In a February 19 announcement, the Bank for International Settlements (BIS) revealed that Andrew McCormack is currently heading the BIS Singapore Innovation Centre. Meanwhile, Morten Bech, head of the Secretariat of the Bank for International Settlements Payments and Market Infrastructure Committee (CPMI), will manage BIS's hub in Switzerland. Prior to joining BIS, McCormack led blockchain research in Canadian banks and industry. In addition, the BIS Swiss Center initially focused on two research projects, namely, the integration of central bank digital currencies (CBDCs) into the distributed general ledger technology infrastructure, and the analysis of central banks' needs for tracking the fast-paced electronics market . It is reported that the BIS set up the BIS Innovation Center in November last year. Initially, the hubs will be operated in Switzerland, Singapore and Hong Kong, and further expansion is planned.