Bank for International Settlements and Bank of Canada launch BIS Toronto Innovation Center

• Bank for International Settlements and Bank of Canada launch BIS Toronto Innovation Center
• Toronto is the first BIS innovation center in the Americas
• The Toronto Innovation Center will help advance BISIH’s work on priority themes

The Bank for International Settlements (BIS) and the Bank of Canada today opened the Toronto Innovation Centre, the first such center to be established in the Americas and the seventh to be opened by the BIS in collaboration with central banks partners around the world. The center will explore the development of new technologies to make the financial system more efficient and inclusive, both in Canada and throughout Latin America and the Caribbean.

The opening of the Toronto Innovation Center is a very proud moment for BIS. It represents an important milestone in our efforts to build the financial system of the future through innovation and experimentation, allowing us to fully carry out this mission in the Americas with our many partners in the region. We look forward to working with the Bank of Canada and other central banks to foster a more modern, efficient and inclusive financial system.

Agustín Carstens, Director General of the BIS

Senior officials from central banks, regulators, financial institutions and fintech companies attended the launch ceremony in Toronto.

Fostering innovation has never been more crucial; this is as true for central bankers as it is for business leaders. As the financial sector continues to evolve, we need to innovate in different areas and apply skills not traditionally associated with central banks. In doing so, Canadians can reap the benefits of innovation. This is why this platform and our partnership with the BIS are so important.

Tiff Macklem, Governor of the Bank of Canada

The Toronto Innovation Center will be led by Miguel Diaz and will initially focus on projects exploring next-generation financial market infrastructure, innovation for regulatory, supervisory and supervisory purposes (suptech), and open finance. These are three of the BIS’s six priority themes for its Innovation Hub. Others concern cybersecurity, green finance and central bank digital currencies, and are the subject of other Hub centers.

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Notes to editors:

• The BIS Innovation Hub was established in 2019 by the BIS to identify and develop in-depth insights into critical financial technology trends of interest to central banks, to explore the development of public goods to improve the functioning of the system global financial institution and to serve as a focal point for a network of central bank innovation experts. Other BIS innovation centers include the Switzerland Center (with the Swiss National Bank), the Eurosystem Center (with all Eurosystem central banks), the London Center, the Nordic Center (with central banks Denmark, Iceland, Norway and Sweden), the Hong Kong Center (with the Hong Kong Monetary Authority) and the Singapore Center (with the Monetary Authority of Singapore).
• More information on the Bank of Canada's fintech work is available here.
• Appointment of Miguel Díaz

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