BIS announced that it will establish new Innovation Hub centers across Europe and in North America in cooperation with member central banks. Over the next two years, BIS will open centers in collaboration with the Bank of Canada (Toronto), BoE (London), ECB/Eurosystem (Frankfurt and Paris), and four Nordic central banks (Danmarks Nationalbank, the Central Bank of Iceland, the Central Bank of Norway, and Sveriges Riksbank) in Stockholm. BIS will also form a strategic partnership with the Federal Reserve System (New York).
The UK center will support the global central banking and finance community through the development of digital public goods, addressing issues of critical importance for the global financial system. The decision to establish this center is a reflection on the position of UK as a world leader in innovation and technology in finance, with global leadership evident across the private, government, and regulatory sectors. Bundesbank will also become a hub for joint digital financial innovations by central banks around the world. Together with BDF, it is building an innovation center at the Frankfurt am Main and Paris locations. The two central banks are thus part of the global network for the Eurosystem. For cooperation, Bundesbank is opening its own innovation workshop in Frankfurt for the international partner institutions.
Overall, the BIS Innovation Hub will now consist of seven global hubs. The first three innovation centers were opened last year by HKMA (Hong Kong), MAS (Singapore), and SNB (Switzerland). The BIS Innovation Hub was established in 2019 to identify and develop in-depth insights into critical trends in financial technology 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. Among the projects that are underway are explorations into the development of regulatory and supervisory technological practices, the global payment stack, tokenization, digitalization of the trade process, and monitoring of fast-paced markets.
Keywords: International, Europe, Americas, EU, UK, France, Stockholm, Norway, Iceland, US, Banking, Regtech, Fintech, BIS Innovation Hub, Bundesbank, BoE, BIS
Previous ArticleSRB Publishes Annual Report for 2019
BCBS is consulting on two technical amendments to the rules on minimum haircut floors for securities financing transactions, or SFTs.
EC launched a targeted consultation on the review of crisis management and deposit insurance framework in EU.
EIOPA published a paper that sets out the methodological principles of insurance stress testing with a focus on the liquidity component.
BIS launched a EUR-denominated, open-ended fund for green bond investments by central banks and official institutions, following the launch of the first BIS green bond fund denominated in USD in September 2019.
EBA announced that it will launch the 2021 EU-wide stress test exercise, with the publication of the macroeconomic scenarios on January 29, 2021.
BoE announced that the reporting entities are no longer required to report Form CX after the fourth quarter of 2020 reference period, with the last collection on January 29, 2021.
PRA published Version 3 of the questions and answers (Q&A) on the Branch Return form, with this version superseding the version published in October 2020.
IAIS is consulting on a draft application paper on the supervision of control functions.
ECB published a letter in which the President Christine Lagarde answered questions, from a Member of the European Parliament, on the application of the EU taxonomy on sustainable finance.
PRA published a direction for modification by consent of 5.1 to 5.3 and 5.5 of the Capital Buffers Part of the PRA Rulebook.