Today, the Bank for International Settlements (BIS) launched its Toronto Innovation Hub in conjunction with the Bank of Canada. The Hub won’t just target Canada but will act as a regional innovation base for Latin America and the Caribbean.
BIS General Manager Agustín Carstens discussed the concept of the BIS Innovation Hub more generally as having ‘relatively small operations with big ambitions’. Initially the BIS board authorized five people in Basel and the Hub has now grown to a hundred people across seven regions. He described it as a “wild idea for the standards of the BIS,” but one that has paid off.
Regarding topic areas, the Toronto Innovation Hub will focus on three of six Innovation Hub themes: next-generation financial market infrastructures, regtech and suptech innovations, and open finance.
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