Innovation Centres to Arrive in Singapore, Hong Kong by Bank of International Settlement
The three hubs are being created to allow BIS to keep on top of new trends, support development, understanding the regulatory environment, and safeguard stability.
The Bank of International Settlement has announced it will be headquartering two of it Innovation Hubs in Asia. The two cities chosen for the centres are Singapore and Hong Kong, along with Switzerland.
The three hubs are being created to allow the Bank of International Settlement (BIS) to keep on top of new trends, support development where possible, understanding the rapidly changing regulatory environment, and safeguard stability according to the Chairman Jens Weidmann on Sunday,
BIS is an organisation jointly owned by 60 of the world's central banks. It is rare for them to open new offices, before this announcement their newest opening was in 2012 in Mexico.
Singapore is at the forefront of fintech innovation and regulation. The national regulators, the Monetary Authority of Singapore (MAS) is currently considering issuing a first trache of digital banking licenses to organisations without banking experiece. Garb and Razer are said to be interested in the oppotunity.
Regulators in Hong Kong are also aiming to shake up their traditional banking sectors. Eight digital banking licenses have recently been issued, including for Chinese tech giant Tencent, whose Infinium arm was a recent recipient of one of said licenses.