BOK Governor Shin Hyun-song Named BIS Payments and Market Infrastructures Committee Chair, Breaking U.S.-Europe Barrier

First Asian Central Bank Governor... Unanimously Elected by 28 Members
A Key Post Setting Global Payment "Rules"
To Lead Discussions on the Future Monetary Order, Including Asset Tokenization

Shin Hyun-song, Governor of the Bank of Korea (BOK), has been appointed chair of a key committee under the Bank for International Settlements (BIS) that sets international standards for payment systems worldwide. The post has effectively been held exclusively by major advanced economies such as the United States and European countries, and Shin is the first Asian central bank governor to be appointed chair. With discussions on future monetary and payment systems, including asset tokenization and cross-border remittances, gaining momentum, some say South Korea has taken the lead.

Bank of Korea Governor Shin Hyunsong speaks at a press conference on the Monetary Policy Board’s policy decision at the Bank of Korea in Jung-gu, Seoul, on Oct. 22, 2026. Photo by Kim Hyunmin

The BOK announced on November 10 that Shin had been selected as the next chair of the Committee on Payments and Market Infrastructures (CPMI) following consultations among member countries at the BIS Global Economy Meeting (GEM). His three-year term runs through November 1, 2029.

The CPMI is one of the central bank committees under the BIS Governors' Meeting. Along with the Basel Committee on Banking Supervision (BCBS) and the Committee on the Global Financial System (CGFS), it is considered a key committee that shapes the foundations of the international financial order. Unlike other committees that discuss macroeconomic issues or focus on policy coordination, the CPMI directly establishes international standards and recommendations for payment systems that financial institutions and central banks worldwide must follow, serving as a standard-setting body that provides the basis for national regulations.

In 2008, during the global financial crisis, the need to revise international standards for payment infrastructure came to the fore. In response, the CPMI jointly established with the International Organization of Securities Commissions (IOSCO) the 24 Principles for Financial Market Infrastructures (PFMI) in April 2012. These principles must be followed by financial market infrastructures, including the Korea Exchange. The CPMI has since established a series of standards that underpin financial regulations in various countries, including guidance on FMI cyber resilience to strengthen financial markets' ability to respond to cyberattacks.

Reflecting its considerable influence, the organization has continued to expand since its establishment in 1990, while the CPMI chairmanship has historically been held by advanced economies such as the United States and European countries. Shin is the first central bank governor from outside the United States and Europe to be selected for the position, which even the governor of the Bank of Japan (BOJ), a central bank in a Group of Seven (G7) country, has not held. The CPMI currently has 28 major central banks as members, and the BOK has participated since July 2009.

A BOK official said, "This reflects international recognition not only of Governor Shin's global reputation and standing, but also of the BOK's accumulated expertise in future payment systems, including digitalization and tokenization."

Before taking his current post, Shin served at the BIS as Economic Adviser and Head of Research, as well as Head of the Monetary and Economic Department, leading research on global payments. He is regarded as having led innovative discussions on asset tokenization and unified ledgers, key concepts for next-generation financial infrastructure. Although South Korea's financial market is smaller than those of the United States and Europe, the BOK appears to have been highly rated for leading discussions by conducting live-transaction tests of central bank digital currency (CBDC) ahead of major advanced economies. 

During his term, Shin will gather input from the 28 member central banks and draw up a "three-year work program." Lee Byeong-mok, director general of the BOK's Payment and Settlement Systems Department, said, "The program is expected to address digital innovation, including asset tokenization, which has recently attracted attention; payment improvements such as cross-border remittances; and responses to the spread of AI-based payments." He added, "The BOK's leadership in setting international standards for payments will provide an opportunity to strengthen its leadership in the global financial community."

This content was produced with the assistance of AI translation services.