The new hub will develop proofs-of-concept and prototypes that will be shared across the global banking community.
Four Scandinavian central banks are working with the Bank for International Settlements (BIS) to open a Stockholm-based innovation hub that focuses on financial and regulatory technologies. The new hub will develop proofs-of-concept and prototypes that will be shared across the global banking community.
Danmarks Nationalbank, the Central Bank of Iceland, Norges Bank and Sveriges Riksbank are collaborating with the BIS to open the settlement bank’s fifth BIS Innovation Hub Center. Since 2019, the BIS has co-launched innovation hubs with the Bank of Canada, the Bank of England and the European Central Bank.
“The BIS Innovation Hub is a key driver of central bank fintech experimentation, said Stefan Ingves, governor of Sveriges Riksbank, in a prepared statement. “The Nordic center marks an important step in advancing this mission by the BIS in partnership with the central banks of Denmark, Iceland, Norway and Sweden.”
The Nordic fintech hub’s launch takes place against a backdrop in which Nordic central banks are driving ahead with plans to develop digital currencies and cybersecurity and “green finance” products.