Fostering innovation

Chapter 5 of the BIS's Annual Report 2020/21

The BIS's role in fostering responsible innovation

The Innovation BIS 2025 strategy leverages technology and new collaboration channels to serve the central banking community in an environment of rapid technological change. With the BIS Innovation Hub and a Cyber Resilience Coordination Centre, the BIS enables central banks to work together to effectively seize the opportunities of financial innovation, while identifying, responding to and minimising the associated risks.

BIS Innovation Hub

The BIS Innovation Hub fosters international collaboration on innovative financial technology within the central banking community. Through the Innovation Hub, central banks can work together to respond to the technological innovation that is rapidly transforming the financial landscape, to realise its benefits while avoiding the associated risks.

Cyber Resilience Coordination Centre

As part of the Innovation BIS 2025 strategy, the Cyber Resilience Coordination Centre provides a structured approach to knowledge-sharing, collaboration and operational readiness among central banks in the areas of cyber resilience. This allows them to anticipate and adapt to cyber threats and withstand, contain and rapidly recover from cyber incidents.