UBS Pursuing ‘Fast Follower’ Strategy in Tokenized-Assets Push

(Bloomberg) — UBS Group AG Chief Executive Officer Sergio Ermotti said the bank is considering offering access to cryptocurrencies for individual clients, while cautioning that it won’t be a “front runner” in implementing blockchain-based technology.

“We are building out the core infrastructure and exploring targeted offerings from crypto access for individual clients to tokenized deposit solutions for corporates,” Ermotti said during an earnings call on Wednesday.

The Zurich-based lender is “pursuing a strategy of being a fast follower” in tokenized assets, he said, adding that the bank’s expansion in that area would play out over the next three to five years and be complementary to its traditional businesses.

UBS is in the process of selecting partners for a crypto offering for some of its wealthy clients, Bloomberg News reported last month. The planned move marks a meaningful shift for the Swiss bank, which has long taken a cautious stance on virtual tokens.

Like many other global banks, UBS has until now focused digital-asset efforts on building blockchain-based infrastructure for things like tokenized funds and payments. Major lenders have been slower to expand into areas like crypto trading, in large part because of onerous capital rules under the Basel III framework.

–With assistance from Myriam Balezou.

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