Switzerland-based financial services giant UBS is expanding into China with the opening of a new “Business Solution Centre”. According to a Shanghai Daily interview with COO Axel P. Lehmann, the bank is also investing in financial technologies like blockchain.
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UBS Group Business Solution Centre in China and Blockchain Technology RD
Blockchain technology has become a prospect for many financial incumbents worldwide. Recently UBS executive Axel P. Lehmann detailed the bank’s expansion into China and its interest in distributed ledger protocols. UBS has created a new business center in the Jiangsu province city of Wuxi, employing 200 people focused on innovation. During the interview, Shanghai Daily asked Lehmann how UBS feels about blockchain applications.
“UBS sees potential in blockchain technology, but it will take some years before you see meaningful and successful commercial applications,”