what is bis

The term "BIS" can refer to different entities, but based on the search results, it most commonly refers to the Bank for International Settlements (BIS). The Bank for International Settlements is an international financial institution owned by member central banks, with the primary goal of fostering international monetary and financial cooperation while serving as a bank for central banks. It 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 Innovation Hub, a part of the Bank for International Settlements, develops public goods in the technology space to support central banks and improve the functioning of the financial system. Additionally, "BIS" can also refer to the Bureau of Industry and Security (BIS) within the U.S. Department of Commerce, which advances U.S. national security, foreign policy, and economic objectives by ensuring an effective export control and treaty compliance system.