.

    Kelaher has 20 years of insurance experience and he joined Chubb in 2008 as a financial lines underwriter before being promoted to product manager for directors and officers, and P&C business lead for Australia and New Zealand in 2016.

    Chub has had a presence in Australia and New Zealand for over a century with seven branches and more than 800 staff.

  • Harry Winston opens store in Switzerland

    Harry Winston opens store in Switzerland

    Harry Winston has recenly opened a new salon in Zurich, the third in Switzerland.  Located on the famed Bahnhofstrasse shopping mile, the 146.2 square meter salon will house Harry Winston’s exquisite jewelry and timepiece collections, including the finest diamonds and rarest gemstones available today.

    “The opening of our Zurich Salon marks Harry Winston’s third location in Switzerland,” said Nayla Hayek, CEO of Harry Winston, Inc. “As the “King of Diamonds,” Harry Winston built his career around the world’s most sought-after diamonds and gemstones – a legacy we are proud to uphold today. With the opening of our new salon on Bahnhofstrasse, we are honored to bring the House’s tradition of excellence to one of the most exclusive retail destinations in the world and to share our commitment to incredible jewels with our new and existing clientele across the region.”

    Designed to capture the elegance and intimacy of a private estate, the new salon reflects a contemporary variation on the traditional Winston style. A soft taupe and grey color palette complements the custom designed black lacquer and antique bronze furniture, with bespoke chandeliers, hand-beaded silk walls and antique accents. A grand marble foyer, decorated with a striking black and white starburst motif, displays the House’s signature design collections. Dedicated areas for Harry Winston’s high jewelry, bridal, and state-of-the-art timepiece collections, ensure clients receive the discreet and highly personalized shopping experience that the House is known for, while private selling rooms provide a luxurious space for the ultimate in exclusivity.

    To commemorate the opening, the House hosted an exclusive cocktail reception for VIP guests, where it presented its most spectacular creations, from vintage Harry Winston designs, to the iconic Winston Cluster to the unparalleled Legacy Collection, to exemplary pieces inspired by the Harry Winston Archives.

     

    Lees ook:

    Lees ook:

  • Bisnis Travel Indonesia teams up with Zurich Indonesia

    Bisnis Travel Indonesia teams up with Zurich Indonesia

    Online travel portal Bisnis Travel Indonesia (BTI) is teaming up with Zurich Indonesia, the local unit of a Switzerland-based insurance company, by including Zurich Indonesia’s travel insurance on BTI’s list of products.

    Previously, BTI’s offered its members included airline tickets, hotel reservations and tour packages.

    “Through the partnership with Zurich, we want to expand options for our members,” BTI’s president director Johan Kurniawan told reporters during the partnership signing ceremony in Jakarta on Thursday.

    With the agreement, BTI’s portal will provide its members with three travel insurance products from Zurich Indonesia: Zurich Domestic Travel, Zurich Umrah/ Haj Travel and Zurich Passport.

    BTI aims to sell up to 600 travel insurance policies through its portal this year, Johan added.

    BTI is an online travel portal powered by Golden Rama Tours & Travel, a travel company established in Indonesia in 1971.

    About 90 percent of the portal’s members are individual travel agents, while the rest are office-based travel agents.

  • Zurich Insurance has launched a solution in Hong Kong and Singapore

    Zurich Insurance has launched a solution in Hong Kong and Singapore

    Zurich Insurance has launched a solution in Hong Kong and Singapore which provides risk-assessment services and protects businesses against the risks associated with supply chain disruptions.

    Called Zurich Supply Chain Insurance, the product is the first-of-its-kind in the Asia-Pacific region and is now available to qualified customers based in the two markets.

    “Increasing globalisation, improved transport and logistics through to technological advancements have enabled companies to source materials from virtually anywhere in the world,” said Keith Thomas, chief executive officer of Zurich’s Global Corporate in Asia Pacific business unit. “While this provides increased flexibility and cost savings, it can also result in complex supply chains that are highly interconnected, more exposed and difficult to manage.”

    According to Zurich, the new solution helps reduce supply chain failures and provides cover if delayed or undelivered supplies result in a financial impact on a company’s operations. Supply Chain Insurance consists of two components. In the first phase, risk engineers carry out a risk assessment to identify and evaluate customers’ exposure to critical risks throughout their supply chain, and recommend prioritized mitigation actions. In the second phase, the risk assessment is combined with other sources of data to underwrite and price the risk.

    “Many organizations are not aware who their key suppliers are, especially in the lower levels of the supply chain, and very few have visibility over their entire supply chain,” said Hassan Karim, technical underwriting manager of Zurich Asia Pacific. “Half of supply chain disruptions occur beyond the preliminary supplier of goods, therefore making it extremely difficult to establish where an organization lies within its suppliers’ priorities.”

    Karim added that it is essential to take a holistic approach and to identify critical supplies when working with customers to manage their exposures.

    “Effective supply chain risk management can present significant benefits to businesses and is becoming an increasingly important driver of their profits,” he said. “Every customer’s supply chain is different so we work with them to shape the appropriate solution and offer an individually tailored policy to meet their specific needs.”

    The Supply Chain Insurance solution has been available in Europe and North America for the past six years, according to Zurich.

     

    Lees ook: