Newly established Innovation Hub Centre in Singapore marks the first global expansion of BIS after 17 years
Image: BIS main building in Basel, Switzerland. Photo: Courtesy of Taxiarchos228/Wikipedia.
Bank for International Settlements (BIS), in collaboration with the Monetary Authority of Singapore (MAS), has expanded its global footprint by launching the BIS Innovation Hub Centre in Singapore.
BIS Innovation Hub is aimed at fostering innovation and collaboration amongst the central banking community across the world, said that company.
In addition, the hub is intended to enhance the understanding of financial technology, and help in development of solutions that benefit the financial system.
MAS managing director Ravi Menon said: “MAS is delighted to partner the BIS in this visionary initiative. The launch of the Innovation Hub Centre in Singapore is an important milestone for both the BIS and Singapore.
“It will help connect the global central banking community with the vibrant fintech ecosystem in Singapore and the region. By working together, central banks can help accelerate the adoption of digital technologies that can help to better serve business and individual customers of financial services, especially in a cross-border setting.”
BIS has recently established Hub Centres in Hong Kong and Switzerland
The recently established Hub Centres in Hong Kong and Switzerland are intended to identify and develop deep insights into critical trends in technology that impact central banking.
In addition, the Centres would develop public goods in the technology space to improve the financial system operations worldwide, and host innovations for the network of central bank experts.
The Singapore Hub Centre is intended to initially focus on two projects, with the first project aimed at establishing a framework for public digital infrastructures on identity, consent and data sharing.
The second project will include the creation of a digital platform that connects regulators and supervisors with digital and technology solution providers.
The platform is set to enable central banks to tackle regulatory problems and challenges to source solutions from the fintech community and help central banks to develop solutions for cost-effective regulation and supervision.
BIS general manager Agustín Carstens said: “The BIS, together with its partners, is taking a leading role in coordinating central banks’ innovation efforts. Central banks are approaching the same challenges, from different directions and with different but complementary skills and experiences.
“The Hub is a central part of this effort and the launch of the Hub Centre in Singapore reflects the impressive work by the MAS on fintech as well as Singapore’s reputation for excellence in innovation.”