BIS Partners with BOE to Launch Innovation Hub London Centre

The Bank for International Settlements (BIS) announced that along with the Bank of England, it has 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.

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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.”

The new 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).

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.