Benoît Cœuré, whose tenure on the board of the European Central Bank ends at the end of the year, was appointed as the head of the new BIS Innovation Hub, which has been set up to foster international collaboration among central on innovative financial technology.
The Hub's mandate is to identify and develop insights into critical trends in technology affecting central banking.
It is also tasked with developing public goods in the technology space geared towards improving the functioning of the global financial system and to be a focal point for a network of central banks experts in innovation.
Projects and topics will evolve over time, but topics under consideration include central bank digital currencies, global stablecoins, payments innovations and the impact of big tech on financial intermediation, RegtTch and SupTech, fast-paced electronic markets and the digitalisation of trade finance.
To start with the Hub will work from three locations, Switzerland, Hong Kong and Singapore, with others to follow.
Since 2013, Cœuré has 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.
His new appointment will start on 15 January 2020 for a five-year term. 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."