The BIS Innovation Hub held a livestream event broadcasted from Basel and the premises of the BISIH Eurosystem Centre in Paris and Frankfurt, that precedes the opening of their BIS (Bank of International Settlements) Innovation Hub Eurosystem Centre.
Christine Lagarde, President of the European Central Bank (ECB), shared her thoughts on how the new Innovation Hub could be transformed into a profit centre.
“I think that it will also give birth to a group of unicorns possibly,” said Lagarde. “That would actually pick up some of those ideas and develop them further and give them the scale that they need. And with the profit generated by the BIS Innovation Hub then we would be able to fuel scholarships or support for young researchers or young innovators that would continue populating this gigantic virtual radar screen on which everybody collaborates.”
Governor of the Banque de France, François Villeroy de Galhau also shared his thoughts on innovation in a decentralized market, noting:
“We have new players, many of them unregulated. We have new assets like crypto-assets or stablecoins. And we have possibly new market infrastructures (that are) decentralized. This is a challenge for us central banks. If we want to be up to the challenge, we must find the right mix of supervision, regulation, and yes, innovation. This is what the Innovation Hub is about, and you can rely on our full commitment.”
The BIS identifies critical trends in financial innovation that impacts central banking, and develops insights into how these technologies can improve the functioning of the global financial system. BIS Innovation hubs are currently located in Hong Kong SAR, Singapore, Switzerland, London and Stockholm, and going forward has plans to form a strategic partnership with the Federal Reserve System in New York.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
