Bank for International Settlements sets up innovation center in Singapore

The Bank for International Settlements (BIS) and the Monetary Authority of Singapore (MAS) Wednesday launched the BIS Innovation Hub Centre in Singapore in a bid to foster innovation and greater collaboration among the central banking community worldwide.

According to a joint press release issued by the two, the center will initially focus on two projects.

The first is to establish a framework for public digital infrastructures on identity, consent and data sharing.

Trusted digital identities for individuals and corporates are "a foundational public good" that supports the development of inclusive digital financial services including payments as well as other transactions in the broader digital economy, said the press release.

The second project is to create a digital platform connecting regulators and supervisors with digital and technology solution providers. Through the platform, central banks can put up regulatory problems and challenges to source solutions from the FinTech community. This will help central banks develop innovative solutions and policies for cost-effective regulation and supervision

Agustin Carstens, General Manager of the BIS, said that his bank is working with partners to take a leading role in coordinating central banks' innovation efforts.

"Central banks are approaching the same challenges, from different directions and with different but complementary skills and experiences," he said, adding that the hub is a central part of this effort and the launch of the hub centre in Singapore reflects the impressive work by the MAS on Fintech as well as Singapore's reputation for excellence in innovation.

Ravi Menon, Managing Director of MAS noted that the center will help connect the global central banking community with the vibrant Fintech ecosystem in Singapore and the region.

The launch of the Hub Centre took place at the sidelines of the 2019 Singapore FinTech Festival held in conjunction with the Singapore Week of Innovation and Technology which kicked off this Monday.

Source: China ASEAN Business Council