The Bank of International Settlements has signed an operational agreement with the Hong Kong Monetary Authority to establish an innovation center in the special administrative region.
The hub will identify and develop insights about technology affecting central banking; develop «public goods» in technology to improve the global financial system, and serve as a focal point for central banking innovation, according to a news release.
«The HKMA is a global leader in promoting innovation, and Hong Kong is home to a vibrant fintech ecosystem,» said BIS GM, Agustín Carstens. «The HKMA's involvement will be a key driver of the Hub's success.»
In addition to Hong Kong, hub centers will also be set up in Singapore and Basel, Switzerland in the initial phase.
