About the BIS Innovation Hub

The BIS Innovation Hub has a threefold mandate:

♦   We identify, in a structured and systematic way, critical trends in technology affecting central banking in different locations, and develop in-depth insights into these technologies that can be shared with the central banking community.

♦   We develop public goods in the technology space geared towards improving the functioning of the global financial system.

♦   We serve as the focal point for a network of central bank experts on innovation, with regular events to promote exchange of views and knowledge-sharing. These efforts complement the well established cooperation within the BIS-hosted committees.

Why was the Innovation Hub set up?

♦   Technology-driven innovation in financial services is accelerating, and will have major consequences for global financial systems and central banks.

♦   The IT revolution has repercussions in multiple locations simultaneously.

♦   Central banks can achieve economies of scale by working together.

In January 2021, the BIS Innovation Hub launched the BIS Innovation Network to support the Innovation Hub priorities, share knowledge about technology projects and discuss innovative answers to problem statements relevant to central banks.

The Innovation Hub Secretariat is based in the BIS headquarters in Basel. It oversees the Hub's operations and development of its work programme; develops policies and procedures; and prepares background notes for BIS Management and the BIS governing bodies.

We have multidisciplinary teams located in Hong Kong SAR, Singapore, Switzerland, London and Stockholm and will soon open centres in Toronto and Frankfurt/Paris.

♦  Hong Kong: Established in 2019. Its current projects are in the areas of CBDC, open finance and green finance. 

♦  London: Started operations in 2021 in partnership with the Bank of England. First projects focus on CBDC and next-generation Financial Market Infrastructures.

♦  Singapore: Established in 2019. Its projects have focused on suptech/regtech, CBDC and next-generation Financial Market Infrastructures.

♦  Stockholm: Opened in 2021 in collaboration with the central banks of Denmark, Iceland, Norway and Sweden. Initial projects focusing on CBDC.

♦  Switzerland: Operating since 2019, with projects on CBDC, cyber security, suptech/regtech and next-generation Financial Market Infrastructures. 

The BIS has also formed a strategic partnership with the Federal Reserve System in New York.

The work programme 2022 builds on the experience gained during the BISIH's first two years of operation and the completion of the first projects of the BISIH. The BISIH's agile approach in the development and implementation of its work programme, taking advantage of emerging opportunities to develop new projects, and modifying existing projects in light of evolving circumstances, has proven invaluable.