BIS announced key personnel appointments to the Innovation Hubs in Singapore and Switzerland. Andrew McCormack, the Chief Information Officer at Payments Canada, will head the Hub center in Singapore while Morten Bech, the Head of Secretariat for CPMI, will head the Hub center in Switzerland. Both appointees bring strong experience in the technology arena and their new roles start in April for three-year terms. The Innovation Hubs constitute a new initiative designed to support central bank collaboration on new financial technology.
The Innovation Hub aims to identify, and develop in-depth insights into, critical trends in technology affecting central banking. It also aims to develop public goods in the technology space geared toward improving the functioning of the global financial system and serve as a focal point for a network of central bank experts on innovation. As part of the initial phase of implementation, Hub centers have been established in Hong Kong SAR, Singapore, and Switzerland. Appointment for the head of the Hong Kong Hub Center will be announced in due course.
Keywords: International, Europe, Asia Pacific, Switzerland, Singapore, Banking, Innovation Hub, Andrew Mccormack, Morten Bech, Regtech, Fintech, BIS
Previous ArticleEIOPA Publishes Statement on Adverse Interest Rate Environment
The Office of the Superintendent of Financial Institutions (OSFI) published the strategic plan for 2022-2025 and the departmental plan for 2022-23.
The European Banking Authority (EBA) is consulting, until August 31, 2022, on the draft implementing technical standards specifying requirements for the information that sellers of non-performing loans (NPLs) shall provide to prospective buyers.
The European Council and the Parliament reached an agreement on the revised Directive on security of network and information systems (NIS2 Directive).
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying information that crowdfunding service providers shall provide to investors on the calculation of credit scores and prices of crowdfunding offers.
The European Securities and Markets Authority (ESMA) published a paper that examines the systemic risk posed by increasing use of cloud services, along with the potential policy options to mitigate this risk.
The European Commission (EC) published a public consultation on the review of revised payment services directive (PSD2) and open finance.
The European Commission (EC) has issued two letters mandating the European Supervisory Authorities (ESAs) to jointly propose amendments to the regulatory technical standards under Sustainable Finance Disclosure Regulation or SFDR.
The European Banking Authority (EBA) published its annual report on convergence of supervisory practices for 2021. Additionally, following a request from the European Commission (EC),
The Farm Credit Administration published, in the Federal Register, the final rule on implementation of the Current Expected Credit Losses (CECL) methodology for allowances
The U.S. Securities and Exchange Commission (SEC) looks set to intensify focus on crypto-assets and cyber risk and extended the comment period on the proposed rules to enhance and standardize climate-related disclosures for investors.