BIS Teams Up with Bank of Canada to Launch Toronto Innovation Hub for Financial Technologies
Summary:
The Bank of International Settlements (BIS) has partnered with the Bank of Canada to launch an Innovation Hub in Toronto. The move, aimed at fostering financial innovation, will focus on the development of new technologies to enhance inclusivity and efficiency in the banking sector. The hub will explore six key areas, including central bank digital currencies, green finance, cybersecurity, open finance, regulatory innovation, and next-generation financial infrastructures. The partnership extends to Canada, Latin America, and the Caribbean.
The Bank of International Settlements (BIS) has launched an innovative hub in Canada, in partnership with the country's national bank. This announcement was made on June 13 by both the global financial institution and the Bank of Canada (BOC), introducing the BIS Toronto Innovation Centre. Specifically, this centre aims to propel the BIS Innovation Hub's initiatives and delve into the creation of new technologies for a more accessible and efficient financial system.
The Toronto hub's activities will revolve around six primary themes identified by the BIS, which includes central bank digital currencies (CBDCs), cybersecurity, green finance, innovation for regulatory and supervisory applications, open finance, and next-generation financial market infrastructures.
The newly introduced hub has been projected to serve Canada, Latin America, and the Caribbean. Tiff Macklem, Bank of Canada's Governor, underlined the significance of the collaboration between the hub, the country's central bank, and the BIS for advancing innovation in these regions. He emphasized that, given the evolution of the financial sector, there's a need to bootstrap innovation across varying sectors and leverage skills not traditionally associated with central banking.
Agustín Carstens, the BIS General Manager, expressed his excitement over collaborating with the Bank of Canada and other central banks, marking this as a noteworthy milestone in the BIS's endeavor towards future financial systems.
Previously, on January 23, the BIS outlined its work program for 2024, which includes, among other matters, a second phase of CBDC privacy experimentation and the kick-off of a project involving blockchain-based tokenization. Subsequently, on April 3, the BIS initiated an extensive collaboration with the central banks of France, Japan, Mexico, South Korea, Switzerland, the UK, and the US for exploring asset tokenization in financial systems and private institutions. This project, known as "Project Agora", seeks to expand on a proposed unified ledger concept, linking wholesale central bank funds with tokenized commercial bank deposits.
Published At
6/14/2024 11:30:00 AM
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