25 April 2018
https://www.avoka.com

UBS to investigate blockchain technology in new London innovation lab

02 April 2015  |  26126 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  |  9656 views  |  0 comments | 7 tweets | 2 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit http://wup.digitalVisit www.abe-eba.euVisit http://response.ncr.com

Top topics

Most viewed Most shared
Top tier banks pass first transactions on trade finance blockchainTop tier banks pass first transactions on...
14793 views comments | 21 tweets | 28 linkedin
TransferWise becomes first non-bank to open settlement account with BofE RTGSTransferWise becomes first non-bank to ope...
11439 views comments | 18 tweets | 32 linkedin
'Fake data' will make banks vulnerable - Accenture'Fake data' will make banks vulnerable - A...
9748 views comments | 26 tweets | 36 linkedin
Irish central bank tunes in to fintechIrish central bank tunes in to fintech
8837 views comments | 20 tweets | 21 linkedin
Major card schemes zero in on single 'buy' button for online commerceMajor card schemes zero in on single 'buy'...
8795 views comments | 20 tweets | 36 linkedin

Featured job

Competitive base, double OTE
London, UK or Paris, France or Frankfurt, Germany (other major cities in Europe considered)

Find your next job