The Bank of International Settlements (BIS) and the Bank of Canada today opened the Toronto Innovation Centre, the first such center established in the Americas and the seventh launched by the BIS in collaboration with partner central banks around the world .
The center will explore the development of new technologies to make the financial system both in Canada and across Latin America and the Caribbean more efficient and inclusive.
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, and allows us to fully extend this mission to the Americas, together with our many partners in the region. We look forward to working with the Bank of Canada and other central banks to promote a more modern, efficient and inclusive financial system. – Agustín Carstens, Director General of the BIS
The opening ceremony in Toronto was attended by senior officials from central banks, regulators, financial institutions and fintechs.
Encouraging innovation has never been more important; This applies to central bankers as well as to business leaders. As the financial sector continues to evolve, we need to innovate in different areas and apply skills not traditionally associated with central banking. This way, Canadians can share in the benefits of innovation. That’s why this hub 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 infrastructures, 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 include cybersecurity, green finance and central bank digital currencies and are the focus of other hub centers.