Alessandra Perrazzelli: Milano Hub- results of the 2021 call for proposals

Speech by Ms Alessandra Perrazzelli, Deputy Governor of the Bank of Italy, at an event marking the conclusion of the first call for proposals by Milano Hub, Milano, 28 February 2022.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Welcome everyone. I am very pleased to be here today to present the results of Milano Hub's inaugural 2021 Call for Proposals on artificial intelligence and to announce the names of the 10 projects that – after a rigorous review process – will participate in the Bank of Italy's innovation centre.

How did we get here?

We received 40 projects submitted by 62 different operators: financial intermediaries, start-ups, service providers, universities, industry associations, research centres, consulting firms and law firms (slide 1).

The call was answered by young start-ups (less than two years old) and by Italian and foreign banking, finance, insurance and commercial groups, including some listed companies. 

Universities also feature prominently: 22 per cent of the projects submitted hail at least in part from the world of academia.

The response to the call for proposals has been very positive. It has served as a further source of stimulation for the Bank of Italy in helping the financial system to face the challenges posed by the technological innovation process.

The results of the call only go to show that innovation knows no boundaries, drawing together participants from across the financial ecosystem, regardless of size. This is also confirmed by the discussions we have had with the market through our other two innovation incubators: the FinTech Channel and the regulatory sandbox.