BOK chief Shin Hyun-song tapped to lead BIS committee on payment systems

SEOUL, Nov. 10 (Yonhap) -- 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.

His three-year term began on Nov. 1.

The CPMI is an international standards-setting body dedicated to enhancing the stability and efficiency of payment systems and financial market infrastructure. It also serves as a key consultative body among central banks under the BIS GEM.

Shin is the first non-American and non-European to chair the CPMI since the committee was established in 1990 as the Committee on Payment and Settlement Systems.

With Shin's appointment, the BOK is expected to strengthen its leadership in the global financial community by taking a leading role in establishing international standards for payment and settlement systems.

brk@yna.co.kr
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