BIS to establish Nordic Innovation Hub Centre in Stockholm
The Bank for International Settlements, BIS, announced today to establish a BIS Innovation Hub Centre in Stockholm in collaboration with the central banks in Denmark, Iceland, Norway and Sweden. The Nordic Innovation Centre will work to deepen the analysis of technological financial innovation relevant to central banks.
To extend global reach, BIS is establishing four new Innovation Hub Centres over the next two years to foster international collaboration on innovative financial technology within the central banking community.
A Nordic Innovation Hub Centre will serve as a focal point for a network of experts on innovation, for research on critical trends in financial technology of relevance to central banks, and for promoting international cooperation to enhance the functioning of the global financial system.
Located in Stockholm, the Nordic Innovation Centre will keep Denmark, Iceland, Norway and Sweden in the forefront of research into digital solutions and analysis of fintech innovation. According to BIS, this centre will offer great depth of expertise in many areas of financial innovation relevant to central banks.
Governor Ásgeir Jónsson considers the establishment of the Innovation Hub centre a welcome milestone in cooperation among global and Nordic central banks:
“This move is a confirmation of the important work the Nordic countries have done in this area, and of the innovation that has taken place in the fintech sector across the region, with central banks joining forces in order to research and develop innovative solutions in this area.
Iceland has long been a leader in digital payment intermediation, with active participation from the Central Bank of Iceland. Participating in the Nordic Innovation Hub centre in Stockholm will give Icelandic experts even greater opportunity to share their knowledge and enhance it in cooperation with international partners, with the aim of addressing potential financial system risk, fostering innovation, and boosting efficiency.”
During 2019, BIS established Innovation Hub Centres in Hong Kong, Switzerland and Singapore. BIS is now expanding its network and establishing four new Innovation Hub Centres in collaboration with the Bank of Canada (Toronto), the Bank of England (London), the Eurosystem (Frankfurt and Paris) and four Nordic central banks, Danmarks Nationalbank, the Central Bank of Iceland, Norges Bank and the Riksbank (Stockholm). In addition, BIS will also form a strategic partnership with the Federal Reserve System in New York.
Further information can be found on the websites of BIS and the Nordic Central Banks:
Press release no. 23/2020
30 June 2020