In a keynote speech at a recent conference, Cecilia Skingsley, Head of the Bank for International Settlements (BIS) Innovation Hub, highlighted the transformative impact of emerging technologies on the financial sector. While advocating for progress and modernization, Skingsley stressed the importance of maintaining public trust in the financial system as financial assets become increasingly abstract.
The BIS Innovation Hub was established in 2019 as a collaborative platform for central banks. Since its inception, the Hub has worked on 29 projects. Skingsley highlighted three key themes of the Hub's work: improving retail payments, safeguarding the system against financial crime and cybersecurity threats, and providing better services to society. "We have a number of projects that are looking into using technology to improve detection of financial crime, to strengthen cyber security and to create new and improved tools for supervisors and regulators," she said.
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