The Bank of International Settlements (BIS) has revealed its latest innovation hub in Canada in partnership with the country’s central bank. On June 13, the BIS and the Bank of Canada (BOC) made the announcement about the launch of the BIS Toronto Innovation Centre, which will contribute to the BIS Innovation Hub’s mission. This new hub in Toronto will focus on exploring innovative technologies to enhance inclusivity and efficiency in the financial sector.
The Toronto hub will center its efforts on six key themes for BIS: central bank digital currencies (CBDCs), green finance, cybersecurity, open finance, innovation for regulatory and supervisory purposes, and next-generation financial market infrastructures. The unveiling of this hub signifies an important step in advancing the future of the financial system, according to BIS General Manager Agustín Carstens.
The collaboration between the BIS and the Bank of Canada is crucial in driving innovation within the region, as stated by Bank of Canada Governor Tiff Macklem. The new hub will not only operate in Canada but also extend its work to Latin America and the Caribbean, aiming to create a more modern, efficient, and inclusive financial ecosystem.
In a separate development, the BIS announced its work program for 2024 on Jan. 23, highlighting key initiatives such as the continuation of CBDC privacy testing and the launch of a blockchain-based tokenization project. Furthermore, on April 3, the BIS initiated a significant collaboration with the central banks of France, Japan, South Korea, Mexico, Switzerland, the United Kingdom, and the United States, known as “Project Agora.” This joint effort explores asset tokenization in the financial system and private institutions, with the goal of bridging wholesale central bank funds and tokenized commercial bank deposits through a proposed unified ledger concept.
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