Securities Finance Technology News | BIS and Bank of England open innovation center in London

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The Bank for International Settlements (BIS) has opened an innovation center in London in conjunction with the Bank of England.

This is the fourth innovation center that the BIS has launched in the past two years, having already established innovation partnerships with the Hong Kong Monetary Authority, the Monetary Authority of Singapore and the National Bank. Swiss.

It plans to open other innovation centers in Toronto with the Bank of Canada, with the European Central Bank and the Eurosystem in Frankfurt and Paris, and with four central banks in the Nordic region (Danmarks Nationalbank, Central Bank of Iceland, Central Bank Bank of Norway, Sveriges Riksbank).

The BIS has also signed a memorandum of understanding for strategic collaboration with the US Federal Reserve.

The BRI Innovation Hub initiative was created in 2019 to identify and cultivate developments in financial technologies relevant to central banks and to provide a focal point for a network of central bank innovation experts.

His work focuses on six areas of technological innovation relevant to central banks, including supervision and regulation (suptech and regtech), central bank digital currencies, cybersecurity, open finance, green finance and market infrastructure. new generation financiers.

Benoît Coeuré, Head of the BIS Innovation Hub, said: “Through this collaboration, the BIS Innovation Hub will continue to develop key public goods that address financial sector issues of importance to central banks. “

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