BIS and MAS Launch Innovation Hub in Singapore
BIS and MAS launched the BIS Innovation Hub Center in Singapore. Out of the two initial projects of the Hub, one will be focused on framework related to trusted digital identities and the other aims to connect regulators with technology solution providers. The launch of the Hub took place on the sidelines of the 2019 Singapore FinTech Festival (SFF) and the Singapore Week of Innovation and TeCHnology (SWITCH), which come together for the first time as SFF x SWITCH from November 11 to 15. Sustainability and Climate Change is the overarching theme of the combined conference this year, given the growing calls for the technology and financial sectors to be enablers and change agents for sustainability.
The Hub in Singapore will initially focus on two projects. The first project is to establish a framework for public digital infrastructures on identity, consent, and data sharing. Trusted digital identities for individuals and corporates is a foundational public good that supports the development of inclusive digital financial services including payments as well as other transactions in the broader digital economy. The second project is to create a digital platform connecting regulators and supervisors with digital and technology solution providers. Through the platform, central banks can put up regulatory problems and challenges to source solutions from the fintech community. This will help central banks develop innovative solutions and policies for cost-effective regulation and supervision.
The BIS Innovation Hub will foster innovation and greater collaboration among the global central banking community, will enhance the understanding of financial technology, and aid development of innovative solutions to benefit and enhance the financial system. The BIS has also recently established Hub Centres in Hong Kong SAR and Switzerland. Together, the Centers will identify and develop in-depth insights into critical trends in technology affecting central banking, develop public goods in the technology space to improve the functioning of the global financial system, and serve as a focal point for a network of central bank experts on innovation.
Related Link: BIS Press Release
Keywords: International, Asia Pacific, Singapore, Fintech, Regtech, Innovation Hub, Singapore Fintech Festival, SWITCH, Climate Change Risk, Sustainable Finance, MAS, BIS
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