Bank for International Settlements Setting Up Innovation Hub Centre in Singapore
Singapore, 30 June 2019… The Monetary Authority of Singapore (MAS) welcomes the announcement by the Bank for International Settlements (BIS) to establish an Innovation Hub Centre in Singapore. The Hub Centre in Singapore, along with Hub Centres in Basel and Hong Kong, is a key pillar in a new BIS Innovation Hub initiativeThe BIS’ media release can be accessed at this link. Besides the new BIS Innovation Hub Centre in Singapore, two other Hub Centres will be set up in BIS’ existing offices in Basel and Hong Kong. to foster collaboration within the central banking community on FinTech issues.
2 The move by the BIS to set up an Innovation Hub Centre in Singapore reflects Singapore’s position as a leading international FinTech centre, with an advanced FinTech ecosystem. In collaboration with other central banks, the Singapore Hub Centre aims to develop the technology architecture for an efficient and secure digital global financial system and facilitate experiments in the application of technology to enhance financial regulation. The Singapore Hub Centre will commence operations as soon as the institutional arrangementsInstitutional arrangements will include location of premises, staffing arrangements, and office infrastructure. for its establishment have been finalised.
3 Mr Ravi Menon, Managing Director, MAS, said, “A wave of technological innovations is sweeping across financial services. To fully harness the benefits of these innovations while ensuring the resilience of the financial sector, central banks must also innovate – to modernise the technology infrastructure and regulatory arrangements that underpin digital finance and the digital economy. The BIS Innovation Hub initiative provides a compelling platform for central banks to collaborate in this effort, so as to maximise the benefits of cross-border digital connectivity and commerce. MAS looks forward to working closely with the BIS and the global central banking community to advance this visionary and important agenda.”
The Bank for International Settlements (BIS) is an international organisation that serves central banks and other financial authorities across the globe to build a greater collective understanding of the world economy, foster international cooperation among them and support them in the pursuit of global monetary and financial stability. The BIS, established in 1930, is owned by 60 central banks, representing countries from around the world that together account for about 90% of world GDP and is headquartered in Basel.