The Bank for International Settlements (BIS) has tapped Tommaso Mancini-Griffoli to head its Innovation Hub (BISIH) starting March 1, 2026. He'll be taking over from Cecilia Skingsley, who left to become County Governor of Stockholm. Mancini-Griffoli comes from the International Monetary Fund (IMF), where he's been an assistant director focusing on payments, currencies, and infrastructure. Before that, he had stints at Goldman Sachs, Boston Consulting Group, and even advised the Swiss National Bank on monetary policy.
BIS Innovation Hub: New Leadership, Same Trajectory?
The Innovation Hub's Trajectory
The BIS Innovation Hub, launched in 2019, is all about exploring the intersection of finance and technology. They run projects like Project Agorá (tokenized cross-border payments) and Project Nexus (linking instant payment systems). With centers in Singapore, Hong Kong, London, Toronto, Stockholm, Frankfurt, Paris and Switzerland, the Hub has completed over 30 projects and has over 20 running.
BIS Advances CBDC Pilots And Tokenised Deposits, Appoints New Head Of Innovation Hub
Mancini-Griffoli is committing to a five-year term. The question is, what direction will he take the Hub?
BIS Innovation Hub: Vision vs. Reality?
Mancini-Griffoli's Digital Money Stance
At the IMF, Mancini-Griffoli has been a vocal proponent of combining public oversight with private innovation in the digital money space. He’s particularly interested in synthetic CBDCs, where private firms issue digital money backed by central bank reserves. He’s also advocated for tokenized financial instruments operating under clear regulatory frameworks. However, he also often warns that poorly designed products can expose users to unnecessary risks.
This is where the interesting part begins. Mancini-Griffoli's vision—secure digital money combining public oversight and private innovation—is ambitious. But is it *realistic*?
Consider the inherent tension: Private firms seek profit, while public oversight prioritizes stability and consumer protection. Can these two goals truly align, or will one inevitably compromise the other? I’ve looked at hundreds of these appointments, and the implicit mandate being handed to Mancini-Griffoli is unusual.
The BISIH is currently running pilots testing digital currency ideas across several countries. Their mBridge project links several central banks and tests cross-border CBDC settlement. Project Agora focuses on tokenised deposits and studies how banks could issue tokenised versions of customer deposits and settle them through shared infrastructure. Project Nexus connects instant payment networks across countries.
It's all about upgrading traditional payment frameworks using blockchain-inspired ideas. The Hub isn’t trying to replace public money with private tokens, but rather exploring how modern tools can operate under central bank oversight.
What happens when these "modern tools" encounter the messy reality of international finance, with its varying regulations, political agendas, and technological capabilities? Will the BISIH be able to navigate this complexity and deliver tangible improvements to cross-border payments, or will these projects remain confined to the realm of pilot programs and academic papers?
Parsing the Personnel Shift
Mancini-Griffoli's appointment is happening amidst other leadership changes at BIS. Pablo Hernández de Cos took over as general manager in July, succeeding someone else. This represents a period of leadership renewal for the organization.
IMF's Tommaso Mancini-Griffoli joins BIS Innovation Hub
But let's be clear: leadership changes alone don't guarantee success. It all comes down to execution. Can Mancini-Griffoli translate his vision for digital money into concrete projects that benefit central banks and the public?
The track record of innovation hubs is, shall we say, mixed. There's a lot of talk, a lot of prototypes, but not always a lot of real-world impact. Will Mancini-Griffoli be able to buck this trend?
A Glimpse of Tomorrow
Mancini-Griffoli's appointment isn't just about filling a vacancy; it's about the future of digital finance. His background at the IMF, coupled with his experience in both the public and private sectors, positions him as a key player in shaping this future. But the path ahead is fraught with challenges, and success is far from guaranteed. The next five years will be a critical test of his vision and the BIS Innovation Hub's ability to drive meaningful change in the world of digital money.
