Friday 11 June 2021 9:42 am

BoE and BIS launch London banking hub for post-pandemic tech boom

The Bank of England (BoE) and Bank for International Settlements (BIS) have launched a London coordination hub today, that seeks to coordinate central banks on technological innovation.

The BIS Innovation Hub London Centre, the fourth new BIS Innovation Hub in two years, will help banks in the era of digital acceleration post-pandemic.

“The UK is known for pushing the boundaries of digital finance so it’s great to have the new Innovation Hub opening here. Its work will help central banks to support safe innovation, and boost our efforts to capture the extraordinary potential of technology,” chancellor Rishi Sunak said.

The hub will focus on the use of technological innovation in supervision and regulation, next-generation financial market infrastructures, central bank digital currencies, open finance, cybersecurity, and green finance.

Bank of England’s governor, Andrew Bailey, said: “As a central bank, we recognise the importance of innovation for the global financial system and look to support its safe deployment wherever possible. This requires collaboration between public authorities in all jurisdictions.”

The launch today includes the opening of centres with the Bank of Canada, the European Central Bank, Eurosystem, the four Nordic central banks Danmarks Nationalbank, the Central Bank of Iceland, the Central Bank of Norway, and Sveriges Riksbank in Stockholm.

“This new centre in London reflects the Bank of England’s critical role as an innovator in responding to the challenges and opportunities of the digital world while safeguarding financial stability,” BIS general manager, Agustín Carstens, said.