BIS to set up innovation hub in Singapore

It will focus on insights for tech trends on central banking.

The Bank for International Settlements (BIS) is working with the Monetary Authority of Singapore (MAS) to launch an innovation hub in Singapore which aims to identify and develop in-depth insights into critical trends in technology that affect central banking.

The BIS Innovation Hub’s roles will also include the development of public goods in the technology space, improve the functioning of the global financial system and serve as a focal point for a network of central bank experts on innovation.

The hub centre in Singapore is currently subject to the completion of the necessary institutional arrangements.

BIS will also set up innovation hubs in Basel and Hong Kong as well, making use of its existing facilities. Additional locations across the Americas and Europe will be added as part of the initiative’s second phase.

“The establishment of the BIS Innovation Hub will enable central banks to extend their existing collaboration with a view to identifying relevant trends in technology, supporting these developments where this is consistent with their mandate, and keeping abreast of regulatory requirements with the objective of safeguarding financial stability," Jens Weidmann, chairman of the BIS Board of Directors, said.