Singapore has been selected as one of the innovation hubs for central banks by the Board of the Bank for International Settlements (BIS). The other two Hub Centres will be located in Hong Kong and Basel, Switzerland.
In a press statement, BIS announced that it will establish a BIS Innovation Hub to foster international collaboration on innovative financial technology among central banks.
The Hub aims to identify and develop in-depth insights into critical trends in technology affecting central banking. It will also serve as a focal point for a network of central bank experts on innovation.
The set-up and ongoing work of the Hub Centres will be carried out by the host central banks – the Swiss National Bank, Hong Kong Monetary Authority, and Monetary Authority of Singapore.
"The establishment of the BIS Innovation Hub will enable central banks to extend their existing collaboration with a view to identifying relevant trends in technology,” said Jens Weidmann, Chairman of the BIS Board of Directors.”[They will also be able to support] these developments where this is consistent with their mandate, and keep abreast of regulatory requirements with the objective of safeguarding financial stability."