Though Blockchain technology has long been revolutionizing Bitcoin ecosystem, for the first time mainstream banking organization UBS, a Swiss global financial services company with its headquarters in Basel and Zürich, Switzerland, is willing to explore potential in financial services. The bank announces that it is dedicated to explore the potential Blockchain tech has.
Nonetheless, UBS that provides investment banking, asset management and wealth management services for private, corporate, and institutional clients worldwide, is planning to investigate Blockchain technology in a new innovation lab based in London. The reports claim that the innovation lab will explore the role of Blockchain technology in financial services.
Talking to the media professionals UBS Group CIO Oliver Bussmann says that by establishing a dedicated innovation lab at Level 39 the bank is moving away from a purely in-house innovation strategy, optimizing collaboration opportunities with the growing FinTech business, startup and investor community in an open and transparent way.
He elaborated that the bank’s innovation lab at Level39 will provide a unique platform to explore emerging technologies such as Blockchain and cryptocurrencies, and to understand the potential impact for the industry. Additionally, according to him the UBS team has already established their credentials at Level39 over the last two years.
Similar views were shared by Van der Kleij, Head of Level39, Canary Wharf Group who said that Oliver Bussmann’s bold public statements and vision about the future of finance show that UBS is an organization that is genuinely determined to transform and thrive in a new world of finance.
Blockchain Technology can Transform the Way Money is Being Perceived
Nonetheless, operating in more than 50 countries with about 60,000 employees around the world, UBS is the biggest Swiss bank and is considered as the world’s largest manager of private wealth assets, with more than 2.2 trillion Swiss francs (CHF) in invested assets. The decision can boost the confidence among stakeholders in Bitcoin ecosystem.
Moreover, as the Blockchain technology that powers Bitcoin can enable participants to share financial transactions on a common public ledger and, therefore, enhance transparency and trust while significantly reducing transaction and processing cost is emerging as a popular choice, it may help reducing the issues like money laundering.
Nonetheless, by creating a dedicated lab for financial technology innovation at Level39, UBS is trying to explore new technologies in partnership with others. If it becomes the early adapter of the revolutionary technology it will have edge over other banking conglomerates.
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