BIS innovation hub requires amendment to the Sveriges Riksbank Act

News The Bank for International Settlements (BIS) has recently started to establish innovation hubs at selected sites around the world. The aim is to analyse technical financial innovations more closely. An amendment to the Sveriges Riksbank Act is required to enable Sweden to host an innovation hub. This is why a petition is now being submitted to the Swedish Riksdag.

The Riksbank wishes to see BIS establish a northern European innovation hub in Sweden. But to enable the hub to be located in Sweden, the Riksbank needs to undertake to co-finance its activities. The Riksbank is therefore proposing an amendment to the Sveriges Riksbank Act, so that the Riksbank, after approval from the Riksdag (the Swedish Parliament), may finance the activities of international organisations, if these are connected to the Riksbank’s activities.

On 23 January, the Riksbank circulated a referral on the proposal for an amendment of the Sveriges Riksbank Act to other authorities, organisations and other stakeholders. Most of the referral bodies either support the Riksbank’s proposal or have no objection to it.

During 2019, BIS began to establish innovation hubs in various parts of the world. These have the task of promoting international cooperation and research on innovative financial technology that is relevant to central banks. The Riksbank considers that a BIS innovation hub would enable Sweden and our neighbouring area to remain in the forefront with regard to research and analysis of technical financial services.

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Updated 06/03/2020