Bank for International Settlements to Establish Innovation Hub for Central Bank Financial Technology
06/30/2019The Bank for International Settlements has announced it will establish an innovation Hub to encourage international collaboration on innovative financial technology for central banks. The Hub's purpose will be to: (i) identify trends in technology affecting central banks; (ii) develop "public goods" in the technology space aimed at improving the functioning of the global financial system; and (iii) act as a focal point for central bank innovation.
During the first phase of implementation, Hub centers will be established in Basel and Hong Kong (using existing BIS facilities) and Singapore (subject to completion of necessary institutional arrangements). Additional centers in the Americas and Europe will follow during the second phase. Precise dates for implementation of the first phase have not yet been announced. The Bank for International Settlements is owned by 60 central banks and has a mission to serve those banks in pursuing monetary and financial stability and fostering international cooperation.
View the BIS press release.
Return to main website.TOPIC: FinTech