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Bank of Canada and BIS Collaborate on New Toronto Innovation Centre

The Bank for International Settlements (BIS) and the Bank of Canada have jointly inaugurated the Toronto Innovation Centre, marking the first BIS Innovation Hub Centre in the Americas.

This new centre, the seventh established globally by the BIS, aims to explore advanced technologies to enhance financial system efficiency and inclusivity both in Canada and across Latin America and the Caribbean.

The Toronto Innovation Centre is part of the BIS’s ongoing efforts to foster financial innovation and experimentation. Senior officials from central banks, regulatory agencies, financial institutions and fintechs attended the launch ceremony in Toronto.

Agustín Carstens, general manager of the BIS, said: “The opening of the Toronto Innovation Centre is a very proud moment for the BIS. It represents an important milestone in our efforts to build the financial system of the future through innovation and experimentation, enabling us to fully bring this mission to the Americas together with our many partners in the region.

“We are looking forward to collaborate with the Bank of Canada and other central banks to foster a more modern, efficient and inclusive financial system.”

The Centre

The Toronto Innovation Centre, headed by Miguel Diaz, will initially focus on projects to explore next-generation financial market infrastructures, innovation for regulatory, supervisory and oversight purposes (suptech) and open finance. Other themes include cybersecurity, green finance and central bank digital currencies.

Díaz is currently general director of payment systems and market infrastructures at the Bank of Mexico.

Other BIS Innovation Hub Centres includes the Switzerland Centre (with the Swiss National Bank), the Eurosystem Centre (with all Eurosystem central banks), the London Centre, the Nordic Centre (with the central banks of Denmark, Iceland, Norway and Sweden), the Hong Kong Centre (with the Hong Kong Monetary Authority) as well as the Singapore Centre (with the Monetary Authority of Singapore).

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