BOK chief Shin Hyun-song tapped to lead BIS committee on payment systems
Bank of Korea (BOK) Gov. Shin Hyun-song has been tapped to lead a major committee on payment and related financial market infrastructure at the Bank for International Settlements (BIS), his office said Tuesday. Shin was named chairman of the Committee on Payments and Market Infrastructures (CPMI) following consultations among members at the BIS Global Economy Meeting (GEM), according to the BOK.…
South Korean central bank Governor Shin Hyun-song has been appointed to lead a key committee focused on international payment systems, the Bank of Korea announced Tuesday. The Bank for International Settlements (BIS) named Shin chairman of the Committee on Payments and Market Infrastructures (CPMI) following discussions at the BIS Global Economy Meeting (GEM).
Shin's three-year term began on November 1st. The CPMI is an international organization that sets standards to improve the stability and efficiency of payment systems and financial infrastructure. It also acts as a vital advisory body for central banks within the BIS GEM. Notably, Shin is the first individual from outside the United States or Europe to lead the CPMI since its founding in 1990 as the Committee on Payment and Settlement Systems.
Shin's appointment is anticipated to bolster the Bank of Korea's influence on the global financial stage by enabling the country to play a pivotal role in developing international standards for payment and settlement systems.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
