The Bank of International Settlements has just released a blueprint for the fintech projects it intends to support in 2021 and 2022, with Singapore and Hong Kong at the forefront.
BIS identified four projects it intends to launch:
- A regulatory reporting platform (Singapore)
- A platform for settling cross-border payments using multiple central-bank digital currencies (Singapore)
- Retail central-bank digital currency (Hong Kong)
- Tokenization of green bonds (Hong Kong)
This roadmap is in some ways a departure for BIS, which has three “innovation hubs”, in Basel, Switzerland; Singapore; and Hong Kong. Its existing projects are divided among the three locations, but its new ones are just in Asia.
In other aspects, the roadmap is a continuation of the BIS’s fintech projects, which have already touched on regtech, digital infrastructure, open finance, and cybersecurity, as well as central-bank digital currencies (CBDCs).
BIS is owned by 63 central banks. Known as the “central banker’s central bank”, as it does provide banking services to its members, the BIS is also a forum for international monetary and financial cooperation and coordination.
The regulatory reporting platform will develop an open-source proof-of-concept and prototype that will enable real-time data analytics using artificial intelligence and machine learning tools that supervisors can deploy to use and validate for risk assessments specific to their requirements.
Read more: https://www.digfingroup.com/bis-cbdc/