BIS' third innovation hub, after centers in Switzerland and Hong Kong, will help foster international collaboration and the development of innovative solutions to enhance the financial system.
The Bank of International Settlements (BIS) and the Monetary Authority of Singapore (MAS) on Wednesday launched the BIS Innovation Hub – Singapore on the sidelines of the Singapore Fintech Festival 2019.
The center, which serves as a focal point for a network of central bank experts on innovation, will identify and develop in-depth insights into trends in technology affecting central banking, and develop public goods in the technology space to improve the global financial system.
«It is an organized response by the central baking community to get up to speed with innovation,» MAS director Ravi Menon said at the press conference announcing the launch. «It is a clear expression that there is interest in innovation.»
Focus Areas
The center will initially focus on two projects: establishing a framework for public digital infrastructures on identity, consent and data sharing, and creating a digital platform to connect regulators and supervisors with digital and technology solution providers.
Trusted digital identities support the development of inclusive digital financial services, while the platform will help central banks develop innovative solutions for cost-effective regulation and supervision, Menon said.
BIS general manager Agustin Carstens said that these areas were chosen as they build on work already done by MAS in fintech. At the same time, that these projects can be scalable, and have broad applicability as they have a critical mass to be considered a public good.
