Skip to main content

Basel positions itself as international fintech hub

| News

Basel positions itself as international fintech hub


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

biGENIUS receives 2 million euros for new cloud product

Software company biGENIUS, based in the Basel Area, has secured financing of 2 million euros. This funding was granted following...
Read More

Opterion Health secures investment of 6.5 million Swiss francs

Opterion Health has raised a total of 6.5 million Swiss francs as part of a financing round. The company, which...
Read More

TOLREMO receives 39 million US dollars in investments

TOLREMO Therapeutics has concluded a series A funding round with 39 million US dollars. The biotech company based in Basel...
Read More

Mazars opens tenth Swiss office in Basel

Mazars is now also present in Basel with a subsidiary as of September 1. This is the tenth Swiss location...
Read More

Medtech in Switzerland – bringing together traditional skills and hightech industry

How the intersection of traditional and novel skillsets in the Jura area is propelling Switzerland into a new era of...
Read More

Fondation Botnar supporting further research into pediatric health

The Basel-based Botnar Research Centre for Child Health has received a further donation of 50 million Swiss francs from the...
Read More

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