BIS opens first innovation hub in the Americas

Editorial

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Supported by the Bank of Canada, the centre will explore the development of emerging technologies, both in Canada and throughout Latin America and the Caribbean.

Agustín Carstens, general manager of the BIS, says: “The opening of the Toronto Innovation Centre is a very proud moment for the BIS. It represents an important milestone in our efforts to build the financial system of the future through innovation and experimentation, enabling us to fully bring this mission to the Americas together with our many partners in the region. We are looking forward to collaborate with the Bank of Canada and other central banks to foster a more modern, efficient and inclusive financial system.”

The Toronto Innovation Centre will be headed by Miguel Diaz and will initially focus on projects to explore next-generation financial market infrastructures, innovation for regulatory, supervisory and oversight purposes and open finance.

These are three of the BIS’s six priority themes for its Innovation Hub. Others are cyber security, green finance and central bank digital currencies, and are the focus of other Hub centres.

Toronto joins six other BIS Innovation Hub Centres located in Switzerland, the Eurosystem, London, the Nordics, Hong Kong and Singapore.