Bank of Canada partners with Creative Destruction Lab to deepen knowledge of new technologies

The Bank of Canada announced today that it will partner with the Creative Destruction Lab (CDL) to deepen its knowledge of leading technologies.

This partnership is motivated by the Bank’s 2019–21 Medium-Term Plan, which focuses on better understanding the digital economy and the technological transformation of financial services and on strengthening innovation in its own operations as a central bank.

In particular, the Bank’s partnership agreement with CDL will enable it to stay abreast of developments in the fields of artificial intelligence (AI), machine learning, crypto-asset technologies and quantum computing. The Bank of Canada will be an AI Stream partner and participate in both the CDL-Toronto and CDL-Montreal programs for a three-year period. The partnership will allow Bank staff to better understand these technologies and their applications. In addition, the Bank plans to leverage the CDL program by inviting participating experts to share their knowledge with staff.