In April, Bitcoin Magazine reported that UBS was planning to investigate blockchain technology in a new innovation laboratory based in London. The development lab situated in Level39, Europe’s largest technology accelerator area for finance and cyber-securities, concentrates on checking out the role of blockchain innovation in financial services.
“Our development laboratory at Level39 will supply a special platform to check out emerging innovations such as blockchain and cryptocurrencies, and to comprehend the prospective effect for the market,” stated UBS Group CIO Oliver Bussmann.
UBS, a Swiss international financial services company with its head office in Basel and Zürich, Switzerland, offers investment banking, possession management and wealth management services for private, business, and institutional clients worldwide. Operating in more than 50 nations with about 60,000 staff members around the globe, UBS is the greatest Swiss bank and is thought about as the world’s largest supervisor of private wealth possessions, with more than 2.2 trillion Swiss francs (CHF) in invested possessions.
Now UBS has launched a call for concepts to the financial innovation community.
“Today is a really interesting day for UBS,” writes Bussmann on Linkedin’s Pulse. “We have actually launched the UBS Future of Finance Obstacle, a competition which is open to business owners and startups all over the world with possibly disruptive technological ideas and options to support the transformation of the banking market.”
Entries can be sent by business owners and start-ups with profits of less than $ 3 million USD, which have actually received less than $ 10 million USD in funding and were integrated on or after January 1, 2010. The closing date is September 23, 2015. UBS is providing the regional and international finalists prize money and accelerator locations worth more than $ 300,000 USD and more than 300 hours of devoted coaching from UBS coaches and partners.
“We recognize there is a lot we can gain from entrepreneurs and startups,” states Bussman. “For this reason why we were so happy to be the first international bank to move into Level39 in London. Eventually our ambition is to assist shape a more open and collaborative financial services market and to collectively develop brand-new solutions for our customers.”
The Future of Finance Obstacle is divided in four main categories where innovation can change how the bank works and what it delivers for its customers: Protect Banking, Customer Experience, Superior Providing and Banking Effectiveness. In order to deal with these difficulties, UBS recommends a long list of innovative methods and possibly disruptive innovations that might be relevant. The list includes a vast array of presently hot innovation buzzwords, including some that are (at this moment) just weakly related to the company of banking, such as immersive virtual truth environments and quantum processing.
Bitcoin Magazine readers and Bitcoin business interested in taking part in the UBS Difficulty will be particularly thinking about these innovations pointed out in the UBS call: blockchain applications, blockchain technology, cryptocurrencies, information analytics, digital identification, digital marketplaces, digital vault, distributed ledgers, mobile technology, security and privacy verification and clever agreements. It seems most likely that, by leveraging these technologies in mix with the others pointed out in the UBS call, individuals will certainly have the ability to develop innovative ideas and options for UBS and the banking industry.
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