Bank of Korea Gov. Shin Hyun Song on June 1 delivers the opening speech at this year's Bank of Korea International Conference at the bank's annex in Seoul's Jung-gu District. (Yonhap News)

By Jeong Euiseok

Bank of Korea (BOK) Gov. Shin Hyun Song has been named chair of the Committee on Payment and Market Infrastructures (CPMI) at the Bank for International Settlements (BIS).

The BOK on Nov. 10 said its leader was elected to the position that day after consultations among BIS member countries at the BIS Global Economy Meeting at BIS headquarters in Basel, Switzerland. His three-year term began on Nov. 1.

The CPMI is a global setter of standards for raising the stability and efficiency of payment and settlement systems and financial market infrastructure. It is also a key consultative body for central banks under the BIS Governors' meetings.

In collaboration with the International Organization of Securities Commissions, the committee developed principles for financial market infrastructure, the highest global standards of their kind, jointly with domestic institutions like the Korea Exchange and the Korea Financial Telecommunications and Clearings Institute.

Shin is the first central bank governor from outside the U.S. and Europe to head the CPMI.

The BOK said the appointment will raise its leadership in global finance by taking a leading role in setting international standards for payment and settlement systems.

Gov. Shin's post will also draw greater global attention to the BOK's initiatives to modernize and innovate payment and settlement systems.

innocence@korea.kr