BIS to set up three fintech innovation hubs

Image of globe, with highlighted regions and forms of technology

The Bank for International Settlements will set up a network of innovation hubs to help central banks collaborate on financial technology, with two out of the first three in Asia.

The BIS will set up hubs in Singapore and Hong Kong, while the third will be located in Basel, it announced on June 30.

“The IT revolution knows no borders and therefore has repercussions in multiple locations simultaneously,” said Jens Weidmann, chairman of the BIS board of directors.

Weidmann said the central

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