BIS Innovation Hub work programme 2021/22

The Innovation Hub implements a one-year work programme that sets its key focus themes, their associated projects, the centres where they will be conducted and partnerships. The programme is endorsed by the Economic Consultative Committee (ECC) and is developed under the direction of the Head of the Innovation Hub and the centre heads.

Overview of the programme

Details of the programme

The Hub's project portfolio has been curated around the key themes identified as being of critical importance to the Hub and to the central banking community:

  • Rio is a prototype of a central bank-specific, real-time capable market monitoring platform. The cloud-based stream processing platform will process real-time financial data feeds and compute relevant liquidity and market risk measures. (Ongoing)
  • G20 TechSprint was a joint initiative of the BISIH and the Saudi G20 Presidency designed to showcase the potential for new innovative technologies to resolve operational problems in the areas of regulatory compliance and supervision. (Concluded)
  • Regulatory reporting platform: an open-source proof-of-concept and prototype that will enable real-time data analytics using artificial intelligence and machine learning tools that supervisors can deploy to use and validate for risk assessments specific to their requirements. (Upcoming)
  • Foundational digital infrastructures (FDI) is a blueprint for a next-generation global public digital infrastructure that explores how digital identity, payments and data-sharing can be made open, interconnected and available across borders. The first application of FDI will be in the field of cross-border payments. (Ongoing)

  • Project Helvetia, undertaken with the Swiss National Bank (SNB) and the financial infrastructure operator SIX, demonstrates the functional feasibility and legal robustness of settling tokenised assets with a wholesale CBDC (proof of concept 1) and through linking a digital ledger technology platform to existing payment systems (proof of concept 2) in a near-live setup. The experiment should not be interpreted as an indication that the SNB will issue a wholesale CBDC. (Ongoing)
  • Platform for settling cross-border payments using multiple wholesale CBDCs: explores the creation of an international settlement platform onto which central banks would issue multiple wholesale CBDCs. Regulated banks and payment service providers would then use the platform as a common settlement infrastructure, enabling participants to purchase, exchange, transact and redeem these different CBDCs. (Upcoming)
  • Multiple CBDC bridge: builds on the experience of Inthanon-LionRock, a project of the Hong Kong Monetary Authority and the Bank of Thailand, to study the adoption of DLT to facilitate real-time cross-border fund transfers and atomic payment versus payment for foreign exchange transactions. The project also intends to enhance a cross-border corridor network prototype to support CBDCs of other central banks. (Ongoing)
  • Retail CBDC studies the benefits and challenges of tiered architectures for the distribution of retail CBDC through commercial banks and payment service providers. This project will investigate two architectural models: hybrid CBDC and private CBDC-backed stablecoins. (Upcoming)
  • Digitising Trade Finance seeks to address the significant gap in global trade financing by working with the private sector towards developing prototypes / proofs of concept that facilitate connections between digital islands, trade finance inclusion for SMEs and tradetech for emerging market economies. TechChallenge (Ongoing)
  • The Secure Coding Competition was hosted by the Swiss Centre and the BIS Cyber Resilience Coordination Centre in Q4 2020 as an informal and friendly coding training for central banks. It attracted around 60 developers from more than 20 central banks who competed to develop their skills across multiple programming languages. (Concluded)
  • Tokenisation of Green Bonds is a prototype for studying the applicability and scalability of tokenised retail bonds. The aim is to assess whether and how to pursue the introduction of tokenised green bonds in small denominations for retail investors. (Upcoming)