On 30 June 2019, the Bank for International Settlements (BIS) approved the establishment of an innovation hub to foster international collaboration on innovative financial technology within the central banking community.

The role of the hub will be to identify and develop in-depth insights into critical trends in technology affecting central banking: develop public goods in the technology space geared towards improving the functioning of the global financial system; and serve as a focal point for a network of central bank experts on innovation.

The hub will span multiple locations. As a first step toward implementation, hub centres will be set up in Basel and Hong Kong, making use of existing BIS facilities. A third hub centre will be established in Singapore, subject to the completion of institutional arrangements, also as part of the initial phase.