Bank of Korea Governor Rhee Chang-yong Appointed as New BIS CPMI Chairman

The Bank for International Settlements (BIS) has officially announced a significant leadership transition within its global regulatory framework. Rhee Chang-yong, Governor of the Bank of Korea, has been appointed as the new Chairman of the Committee on Payments and Market Infrastructures (CPMI). This appointment, effective November 1, 2026, marks a pivotal moment for international financial oversight as the committee continues to shape the standards for cross-border transactions, digital currencies, and payment systems.

Leadership Transition at the Global Standard-Setter

The CPMI serves as the primary international body for setting standards regarding payment, clearing, and settlement arrangements. Governor Rhee succeeds Fabio Panetta, the Governor of the Bank of Italy, who previously led the committee's initiatives. Rhee’s term is set for three years and is subject to renewal. This change in leadership comes at a time when central banks are increasingly focused on the integration of Central Bank Digital Currencies (CBDCs) and the modernization of legacy financial infrastructures.

Strategic Appointments and Regional Oversight

In addition to the CPMI appointment, the BIS Board has confirmed several other high-level leadership roles to ensure continuity across its global consultative councils:

• Tiff Macklem, Governor of the Bank of Canada, will continue as Chairman of the Americas Consultative Council (ACC) until March 31, 2027.
• Santiago Bausili, Governor of the Central Bank of Argentina, has been named to succeed Macklem for a two-year term beginning April 1, 2027.
• The appointments were finalized during the BIS global economic conference, reflecting a consensus among central bank governors.

The BIS, often referred to as the "bank for central banks", plays a crucial role in fostering international monetary and financial cooperation. By overseeing the CPMI, Rhee will be at the forefront of monitoring market developments and promoting the safety and efficiency of payment systems that underpin the global economy, including emerging blockchain-based settlements and distributed ledger technology (DLT) applications.

The appointment of Governor Rhee highlights the growing influence of Asian central banks in the development of global financial policy. As the CPMI continues to address the challenges posed by stablecoins and the need for faster cross-border payments, Rhee's expertise in the South Korean financial sector—a region known for high digital asset adoption—is expected to be a significant asset. These leadership changes ensure that the BIS maintains a balanced and representative approach to governing the world's evolving financial market infrastructures.