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Bank For International Settlements And Bank Of England Launch Innovation Hub London Centre

Date 11/06/2021

  • Bank 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.

Bank of 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 this.”

Today’s launch is part of a plan to expand the Hub’s global reach, which also includes the opening of CentresOpens in a new window  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.”

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 Sunak
  • External panel members: Katharine Braddick – HM Treasury, Sujata Bhatia – Monzo, Ann Cairns – MasterCard

Background

  1. The BIS Innovation HubOpens in a new window  was established in 2019 by the BIS to identify and develop in-depth insights into critical trends in financial technology of relevance to central banks, to explore the development of public goods to enhance the functioning of the global financial system, and to serve as a focal point for a network of central bank experts on innovation. BIS Innovation Hub Centres are already in place in Hong Kong SAR with the Hong Kong Monetary Authority, Singapore with the Monetary Authority of Singapore, and Switzerland with the Swiss National Bank. Further information about the BIS Innovation Hub
  2. See more information about the Bank of England’s work on fintech.
  3. See more information about the Bank for International Settlements