The Bank for International Settlements (BIS) has appointed Benoît Cœuré as head of the new BIS Innovation Hub, set up to foster international collaboration among central banks on innovative financial technology, most significantly global stablecoins.
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 and he will start his new role on 15 January 2020 for a five-year term.
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 G7 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,” says 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 share resources and lay the foundations for the future.”
Cœuré adds, “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 Innovation Hub’s mandate is to identify, and develop in-depth insights into critical trends in technology affecting central banking. It is also charged with developiong public goods in the technology space geared towards improving the functioning of the global financial system and serving as a focal point for a network of central bank experts on innovation.
In the initial phase, the Hub will operate in three locations. Centres 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 this week. The BIS says additional locations will follow as part of a second phase of implementation.