UBS CEO Endorses Blockchain For Businesses

Sergio Ermotti Blockchain

In an interview with CNBC, Union Bank of Switzerland (UBS) CEO Sergio Ermotti endorsed blockchain technology for many businesses’ processes, and even went as far as to say that it is “almost a must.”

The chief of the Swiss financial services authority detailed how the technology can help many businesses execute their processes more efficiently, thereby cutting costs for different operations.

Ermotti explained:

“Our industry will continue to be under pressure, in terms of gross margins. It’s no doubt. The only way you can stay relevant is not only by being strong in terms of capital, in terms of products, the quality of people you have, [and the] advice you give to clients. You need also to be able to price it correctly.”

He even went as far as to claim that the said technology “will be as crucial and disruptive, and changing as regulation was in the last 10 years.” However, cryptocurrencies for him is an entirely different topic, and one which he does not praise along with blockchain.

Ermotti’s sentiments are consonant with what his organization is gearing toward: UBS is currently supporting Batavia, a blockchain-based trade finance firm, which apparently is partnering with IBM itself. Back in April this year, the said firm has already demonstrated live cross-border transactions with corporate clients.

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