The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

BIS Supports Fintech Innovation for Central Banks

The Bank for International Settlements (BIS) has confirmed plans for a new Innovation Hub to encourage international collaboration on financial technology within the central banking community. Launching initially at existing BIS facilities in Hong Kong and Basel, the hub will eventually span multiple locations with a third spoke due in Singapore within the first phase and additional centres across the Americas and Europe added as part of the second phase of implementation.

“The IT revolution knows no borders and therefore has repercussions in multiple locations simultaneously,” explains 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, supporting these developments where this is consistent with their mandate, and keeping abreast of regulatory requirements with the objective of safeguarding financial stability. There are significant economies of scale in such an endeavour, and the BIS is the ideal vehicle to realise them.”

Mark Carney, Chair of the Economic Consultative Committee, welcomes the move. “There is a new economy emerging driven by changes in technology, demographics and the environment. While the private sector is driving these innovations, their efforts will be more effective if the hard and soft infrastructure of the global financial system support this innovation, promote resilience and level the playing field on which to compete. Central banks have a major role to play. The BIS Innovation Hub will foster collaboration between central banks and, by extension, help the private sector to fully realise these major opportunities.”

The role of the Hub will be to identify and develop in-depth 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 set-up and ongoing work of the Hub Centres will be carried out with the support of the host central banks: the Swiss National Bank, Hong Kong Monetary Authority, and Monetary Authority of Singapore.

Related content

WEBINAR

Upcoming Webinar: Regulatory change management – challenges, solutions and case studies

Date: 7 December 2021 Time: 10:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes Regulatory change has become part of the fabric of capital markets. It has also become increasingly complex as more regulations are introduced, significant amendments are made frequently, and small changes are made on a rolling basis – the whole...

BLOG

Lysis Partners with Opsmatix for Off-Grid CLM to Address AML

Lysis Group has teamed with AI automation specialist Opsmatix to launch an Off-Grid Workflow (OGW) solution in support of financial institutions’ client lifecycle management (CLM) implementations. The new solution – designed to mitigate the cost of financial crime and AML activities – aims to address the 30%-50% of client workflows that exist outside of firms’...

EVENT

Virtual Briefing: ESG Data Management – A Strategic Imperative

This briefing will explore challenges around assembling and evaluating ESG data for reporting and the impact of regulatory measures and industry collaboration on transparency and standardisation efforts. Expert speakers will address how the evolving market infrastructure is developing and the role of new technologies and alternative data in improving insight and filling data gaps.

GUIDE

ESG Handbook 2021

A-Team Group’s ESG Handbook 2021 is a ‘must read’ for all capital markets participants, data vendors and solutions providers involved in Environmental, Social and Governance (ESG) investing and product development. It includes extensive coverage of all elements of ESG, from an initial definition and why ESG is important, to existing and emerging regulations, data challenges...