BIS and BoE Launch Innovation Hub in London
BIS and BoE launched the BIS Innovation Hub Center in London, which is the fourth new Innovation Hub Centre to be opened in the past two years. The London Hub will help advance the work of the Innovation Hub on priority themes. The work program of the BIS Innovation Hub is focused on six areas: use of technological innovation in supervision and regulation, next generation financial market infrastructures, central bank digital currencies, open finance, cyber security, and green finance. Work related to these themes is distributed across the various Hub Centers. A virtual seminar on the launch will take place on June 11, 2021.
The BIS Innovation Hub Centers are already in place in Hong Kong SAR with HKMA, Singapore with MAS, and Switzerland with SNB. This launch is part of a plan to expand the global reach of the Innovation Hub, which also includes the opening of Centers with the Bank of Canada (Toronto), ECB/Eurosystem (Frankfurt and Paris), and four Nordic Central Banks of Denmark, Iceland, Norway, and Sweden (Stockholm). Additionally, in January 2021, BIS signed a memorandum of understanding for a strategic collaboration with FED (New York). The BIS Innovation Hub was first established in 2019 to identify and develop in-depth insights into the critical financial technology trends of relevance to central banks, to explore the development of public goods to enhance the functioning of the global financial system, and to serve as a focal point for a network of central bank experts on innovation.
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Keywords: International, Europe, UK, Fintech, Regtech, Suptech, Innovation Hub, Sustainable Finance, Open Finance, Cyber Risk, BIS, BoE
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