Payments Canada’s chief information officer, Andrew McCormack, has been tapped to lead a new fintech unit for the world’s central banks.
The Bank for International Settlements (BIS) named McCormack the head of its new innovation hub in Singapore. The BIS is also setting up similar units in Hong Kong and Switzerland to enable collaboration among central banks on fintech innovation.
At Payments Canada, McCormack was responsible for the country’s core payments systems and its technology strategy. He also helped lead a research initiative — known as Project Jasper — alongside the financial industry and the Bank of Canada that examined potential uses for blockchain technology.
The BIS’ Switzerland innovation hub will be headed by Morten Bech, who was previously head of the secretariat for the Committee on Payments and Market Infrastructures.
McCormack and Bech have both signed on for three-year terms starting in April.
“I am pleased to welcome Andrew and Morten to the innovation hub team. Their knowledge and experience will greatly enhance our efforts to make the global financial system safer, more efficient and inclusive,” said Benoît Cœuré, head of the BIS’ innovation hub project.
The head for the Hong Kong division will be named “in due course,” the BIS said.