MAS’s Menon Appointed to Chair BIS’s Asian Council

MAS’s Menon Appointed to Chair BIS’s Asian Council

The Monetary Authority of Singapore’s managing director, Ravi Menon, has been appointed by the Bank of International Settlement to chair its Asian Consultative Council, which will facilities communication between the region’s central banks.

The council will also provide guidance regarding research and banking activities of the BIS’s Asian office, based in Hong Kong. Participants of the council include governors of BIS member central banks from Australia, China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, New Zealand, the Philippines, Singapore and Thailand. 

Menon succeeds Veerathai Santiprabhob, governor of the Bank of Thailand, who held the ACC chair role since September 2017. Menon’s term will also last two years, effective September 26, according to a statement from BIS.

BIS has recently upped its activity in Asia with Menon’s appointment following a recent announcement that it would set up an innovation hub in Hong Kong to boost the local financial technology market for central banks. Others hubs will also be set up in Singapore and Switzerland in the initial phase.