The Bank for International Settlements (BIS) has opened two new Innovation Hub centres in Paris and Frankfurt to continue its research and innovation activities in the field of finance. The centres will be used to explore various aspects of digital financial system, including Blockchain and Crypto-currency technologies.

BIS is one of the world’s major financial institutions which coordinates and supports the design of national monetary policies. The institution focuses on research and analysis in the field of economics, finance and central banking. The BIS Innovation Hub was established in 2019 to engage in research and development activities aiming to foster financial innovation.

Opening new centres in Paris and Frankfurt aims to enhance cooperation with financial institutions in Europe and strengthen BIS’s leading role in fostering financial innovation.  The new centres are a big step towards the development of innovations in the financial sector. The centres will be focusing on the research and development of financial technologies with a potential to increase the efficiency, transparency and security of financial systems. The BIS Innovation Hub centre in Paris is to be managed by Banque de France, and the centre in Frankfurt will be cooperating with Deutsche Bundesbank. Both centres will be cooperating with other BIS Innovation Hub centres around the world.

Source:

https://www.finextra.com/newsarticle/42058/bis-innovation-hub-opens-in-paris-and-frankfurt