BOK Governor Shin Hyun-song Named First Non-US, Non-European Chair of BIS Payments Committee

Shin Hyun-song, governor of the Bank of Korea, has been appointed chair of the Committee on Payments and Market Infrastructures under the Bank for International Settlements. It marks the first time a central bank governor from outside the US and Europe has taken the CPMI post.

The Bank of Korea said on Nov. 10 that Shin was selected as CPMI chair following consultations among member countries at the BIS Global Economy Meeting. His three-year term began on Nov. 1.

The CPMI is a key BIS forum that sets international standards to improve the safety and efficiency of payment systems and financial market infrastructure. Its 28 members include the Federal Reserve, the European Central Bank and the Bank of England. The Bank of Korea has been a member since 2009.

The CPMI and the International Organization of Securities Commissions jointly established the Principles for Financial Market Infrastructures, or PFMI, the highest-level international standards followed by financial market infrastructure operators such as Korea Exchange, Korea Securities Depository and the Korea Financial Telecommunications and Clearings Institute.

More recently, the committee has expanded research on changes in the payments landscape driven by digitalization and tokenization. It has analyzed the limits of stablecoins as a means of payment and outlined the role of central bank money and the direction of payment system design in a tokenized environment.

In 2023, when Shin was serving as BIS economic adviser and head of research, the BIS annual economic report introduced the concept of a unified ledger, in which tokenized money and assets are issued and circulated on a single programmable platform.

The Bank of Korea said the appointment will expand its role in shaping international standards in the payments field and draw greater global attention to the payment system innovation projects it is pursuing.