BOK Governor Hyun Song Shin appointed chair of BIS payments and market infrastructure committee, first from outside the West

[Financial News]  Bank of Korea Governor Hyun Song Shin has been appointed chair of the Bank for International Settlements (BIS) Committee on Payments and Market Infrastructures (CPMI). This is the first time a central bank governor from outside the U.S. and Europe has taken the chair.
On the 10th, the Bank of Korea said that, following consultations among member countries at the BIS Global Economy Meeting (GEM) in Basel, Switzerland, Governor Shin had been appointed chair of the CPMI. The three-year term runs through October 2029. The BOK said, “This is the result of the international community recognizing Governor Shin’s international reputation and standing, as well as the expertise the Bank of Korea has built up in future payment and settlement fields such as digitalization and tokenization.”
Governor Shin has longstanding ties to the BIS. From 2014, Shin served as economic adviser and head of the Research Department, before going on to serve as head of the Monetary and Economic Department. Shin also made headlines as the first Asian to head the BIS Research Department.
Since the CPMI was established in 1990, senior officials from central banks in advanced economies in the U.S., the U.K. and Europe have served as its chair. The BOK expects Governor Shin’s appointment as CPMI chair to help it take the lead in setting international standards for payments and settlements and further consolidate its leadership in the global financial community.
International interest is expected to grow in the BOK’s various payment system innovation projects, including a central bank digital currency (CBDC) and blockchain-based “Project Han-gang” (a pilot project for digital deposit tokens).
The CPMI is an international standards-setting body that works to enhance the stability and efficiency of payment systems and financial market infrastructures, as well as a key forum for consultation among central banks under the BIS Governors’ Meeting. A total of 28 major central banks, including the U.S. Federal Reserve System (Fed), the European Central Bank (ECB) and the Bank of England, are currently members; the BOK joined in 2009.
[email protected] Jung Sang-gyun Reporter