BIS selects BoE to host UK Innovation Hub

The Bank of England has been selected to host a centre of the Bank of International Settlements' Innovation Hub.

This UK centre will support the global central banking and finance community through the development of digital public goods - addressing issues of critical importance for the global financial system.

According to a statement from the central bank, the decision to establish this centre is a reflection on the UK’s position as a world leader in innovation and technology in finance, with global leadership evident across the private, government and regulatory sectors.

BIS announced the Innovation Hub plans this time last year, aiming to foster international collaboration on FinTech, spot emerging trends and formulate policy responses.

The first three Hub Centres were established in Hong Kong with the Hong Kong Monetary Authority, Singapore with the Monetary Authority of Singapore, and Switzerland with the Swiss National Bank.

In addition to London, new hubs will be established over the next two years in Toronto with the Bank of Canada, Stockholm with Nordic central banks, along with Frankfurt and Paris with the European Central Bank.

The BIS stated that it will also form a strategic partnership with the Federal Reserve System.

Benoît Cœuré, head of the BIS Innovation Hub, said: "With this expansion, the Innovation Hub will be well placed to advance work on a broad range of issues of importance to the central banking community, including digital currency and digital payments, cyber security, distributed ledger technology and artificial intelligence."

Governor of the Bank of England Andrew Bailey said: “International collaboration is vital if we are to take full advantage of the possibilities offered by technology and innovation - now more than ever it is important the central banking community does all it can to build a more effective, resilient and inclusive financial system, and technology is an important part of that effort."

Chancellor Rishi Sunak added: “The UK is home to a world-leading FinTech sector and is at the forefront of innovation – so it’s fantastic the Bank of International Settlements has chosen to establish a Hub Centre in London.

"It presents an invaluable opportunity to connect the expertise of the world’s central banks, working collaboratively on innovative new ways to enhance financial services.”

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