BIS Innovation Hub Leader Cecilia Skingsley Departs Early Amid Leadership Overhaul

In a surprising move, Cecilia Skingsley, the driving force behind the Bank for International Settlements (BIS) Innovation Hub’s expansion, has announced her early departure, set to leave in June 2025, two years earlier than planned. Her exit aligns with broader changes at the BIS, including scaling back certain operations of the Innovation Hub.

• Skingsley led BIS Innovation Hub since 2022.
• Expanded Hub from a few centers to seven global financial hubs.
• Next role: County Governor of Stockholm County.
• BIS scales back, ending digital currency project with China.
• Andréa Maechler to serve as interim head.

Skingsley’s Leadership at BIS

Since taking the helm in September 2022, Cecilia Skingsley has been instrumental in expanding the BIS Innovation Hub. The Hub, which was established in 2019 to help central banks explore new financial technologies, grew from a few centers to seven global hubs under her stewardship. These hubs, including London and Hong Kong, have been key in pushing forward the BIS’s mission, particularly with central bank digital currencies (CBDCs), which are digital forms of a country’s currency issued by its central bank.

Departure and New Role

Skingsley’s departure in June 2025 to become the County Governor of Stockholm County, a regional administrative position in Sweden, underscores her commitment to public service. Her transition is a bit like Elon Musk leaving Tesla—big shoes to fill and a lot of speculation about what’s next.

BIS’s Strategic Shifts

The BIS is charting a course through a tumultuous sea of innovation and geopolitics. As Skingsley prepares to leave, Pablo Hernandez de Cos is slated to take over as BIS general manager in July 2025. The BIS has decided to scale back certain operations of the Innovation Hub, including ending a key digital currency project with China and several Asian central banks due to geopolitical tensions. These tensions are like the background noise at a crypto convention—always there, sometimes loud, but we keep on innovating anyway.

Impact and Praise

BIS chief Agustín Carstens praised Skingsley’s contributions, acknowledging the significant strides made under her leadership. He stated,

“The Innovation Hub made great strides towards fulfilling our strategic goal of helping central banks face the challenges of the future under her leadership.”

Interim Leadership

With Skingsley’s departure, Andréa Maechler, a former Swiss central banker and current BIS deputy general manager, will serve as the interim head of the Innovation Hub. Maechler’s experience is a beacon of stability in this period of transition.

Future of Financial Innovation

As central banks worldwide continue to evaluate and experiment with digital currencies, the BIS remains pivotal in shaping the future of financial systems. The BIS’s ongoing commitment to innovation is evident in initiatives like Project Agorá, which aims to modernize correspondent banking and cross-border payments using tokenization. Yet, the scaling back of certain projects, like the one with China, shows that the BIS is navigating a complex landscape where geopolitical strategy and innovation intersect. It’s like trying to build a decentralized future while tiptoeing around geopolitical minefields.

Key Takeaways and Questions

• What role did Cecilia Skingsley hold at the BIS?

  Cecilia Skingsley was the head of the BIS Innovation Hub.

• Why is Cecilia Skingsley leaving the BIS early?

  She is leaving early to take on a new role as the County Governor of Stockholm County.

• What is the BIS Innovation Hub?

  The BIS Innovation Hub is a unit created in 2019 to help central banks explore new financial technologies, including central bank digital currencies (CBDCs).

• How has the BIS Innovation Hub expanded under Skingsley’s leadership?

  Under Skingsley’s leadership, the Innovation Hub expanded from a few centers to seven global financial hubs, including locations in London and Hong Kong.

• Who will be the new BIS general manager?

  Pablo Hernandez de Cos will take over as BIS general manager in July 2025.

• What changes are expected at the BIS Innovation Hub?

  The BIS plans to scale back certain parts of the Innovation Hub, including ending a key digital currency project with China and several Asian central banks.

• Who praised Cecilia Skingsley’s work at the BIS?

  BIS chief Agustín Carstens praised her work, acknowledging the strides made under her leadership.

• Who will serve as the interim head of the Innovation Hub?

  Andréa Maechler, the BIS deputy general manager and former Swiss central banker, will serve as the interim head.