The Bank of International Settlements (BIS), in collaboration with the Bank of Canada (BOC), has launched a new innovation hub in Toronto to drive advancements in the financial sector.
On June 13, the BIS and BOC announced the inauguration of the BIS Toronto Innovation Centre, aiming to further the BIS Innovation Hub’s efforts in developing new technologies that promote inclusivity and efficiency within the financial system.
Focus Areas
The new hub will concentrate on six key themes:
- Central Bank Digital Currencies (CBDCs)
- Green Finance
- Cybersecurity
- Open Finance
- Regulatory and Supervisory Innovation
- Next-Generation Financial Market Infrastructures
Expanding Financial Innovation in Canada
The BIS Toronto Innovation Centre will extend its reach to Canada, Latin America, and the Caribbean. Bank of Canada Governor Tiff Macklem emphasized the importance of this partnership in fostering innovation. He stated:
“As the financial sector continues to evolve, we need to innovate in different areas and apply skills that aren’t traditionally associated with central banking. By doing so, Canadians can share in the benefits of innovation.”
Collaborative Efforts
BIS General Manager Agustín Carstens highlighted the significance of this milestone in building a future-ready financial system. Carstens expressed enthusiasm for the collaboration with the Bank of Canada:
“We are looking forward to collaborating with the Bank of Canada and other central banks to foster a more modern, efficient, and inclusive financial system.”
Summary Review: The establishment of the BIS Toronto Innovation Centre signifies a major step forward in global financial innovation, with a strong emphasis on inclusivity and efficiency. Through this collaboration, the BIS and Bank of Canada aim to harness new technologies and foster a forward-thinking financial environment, benefiting not only Canada but also the wider region of Latin America and the Caribbean.
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