About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

BIS Supports Fintech Innovation for Central Banks

Subscribe to our newsletter

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.

Subscribe to our newsletter

Related content

WEBINAR

Upcoming Webinar: Effective due diligence, screening and monitoring to mitigate financial crime risk

Date: 24 September 2024 Time: 10:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes Managing financial crime risk requires a comprehensive approach to due diligence, screening, and continuous monitoring. Financial institutions face increasing regulatory scrutiny and staying compliant in today’s dynamic environment requires advanced technologies. Failure to comply is resulting in severe enforcement...

BLOG

Surveys Highlight Two Sides of ESG Market Evolution

Regulatory demands are expected to help boost spending on ESG data to a record this year but a significant part of the institutional space remains concerned that those same rules will limit the choice of sustainable investments. Two recent surveys suggest that investors continue to champion sustainable markets. One, by management consultancy Opimas estimates that...

EVENT

Buy AND Build: The Future of Capital Markets Technology, London

Buy AND Build: The Future of Capital Markets Technology London on September 19th at Marriott Hotel Canary Wharf London examines the latest changes and innovations in trading technology and explores how technology is being deployed to create an edge in sell side and buy side capital markets financial institutions.

GUIDE

Practical Applications of the Global LEI – Client On-Boarding and Beyond

The time for talking is over. The time for action is now. A bit melodramatic, perhaps, but given last month’s official launch of the global legal entity identifier (LEI) standard, practitioners are rolling up their sleeves and getting on with figuring out how to incorporate the new identifier into their customer and entity data infrastructures....