The BIS stands for the Bank for International Settlements, which is an international financial institution owned by member central banks. Its primary goal is to foster international monetary and financial cooperation while serving as a bank for central banks. The BIS was established in 1930 and is owned by 63 central banks, representing countries from around the world that together account for about 95% of world GDP. The BIS carries out its work through its meetings, programs, and through the Basel Process, hosting international groups pursuing global financial stability and facilitating their interaction. The BIS Innovation Hub develops public goods in the technology space to support central banks and improve the functioning of the financial system. The BIS also provides independent economic analysis and encourages cooperation among central banks. It is governed by a board elected by the 63 central banks with ownership stakes, with permanent seats reserved for the U.S., U.K., Germany, France, Italy, and Belgium. The BIS is based in Basel, Switzerland, with representative offices in Hong Kong and Mexico City, as well as Innovation Hub Centres around the world.