The Bank of England (BoE) and the Bank for International Settlements (BIS) today opened a focal point in London that seeks to coordinate technology innovation among central banks.
The London BIS Innovation Hub, the fourth new BIS innovation hub in two years, will help banks in the post-pandemic digital acceleration era.
“The UK is known for pushing the boundaries of digital finance, so it’s great to have a new Innovation Hub opening here. His work will help central banks support secure innovation and will accelerate our efforts to harness the exceptional potential of technology, ”said Chancellor Rishi Sunak.
The center will focus on leveraging technological innovation in oversight and regulation, next-generation financial market infrastructures, central bank digital currencies, open finance, cybersecurity, and green finance.
Bank of England Governor Andrew Bailey said: “As a central bank, we recognize the importance of innovation to the global financial system and are committed to supporting its safe deployment wherever possible. This requires cooperation between government agencies in all jurisdictions. ”
Today’s launch includes the opening of centers with the Bank of Canada, the European Central Bank, the Eurosystem, the four Nordic central banks Danmarks Nationalbank, the Central Bank of Iceland, the Central Bank of Norway and the Sveriges Riksbank in Stockholm.
“This new hub 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 maintaining financial stability,” said BIS General Manager Agustin Carstens.