BIS launches innovation hub with nordic central banks focusing on CBDCs

The launch of the Nordic hub marks the fifth BIS Innovation Hub Centre to be opened in the past two years.

The Bank of International Settlements (BIS) has launched a regional innovation hub in Scandinavia with four Nordic central banks focusing on central bank digital currencies, cybersecurity, and green finance.

• BIS said Wednesday it has partnered with Danmarks Nationalbank, Central Bank of Iceland, Norges Bank, and Sveriges Riksbank to launch the hub which will aim to advance its work on priority themes.
• The BIS has also launched hubs with the Bank of Canada in Toronto and the Bank of England in London as well as the European Central Bank in Frankfurt and Paris.
• The launch of the Nordic hub marks the fifth BIS Innovation Hub Centre to be opened in the past two years.
• The hubs focus on six areas including suptech and regtech, financial market infrastructures, CBDCs, open finance, cybersecurity, and green finance.
• Recently the BIS published a survey examining the possible cross-border use of CBDCs based on 50 central banks. About two-thirds of them are already experimenting with CBDC and conducting pilots, the BIS said.