BIS Formalizes Agreement to Set Up Innovation Hub in Hong Kong SAR

BIS and HKMA signed the Operational Agreement on the BIS Innovation Hub Center in Hong Kong Special Administrative Region (SAR). The hub is intended to identify and develop in-depth insights into critical technology trends affecting central banking and to serve as a focal point for a network of central bank experts on innovation. It will also work toward developing public goods in the technology space geared toward improving the functioning of the global financial system. In June 2019, BIS had announced that Hub Centers for central banks will be set up in Hong Kong, Singapore, and Basel, Switzerland, in the initial phase. However, as part of the second phase of implementation, Hub Centers will be added across the Americas and Europe.