BIS Appoints Heads of Innovation Hubs in Singapore and Switzerland
BIS announced key personnel appointments to the Innovation Hubs in Singapore and Switzerland. Andrew McCormack, the Chief Information Officer at Payments Canada, will head the Hub center in Singapore while Morten Bech, the Head of Secretariat for CPMI, will head the Hub center in Switzerland. Both appointees bring strong experience in the technology arena and their new roles start in April for three-year terms. The Innovation Hubs constitute a new initiative designed to support central bank collaboration on new financial technology.
The Innovation Hub aims to identify, and develop in-depth insights into, critical trends in technology affecting central banking. It also aims to develop public goods in the technology space geared toward improving the functioning of the global financial system and serve as a focal point for a network of central bank experts on innovation. As part of the initial phase of implementation, Hub centers have been established in Hong Kong SAR, Singapore, and Switzerland. Appointment for the head of the Hong Kong Hub Center will be announced in due course.
Related Links
Keywords: International, Europe, Asia Pacific, Switzerland, Singapore, Banking, Innovation Hub, Andrew Mccormack, Morten Bech, Regtech, Fintech, BIS
Previous Article
EIOPA Publishes Statement on Adverse Interest Rate EnvironmentRelated Articles
EBA Publishes Phase 2 of Technical Package on Reporting Framework 2.10
EBA published phase 2 of the technical package on the reporting framework 2.10, providing the technical tools and specifications for implementation of EBA reporting requirements.
FASB Proposes to Delay Implementation of Insurance Contracts Standard
FASB issued a proposed Accounting Standards Update that would grant insurance companies, adversely affected by the COVID-19 pandemic, an additional year to implement the Accounting Standards Update No. 2018-12 on targeted improvements to accounting for long-duration insurance contracts, or LDTI (Topic 944).
APRA Updates Regulatory Approach to Loan Deferrals Amid COVID Crisis
APRA updated the regulatory approach for loans subject to repayment deferrals amid the COVID-19 crisis.
BCBS and FSB Set Out Recommendations for Benchmark Transition
BCBS and FSB published a report on supervisory issues associated with benchmark transition.
IAIS Sets Out Recommendations for Benchmark Transition for Insurers
IAIS published a report on supervisory issues associated with benchmark transition from an insurance perspective.
ESMA Updates Reporting Manual on European Single Electronic Format
ESMA updated the reporting manual on the European Single Electronic Format (ESEF).
EBA Calls on Resolution Authorities to Consider Impact of COVID Crisis
EBA published a statement on resolution planning in light of the COVID-19 pandemic.
BCBS Finalizes Revisions to Credit Valuation Adjustment Risk Framework
BCBS Finalizes Revisions to Credit Valuation Adjustment Risk Framework
ECB Guideline on Materiality Threshold for Credit Obligations Past Due
ECB published a guideline (2020/97), in the Official Journal of European Union, on the definition of materiality threshold for credit obligations past due for less significant institutions.
FED Temporarily Revises FR Y-14 With Respect to PPP and CARES Act
FED temporarily revised the capital assessments and stress testing reports (FR Y-14A/Q/M) to implement the changes in response to the COVID-19 pandemic.
