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
You might also be interested in
A research project is investigating the improvement in the condition of patients who have been hospitalized due to COVID-19. docdok.health based in Basel is contributing the smartphone app for the project.Read More
The Allschwil-based pharmaceutical company Idorsia receives a payment of 45 million US dollars as part of an agreement with Neurocrine Biosciences and shall also be entitled to claim milestone payments in future. Neurocrine has exercised a licensing option for a drug developed by Idorsia to treat epilepsy..Read More
Roche has received Emergency Use Authorization in the USA for an antibody test in connection with the novel coronavirus. The tests are already being distributed around the world. In May, production capacities are to already be scaled up to the high double-digit million area.Read More
Basel is valued as a location for company headquarters. In a rating from the fDi Intelligence platform of the Financial Times, Basel achieves eighth place in Europe. No other Swiss city does better.Read More
The investment and innovation promotion agency Basel Area Business & Innovation, previously known as BaselArea.swiss, can look back on a successful year in 2019. In this regard, positive developments in the healthtech sector and in Switzerland Innovation Park Basel Area stand out.Read More
The University Hospital Basel is the first Swiss hospital to have treated two Covid-19 patients with the plasma from a patient who has recovered from the virus, which means that they are receiving the appropriate antibodies. This method is a potential therapeutic option.Read More
The Basel-based Botnar Research Center for Child Health is providing capital in the amount of 15 million Swiss francs to its four partner institutions. In this way, the University of Basel should be in a position to advance research into dealing with the coronavirus outbreak.Read More