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The big bank UBS is changing its strategy when it comes to innovations. It is now investing $ 200 million to buy tech startups and financing. To do this, work with one of the great fintech thinkers and investors.
Last July, UBS acted as a risk investor in the fintech sector for the first time. Your investment in the Houzy Swiss real estate services platform is likely to have hit the single digit million range.
Now the big bank is taking a step forward and clearly: it plans to invest around $ 200 million in digital startups, as stated in a press release. The program runs under the name UBS Next.
Pipeline already filled
Part of the investment goes to Anthemis. It is one of the best known venture capital funds in the technology sector. This gives UBS access to a global universe of possible deals. A series of purchases and investments are already under consideration.
Fintech and startups from the broader tech ecosystem would be scrutinized, he said. Connecting fintech and tech startups via UBS innovation labs, digital labs, competitions and fintech collaborations has always been key for UBS to stay at the forefront of the digital movement to remain, it could be Sabine Keller-Busse, COO of UBS and President of the EMEA region cite in the announcement.
Buy innovations
But the 200 million investment also represents a new innovation strategy at UBS: instead of relying primarily on internal developments, the big bank is apparently shifting to buying more innovations.
Swiss insurers, for example, have long followed this path in building their ecosystems. “UBS Next is a step to accelerate our innovation efforts,” it will Mike Dargan, who quoted UBS’s chief technology officer.
From bond trader to technology visionary
Anthemis is from Sean Park was founded, a pioneer in the field of fintech investments. Park, who is based in Geneva, was a fixed income trader at BNP Paribas and Dresdner Kleinwort before the financial crisis. He is regarded as a banker who pushed the digitization of markets forward. For example, it was a driving force behind the development of an electronic auction system for the European fixed income market.
As the author of the “Park Paradigm” and producer of the legendary video “AmazonBay”, Park has become a visionary and fintech philosopher.
In the video produced in 2005, Park actually anticipated the most relevant developments in the financial sector and predicted that technology companies like Google would plow the banking sector with their algorithm-based business models.
Will there be a transfer of European financial centers due to the Crown and Brexit?
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Yes, London will lose much of its importance.
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Yes, Frankfurt will emerge as the big winner.
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There is a division between different cities.
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Yes, Switzerland will become much more important.
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No, everything remains the same.
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