News

The Riksbank should be able to finance an international innovation centre

23 September 2020 klockan 16.10

The Riksdag voted in favour of the Riksbank's proposal for legislative amendments enabling the Riksbank, after approval from the Riksdag, to finance the activities of an international organisation.

The background is that the Bank for International Settlements (BIS) wishes to establish an innovation centre - a hub - in Sweden in cooperation with the Riksbank and the central banks in Denmark, Iceland and Norway.

The Riksdag gave its approval for the Riksbank, over a period of five years, to jointly finance the hub with at most SEK 30 million per year.

The BIS has taken a decision to launch seven innovation hubs around the world with the purpose of promoting international cooperation in financial technical (fintech) innovation, which is relevant and of interest to the central banks.

The Riksdag is positive to the establishment of an innovation hub in Sweden. In order to enable the establishment of the hub in Sweden, the Riksdag calls on the Government by way of two announcements:

  • The Government should enter into a host country agreement with the BIS.
  • The Government should draft a proposal for legislative amendments regarding immunity and privileges.