BIS Launches New Innovation Hub in Canada, Partners with Bank of Canada
The Bank for International Settlements (BIS) launched its Toronto Innovation Hub on June 13, partnering with the Bank of Canada. The hub is expected to spearhead financial initiatives in Canada and extend its influence across Latin America and the Caribbean.
The BIS Innovation Hub in Toronto is the first in North America and the seventh global center opened by the BIS in partnership with various central banks. Led by Miguel Diaz, the Toronto hub will explore innovative technologies aimed at improving the efficiency and inclusivity of the financial system in Canada, Latin America, and the Caribbean.
The launch of the BIS Toronto Innovation Centre brought together a diverse array of public and private sector participants interested in improving financial services for all: central banks, regulators, traditional commercial banks, fintechs and academics https://t.co/ys5vu5dytN pic.twitter.com/kkhmsR4vVs
— Bank for International Settlements (@BIS_org) June 13, 2024
As disclosed in the official announcement, the BIS Innovation Hub will focus on three major projects: developing next-generation financial market infrastructures, creating suptech solutions for regulatory and supervisory purposes, and leading advancements in open finance concepts.
#Suptech tools that have become critical to supervision: · address specific pain points in supervisory processes · are well integrated into supervision systems · leverage good quality granular data · are easily accessible #FinancialStabilityInstitute https://t.co/wfPY2OOkoI pic.twitter.com/maHYYjGEsm
— Bank for International Settlements (@BIS_org) June 14, 2024
Agustín Carstens, General Manager of the BIS, expressed his enthusiasm for the hub, stating:
“The opening of the Toronto Innovation
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