THE Bank for International Settlements (BIS) and the Hong Kong Monetary Authority (HKMA) have signed an operational agreement on the BIS Innovation Hub Centre in Hong Kong.

The centre will 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. Centres will be set up in Hong Kong, Singapore and Basel, Switzerland, in the initial phase.

Norman Chan, chief executive of the HKMA, says, “I am pleased to officially mark this cooperation between the BIS and the HKMA on the Innovation Hub Centre in Hong Kong. I hope the centre under the management of the BIS will foster collaboration between central banks and scale up application of innovative technologies to a global level.”

Agustín Carstens, general manager of the BIS, says, “I welcome the HKMA’s participation in the Innovation Hub. The HKMA is a global leader in promoting innovation, and Hong Kong is home to a vibrant fintech ecosystem. The HKMA’s involvement will be a key driver of the Hub’s success.”