27 March 2017
Visit EBAday.com

UBS to investigate blockchain technology in new London innovation lab

02 April 2015  |  22208 views  |  0 UBS logo

The Swiss bank is planning to open an innovation lab in Level39's high growth space, HighGrowth:42, to explore the role of blockchain technology in financial services.

The project marks the first time a global bank has focused its efforts on the blockchain, so publicly. UBS states it will also look into distributed ledger and smart contract technologies. 

UBS states that  the dedicated lab will enable the bank’s team to work alongside other experts managing complex data and risk assessment in volatile markets.

Oliver Bussmann, Group CIO, UBS, says: “By establishing a dedicated innovation lab at Level 39 we are moving away from a purely in-house innovation strategy, optimising collaboration opportunities with the growing FinTech business, start-up and investor community in an open and transparent way."

"Our innovation lab at Level39 will provide a unique platform to explore emerging technologies such as Blockchain and crypto-currencies, and to understand the potential impact for the industry”

Speaking to the Wall Street Journal in October, Bussmann voiced his approval for the blockchain by stating: "Blockchain technology will not only change the way we do payments but it will change the whole trading and settlement topic."

In 2014, the Swiss lender developed a number of internal 'innovation spaces' or working groups, focusing on specific technology projects. The groups, which receive dedicated funding, comprises individuals from both the IT and business divisions of the bank.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Data science to the fore in UBS Innovation Challenge

Data science to the fore in UBS Innovation Challenge

08 December 2014  |  6759 views  |  0 comments | 7 tweets | 2 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit abe-eba.euVisit capgemini.com

Top topics

Most viewed Most shared
French retailer Carrefour launches online bank accountFrench retailer Carrefour launches online...
57413 views comments | 16 tweets | 36 linkedin
European Commission opens public consultation on fintechEuropean Commission opens public consultat...
9906 views comments | 44 tweets | 26 linkedin
MAS to roll out national KYC utility for SingaporeMAS to roll out national KYC utility for S...
9141 views comments | 29 tweets | 34 linkedin
Can banks really win in the payments business of the future? – new Finextra reportCan banks really win in the payments busin...
9013 views comments | 23 tweets | 37 linkedin
SecureKey taps IBM to put identity on the blockchainSecureKey taps IBM to put identity on the...
7465 views comments | 22 tweets | 15 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job