The Board of the Bank for International Settlements (BIS) is going to open four more BIS Innovation Hub centres across North America and Europe.
BIS is owned by 62 central banks from around the globe that collectively represent roughly 95% of the world GDP.
The four new centres are due to open over the next two years in Toronto, Frankfurt and Paris, London and Stockholm. The four centres are part of a collaboration with several central banks that are members of BIS. The organisation worked with the Bank of Canada , the Bank of England, the European Central Bank, Danmarks Nationalbank, the Central Bank of Iceland, the Central Bank of Norway and Sveriges Riksbank to launch the four new centres. The BIS also announced plans to form a strategic partnership with the Federal Reserve System.
“The BIS Innovation Hub is an investment in the future of central banking and the financial system,” said Agustín Carstens, general manager at BIS. “These new centres will expand our reach significantly and help create a global force for fintech innovation.”
The four new centres will add to the hubs already in place in Hong Kong, Singapore and in Switzerland with.
“With this expansion, the Innovation Hub will be well placed to advance work on a broad range of issues of importance to the central banking community, including digital currency and digital payments, cybersecurity, distributed ledger technology and artificial intelligence,” said Benoît Cœuré, Head of the BIS Innovation Hub.
“This expansion is a testament to the central banking community’s commitment to innovation and cooperation.”
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