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New York Fed opens innovation centre

New York Fed opens innovation centre

The Federal Reserve Bank of New York has launched an innovation centre in a partnership with the Bank for International Settlements (BIS).

The centre will host work involving the Federal Reserve System, the BIS Innovation Hub, and public and private sector experts to validate, design, build, and launch new fintech products and services for the central bank community.

It will focus on five areas: supervisory and regulatory technology; financial markets infrastructures; future of money; open finance; and climate risk.

The centre is being helmed by Per von Zelowitz, a fintech veteran who joined the New York Fed in July to lead the effort.

BIS and the Federal Reserve signed an MoU in January for the establishment of a hub location in New York.

Established in 2019 to support exploratory work into new frontiers in financial technology, BIS Innovation Hub centres are already in place in Hong Kong, London, Singapore and Switzerland.

New York Fed president John Williams says: "The work of the Center will be powered by new and different ways of thinking and experimenting, while leveraging the expertise and connections of this strategic partnership."

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