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.