BIS Plans Innovation Hub in Hong Kong
In this article (4)
The Bank of International Settlements has signed an operational agreement with the Hong Kong Monetary Authority to establish an innovation center in the special administrative region.
The hub will identify and develop insights about technology affecting central banking; develop «public goods» in technology to improve the global financial system, and serve as a focal point for central banking innovation, according to a news release.
The HKMA is a global leader in promoting innovation, and Hong Kong is home to a vibrant fintech ecosystem,» said BIS GM, Agustín Carstens. «The HKMA’s involvement will be a key driver of the Hub’s success.
In addition to Hong Kong, hub centers will also be set up in Singapore and Basel, Switzerland in the initial phase.
Questions & Answers
Q.What is the primary purpose of the new innovation hub in Hong Kong?
What is the primary purpose of the new innovation hub in Hong Kong?
The hub aims to identify and develop insights into technology impacting central banking. It will also develop 'public goods' in technology to improve the global financial system and serve as a central point for innovation in the sector.
Q.Which organisations are collaborating to establish this innovation centre?
Which organisations are collaborating to establish this innovation centre?
The Bank of International Settlements (BIS) has signed an operational agreement with the Hong Kong Monetary Authority (HKMA). The HKMA’s involvement is expected to be a key driver for the hub's success.
Q.Will this innovation hub be the only one established by the BIS?
Will this innovation hub be the only one established by the BIS?
No, it will not be the only one. In the initial phase, additional hub centres will also be set up in Singapore and in Basel, Switzerland, alongside the Hong Kong location.
Reader pulse
What does BIS's Hong Kong hub mean for retail?
16,089 votes so far