The launch is part of a plan to expand the global reach of the BIS Innovation Hub, which includes the opening of Centres in Toronto, Frankfurt, Paris and Stockholm.
The BIS (Bank for International Settlements) and BOE (Bank of England) have launched the BIS Innovation Hub London Centre, the fourth Innovation Hub Centre to be opened in the past two years.
The London launch is part of a plan to expand the global reach of the BIS Innovation Hub, which also includes the opening of Centres in Toronto, Frankfurt, Paris and Stockholm. In January 2021, the BIS also signed a memorandum of understanding for a strategic collaboration with the Federal Reserve System in New York.
In January, the BIS Innovation Hub set out its work programme for 2021, focused on six areas:
- use of technological innovation in supervision and regulation (suptech and regtech)
- next-generation financial market infrastructures
- central bank digital currencies (CBDCs)
- open finance
- cyber security
- green finance
“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,” said Agustin Carstens, General Manager of the BIS, commenting on London launch.
“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.”