Bank for International Settlements Setting Up Innovation Hub Centre in Singapore

Singapore, 30 June 2019… The Monetary Authority of Singapore (MAS) welcomes the announcement by the Bank for International Settlements (BIS) to establish an Innovation Hub Centre in Singapore. The Hub Centre in Singapore, along with Hub Centres in Basel and Hong Kong, is a key pillar in a new BIS Innovation Hub initiative ^[1] to foster collaboration within the central banking community on FinTech issues.

The move by the BIS to set up an Innovation Hub Centre in Singapore reflects Singapore’s position as a leading international FinTech centre, with an advanced FinTech ecosystem. In collaboration with other central banks, the Singapore Hub Centre aims to develop the technology architecture for an efficient and secure digital global financial system and facilitate experiments in the application of technology to enhance financial regulation. The Singapore Hub Centre will commence operations as soon as the institutional arrangements ^[2] for its establishment have been finalised.

Mr Ravi Menon, Managing Director, MAS, said, “A wave of technological innovations is sweeping across financial services. To fully harness the benefits of these innovations while ensuring the resilience of the financial sector, central banks must also innovate – to modernise the technology infrastructure and regulatory arrangements that underpin digital finance and the digital economy. The BIS Innovation Hub initiative provides a compelling platform for central banks to collaborate in this effort, so as to maximise the benefits of cross-border digital connectivity and commerce. MAS looks forward to working closely with the BIS and the global central banking community to advance this visionary and important agenda.”