The Bank for International Settlements (BIS) and the Bank of England (BofE) have collaborated to launch the new BIS Innovation Hub Centre in London.
According to the BofE, the launch is part of a plan to expand the hub’s global reach. This includes the opening of centres with the Bank of Canada in Toronto, the European Central Bank and Eurosystem in Frankfurt and Paris and four Nordic central banks in Denmark, Iceland, Norway and Sweden.
Earlier this year, the BIS also signed a memorandum of understanding for a strategic collaboration with the Federal Reserve System in New York.
The new locations will join the current BIS Innovation Hubs in Switzerland, Singapore and Hong Kong.
The BofE noted the BIS Innovation Hub’s work program is currently focused on six areas. These include the use of technological innovation in supervision and regulation, next-generation financial market infrastructures, central bank digital currencies, cybersecurity, open finance and green finance.
BIS General Manager Agustin Carstens said, “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. 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.”
BofE Governor Andrew Bailey added, “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.”
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