UBS to start a research lab on blockchain technology

UBS, the investment bank based out of Switzerland, is set to launch a London-based research lab to look into the application of blockchain technology in the financial services sector.

The research lab to be opened later this month will be located at FinTech accelerator Level39 in Canary Wharf, one of London's chief business districts.

The initiative, which will be led by a group of financial technologists, tries to bring together experts from banking as well as FinTech sectors to study how business growth can be driven by traditional banking through innovation.

"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", 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".