The BIS said the intention of the hub, which will be based in Basel, Hong Kong and Singapore, is to improve the functioning of the global financial system.and companies like Facebook moving into finance will aim to work together more closely through an innovation hub approved on Sunday by the Bank for International Settlements.
Facebook’s plan to expand into payments and launch its own Libra crypto currency were not mentioned in the BIS statement, but the social media giant’s move has helped crystallise opinion among central bankers on the urgency of coordinating regulatory responses to financial technology trends. The hub will focus on helping central banks to “identify relevant trends in technology, supporting these developments where this is consistent with their mandate, and keeping abreast of regulatory requirements with the objective of safeguarding financial stability,” he added.
Details about the hub were limited, and the BIS said it was not able to provide details on investment or staffing levels.
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