The Federal Reserve Bank of New York has publicized that it will be partnering with the Bank for International Settlements Innovation Hub as part of the launch of its New York Innovation Centre. This is an initiative aimed at exploring technology used to develop the global financial system.
During the opening of the New York Innovation Centre, Federal Reserve chair Jerome Powell stated that the partnership would support the agency’s analysis of digital currencies, including the rollout of a central bank digital currency. The centre plans to support analyses aimed at improving cross-border payment systems.
“The pace of technological change and innovation over the last decade has led some to argue that we are on the brink of a fourth industrial revolution a digital revolution,” said Powell. “
Per von Zelowitz, former PwC director of banking transformation will be leading the innovation centre. With locations in Hong Kong, Singapore, Toronto, London, Stockholm and more, BIS Innovation Hubs have supported some research projects aimed at integrating CBDCs into different countries’ payment systems as well as other infrastructure used by central banks.
