BIS and the Bank of Canada launched the Toronto Innovation Centre to advance financial system technology.
In partnership with the Central Bank of Canada, the Bank of International Settlements (BIS) has unveiled its latest innovation center.
On June 13, the Bank of Canada (BOC) and the international financial institution announced the establishment of the BIS Toronto Innovation Centre.
This facility will contribute to advancing the BIS Innovation Hub’s operations. The Toronto center will investigate the advancement of new technologies to enhance the efficiency and inclusivity of the financial system.
The center will concentrate on six priority 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 announcement emphasized that the new center will operate in the Caribbean, Latin America, and Canada.
Tiff Macklem, the Governor of the Bank of Canada, emphasized the significance of the partnership between the central bank and the center, as well as the BIS, in promoting innovation in the region. Macklem 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.”
Agustín Carstens, the General Manager of the Bank for International Settlements (BIS), noted that the hub’s inauguration is “a significant milestone” in the organization’s endeavors to construct the future financial system.
The official expressed enthusiasm for the BIS’s partnership with the central bank of Canada.
“We are eager to work with the Bank of Canada and other central banks to promote a more inclusive, efficient, and modern financial system,” Carstens continued.
The BIS disclosed its 2024 work program on January 23. The second phase of CBDC privacy testing and the launch of a blockchain-based tokenization initiative are among the organization’s primary objectives for the year.
The Bank for International Settlements (BIS) announced a significant partnership with the central banks of the United States, the United Kingdom, France, Japan, South Korea, Mexico, and Switzerland on April 3.
The initiative investigates the use of asset tokenization in private institutions and the financial system.
The “Project Agora” initiative is designed to expand upon a proposed unified ledger concept that connects tokenized commercial bank deposits and wholesale central bank funds.
