ECB's Benoit Cœure to head a group focusing on fintech and digital currencies

Outgoing European Central Bank (ECB) board member Benoit Cœure is set to head the newly created Innovation Hub of the Bank for International Settlements (BIS).

The BIS, considered the central bank for central banks, announced the news on Monday, saying that Cœure will join the hub on Jan. 15 to lead efforts on identifying and developing insights into “critical trends in technology affecting central banking," among other work areas.

“Technology-driven innovation is driving change in many fields and can bring great benefits for anyone who makes and receives payments,” said Agustin Carstens, general manager of the BIS.

The BIS set up the hub in June to encourage international collaboration on innovative financial technology within the central banking community. Last month, Switzerland’s central bank signed an operational agreement with the BIS to open the hub in the country to research a blockchain-based digital currency.

Cœure has been a member of the ECB executive board since January 2012 and his term expires on Dec. 31. “I am very happy to be joining the BIS. 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,” said Cœure, who has been appointed for the hub for a five-year term.