Bank for International Settlements builds innovation hubs
The Bank for International Settlements (BIS), an organisation owned by 60 central banks, seeks to foster international collaboration and fintech innovation through a new and upcoming hub.
The role of the hub will be to identify and develop insights into critical trends in technology affecting central banking; develop public goods in the technology space geared towards improving the functioning of the global financial system; and serve as a focal point for a network of central bank experts on innovation.
“The IT revolution knows no borders and therefore has repercussions in multiple locations simultaneously,” comments Jens Weidmann, chairman of the BIS board of directors. “The establishment of the BIS Innovation Hub will enable central banks to extend their existing collaboration with a view to identifying relevant trends in technology.”
As a first step toward implementation, the hub centres will be set up in Basel and Hong Kong, making use of existing BIS facilities. A third hub centre will be established in Singapore – subject to the completion of the necessary institutional arrangements – as part of the initial phase.
The set-up and ongoing work of the hub centres will be carried out in close collaboration and with the support of the host central banks: the Swiss National Bank, Hong Kong Monetary Authority, and Monetary Authority of Singapore.
Additional hub centres across the Americas and Europe, will be added as part of a second phase of implementation.