Cecilia Skingsley will step down from her role as head of the Bank for International Settlements (BIS) Innovation Hub next month, cutting her five-year term short by two years to take a position as County Governor of Stockholm.
BIS Innovation Hub and Its Development
The BIS Innovation Hub, which Skingsley has led since September 2022, was created in 2019 to help central banks explore new financial technologies, including central bank digital currencies. Under her leadership, the Hub has expanded to seven financial centers worldwide, including London and Hong Kong.
New Appointments at BIS
With Skingsley's transition to the new role, another significant change at BIS will be the appointment of Pablo Hernandez de Cos as general manager in July. His arrival is linked to plans to scale back parts of the Innovation Hub, which recently ended a key digital currency project with China and several Asian central banks amid rising geopolitical tensions.
Assessment of Cecilia Skingsley's Tenure
BIS chief Agustin Carstens praised Skingsley's accomplishments, stating that the Innovation Hub "made great strides towards fulfilling our strategic goal of helping central banks face the challenges of the future" under her leadership. The BIS will soon announce the recruitment process for Skingsley's replacement, while deputy general manager and former Swiss central banker Andréa Maechler will serve as interim head of the Innovation Hub.
Skingsley's departure is not only a transition to her new role but also reflects ongoing changes in BIS's strategy, highlighting the importance of adapting to modern challenges in the financial sector.
