Thu. May 30th, 2024

The Bank for International Settlements (BIS) has announced a suite of six pioneering projects for 2024, focusing on emerging financial technologies like quantum security, artificial intelligence, and green finance. The projects include:

  • Project Leap: Quantum-proofing payment systems to protect against threats from quantum computing advancements.
  • Project Symbiosis: Using AI and big data to revolutionize emissions tracking in supply chains, particularly Scope 3 emissions.
  • Project Aurum: Examining privacy aspects of retail central bank digital currencies (CBDCs).
  • Project NGFS Data Directory 2.0: Enhancing accessibility and usability of climate-related financial data to support the Network for Greening the Financial System (NGFS).
  • Project Promissa: Testing the tokenization of promissory notes using distributed ledger technology.
  • Project Hertha: Applying network analytics to identify patterns of financial crime in real-time payment systems.

Cecilia Skingsley, Head of the BIS Innovation Hub, emphasizes the importance of these projects and their alignment with G20 principles. The projects build on previous initiatives completed in 2023 and reflect BIS’s commitment to safety and efficiency in financial services. They also support BIS’s broader efforts in advocating for transparency reforms and monitoring complex securities.

As the financial world grapples with digital transformation and environmental challenges, the BIS’s 2024 agenda demonstrates its leadership in shaping policies and infrastructure for a sustainable and secure financial future.

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