HKMA and BIS sign agreement for innovation hub

The Bank for International Settlements (BIS) and the Hong Kong Monetary Authority (HKMA) signed an operational agreement on the BIS Innovation Hub Centre in Hong Kong SAR (special administrative region).

The Hub will identify and develop in-depth insights into critical trends in technology affecting central banking; develop public goods in the technology space geared towards improving the functioning of the global financial system; and serve as a focal point for a network of central bank experts on innovation. Hub Centres will be set up in Hong Kong, Singapore and Basel, Switzerland, in the initial phase.

Norman Chan, HKMA’s chief executive, said in a statement, “I hope the Centre under the management of the BIS will foster collaboration between central banks and scale up application of innovative technologies to a global level.”

Read the full release

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