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The BIS Innovation Hub will foster innovation and greater collaboration amongst the central banking community globally. It will enhance the understanding of financial technology, and aid development of innovative solutions to benefit and enhance the financial system.
The BIS has also recently established Hub Centres in Hong Kong SAR and Switzerland. Together, the Centres will identify and develop in-depth insights into critical trends in technology affecting central banking; develop public goods in the technology space to improve the functioning of the global financial system; and serve as a focal point for a network of central bank experts on innovation.
The Hub Centre in Singapore will initially focus on two projects. The first project is to establish a framework for public digital infrastructures on identity, consent and data sharing. Trusted digital identities for individuals and corporates is a foundational public good that supports the development of inclusive digital financial services including payments as well as other transactions in the broader digital economy.
The second project is to create a digital platform connecting regulators and supervisors with digital and technology solution providers. Through the platform, central banks can put up regulatory problems and challenges to source solutions from the fintech community. This will help central banks develop innovative solutions and policies for cost-effective regulation and supervision.