Fostering innovation

Chapter 5 of the BIS's Annual Report 2023/24

The BIS Innovation Hub: exploring public goods

The BIS Innovation Hub supports central banks in responding to the rapid rate of technological change in the financial sector. The Innovation Hub has established itself as a global observatory of technological trends and a platform for the development of technology projects. In 2023, the Innovation Hub completed 12 projects. In financial year 2023/24, the Innovation Hub expanded its global presence with the addition of a new Hub Centre in Toronto, bringing the total number of Innovation Hub Centres to seven.

Cyber Resilience Coordination Centre

The BIS Cyber Resilience Coordination Centre (CRCC) supports central banks in their efforts to make their operations more secure and resilient in the wake of rapid innovation and change in the financial sector. The CRCC and the Innovation Hub work synergistically. While the Innovation Hub helps central banks harness the potential of new technologies, the CRCC ensures their readiness for this technological advancement by strengthening their defences and building cyber resilience capabilities.