Featured Product

    BIS to Establish More Innovation Hubs in Europe and North America

    June 30, 2020

    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.

    Related Links

    Keywords: International, Europe, Americas, EU, UK, France, Stockholm, Norway, Iceland, US, Banking, Regtech, Fintech, BIS Innovation Hub, Bundesbank, BoE, BIS

    Related Articles

    CFPB Finalizes Rule on Small Business Lending Data Collection

    The Consumer Financial Protection Bureau (CFPB) published a final rule that sets out data collection requirements on small business lending, under section 1071 of the Dodd-Frank Act.

    March 30, 2023 WebPage Regulatory News

    BCBS to Consult on Pillar 3 Climate Risk Disclosures by End of 2023

    The Bank for International Settlements (BIS) published a summary of the recent Basel Committee (BCBS) meetings.

    March 23, 2023 WebPage Regulatory News

    FINMA Approves Merger of Credit Suisse and UBS

    The Swiss Financial Market Supervisory Authority (FINMA) has approved the takeover of Credit Suisse by UBS.

    March 21, 2023 WebPage Regulatory News

    BOE Sets Out Its Thinking on Regulatory Capital and Climate Risks

    The Bank of England (BOE) published a working paper that aims to understand the climate-related disclosures of UK financial institutions.

    March 13, 2023 WebPage Regulatory News

    US Congress Report Examines Data Privacy and Cybersecurity Regulations

    The U.S. Congressional Research Service published a report on banking, data privacy, and cybersecurity regulation.

    March 13, 2023 WebPage Regulatory News

    OSFI Finalizes on Climate Risk Guideline, Issues Other Updates

    The Office of the Superintendent of Financial Institutions (OSFI) is seeking comments, until May 31, 2023, on the draft guideline on culture and behavior risk, with final guideline expected by the end of 2023.

    March 12, 2023 WebPage Regulatory News

    EU to Conduct One-Off Scenario Analysis to Assess Transition Risk

    The European authorities recently made multiple announcements that impact the banking sector.

    March 10, 2023 WebPage Regulatory News

    APRA Assesses Macro-Prudential Policy Settings, Issues Other Updates

    The Australian Prudential Regulation Authority (APRA) published an information paper that assesses its macro-prudential policy settings aimed at promoting stability at a systemic level.

    March 07, 2023 WebPage Regulatory News

    BIS Paper Examines Impact of Greenhouse Gas Emissions on Lending

    BIS issued a paper that investigates the effect of the greenhouse gas, or GHG, emissions of firms on bank loans using bank–firm matched data of Japanese listed firms from 2006 to 2018.

    March 03, 2023 WebPage Regulatory News

    HMT Mulls Alignment of Ring-Fencing and Resolution Regimes for Banks

    The HM Treasury (HMT) is seeking evidence, until May 07, 2023, on practicalities of aligning the ring-fencing and the banking resolution regimes for banks.

    March 02, 2023 WebPage Regulatory News
    RESULTS 1 - 10 OF 8810