BoE and the BIS Launch the London Innovation Hub

On 11 June the Bank for International Settlements (BIS) opened its latest Innovation Hub Centre in London following on from hubs in Hong Kong, Singapore and Switzerland that have already been established. Canada, Frankfurt and Paris, Stockholm, supported by all of the Scandinavian central banks, and New York are planned to open in due course.

These hubs exist to identify problems and solutions that face central banks and financial systems and then to develop tools that can be implemented ready for handover to the real-world users. The hubs are intended to work as flat, multi-disciplinary teams drawing on resources from across the BIS community – fintech, economists, lawyers, scientists, anthropologists etc. Their role is to investigate novel technology and take broad perspectives.