BIS and BOE Launch the Innovation Hub London Centre

The BIS Innovation Hub program is mainly focusing on the use of innovative technologies in the financial sector.

The Bank of International Settlements (BIS) and the Bank of England (BOE) announced the launch of the BIS Innovation Hub London Centre today. BIS now has 4 Innovation Hubs across different locations.

According to the announcement, BIS is planning to increase the global reach of its Innovation Hub. Earlier this year, the financial giant signed a memorandum of understanding with the Federal Reserve System (New York) for a strategic partnership.

The bank mentioned that its Innovation Hub’s work program is currently focusing on 6 important areas including CBDCs, green finance, open finance, regtech, financial markets infrastructures, and cybersecurity.

Commenting on the recent announcement, Agustin Carstens, General Manager of the BIS, 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.”

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In December 2020, BIS announced successful testing of the central bank digital currency project Helvetia with the Swiss National Bank and SIX. According to a survey conducted by the Switzerland-based bank, 67% of central banks are studying CBDCs.

Expansion

BIS highlighted that the recent launch is part of a plan by the bank to increase the reach of its Innovation Hub across different locations, including Europe and North America. “As a central bank, we recognize 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,” Andrew Bailey, Governor of the Bank of England, said.

BIS now has innovation centers in Hong Kong, Singapore, Switzerland and the UK.

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