Bank of Canada Is Reportedly Planning to Hire Economist that Will Conduct Research related to Fintech and Central Bank Digital Currencies

The Bank of Canada, the nation’s central bank, recently posted a new job requirement for an economist who may have experienced working with digital currencies and financial technologies or Fintech services.

The reserve bank has noted that it aims to serve as “a leading central bank—dynamic, engaged and trusted—committed to a better Canada.”

The job description states that there’s currently a new wave of innovation in the Fintech space that’s beginning to transform the “landscape of currency, payments systems and financial intermediation.” The Bank of Canada is focused on an extensive research program that aims to analyze the different risks and potential opportunities of these new Fintech developments, the job description noted.

It added:

“A key part of [the Bank of Canada’s] program is the monitoring framework for money and payments and the contingency planning for a central bank digital currency (CBDC). This is a program of major social significance and will require us to break new ground.”

The economist (who will be selected for the job by the BoC) will be responsible for taking part in extensive research projects. The economist will also be tasked with “analyzing complex economic and policy issues, providing insight, generating innovative solutions, and developing tools for the monitoring of the developments in money and payments.”

(Note: for more details on this job role, check here.)

The bank stated:

“We are willing to consider staffing this position on a temporary basis through the Financial Institutions Supervisory Committee (FISC) Interchange Program.”

The FISC Interchange Program aims to support talent management and employee development from several different local agencies, including the Department of Finance, Financial Consumer Agency of Canada, Canada Deposit Insurance Corporation, Office of the Superintendent of Financial Institutions and the Bank of Canada.

Canada has taken several measures to promote the adoption of innoative Fintech solutions or modern financial services. In August 2020, the Smith School of Business at Queen’s University introduced Canada‘s very first Fintech Masters course.

According to the Smith School of Business, the course has been designed mainly for financial or tech professionals who are already working in the industry. The first Master of Financial Innovation and Technology (MFIT) program will reportedly begin in November of this year.

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