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International: BIS Innovation Hub sets out annual work program

The Bank for International Settlements ('BIS') announced, on 22 January 2021, that the BIS Innovation Hub has set out its annual work program for 2021/2022. In particular, the BIS innovation Hub noted that in 2021/2022 it will be focusing on, among others, regtech and suptech, next-generation financial market infrastructures, central bank digital currencies, and cybersecurity. More specifically, with regards to regtech and suptech, the BIS Innovation Hub noted solutions for resolving operational problems in regulatory compliance, as well as the use of artificial intelligence in performing risk assessments, while in relation to central bank digital currencies, the BIS Innovation Hub outlined projects, such as linking a digital ledger technology ('DLT') to existing payment systems and using DLT in facilitating cross-border fund transfers.

You can read the announcement here and the work program here.