Background & Purpose

The Bank for International Settlements helps central banks keep up with rapid technological developments. Because Riksbanken needs parliamentary approval to co-finance related activities, they requested permission to support the Nordic hub.

The Decision

The Swedish parliament approved Riksbanken's proposal to co-finance the BIS Innovation Hub Nordic Centre with up to 30 million Swedish kronor per year.

Does this affect you?

  • Central banks: Receive continued support and technical solutions for monitoring financial technology and security developments.
  • Financial sector regulators: Benefit from improved technical solutions aimed at detecting money laundering and evaluating cybersecurity.

In Practice

  • Riksbanken is officially permitted to co-finance the BIS Innovation Hub Nordic Centre.
  • The funding can reach a maximum of 30 million Swedish kronor per year.
  • The financial support is approved for a period of five years.