Skip to main content
| News

Basel positions itself as international fintech hub

10.10.2019

The Swiss National Bank is working on a fintech project with the SIX stock exchange to explore technological options to make digital central bank money available. The study is being conducted at the new Swiss BIS Innovation Hub Center in Basel.

Headquarter of the Bank for International Settlements in Basel (img: BIS)

The Swiss National Bank (SNB) is working with SIX on a proof of concept study, announced a statement. The aim is to research how digital central bank money could be used in the settlement of tokenized assets between market participants. As the SNB explains, tokens are “digital assets that can be transferred from one party to another”.

The foundation for the new study is the SIX Digital Exchange (SDX), based on the so-called Distributed Ledger Technology (DLT). Crypto currencies such as bitcoin are based on DLT. The study is being conducted at the new Swiss BIS Innovation Hub Center in Basel, which was founded by the SNB and the Basel-headquartered Bank for International Settlements (BIS).

Following the announcement of the new center in the summer, the agreement was signed on Tuesday. According to the SNB, the Innovation Hub will serve as a center for a network of innovation experts, elevating Basel to the status of an internationally important fintech center. There are also Innovation Hubs in Hong Kong and Singapore.

Alongside the proof of concept study, a second fintech project is being conducted at the Basel BIS Innovation Hub Center. It will address the requirements placed on central banks “to monitor fast-paced electronic markets”.

“The SNB has for some time been closely following the digitalisation of the financial sector and technological innovations in the areas covered by its mandate. Through the cooperation at the BIS Innovation Hub Centre in Switzerland, the SNB will be able to further expand its expertise in the area of financial markets and their infrastructures. We look forward to bolstering our collaboration with the BIS and other central banks in this space,” commented SNB President Thomas Jordan.

Share this article

Sign up to receive our newsletter in your inbox.

You might also be interested in

Space Pharmaceuticals establishes presence in Basel
Basel Area Business & Innovation, Innovation, Invest, Life Sciences / biotech

Space Pharmaceuticals establishes presence in Basel

Space Pharmaceuticals AG is strengthening the life sciences cluster in the Basel Area. At its research lab, the cheminformatics company...

Read More
NextImmune to benefit from Venture Kick financing
Basel Area Business & Innovation, Innovation, Life Sciences / biotech

NextImmune to benefit from Venture Kick financing

The startup accelerator Venture Kick is supporting NextImmune with financing in the amount of 150,000 Swiss francs. The spin-off from...

Read More
OECD impressed by the canton of Jura’s innovation system
Basel Area Business & Innovation, Innovation, Medtech, Switzerland Innovation Park

OECD impressed by the canton of Jura’s innovation system

The OECD has examined the innovation systems in place in rural areas of its member states, including the canton of...

Read More
ti&m opens branch in Basel
Basel Area Business & Innovation, ICT, Innovation, Invest

ti&m opens branch in Basel

ti&m now has an office in Basel. With this action, the company specializing in digitization, security and innovation projects is...

Read More
What can artificial intelligence do for health?
Basel Area Business & Innovation, Digital Health, Innovation, Life Sciences / biotech, Medtech

What can artificial intelligence do for health?

Algorithms help diagnose and treat diseases, discover new drugs and personalize prevention. Thus, the potential of artificial intelligence has been...

Read More
Economic promotion agency creates 55 new jobs in Jura
Basel Area Business & Innovation, Innovation, Invest, Switzerland Innovation Park

Economic promotion agency creates 55 new jobs in Jura

The economic promotion agency of the canton of Jura supported a total of 26 companies in founding, establishing a presence...

Read More
Investors top up capital of BioVersys
Basel Area Business & Innovation, Innovation, Invest, Life Sciences / biotech

Investors top up capital of BioVersys

BioVersys has raised 24.2 million Swiss francs in a series C funding round. The Basel-based pharmaceutical company plans to use...

Read More
Swiss made software label awarded to 1000th company
Basel Area Business & Innovation, ICT, Innovation

Swiss made software label awarded to 1000th company

Swiss made software GmbH has now awarded its seal of quality to its 1,000th member firm. The “swiss made software”...

Read More
EvokAI to acquire Advancience
Basel Area Business & Innovation, Digital Health, Innovation, Invest, Medtech

EvokAI to acquire Advancience

EvokAI Creative Labs Inc. has agreed a deal to acquire Advancience. The diagnosis profiles enhanced by Artificial Intelligence (AI) developed...

Read More
BeiGene opens European headquarters in Basel
Basel Area Business & Innovation, Innovation, Invest, Life Sciences / biotech

BeiGene opens European headquarters in Basel

BeiGene has opened its new European headquarters in Basel. The global biotech specializing in innovative cancer treatments intends to build...

Read More
1 2 3 34

Do you have a question? We'd like to hear from you.