BIS appoints Innovation Hub heads to lead Singapore and Switzerland

The Bank for International Settlements (BIS) announced the appointment of Andrew McCormack and Morten Bech for the BIS Innovation Hub, an initiative to promote cooperation between central banks to study new fintech breakthroughs.

Announced last November, the hub aims to identify and develop in-depth insights into critical fintech trends of relevance to central banks, develop public goods in technology space to enhance the global financial system, and serve as a focal point for a network of central bank experts on innovation.

McCormack, Chief Information Officer at Payments Canada, will lead the BIS Innovation Hub Centre in Singapore. He has a strong background in policy and strategy as well as on new technologies including extensive research on blockchain and payments.

Bech, Head of Secretariat for the Committee on Payments and Market Infrastructure (CPMI), will be head the Hub Centre in Switzerland. He has worked for the Federal Reserve Bank of New York and the Danish central bank before joining the BIS.

"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.

Both McCormack and Bech will start their new roles in April. They will serve a three-year term.

The BIS said that it has been working to identify potential focus areas for the hub that reflect the innovation priorities of the central bank community. The topics under consideration include “central bank digital currencies, global stablecoins, payment innovations, the impact of big tech on financial intermediation, regtech and suptech, fast-paced electronic markets, and digitalization of trade finance.”

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