The banking giant State Street Financial is continuing to move forward with its Bitcoin and blockchain studies by starting a new R&D facility concentrating on emerging FinTech. The University College Cork(UCC) and Zhejiang University (ZJU) are partnering with guidance from State Street to conduct research for their investors and clientele. As many institutions start R&D’s all across the globe, Susan Dargan, State Street’s global services offshore business director, told press:
“It’s a natural extension of our innovation agenda, and gives an opportunity to the research bodies to work together on joint technology projects and emerging technology projects,” — Susan Dargan, State Street’s global services offshore business director
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The technology researched will be focused on cryptocurrency and applications that continue the growth of financial services. Dargan explains that Fintech has become “key to organisations like State Street,” The R&D programme will include a centre located in Ireland with student participation between both schools researching these fields. Ireland was the natural choice for State Street as they have an excellent relationship with the country. Dargan explains, “The breadth of international financial services capability and the breadth of the technology industry is probably unrivalled in terms of ability to access the full knowledge base. It was natural that we would look at Ireland as a location,” Students from both universities will be able to participate in the project in January of 2016.
State Street made headlines this past November when it had announced it would be researching blockchain technology this year. With Bitcoin and financial tech disrupting the financial playing field Chief Executive Jay Hooley tells the Boston Globe: “I increasingly became worried that we are sitting on this 225-year-old company, and we’re not moving quickly enough.” The Boston-based finance giant State Street followed through with its announcement by hiring a new executive vice president and global CIO with blockchain experience. The latest student exchange with UCC and ZJU will incorporate this same idea offering more R&D for the company with these emerging technologies.
Dean of Cork University Business School, Professor Ciaran Murphy, said UCC will continue Ireland’s forward movement in the financial technology space. Professor Murphy told The Irish Times, “In joining with our colleagues in Zhejiang University we are collaborating with one of the top three universities in China. We are confident that the centre will create a unique global research experience for our students and will help Ireland to be at the forefront of fintech research,” Yang Xiaohu, vice dean of Zhejiang University also said they were pleased with the partnership between UCC and State Street.
It seems State Street Financial is quite comfortable with incorporating cryptocurrency, blockchains and general financial tech into their portfolio. The legacy bank continues to show off its initiatives to become one of the disruptors over getting disrupted. The student project in Ireland with UCC and ZJU is no different.
What do you think of State Street Financial’s latest initiatives with cryptocurrency & blockchain research? Let us know in the comments below.
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