Bank of International Settlements selects Bank of England to host an Innovation Hub Centre - The Industry Spread

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BIS, International Settlements, Basel III

Bank of International Settlements selects Bank of England to host an Innovation Hub Centre

July 8, 2020

As announced today, the Bank of England has been selected to host a centre of the Bank of International Settlements (BIS) 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. 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.

Governor of the Bank of England, Andrew Bailey, said: “I am delighted that we will be hosting a centre of the BIS Innovation Hub here at the Bank. 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. By involving central banks and prudential regulators in this important work, we can help to ensure that innovation is consistent with our objectives of safety and soundness and financial stability. This centre provides an important venue to ensure the UK’s deep expertise in innovation can contribute to solving global financial issues.”

The Chancellor of the Exchequer, Rishi Sunak said: “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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