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.

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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.”