Bank for International Settlements and Nordic central banks launch Innovation Hub Nordic Centre
The Bank for International Settlements, Danmarks Nationalbank, Central Bank of Iceland, Norges Bank and Sveriges Riksbank today launched the Innovation Hub Nordic Centre in Stockholm, marking the fifth 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,” said BIS General Manager Agustín Carstens.
Today’s 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 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).
“Central banks must be part of and pay attention to the development of financial technology. Participation in the Nordic Innovation Hub Centre and the BIS Innovation Network in general provides an important contribution to Norges Bank’s future work in this field”, says Governor Øystein Olsen.
The BIS Innovation Hub’s work programme 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. Work related to these themes is spread among the various Hub Centres, although specific projects have not yet been finalised for the Nordic Centre.
“I am delighted to welcome the next phase in the BIS Innovation Hub’s expansion with the establishment of the Nordic centre with the central banks of Denmark, Iceland, Norway and Sweden. The Nordic countries’ vibrant and innovative fintech environment will serve as a catalyst for key experimentation to help central banks meet the challenges of the digital future,” said BIS Innovation Hub Head Benoît Cœuré.
The expansion of the Hub with the opening of the London and Nordic Centres builds on the foundation already put in place by the first three Hub Centres in Hong Kong, Singapore and Switzerland.
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.
Sveriges Riksbank will hold a virtual event to mark the opening at 14:00 today, attended by Mr Olsen, Mr Carstens, Mr Cœuré and top management from the other Nordic central banks. The virtual event will be followed by a digital media briefing with Ms Skingsley and Mr Cœuré. To register please contact email@example.com.