BIS to Establish More Innovation Hubs in Europe and North America
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
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