Bank of Korea Governor Shin Hyun-song becomes first Asian chair of BIS committee

Shin Hyun-song, Governor of the Bank of Korea (BOK), has been appointed as the chair of an important international payment standards committee under the Bank for International Settlements (BIS). According to reports by Yonhap and The Korea Herald, Shin Hyun-song has become the first Asian and the first non-American as well as non-European person to become the chair of the Committee on Payments and Market Infrastructures (CPMI).

According to information provided by the BOK on Tuesday, Shin's appointment was made following consultations among members during the BIS Global Economy Meeting (GEM). The CPMI is an international standard-setting body that develops standards to ensure the security, stability, and efficiency of payment systems and financial market infrastructures. Additionally, it serves as a key consultative body among central banks under the BIS GEM.

During a press briefing, a BOK official stated, "The specialty of the CPMI is that it sets standards that form the basis of financial regulations in major economies." This committee was established in 1990 as the 'Committee on Payment and Settlement Systems'. Previously, the committee was led by individuals such as Fabio Panetta, Governor of the Bank of Italy, and former Deputy Governors of the Bank of England, Jon Cunliffe and Paul Tucker.

According to the central bank, this appointment reflects Shin Hyun-song's international influence and the BOK's growing expertise in payment innovation, including digitalisation and tokenisation. The BOK expects that under his leadership, the international recognition of its initiatives for the modernisation of payment systems will increase. With this appointment, the BOK will strengthen its leadership in the global financial community by playing a leading role in establishing international standards for payment and settlement systems.