Swiss multinational investment bank UBS Group AG plans to invest approximately $200 million in fintech industry.
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According to Bloomberg, the Swiss giant wants to make investments of between $5 million and $20 million in blockchain technologies or artificial intelligence in a partnership with Anthemis, a venture capital fund.
The so-called UBS Next portfolio will be funded exclusively by the bank itself and focus on several strategic priorities such as:
- Codeveloping digital innovation and ecosystem through partnerships;
- Modernizing and modularizing technical estates;
- Finding new and effective ways to engage with clients and deliver services, as well as evolving business model to drive growth across UBS with cutting-edge technologies and solutions.
In June 2018, UBS Group AG CEO Sergio Ermotti backed the blockchain technology by saying that it is "almost a must" for business.
In a conversation with CNBC, Sergio Ermotti suggested that the blockchain could allow companies to become more efficient and reduce their operations costs.
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