FIN. TeamThe Board of the Bank for International Settlements (BIS) has announced the establishment of a BIS Innovation Hub to foster international collaboration on innovative financial technology within the central banking community.
The Hub will identify and develop in-depth insights into critical trends in technology affecting central banking; develop public goods in the technology space geared towards improving the functioning of the global financial system; and serve as a focal point for a network of central bank experts on innovation. It will also enable central banks to extend their existing collaboration by identifying relevant trends in technology, supporting these developments, and keeping abreast of regulatory requirements with the objective of safeguarding financial stability.
As a first step Hub Centres will be set up in Basel and Hong Kong; and a third Hub Centre will be established in Singapore, subject to the completion of the necessary institutional arrangements, also as part of the initial phase.
