Featured Product

    BIS and MAS Launch Innovation Hub in Singapore

    November 13, 2019

    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

    Related Articles
    News

    Regulators Fine Goldman Sachs for Risk Management Failures

    FCA and PRA in the UK, FED in the US, and the authorities in Singapore have fined Goldman Sachs for risk management failures in connection with the 1Malaysia Development Berhad (1MDB).

    October 23, 2020 WebPage Regulatory News
    News

    Canada Hosts International Conference of Banking Supervisors

    BCBS announced that OSFI and the Bank of Canada hosted the 21st International Conference of Banking Supervisors (ICBS) virtually on October 19-22, 2020.

    October 22, 2020 WebPage Regulatory News
    News

    FCA Proposes More Measures to Help Insurance Customers Amid Crisis

    FCA proposed guidance on how firms should continue to seek to help customers who hold insurance and premium finance products and may be in financial difficulty because of COVID-19, after October 31, 2020.

    October 21, 2020 WebPage Regulatory News
    News

    EBA Issues Opinion to Address Risk Stemming from Legacy Instruments

    EBA issued an opinion on prudential treatment of the legacy instruments as the grandfathering period nears an end on December 31, 2021.

    October 21, 2020 WebPage Regulatory News
    News

    ESRB Publishes Non-Bank Financial Intermediation Risk Monitor for 2020

    ESRB published the fifth issue of the EU Non-bank Financial Intermediation Risk Monitor 2020 (NBFI Monitor).

    October 21, 2020 WebPage Regulatory News
    News

    HM Treasury Publishes Policy Statement Amending Benchmarks Regulation

    HM Treasury announced that the new Financial Services Bill has been introduced in the Parliament.

    October 21, 2020 WebPage Regulatory News
    News

    APRA Initiates Action Against a Bank for Liquidity Compliance Breach

    APRA announced that it has increased the minimum liquidity requirement of Bendigo and Adelaide Bank for failing to comply with the prudential standard on liquidity.

    October 21, 2020 WebPage Regulatory News
    News

    PRA Consults on Implementation of Certain Provisions of CRD5 and CRR2

    PRA published the consultation paper CP17/20 to propose changes to certain rules, supervisory statements, and statements of policy to implement elements of the Capital Requirements Directive (CRD5).

    October 20, 2020 WebPage Regulatory News
    News

    US Agencies Finalize Rule to Reduce Impact of Large Bank Failures

    US Agencies adopted a final rule that applies to advanced approaches banking organizations and aims to reduce interconnectedness in the financial system as well as to reduce contagion risks associated with the failure of a global systemically important bank (G-SIB).

    October 20, 2020 WebPage Regulatory News
    News

    US Agencies Finalize Rule on Net Stable Funding Ratio Requirements

    US Agencies (FDIC, FED, and OCC) adopted a final rule that implements the net stable funding ratio (NSFR) for certain large banking organizations.

    October 20, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 6004