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
The Prudential Regulation Authority (PRA) published the final policy statement PS21/21 on the leverage ratio framework in the UK. PS21/21, which sets out the final policy of both the Financial Policy Committee (FPC) and PRA
The Consumer Financial Protection Bureau (CFPB) proposed to amend Regulation B to implement changes to the Equal Credit Opportunity Act (ECOA) under Section 1071 of the Dodd-Frank Act.
The Prudential Regulation Authority (PRA) decided to maintain, at the 2019 levels, the buffer rates for the Other Systemically Important Institutions (O-SII) for another year, with no new rates to be set until December 2023.
The Financial Stability Board (FSB) published a progress report on implementation of its high-level recommendations for the regulation, supervision, and oversight of global stablecoin arrangements.
In a letter to the authorized deposit taking institutions, the Australian Prudential Regulation Authority (APRA) announced an increase in the minimum interest rate buffer it expects banks to use when assessing the serviceability of home loan applications.
The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) are consulting on the preliminary guidance that clarifies that stablecoin arrangements should observe international standards for payment, clearing, and settlement systems.
The European Banking Authority (EBA) and the European Insurance and Occupational Pensions Authority (EIOPA) have set out their respective work priorities for 2022.
The Malta Financial Services Authority (MFSA) updated the guidelines on supervisory reporting requirements under the reporting framework 3.0, in addition to the reporting module on leverage under the common reporting (COREP) framework.
The European Commission (EC) published the Implementing Decision 2021/1753 on the equivalence of supervisory and regulatory requirements of certain third countries and territories for the purposes of the treatment of exposures, in accordance with the Capital Requirements Regulation or CRR (575/2013).
EC published the Implementing Regulation 2021/1751, which lays down implementing technical standards on uniform formats and templates for notification of determination of the impracticability of including contractual recognition of write-down and conversion powers.