The Bank for International Settlements (BIS) today announced two key appointments to the BIS Innovation Hub, a new initiative designed to support central bank collaboration on new financial technology.
Andrew McCormack, Chief Information Officer at Payments Canada, will head the BIS Innovation Hub Centre in Singapore. Morten Bech, Head of Secretariat for the Committee on Payments and Market Infrastructures (CPMI), will head the Hub Centre in Switzerland.
"I am pleased to welcome Andrew and Morten to the Innovation Hub team. Their knowledge and experience will greatly enhance our efforts to make the global financial system safer, more efficient and inclusive," said Benoît Cœuré, Head of the Innovation Hub.
Given his previous role, Mr McCormack has strong experience in policy and strategy work as well as on new technologies, including extensive research on blockchain and payments. He has a background in software design and development.
Mr Bech heads the secretariat of the CPMI, the global standard setter for payment, clearing and settlement services. He worked for the Federal Reserve Bank of New York and the Danish central bank before joining the BIS, where he has also served as Secretary to the Markets Committee.
Both will start their new roles in April for three-year terms.
The Innovation Hub aims 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.
As part of the initial phase of implementation, Hub Centres have been established in Hong Kong SAR, Singapore and Switzerland. Good progress has been made on appointing the head of the Hong Kong Hub Centre, who will be announced in due course.