Bank of Korea Gov. Shin Hyun-song has been appointed the chair of a key international payment standards committee under the Bank for International Settlements, becoming the first person from outside the US and Europe to lead the body, the central bank said Tuesday.
Shin will head the Committee on Payment and Market Infrastructures, which develops international standards to ensure the safety and efficiency of payment systems and financial market infrastructure.
"What makes the CPMI particularly significant is that it sets standards that underpin financial regulations in major economies," a BOK official said at a press briefing.
Previous chairs include Bank of Italy Gov. Fabio Panetta and former Bank of England Deputy Governors Jon Cunliffe and Paul Tucker.
The appointment reflects Shin's international standing and the BOK's growing expertise in payment innovation, including digitalization and tokenization, the central bank said.
The BOK said it expects his leadership to raise the international profile of its initiatives to modernize payment systems.
Shin's three-year term began Nov. 1.
silverstar@heraldcorp.com
