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The Bank of International Settlements (BIS) has opened a London innovation hub in collaboration with the Bank of England.
This is the fourth innovation centre that the BIS has launched in the past two years, having already established innovation partnerships with the Hong Kong Monetary Authority, the Monetary Authority of Singapore and the Swiss National Bank.
It has plans to open further innovation centres in Toronto with the Bank of Canada, with the European Central Bank and the Eurosystem in Frankfurt and Paris, and with four central banks in the Nordic region (Danmarks Nationalbank, the Central Bank of Iceland, the Central Bank of Norway, Sveriges Riksbank).
The BIS has also signed a memorandum of understanding for strategic collaboration with the US Federal Reserve.
The BIS Innovation Hub initiative was created in 2019 to identify and cultivate developments in financial technology relevant to central banks and to provide a focal point for a network of central bank experts on innovation.
Its work focuses on six areas of technology innovation relevant to central banks, notably supervision and regulation (suptech and regtech), central bank digital currencies, cybersecurity, open finance, green finance and next generation financial market infrastructures.
BIS head of the innovation hub Benoît Coeuré says: “Through this collaboration, the BIS Innovation Hub will continue to develop key public goods that address financial sector issues of importance to central banks.”
