Swiss investment bank UBS is set to open a London-based research lab to explore the application of blockchain technology in the financial services industry.
The innovation lab, due to open later this month, will be housed at FinTech accelerator Level39 in Canary Wharf – one of London's major business districts.
A group of financial technologists will lead the initiative, which attempts to bring together experts from both the banking and FinTech sectors to examine how traditional banking can drive business growth through innovation.
Oliver Bussmann, group CIO at UBS, said in a statement:
"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," he continued.
The news comes after the Swiss banking giant published an extensive report in March last year outlining the widespread benefits bitcoin's technology could offer if it was co-opted by the traditional banking system.
Britain and FinTech
, credited with being Europe's largest technology accelerator for the financial and cyber industries, noted the "far-reaching" potential of blockchain technologies on its website:
The accelerator attracted media attention in August last year when George Osborne, the Chancellor of the Exchequer, withdrew £20 worth of bitcoin from an Robocoin ATM at its London's office during the Innovate Finance conference.
— Innovate Finance (@InnFin) August 6, 2014
Guest speaking at the event, Osborne outlined ambitions for the UK to become the centre of FinTech, including the UK Treasury's programme of work to assess the benefits and risks of digital currencies.
He said: "My message today is simple: we [Britain] stand at the dawn of new era of banking. Now let's get on with it."
Image via Shutterstock.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.