The Bank of England and Bank of International Settlements (BIS) have launched a new London-based centre as an expansion of the BIS Innovation Hub programme.
BIS’ innovation programme aims to foster innovation in technology-driven financial services, working to identify technology trends that impact and serving as a focal point for innovation in the central banking community.
It focuses on six areas including the use of technological innovation in supervision and regulation, next-generation financial market infrastructures, central bank digital currencies, open finance, cyber security, and green finance.
The London launch accompanied the opening of centres in partnership with the Bank of Canada in Toronto, the European Central Bank in Frankfurt and Paris, and the four Nordic central banks Danmarks Nationalbank, the Central Bank of Iceland, the Central Bank of Norway and Sveriges Riksbank, in Stockholm.
“As a central bank, we recognise the importance of innovation for the global financial system and look to support its safe deployment wherever possible,” said Andrew Bailey, governor of the Bank of England. “This requires collaboration between public authorities in all jurisdictions, and the BIS Innovation Hub is an important global initiative for achieving this.”
The launch follows a series of regulatory initiatives by the UK government to bolster the City following the UK’s departure from the EU on 31 December and the loss of certain market segments including EU share trading.
“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,” said Rishi Sunak, UK chancellor of the exchequer.