Bank of Canada Governor Stephen Poloz has been tapped to work on a new e-commerce platform for Canadian banks and other Canadian companies, The Canadian Press has learned.
Poloz will work alongside the head of Canadian Commercial Bank (CCB) to help build a business around a digital retail model, The Press has been told.
Polos recent work for CCC was credited for creating an innovative platform for digital banking for the first time.
The platform was launched in 2016 and is aimed at building a new financial services sector in Canada.
The platform uses a blockchain-based platform to make transactions online.
It allows customers to buy and sell goods and services directly to the blockchain, without a third party.
The bank has not publicly announced plans to launch the platform in Canada, but sources have told the Press it is being considered as part of Polos efforts to develop a new business model for the bank.
Polojas first job will be in the private sector, but his responsibilities could extend to the CCC.
He was recently named to lead the CCA’s digital and e-services group.
Sources say the bank is currently working with CCC to help develop a digital marketplace platform for Canada’s banks, while the CSA is also in the early stages of creating a new digital retail platform.
According to the bank, Polos role at CCB would be a “key catalyst for the Bank of Newfoundland.”