Swiss banking giant UBS has named a new head of blockchain.

Following the departure of its first head of blockchain Alex Batlin this week, former UBS APAC CTO Peter Stephens will assume the role. Batlin, who left the bank on Thursday, heads now to BNY Mellon where he will continue his work on blockchain.

While a lesser-known name internationally, Stephens brings significant experience to the role given he has long served as a public spokesperson for UBS and its blockchain work.

How the transition will shape UBS and its vision for blockchain is less clear, though there are hints as to what may be ahead.

Speaking at last year's Finnovasia conference in Hong Kong, Stephens was vocal about his belief that blockchain will be a disruptive force beyond finance, and that collaboration is necessary for banks to unlock the full potential of the technology.

"[Blockchain] will take business models out completely, it will create new business models," Stephens said. "Disruption from blockchain isn't just going to be in financial services."

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