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BIS and Bank of Canada Launch BIS Toronto Innovation Centre

BIS | Jun 17, 2024

BIS Miguel DIaz Head of the Toronto Innovation Centre - BIS and Bank of Canada Launch BIS Toronto Innovation Centre

Image: BIS Miguel DÍaz, Head of the Toronto Innovation Centre

The Bank for International Settlements (BIS) and the Bank of Canada Launch the BIS Toronto Innovation Centre

The BIS Toronto Innovation Centre was officially inaugurated by the Bank of Canada and the Bank for International Settlements (BIS). This Toronto location is the first BIS Innovation Hub in the Americas, a major international centre for finance and innovation.

The centre seeks to build the fundamental infrastructure needed to enable emerging financial technologies such as open finance, regulatory tech and oversight (suptech), and close accessibility gaps in financial services.  The innovation centre will serve all central banks across the Americas and encourage the development of innovative solutions that benefit the public.

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The centre will be overseen by Miguel Díaz together with a group of experts and advisors.

Through innovation, experimentation, and cooperation with other organizations, the BIS Toronto Innovation Centre is positioned to play a significant role in improving the global financial system.

Tiff Macklem, Governor of the Bank of Canada:

"Fostering innovation has never been more crucial; that's 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 aren't traditionally associated with central banking. By doing so, Canadians can share in the benefits of innovation. That's why this hub and our partnership with the BIS are so important."

A Look at Other BIS Innovation Hubs

A number of Innovation Hubs have been developed worldwide by the Bank for International Settlements (BIS), with a particular emphasis on different facets of financial technology and infrastructure. Below compares a few important hubs:

  • Hong Kong Centre --> Dedicated to improving cybersecurity, big data analytics, and supporting digital financial ecosystems, the Hong Kong Innovation Hub was established in 2019. It has been essential in creating venues for climate-related financial risks and green finance.
  • Singapore Centre --> This hub, which was also founded in 2019, focuses on supervisory technology (SupTech) and regulatory technology (RegTech) to enhance supervisory and regulatory frameworks. It looks at data analytics for regulatory compliance, cross-border payment methods, and digital currencies.

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  • Swiss Centre --> Focused on incorporating distributed ledger technology (DLT), such as blockchain, into the financial sector, the Swiss centre was established in 2019. It is also a pioneer in the study, creation, and analysis of central bank digital currencies (CBDCs), as well as in the investigation of their possible effects on financial stability and monetary policy.
  • London Centre --> The London centre is dedicated to promoting innovation in digital financial infrastructures. It seeks to improve cybersecurity, investigate the use of artificial intelligence (AI) in finance, and create open banking frameworks.

Every BIS Innovation Hub is positioned strategically to take advantage of local assets and tackle both domestic and international financial issues. The founding of the Toronto hub is consistent with this global strategy, which seeks to promote financial innovation and cooperation throughout the Americas.

Outlook

It is evident from looking at these hubs how the BIS uses local knowledge to further its goal of using technology to promote global financial and monetary cooperation.

See:  Balancing Fintech Innovation and Regulation

As the first of its kind in the Americas, the Toronto Innovation Centre will be a key component of this global network, concentrating on improving financial accessibility throughout the area and laying the groundwork for financial technologies.


NCFA Jan 2018 resize - BIS and Bank of Canada Launch BIS Toronto Innovation CentreThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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