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Bank of Korea Gov. Shin Hyun-song has been elected chair of the Bank for International Settlements' Committee on Payments and Market Infrastructures (CPMI), his office said Tuesday. The election took place at the BIS Global Economy Meeting in Basel, Switzerland, on Nov. 10, with a three-year term starting Nov. 1. CPMI is a key central bank body under the BIS governors' meeting, setting standards for payment and settlement systems and financial market infrastructure, with 28 member central banks including the U.S. Federal Reserve, the European Central Bank and the Bank of England. Yonhap and the Korea Times report Shin is the first chair from a non-Western country, a point also highlighted by Dong-A Ilbo and Chosun Ilbo. The appointment follows Shin's scheduled attendance at the BIS governors' meeting in Basel earlier this week, as reported by Yonhap on Nov. 5.