Bank of Korea Governor Shin Hyun-song to Lead BIS Committee — Korea Herald

Bank of Korea Governor Shin Hyun-song has been appointed chair of the Committee on Payments and Market Infrastructures at the Bank for International Settlements (BIS). He became the first person from outside the United States or Europe to lead the body, Korea Herald reports.

Three-year term

Shin Hyun-song’s term began on November 1 and will last three years. The Committee on Payments and Market Infrastructures develops international standards designed to ensure the safety and efficiency of payment systems and financial market infrastructures.

A Bank of Korea representative said at a briefing that CPMI standards are of particular importance because they form the basis of financial regulation in major economies.

More current news is available on the UA.News Telegram channel Telegram.

Previous committee chairs

The committee was previously chaired by Bank of Italy Governor Fabio Panetta, as well as former Bank of England Deputy Governors John Cunliffe and Paul Tucker. The Bank of Korea believes that the appointment reflects Shin Hyun-song’s international standing and the institution’s experience in payment innovations, including digitalization and tokenization.

The central bank also expects that its leadership of the committee will increase international attention to the Bank of Korea’s initiatives to modernize payment systems.