As part of their New York Innovation Center initiative, the Federal Reserve Bank of New York announced that it would partner with Bank for International Settlements Innovation Hub. This partnership is aimed to explore technology for the development of global financial systems.

Jerome Powell, Federal Reserve Chair, delivered a Monday address to mark the official opening of New York Innovation Center. the partnership would support the agency’s analysis of digital currencies, including the rollout of a central bank digital currency, or CBDC. It will also support analysis that aims to improve cross-border payment system.