BIS Innovation Hub Nordic Centre
The Bank for International Settlements, BIS, has decided to establish, in collaboration with the Riksbank and the central banks in Denmark, Iceland and Norway, a centre for innovation in Stockholm – BIS Innovation Hub Nordic Centre. This Nordic Innovation Centre will focus on a more in-depth analysis of technological financial innovation relevant to central banks.
A Nordic Innovation Hub will function as central point for a network of experts in innovation, for research on important trends in financial technology that are significant for central banks and for promoting international collaboration aimed at improving the functioning of the global financial system.
A Nordic innovation centre located in Stockholm will enable Denmark, Iceland, Norway and Sweden to stay at the cutting edge of research into digital solutions and analysis of financial technology innovations. It will also contribute to deepening knowledge in several areas concerning financial innovations that are relevant to central banks.
Together with the BIS and the other central banks in Denmark, Iceland and Norway, the Riksbank is now working on producing a framework for how the BIS Innovation Hub Nordic Centre in Stockholm will work, and for ensuring that the establishment of a centre in Stockholm becomes a reality as soon as possible.
During 2019, the BIS established Innovation Hubs in Hong Kong, Switzerland and Singapore. The BIS is now extending its network and establishing four new Innovation Hubs in collaboration with the Bank of Canada (Toronto), the Bank of England (London), the Eurosystem (Frankfurt and Paris) and the four Nordic central banks, Danmarks Nationalbank, Islands Sedlabanki, Norges Bank and Sveriges Riksbank (Stockholm). Moreover, the BIS will enter into a partnership with the Federal Reserve System in New York.