(Bloomberg) -- The Bank for International Settlements will establish an innovation hub to boost financial technology collaboration among central banks.
BIS, known as the bank for central bankers, said it would first establish hubs in Basel and Hong Kong, while a third center would start in Singapore after completion of the necessary arrangements, according to a statement Sunday.
The hub will assist central banks in "identifying relevant trends in technology, supporting these developments where this is consistent with their mandate, and keeping abreast of regulatory requirements," said Jens Weidmann, chairman of the BIS board of directors.
BIS's initiative provides "a compelling platform for central banks to collaborate" and maximize the benefits of cross-border digital connectivity and commerce, Monetary Authority of Singapore's Managing Director Ravi Menon said in a statement.
Read more: Big Tech's Data Dominance Is Mounting Worry for Central Bankers
To contact the reporter on this story: Abhishek Vishnoi in Singapore at avishnoi4@bloomberg.net
To contact the editors responsible for this story: Shamim Adam at sadam2@bloomberg.net, Ryan Lovdahl, Stanley James
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