The Bank for International Settlements (BIS) has tapped Tommaso Mancini-Griffoli to head its Innovation Hub, effective March 1, 2026. Mancini-Griffoli is currently an Assistant Director at the IMF, focusing on payments, currencies, and financial market infrastructure. He will be taking over from Cecilia Skingsley, who left to become County Governor of Stockholm. The BIS Innovation Hub, established in 2019, aims to identify and develop insights into fintech trends, exploring tools to improve the global financial system. It’s a five-year term, making him a member of the executive committee.
Mancini-Griffoli: A Resume Rich in Promise, Short on Metrics?
The Man and the Mandate
Mancini-Griffoli's background is a mix of public and private sector experience. Before the IMF, he was a senior economist at the Swiss National Bank, and prior to that, he worked at Goldman Sachs, Boston Consulting Group, and a Silicon Valley startup. He also chairs the IMF coordination group on digital money. This diverse experience suggests a broad understanding of both the theoretical and practical aspects of finance and technology.
The BIS Innovation Hub has a global footprint, operating in seven locations: Frankfurt/Paris, Hong Kong SAR, London, Singapore, Stockholm, Switzerland, and Toronto. They also have a strategic partnership with the Federal Reserve System. The Hub's work program includes projects on CBDCs, cross-border payments, and tokenized deposits. The BIS announcement states that Mancini-Griffoli will lead the Hub “in its mission to foster international collaboration among central banks on innovative financial technology.” Sounds good, but what does it *mean*?
The Innovation Hub's 2025 work program includes 26 ongoing projects and 31 completed ones. The BIS characterized this as "the start of a more mature phase." This raises the question: what metrics are they using to define "mature"? Is it the number of projects, the impact of those projects, or something else entirely? Details on the specific criteria are surprisingly scarce.
BIS Bets on Digital Money: A Calculated Move?
Digital Money Man
Mancini-Griffoli's work at the IMF has focused heavily on digital money. He's been a proponent of synthetic CBDC models, where the private sector issues digital money backed by central bank reserves. He's also advocated for clear rules and strong oversight for tokenized financial instruments. He has often warned about the risks of poorly designed products. This aligns with the Innovation Hub's focus on upgrading traditional payment frameworks using blockchain-inspired ideas, rather than replacing public money with private tokens.
One of his most discussed ideas is the synthetic CBDC model. That model allows the private sector to issue digital money while holding central bank reserves to protect users. He noted that such arrangements could give private firms room to build new services while giving the system stronger safeguards.
The BIS is currently running several pilot projects involving digital currency and tokenized finance. The mBridge project, for example, links several central banks to test cross-border CBDC settlement. Project Agora focuses on tokenized deposits, and Project Nexus aims to connect instant payment networks across countries. All of these projects share a common trait: they look to upgrade traditional payment frameworks by using ideas inspired by blockchain technology.
BIS Advances CBDC Pilots And Tokenised Deposits, Appoints New Head Of Innovation Hub
I've looked at hundreds of these appointments, and the timing here is interesting. The Innovation Hub is described as entering a "mature phase," yet they're bringing in a new leader with a strong background in a specific area (digital money). This suggests that the BIS sees digital money as a key area for future growth and development – a pivot, perhaps? Or is it simply a case of finding the best person for the job, regardless of the stage of the Hub's development?
Is This a Bet on the Right Horse?
The appointment of Mancini-Griffoli appears to be a calculated move by the BIS. He brings a wealth of experience in digital money and a clear vision for the future of financial technology. However, the success of his tenure will depend on his ability to navigate the complex landscape of international collaboration and to deliver tangible results. The Innovation Hub has a broad mandate and a global footprint. Mancini-Griffoli will need to leverage these resources effectively to achieve its goals. Whether this appointment is a calculated risk or a sure bet remains to be seen.
Digital Money Isn't a Silver Bullet
