Benoît Cœuré board member of the European Central Bank (ECB) will fulfil a position at the Bank for International Settlements (BIS). He will be the head of the new BIS Innovation Hub, which will deal with international cooperation between central banks in innovative financial technology.

The Frenchman starts his new role at the BIS on January 15 for a period of five years. The hub will initially have three locations. Centers are already established in Basel, Switzerland, and in Hong Kong, and Singapore is being added. More locations will be added later.

Cœuré said that the global banking sector is facing rapid technological change and that innovation should be used to support financial stability, among other things. The BIS, also known as the Bank for International Settlements, is seen as the bank for central banks.