BIS to Set Up Innovation Hubs in Hong Kong, Singapore, and Switzerland

by swisschambei in Business

BIS approved the establishment of a BIS Innovation Hub to foster international collaboration on innovative financial technology (fintech) within the central banking community. The Innovation Hub would complement the already well-established cooperation within the existing committees. In the initial setup phase, the Hub Centers will be established in Switzerland (Basel), Singapore, and Hong Kong with the support of the respective regulators in each country—that is, SNB, MAS, and HKMA. These regulators have also published statements welcoming the establishment of Innovation Hubs. The Hub will span multiple locations. The first two Hub Centers will be set up in Basel and Hong Kong, making use of the existing BIS facilities. The third Hub Center will be established in Singapore, subject to the completion of the necessary institutional arrangements. As part of the second phase of implementation additional Hub Centers will be added across Americas and Europe. The Hubs will be tasked with identifying and developing in-depth insights into critical technology trends affecting central banking, developing public goods in the technology space to improve functioning of the global financial system, and serving as a focal point for a network of central bank experts on innovation.

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