Fostering innovation

Chapter 5 of the BIS's Annual Report 2021/22

The BIS Innovation Hub two years on

In its first two years of existence, the BIS Innovation Hub has been instrumental in positioning the BIS as a thought leader on financial innovation, with projects in areas such as central bank digital currencies, regulatory and supervisory technology, next-generation financial market infrastructures and green finance. The Innovation Hub works on prototypes or proofs of concept to enhance the functioning of the global financial system. These projects investigate the technological and practical feasibility of particular designs and products.

Innovating at the BIS

The future of central banking is inextricably linked to innovation. Yet innovating involves overcoming challenges while facing uncertainty and complexity. To explore the development of public goods, the BIS Innovation Hub has been experimenting with technologies and methodologies. These enable us to understand the needs  of central banks and identify the best projects while also developing them quickly and flexibly. 

Cyber Resilience Coordination Centre

Innovation enables organisations to meet ever changing business and market requirements. However, it is imperative for organisations to manage the related cyber resilience risks that are introduced into their environment. The Cyber Resilience Coordination Centre helps to strengthen the collective cyber resilience of central banks by providing a structured approach to knowledge-sharing, collaboration and operational readiness.