News releaseBank for International Settlements and Bank of England
launch the BIS Innovation Hub London Centre. Expansion marks the
fourth new BIS Innovation Hub Centre in two years. The London centre
will help advance Innovation Hub’s work on priority themes.
The Bank for International Settlements (BIS) and the Bank of
England today launched the BIS Innovation Hub London Centre, the
fourth new Innovation Hub Centre to be opened in the past two years.
“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,” said BIS General Manager Agustin Carstens.
England Governor Andrew Bailey, said: “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
Today’s launch is part of a plan to expand the Hub’s
global reach, which also includes the opening of Centres with the Bank
of Canada (Toronto), the European Central Bank/Eurosystem (Frankfurt
and Paris) and four Nordic central banks (Danmarks Nationalbank, the
Central Bank of Iceland, the Central Bank of Norway and Sveriges
Riksbank) in Stockholm. In January 2021, the BIS signed a memorandum
of understanding for a strategic collaboration with the Federal
Reserve System (New York).
“I am delighted to welcome the next
phase of the BIS Innovation Hub’s expansion with the establishment of
the new Centre with the Bank of England in London, where there is such
a strong nexus of technology and finance. Through this collaboration,
the BIS Innovation Hub will continue to develop key public goods that
address financial sector issues of importance to central banks,” said
BIS Innovation Hub Head Benoît Cœuré.
The BIS Innovation Hub’s
work programme is currently focused on six areas: use of technological
innovation in supervision and regulation (suptech and regtech); next
generation financial market infrastructures; central bank digital
currencies; open finance; cyber security; and green finance. Work
related to these themes is distributed across the various Hub Centres.
UK Chancellor of the Exchequer Rishi Sunak, said: “The UK is
known for pushing the boundaries of digital finance so it’s great to
have the new Innovation Hub opening here. Its work will help central
banks to support safe innovation, and boost our efforts to capture the
extraordinary potential of technology. ”
A virtual seminar on
the launch will be held today at 09:30 BST/10:30 CEST. Speakers
include: Bank of England: Andrew Bailey, Victoria Cleland, Jon
Cunliffe and Dave Ramsden Bank for International Settlements: Agustín
Carstens and Benoît Cœuré Chancellor of the Exchequer Rishi
SunakExternal panel members: Katharine Braddick – HM Treasury, Sujata
Bhatia – Monzo, Ann Cairns – MasterCard
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