Cecilia Skingsley, head of the BIS Innovation Hub, will step down from her position next month, leaving two years earlier than originally planned. This decision comes amid a broader leadership reshuffle at the Bank for International Settlements (BIS), a central bank body focused on advancing global financial stability.

Leadership Transition at the BIS Innovation Hub

Skingsley, who has led the BIS Innovation Hub since September 2022, played a key role in driving the organization’s mission to explore and implement emerging financial technologies, including central bank digital currencies (CBDCs). The Innovation Hub, established in 2019, initially began with a few centers and has since grown to include seven hubs globally, located in major financial cities such as London and Hong Kong. These hubs aim to support central banks in adopting cutting-edge technologies to address the evolving demands of the financial landscape.

Before joining the BIS, Skingsley served as deputy governor of Sweden’s central bank, the Riksbank. She will now transition to a government role as County Governor of Stockholm County, a position she is set to assume next month.

Incoming Changes Under New Leadership

As part of the ongoing leadership shifts, Pablo Hernández de Cos will take over as BIS general manager in July. His appointment is expected to bring changes to the Innovation Hub’s direction, including scaling back certain projects. Recently, the Hub concluded a significant digital currency initiative with China and several Asian central banks, a move linked to increasing geopolitical tensions surrounding the development of CBDCs.

Under Skingsley’s leadership, the BIS Innovation Hub made significant advancements in its strategic goals. Agustín Carstens, the BIS chief, commended her contributions, stating that the Hub “made great strides towards fulfilling our strategic goal of helping central banks face the challenges of the future.”

Interim Leadership and Recruitment Plans

While the BIS prepares to appoint a permanent replacement, Andréa Maechler, deputy general manager and former Swiss central banker, will serve as interim head of the Innovation Hub. The BIS has announced that the recruitment process for Skingsley’s successor will be initiated in the near future.

The Role of the BIS Innovation Hub

The BIS Innovation Hub has been instrumental in fostering collaboration among central banks to explore technologies like CBDCs, blockchain, and digital payments. Its global network of hubs works to address challenges posed by technological advancements and to ensure the financial system remains robust and resilient.

As the Hub undergoes a leadership transition, its future direction will likely reflect the evolving priorities of the BIS and its member central banks, particularly in navigating the complexities of digital finance.

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