The Federal Reserve Bank of New York, in collaboration with the Bank for International Settlements (BIS), has set up an innovation center in New York. The Federal Reserve System, the BIS Innovation Hub and experts from the public and private sectors in the innovation center are planned to collaborate to develop new fintech products and services for the ‘central banking community’.
The new innovation hub in New York focuses on five specific areas: SupTech and RegTech, financial market infrastructures, the future of money, open finance and sustainable finance (climate risk). The center will be headed by Per von Zelowitz, a “fintech veteran” recruited specifically for the job in July.
New York Fed President John Williams is pleased to announce the launch of the Center of Excellence. Williams explains that the innovation hub will be known for a “new way of thinking” made possible thanks to the knowledge and network of the Bank for International Settlements. Williams thereby refers to the existing BIS innovation hubs in Hong Kong, London, Singapore and Switzerland.
“Conversely, the BIS can benefit from the expertise of the Federal Reserve in the field of innovation,” explains BIS CEO Agustín Carstens. “We can also bring our global perspective into the work of the New York Innovation Center. We are therefore looking forward to the exchange of knowledge and projects.”
–
