The CEO of Swiss financial Service giant UBS Group AG considers Blockchain Technology as a definite opportunity for business in a long run.
Sergio Ermotti: ‘It’s almost a must’
The USB Group, the financial services giant may not be fond of bitcoin and other cryptocurrencies but the Sergio Ermotti, the CEO suggesting that blockchain is a ‘almost a must’ for business. He believes that the technologies can make the companies more efficient as well as reduces the cost for particular operations. But blockchain, certainly is a great way to increase those efficiencies.
“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 the people you have, advice you give to clients. You need also to be able to price it correctly”.
USB Group and Blockchain Technology
At present, USB Group is in blockchain partnership called Batavia with IBM, Commerzbank, Bank of Montreal, CaixaBank and Erste Group last fall. During the interview, Sergio Ermotti said that the blockchain technology “will be as crucial and disruptive, and changing as regulation was in the last 10 years”.
Previously, in an interview with CNBC on 2017 October, Ermotti said that Bitcoin was in a ‘speculative bubble’, that fails to become a real currency. It seems that he is not a fan of cryptocurrencies concept.
The Trade War
Recently, on June 18, 2018, the Ermotti highlights on the possibilities on trade war between China and USA. In his opinions, this might result in serious issues that could come from nations including China, USA and Europe.
“I’m really worried that … these things are going to get out of control. Somebody is going to announce something that then triggers a more serious issue”.
Image Source: USB Group