BIS Innovation Hub to focus on CBDC, payments, DeFi and green finance in 2022 work programme
- New initiatives also focus on regulatory and supervisory technology and cyber security.
- First projects to be launched in the new London and Stockholm centres.
- Several projects will support broader Group of 20 (G20) efforts to improve cross-border payments.
In 2022, the Bank for International Settlements (BIS) Innovation Hub will launch new projects into central bank digital currencies (CBDCs), next generation payments systems and Decentralised Finance (DeFi), expanding its portfolio of explorations seeking to develop new technological public goods for central banks. The Innovation Hub's work programme will also see new projects in green finance, regulatory and supervisory technology and cyber security.
This year marks a new phase in the Innovation Hub's expansion, with the first projects in the London and Nordic Hub Centres; the expected opening of the Eurosystem and Toronto centres; and the advancement of the strategic partnership with the Federal Reserve System.
With an expanded network of Hub Centres and exciting new projects, the BIS Innovation Hub is now in a stronger position to innovate in a sound, sustainable way, harnessing the benefits of digital technology, serving the public interest, and working cooperatively with the central bank community, academia and the private sector.
CBDCs and improvements in payments systems continue to be an area of exploratory focus, accounting for 13 out of 17 projects that were active in 2021 or will be launched in 2022. This reflects the interests and priorities of BIS member central banks.
One of the highlights of the 2022 agenda is the second BIS Innovation Summit, "Money, Technology, and Innovation" to be held on March 22-23, bringing together senior leaders from the public and private sector and academia. Projects across the centres will include:
Several projects support the G20 initiative to enhance global cross-border payments, in particular, by assessing the practical and technological complexities involved in implementing different multi-CBDC arrangements. The Innovation Hub will also continue the Techsprint initiative under the Indonesian G20 presidency this year.