The Board of Directors of the Bank for International Settlements (BIS) appointed Benoît Cœuré as Head of the new BIS Innovation Hub on Sunday, set up to foster international collaboration among central banks on innovative financial technology. Mr. Cœuré will start his new role on 15 January 2020 for a five-year term. Mr. Cœuré has since 2013 chaired the Committee on Payments and Market Infrastructures, the global standard-setter for payment, clearing and settlement services. He also led the Group of Seven working group on global stablecoins and co-chairs a related Financial Stability Board working group.
“I am delighted to have Benoît on board to advance the important mission of the Hub, which is to harness innovation to improve the functioning of the international financial system,” said BIS General Manager Agustín Carstens.
“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 sharing resources and laying the foundations for the future.”
Mr. Cœuré said: “I am very happy to be joining the BIS. I look forward to bringing my expertise to the global central banking community at this time of rapid technological change. We must make the best use of innovation to support financial stability and promote financial inclusion.”
The Hub’s mandate is to identify, and develop in-depth insights into, critical trends in technology affecting central banking; develop public goods in the technology space geared towards improving the functioning of the global financial system, and serve as a focal point for a network of central bank experts on innovation.
In the initial phase, the Hub will operate in three locations. Centers have already been established in Switzerland and Hong Kong SAR, in collaboration with the Swiss National Bank and the Hong Kong Monetary Authority, and a third will be launched in Singapore, with the Monetary Authority of Singapore, on 13 November. Additional locations will follow as part of the second phase of implementation.
Mr. Cœuré has been a member of the ECB Executive Board since January 2012, and is currently in charge of international and European relations, market operations, market infrastructure and payments, and the oversight of payment systems; his eight-year term expires on 31 December.
