The Federal Reserve Bank of New York has launched an innovation centre aimed at boosting FinTech developments for the central bank community.
New York Innovation Center (NYIC) was established to advance a strategic partnership with the Bank for International Settlements (BIS) InNovation Hub.
NYIC will collaborate with the Federal Reserve System, the BIS Innovation Hub, and public and private sector experts. The goal is to validate, design, build and launch new FinTech products and services for the central bank community.
It will seek solutions relevant to banks, the development of public goods to enhance the financial system, and. Support expertise within innovation.
There are five areas of focus: supervisory and regulatory technology, financial market infrastructures, future of money, open finance and climate risk.
The NYIC will develop opportunities from concept to in-market solution. Its work will be based on the venture development process, leveraging principles from entrepreneurship, venture capital, and corporate innovation to produce high-impact solutions, it said.
New York Fed president John Williams said, “We are thrilled to announce the opening of the New York Innovation Center.
“The work of the Center will be powered by new and different ways of thinking and experimenting, while leveraging the expertise and connections of this strategic partnership. I look forward to working with our co-collaborators as we begin to make progress on our areas of focus and collective mission.â€
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