The Federal Reserve Bank of New York has officially unveiled an innovation center in collaboration with the Bank for International Settlements (BIS). This initiative aims to facilitate the development and launch of cutting-edge fintech products and services tailored for the central banking sector.
The center will engage experts from both public and private sectors, focusing on five critical areas: supervisory and regulatory technology, financial market infrastructures, the future of money, open finance, and climate risk.
Leading this initiative is Per von Zelowitz, a seasoned fintech professional who joined the New York Fed in July to spearhead the project. A memorandum of understanding was signed between the BIS and the Federal Reserve in January to formalize the establishment of this New York hub.
Since its inception in 2019, the BIS Innovation Hub has been instrumental in exploring new avenues in financial technology, with centers already operational in Hong Kong, London, Singapore, and Switzerland.
John Williams, president of the New York Fed, remarks, “The Center’s work will be driven by innovative thinking and experimentation, drawing on the deep expertise and connections forged through this strategic partnership.”