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The Bank for International Settlements is to set up an Innovation Hub to foster collaboration on innovative financial technologies between central banks. One of the first three hub centers will be in Basel.
The Bank for International Settlements (BIS), which is headquartered in Basel, is an international organization supporting central banks and financial market authorities worldwide to achieve a better common understanding of the global economy. In a move to foster collaboration on innovative financial technologies among central banks, it is now opening an Innovation Hub.
As a first step toward implementation, Hub Centers will be set up in Basel, Hong Kong and Singapore, according to a statement. For the set-up of the centers, the BIS is working closely with the Swiss National Bank (SNB) and the Monetary Authorities of Hong Kong and of Singapore.
The goal of the Innovation Hub is to “identify and develop in-depth insights into critical trends in technology affecting central banking”, writes the BIS. At the same time, it should “develop public goods in the technology space geared towards improving the functioning of the global financial system”.
The SNB welcomes and supports the set-up of the Innovation Hub. “The SNB is already keeping very close track of technological innovations in the financial area, and works actively within the central banking community in identifying and assessing relevant developments at an early stage. The SNB will continue to step up its efforts in this regard, and will play an active role in the BIS Innovation Hub from the outset,” commented Chairman of the Governing Board of the SNB, Thomas Jordan, in an SNB statement.