The Board of the Bank for International Settlements (BIS) announced on Tuesday the expansion of its Innovation Hub in cooperation with major central banks in Europe and North America.
The BIS is aiming to open new centers over the next two years in collaboration with the Bank of Canada, the Bank of England, the European Central Bank, and four Nordic central banks – Danmarks Nationalbank, the Central Bank of Iceland, the Central Bank of Norway, and Sveriges Riksbank in Stockholm.
“The BIS Innovation Hub is an investment in the future of central banking and the financial system, ” said BIS General Manager Agustín Carstens. “These new centers will expand our reach significantly and help create a global force for fintech innovation.”
This will be an expansion to the three already available hubs in Hong Kong SAR with the Hong Kong Monetary Authority, Singapore with the Monetary Authority of Singapore, and Switzerland with the Swiss National Bank.
Selecting strategically placed partners
The UK central bank has revealed that it will support the global central banking and finance community through the development of digital public goods – addressing issues of critical importance for the global financial system.
Established in 2019, the BIS Innovation Hub identifies and develops in-depth insights into critical trends in financial technology of relevance to central banks.
The international banking body also entered into a strategic partnership with the Federal Reserve System in New York.
“Now more than ever it is important the central banking community does all it can to build a more effective, resilient and inclusive financial system, and technology is an important part of that effort, ” Andrew Bailey, Bank of England governor, added.
“By involving central banks and prudential regulators in this important work, we can help to ensure that innovation is consistent with our objectives of safety and soundness and financial stability. This center provides an important venue to ensure the UK’s deep expertise in innovation can contribute to solving global financial issues.”