“It’s out of the question to allow them (US FinTech giants such as Facebook Inc.) to develop in a regulatory void for their financial service activities, because it’s just too dangerous.” (…) “We have to move more quickly than we’ve been able to do up until now.”

Benoît Cœuré last July 2019 in Aix en Provence

The Bord of Directors of the Bank for International Settlements (BIS) on Sunday appointed Benoît Cœuré as Head of the new BIS Innovation Hub, set up to foster international collaboration among central banks on innovative financial technology.

Mr Cœuré will start his new role on 15 January 2020 for a five-year term. Mr Cœuré has since 2013 chaired the Committee on Payments & Markets 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.

The Hub’s mandate is to identify, and develop in-depth insights into, critical trends in technology affecting central banking; develop public goods in the technology space geared towards improving the functioning of the global financial system; and serve 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, on 13 November. Additional locations will follow as part of a second phase of implementation. 

Published by BIS press release 11 November 2019