Cecilia Skingsley, head of the Bank for International Settlements (BIS) Innovation Hub and a prominent figure in central bank digital currency (CBDC) development, will step down from her role next month two years before her five-year term was set to end, according to a Reuters report. Her departure marks a significant leadership shift for the BIS as it repositions its digital strategy under incoming general manager Pablo Hernandez de Cos.
Skingsley’s Tenure: Driving Digital Transformation at Central Banks
Skingsley took over the BIS Innovation Hub in September 2022, following her tenure as Deputy Governor of Sweden’s central bank (Riksbank). She led the Hub during a pivotal period, expanding its global presence and cementing its role as a key platform for central banks to experiment with financial innovations like CBDCs, tokenized assets, and regulatory technology.
Under her leadership, the Innovation Hub grew from a few pilot centers to a network of seven major hubs, including in London, Hong Kong, and Singapore. These centers collaborated on high-impact projects like cross-border CBDC trials, digital identity frameworks, and decentralized finance monitoring tools.
A Shift in Strategy: Innovation Meets Restructuring
Skingsley’s exit comes amid broader strategic realignment at the BIS. The imminent arrival of Pablo Hernandez de Cos as the organization’s new general manager has been linked to scaling back parts of the Innovation Hub. Notably, the Hub recently concluded a high-profile CBDC project that included China and several Asian central banks an initiative reportedly impacted by geopolitical concerns surrounding digital currency alignment.
This signals a possible pivot in the BIS’s approach to CBDCs, from exploration to regulation, as global tensions rise and different regions push forward with diverging digital currency strategies.
A New Chapter for Skingsley
Skingsley will move on to a high-ranking government position as County Governor of Stockholm County, a role she will begin next month. While stepping away from international monetary policy, she remains a central figure in Sweden’s public sector leadership.
Agustín Carstens, BIS General Manager, commended Skingsley’s work, stating:
“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 and Next Steps
The BIS announced that Andréa Maechler, deputy general manager and former Swiss National Bank official, will serve as interim head of the Innovation Hub. The central bank body added that the formal recruitment process for Skingsley’s permanent replacement will be launched “in due course.”
Outlook
Skingsley’s departure underscores the evolving nature of central bank engagement with digital currencies. As BIS adjusts its focus under new leadership, the role of the Innovation Hub may shift from development-heavy projects to more targeted and regulatory-aligned initiatives. The next head of the Hub will face the challenge of navigating innovation amid rising geopolitical and regulatory complexity.
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