BIS Innovation Hub to expand global reach

The central bankers bank announced plans in July last year to set up a network of Innovation Hubs in major financial centres with the aim of fostering international collaboration on innovative financial technology, spotting emerging trends and formulating policy responses.

The expansion to new locations will build on the foundation already put in place by the first three Hub Centres – in Hong Kong SAR with the Hong Kong Monetary Authority, Singapore with the Monetary Authority of Singapore, and Switzerland with the Swiss National Bank.

The new Hub Centres will be established 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.

The BIS says it will also form a strategic partnership with the Federal Reserve System.

Among the projects currently under way are explorations into the development of regulatory and supervisory technological practices, the global payment stack, tokenisation, digitalisation of the trade process and monitoring of fast-paced markets.

Benoît Cœuré, head of the BIS Innovation Hub, says: “With this expansion, the Innovation Hub will be well placed to advance work on a broad range of issues of importance to the central banking community, including digital currency and digital payments, cyber security, distributed ledger technology and artificial intelligence.”