Bank of Canada teams up with CDL on new tech for financial services

The Bank of Canada will team up with the Creative Destruction Lab (CDL) to learn more about emerging technologies and their applications in financial services. In line with its 2019–2021 Medium-Term Plan, the Bank forged the partnership to keep abreast of developments in artificial intelligence, machine learning, crypto currencies and quantum computing. The partnership with CDL, Univ of Toronto’s start-up program, will also help the Canadian central bank learn how the new technologies can strengthen innovation in their own operations, and help in their research and analysis. The Bank plans to deepen its learning by inviting experts to share their knowledge with Bank staff. Over a three-year period, the Bank, as an AI stream partner, will work with CDL-Toronto and CDL-Montreal.