BIS Launches Groundbreaking Innovation Hub in the Americas
The Toronto Innovation Centre, supported by the Bank of Canada, is set to make significant strides in the development of emerging technologies in Canada, as well as across Latin America and the Caribbean. This new initiative reflects a collaborative effort to innovate and enhance the financial system of the future.
Significance of the Toronto Innovation Centre
Agustín Carstens, the general manager of the Bank for International Settlements (BIS), expressed pride in this milestone, stating:
“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.”
This initiative aims to foster a more modern, efficient, and inclusive financial system through collaboration with the Bank of Canada and other central banks.
Focus Areas of the Innovation Centre
The Toronto Innovation Centre will be led by Miguel Diaz and will concentrate on several key projects, including:
- Next-generation financial market infrastructures
- Innovation for regulatory, supervisory, and oversight purposes
- Open finance initiatives
These projects align with three of the six priority themes outlined by the BIS’s Innovation Hub. The remaining themes include:
- Cybersecurity
- Green finance
- Central bank digital currencies
Global Network of BIS Innovation Hubs
With the addition of the Toronto Innovation Centre, BIS now operates a total of seven Innovation Hub Centres worldwide. The other locations include:
- Switzerland
- Eurosystem
- London
- Nordics
- Hong Kong
- Singapore
This global network aims to enhance the collaborative efforts in financial innovation, ensuring a robust and adaptive financial environment. For more information on the BIS Innovation Hub, visit the Bank for International Settlements website.
