- Bank for International Settlements and Bank of Canada launch BIS Innovation Center in Toronto
- Toronto is the first BIS Innovation Hub Center in the Americas
- Toronto Innovation Center will help advance BISIH's work on priority topics
The Bank for International Settlements (BIS) and the Bank of Canada today launched the Toronto Innovation Centre, the first of its kind established in the Americas and the seventh to be opened by the BIS in collaboration with partner central banks around the world. The center will explore the development of new technologies to make the financial system more efficient and inclusive, both in Canada and throughout Latin America and the Caribbean.
The opening of the Toronto Innovation Center is a very proud moment for BIS. It represents an important milestone in our efforts to build the financial system of the future through innovation and experimentation, allowing us to fully bring this mission to the Americas together with our many partners in the region. We look forward to collaborating with the Bank of Canada and other central banks to foster a more modern, efficient and inclusive financial system.
Agustรญn Carstens, general director of the BIS
The launch ceremony in Toronto was attended by senior officials from central banks, regulatory agencies, financial institutions and fintech companies.
Fostering innovation has never been more crucial; This is as true for central bankers as it is for business leaders. As the financial sector continues to evolve, we need to innovate in different areas and apply skills that are not traditionally associated with central banking. By doing so, Canadians can share in the benefits of innovation. That is why this center and our partnership with the BPI are so important.
Tiff Macklem, Governor of the Bank of Canada
He Toronto Innovation Center will be led by Miguel Dรญaz and will initially focus on projects to explore next-generation financial market infrastructure, innovation for regulatory, oversight and oversight purposes (suptech), and open finance. These are three of BIS's six priority themes for its Innovation Center. Others are cybersecurity, green finance and central bank digital currencies, and are the focus of other Hub centers.
Notes to editors:
- He BIS Innovation Center was established in 2019 by the BIS to identify and develop deep insights into critical trends in financial technology of relevance to central banks, explore the development of public goods to improve the functioning of the global financial system, and serve as a coordination center. point for a network of central bank experts on innovation. Other BIS Innovation Hubs include the Switzerland Hub (with the Swiss National Bank), the Eurosystem Hub (with all Eurosystem central banks), the London Hub, the Nordic Hub (with the central banks of Denmark, Iceland , Norway and Sweden), the Hong Kong Center (with the Hong Kong Monetary Authority) and the Singapore Center (with the Monetary Authority of Singapore).
- More information about the Bank of Canada's work in fintech is available here.
- Appointment of Miguel Dรญaz
