Thursday 2 April 2015 – Media Release
UBS, the first global bank to create an innovation lab at Level39, Canary Wharf, to focus on Blockchain and FinTech Innovations
Leading global wealth manager UBS has selected the 42nd floor of Canary Wharf Group’s technology accelerator space, Level39, to house their new innovation lab. The lab will be led by a team of financial technology specialists looking at how UBS can further foster innovation as a key driver for business growth. Among other initiatives, UBS will investigate Blockchain and other Distributed Ledger technologies along with Smart Contracts and work on potential new applications in its lab. These technologies have the potential to enable participants to share financial transactions on a common public ledger and therefore enhance transparency and trust while significantly reducing transaction and processing cost. They have the potential to trigger far-reaching changes in banking processes.
By creating a dedicated lab for FinTech innovation at Level39 – Europe’s largest technology accelerator for the financial, cyber, retail and smart cities technologies – UBS will explore new technologies in partnership with others and will be fully involved in the innovation ecosystem. UBS has extensive industry expertise to offer the community and can partner with FinTech companies to analyse and develop potential applications for the industry.
A recent report by Accenture on the FinTech industry found that the total amount invested in the sector rose from just over $4bn in 2013 to more than $12bn last year, Europe being the fastest growing region in the world.*
The UBS innovation lab will enable the team to work alongside other experts and innovators tackling industry-wide challenges such as the management of complex data and risk assessment in volatile markets. UBS is involved in several FinTech accelerator programmes and a dedicated lab will enable the bank to further embrace the working practices of start-up and larger digital firms. The open environment at Level39 will enable UBS to explore, test and develop new ideas in an optimised environment for innovation.
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.
“UBS understands that being part of the Level39 community is about becoming an even more relevant voice in the industry, as well as learning from up-and-coming talent and in that sense, there are clear parallels between this programme and other Level39 initiatives such as IBM’s Bluemix Garage, the part of IBM that is driving transformation through the business.”
Oliver Bussmann, Group CIO, UBS, 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 Level 39 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. 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”
Julie Lake, Co-Founder of The FinTech50 / FinTechCity, said: “It is always good news to see a global bank take a purposeful step outside of its traditional environment to work with – and learn from – the innovators who are helping to transform financial services. UBS is already visibly engaged with the FinTech sector through The FinTech50 and an acknowledged leader in digitalising its core businesses and developing award winning innovations. We look forward to the new UBS initiatives in Level39 delivering value both for the bank and for its future technology partners.”
*The Future of FinTech and Banking 2015, Accenture FinTech Innovation Lab London: www.fintechinnovationlablondon.net.
For further information, please contact:
Sarah Bishell, Director, FTI Consulting
T: +44 (0)20 3727 1050
Elizabeth Adams, Canary Wharf Group plc
T: +44(0)20 7418 2000
NOTES TO EDITORS:
About Canary Wharf Group plc
Canary Wharf Group plc is an integrated property development, investment and management group of companies. It is focused on the design, construction, leasing and management of grade A office space and high-quality retail, residential and leisure facilities in central London. Over the past two decades, Canary Wharf Group has regenerated derelict wharves into one of the world’s premier business and shopping districts, constructing over 16.4m sq ft of office space. These buildings are now occupied by over 105,000 people. The company has an exciting development pipeline of over 11m sq ft of office, residential and retail space which is one of the largest of any London based developer.
Canary Wharf Group’s tenants include some of the world’s leading business organisations from the media, legal, accounting, financial services, IT, energy and transport sectors. The Group has also developed and successfully let over 300 shops, bars, cafes and restaurants to many of Britain’s leading brands. In March 2013, the Group launched its Level39 initiative to attract fintech and smart cities start-ups to Canary Wharf. Level39 is now home to over 160 start-up companies in 80,000 sq ft across three floors at One Canada Square.
The Group’s world-class, year-round arts and events programme offers over 100 diverse and culturally inspiring events performed throughout the Estate. Winner of the 2010 Christie’s Award for Best Corporate Art Collection and Programme at the International Art and Work Awards, Canary Wharf Group showcases over 65 pieces of permanent art throughout the Estate, designed and created by more than 50 artists and craftsmen. A regular exhibition programme in the Lobby of One Canada Square and Jubilee Park further adds to the Estate’s comprehensive cultural and creative offering.
In addition to development on the Canary Wharf Estate, the Group is involved with projects across London. The Pan Peninsula and Drapers Gardens developments have been successfully completed and the 20 Fenchurch Street (Walkie Talkie) development in the City of London was completed in late 2014 and is already nearly fully let. The Group is also in a joint venture to redevelop the Shell Centre on London’s South Bank.