London Becomes Latest Site for BIS Innovation Hub
Posted by Colin Lambert. Last updated: June 15, 2021
The Bank for International Settlements and Bank of England have formally launched the latest BIS Innovation Hub – the fourth to be opened in the two years since launch.
The UK hub joins those in Hong Kong, Singapore and Switzerland, further hubs are planned in Canada, the European Union, as well as Denmark, Iceland, Norway and Sweden. The BIS also has a signed Memorandum of Understanding with the Federal Reserve System for a US hub.
The hubs’ work programme is currently focused on six areas: use of technological innovation in supervision and regulation; next-generation financial market infrastructures; central bank digital currencies; open finance; cyber security; and green finance. Work related to these themes is distributed across the various centres.
“The BIS, together with its partners, is taking a leading role in coordinating the work of central banks on technological innovation in the financial sector to pave the way for the future of central banking,” says Agustín Carstens, general manager of the BIS. “This new centre in London reflects the Bank of England’s critical role as an innovator in responding to the challenges and opportunities of the digital world while safeguarding financial stability.”
Andrew Bailey, governor of the Bank of England, adds, “As a central bank, we recognise the importance of innovation for the global financial system and look to support its safe deployment wherever possible. This requires collaboration between public authorities in all jurisdictions, and the BIS Innovation Hub is an important global initiative for achieving this.”