The new heads will lead the Bank for International Settlement's efforts to support central bank collaboration on new financial technology at its centers in Switzerland and Singapore.
The Bank for International Settlements (BIS) has appointed new heads of its innovation hub centers in Switzerland and Singapore, the organization said in a press release published on Wednesday.
Andrew McCormack, formerly chief information officer at Payments Canada, will take the lead at its Singapore center. Launched in November 2019, it focuses on establishing a framework for public digital infrastructures on identity, consent and data sharing, and creating a digital platform to connect regulators and supervisors with digital and technology solution providers
Morten Bech, former head of the secretariat of the Committee on Payments and Market Infrastructures (CPMI), will be in charge of the Swiss center, which looks at the integration of digital central bank money into a distributed ledger technology infrastructure, as well as the rise in requirements placed on central banks to be able to track and monitor fast-paced electronic markets.
New Innovation Hub Chief
Benoît Cœuré began his five-year term as head of the BIS Innovation Hub on 15 January. He is a member of the European Central Bank's Executive Board, and also chairs CPMI since 2013 and led the G7 working group on global stablecoins, and co-chairs a related Financial Stability Board working group.
«Technology-driven innovation is driving change in many fields and can bring great benefits for anyone who makes and receives payments. The hub reflects central banks' commitment to share resources and lay the foundations for a bright future,» Agustín Carstens, BIS general manager, said in a statement announcing the appointment in November.
