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The Bank of Canada is partnering with the Bank for International Settlements (BIS) to launch a BIS Innovation Hub in Toronto.

The new facility, scheduled to open within two years, will be one of four locations in North America and Europe dedicated to understanding the digital economy and the technological transformation of financial services, according to a release.

“This partnership will allow the Bank to continue its work on behalf of Canadians to explore how technology will shape the future of our economy and financial system,” Tiff Macklem, governor of the Bank of Canada, said in a statement.