BIS Innovation Hub Sets Out Work Program for 2021
BIS Innovation Hub published the work program for 2021, with focus on suptech and regtech, next-generation financial market infrastructure, central bank digital currencies, open finance, green finance, and cyber security. The priorities are to supported by the BIS Innovation Network, which was launched on January 19, 2021 and constitutes a network of experts drawn from the 63 member central banks of BIS. The second meeting of the Innovation Network is scheduled for July 2021.
The newly launched projects of the BIS Innovation Hub include:
- Proof-of-concept solution for a regulatory reporting platform employing data analytics and data visualization to provide supervisors with deeper and more timely insights to address risks
- Proof-of-concept platform using multiple wholesale central bank digital currencies to explore the feasibility of faster and cheaper cross-border payments
- Technological research project and associated prototype(s) for tiered retail central bank digital currency distribution architectures
- Distributed ledger technology prototype for distribution of tokenized green bonds to retail investors
The initiatives will be driven by the first three BIS Innovation Hub Centers in Hong Kong, Singapore, and Switzerland. Additional initiatives will be undertaken by the planned new Hub Centers across Europe and North America when they begin operations in the coming months as well as in a strategic partnership with the Federal Reserve Bank of New York. Additionally, as a starting point, the BIS Innovation Network established topical working groups around the six strategic themes of the Hub’s project portfolio. These will initially focus on central banks’ problems/prototypes in early stages of development to kick-start collaboration on practical problem statements and solutions and to exchange views on nascent technologies. All 63 BIS member central banks were invited to the first meeting, which was introduced by a presentation from innovation expert Alexandre Janssen. A second meeting of the Network will take place in July 2021.
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Keywords: International, Banking, Fintech, Work Program, BIS Innovation Network, BIS Innovation Hub, Regtech, Suptech, Cyber Risk, CBDC, Reporting, Sustainable Finance, BIS
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