BIS Unveils New Innovation Hub in Canada, Teams Up with Bank of Canada
The Bank for International Settlements (BIS) has officially launched its Innovation Hub in Toronto on June 13, in collaboration with the Bank of Canada. This new hub is set to lead groundbreaking financial initiatives in Canada, as well as expand its reach into Latin America and the Caribbean.
Exploring cutting-edge financial technologies and solutions, the BIS Innovation Hub in Toronto marks the first of its kind in North America and the seventh globally established by the BIS in partnership with central banks worldwide. Under the leadership of Miguel Diaz, the Toronto hub aims to explore innovative technologies that will enhance the efficiency and inclusivity of the financial system in Canada, Latin America, and the Caribbean.
The BIS Innovation Hub will concentrate on three key projects: advancing next-generation financial market infrastructures, developing suptech solutions for regulatory and supervisory purposes, and leading the way in open finance concepts. Agustín Carstens, General Manager of the BIS, expressed his excitement for the hub, highlighting its role as a platform for central banks to research financial technology trends and drive innovation.
In addition to the Toronto hub, the BIS has established innovation hubs in various regions, partnering with institutions such as the Swiss National Bank and the Eurosystem Centre to promote knowledge-sharing among central bank experts.
Prior to the launch of the Toronto center, the BIS innovation unit had been actively involved in driving financial innovation. For instance, on April 19, 2024, the unit introduced the FuSSE project (Fully Scalable Settlement Engine) in collaboration with the Inter-American Development Bank (IDB) to modernize financial market infrastructures for the digital age.
Furthermore, the BIS revealed its 2024 plans for central bank digital currencies (CBDCs) in January, initiating the second phase of the “Aurum” project, along with efforts in advanced data analytics and tokenization. In April 2024, the BIS introduced project Agora to explore the tokenization of cross-border payments by central banks, involving monetary authorities from regions such as the UK, Switzerland, Mexico, South Korea, New York, Japan, and Europe.
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