The Bank for International Settlements, Danmarks Nationalbank, Central Bank of Iceland, Norges Bank and Sveriges Riksbank launched the BIS Innovation Hub Nordic Centre in Stockholm, marking the fifth BIS Innovation Hub Centre to be opened in the past two years.
The BIS Innovation Hub Nordic Centre in Stockholm is testament to the innovative culture of the central banks of Denmark, Iceland, Norway and Sweden. It reflects their recognition of the opportunities presented by fintech, as well as their drive to meet its challenges as they pursue their mandates for financial stability.
Agustín Carstens, BIS general manager, said in a statement that the “launch is part of a plan to expand the Hub’s global reach, which also includes the opening of centres with the Bank of Canada (Toronto), the Bank of England (London) and the European Central Bank/Eurosystem (Frankfurt and Paris).
In January 2021, the BIS signed a memorandum of understanding for a strategic collaboration with the Federal Reserve System (New York). Hong Kong SAR and Singapore hubs were established in 2019. Across all the hubs, the work program is currently focused on six areas: suptech and regtech; next generation financial market infrastructures; central bank digital currencies; open finance; cyber security; and green finance.
Benoît Cœuré, head of the BIS Innovation Hub, said in a statement: “The BIS Innovation Hub was established in 2019 by the BIS to identify and develop in-depth insights into critical trends in financial technology of relevance to central banks, to explore the development of public goods to enhance the functioning of the global financial system, and to serve as a focal point for a network of central bank experts on innovation.”