The Federal Reserve Bank of New York launched a New York Innovation Center "to validate, design, build, and launch new financial technology products and services for the central bank community."
The New York Fed stated that the NYIC will advance a strategic partnership with the Bank for International Settlements (BIS) Innovation Hub to, among other things, "identify and develop insights on critical trends in financial technology relevant to central banks," and leverage "best practices, research, and subject matter expertise to support innovation in central banking." NYIC will focus on five "opportunity areas": (i) supervisory and regulatory technology, (ii) financial market infrastructures, (iii) the future of money, (iv) open finance and (v) climate risk.
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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
