UBS has chosen to open a fintech innovation lab at the Level39 accelerator space in London’s Canary Wharf.
The global wealth manager hopes the lab, being set up by a team of financial technology specialists within UBS, will help it to understand how it can use innovation and disruptive digital technologies to drive business growth.
UBS group CIO Oliver Bussman said: “We are excited to be the first global bank to be part of the innovation ecosystem at Level39, Europe’s largest fintech incubator and accelerator space. By establishing a dedicated innovation lab at Level39, we are moving away from a purely in-house innovation strategy, optimising collaboration opportunities with the growing fintech business, startup 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.”
Fintech challenges that UBS and startups stand to address through the lab include management of complex data and risk assessment in volatile markets, according to UBS.
Eric Van der Kleij, head of Level39, Canary Wharf Group, said: “The UBS team have already established their credentials at Level39 over the last two years through mentoring alongside other leading experts at various accelerator programmes. Oliver Bussmann’s bold public statements and vision about the future of finance show that UBS is an organisation that is genuinely determined to transform and thrive in a new world of finance."
A recent report by Accenture on the fintech industry found that the total amount invested in the sector rose from just over $4billion (£2.7 billion) in 2013 to more than $12 billion (£8.1 billion) last year, with Europe being the fastest growing region in the world.