Julian Vance: BIS's New Innovation Hub Head—A Data-Driven Take
The Bank for International Settlements (BIS) has tapped Tommaso Mancini-Griffoli to helm its Innovation Hub, effective March 1, 2026. He's taking over from Cecilia Skingsley, who left to become County Governor of Stockholm (a pretty big career shift, if you ask me). Mancini-Griffoli is jumping ship from the International Monetary Fund (IMF), where he's been since 2011, most recently as assistant director of payments, currencies, and infrastructure. Before the IMF, he did stints at Goldman Sachs, Boston Consulting Group, and even advised the Swiss National Bank on monetary policy. Quite the resume.
BIS Innovation Hub: A Fintech Hotspot?
A Hub of Activity
The BIS Innovation Hub, launched in 2019, is all about spotting and pushing forward on key fintech trends that matter to central banks. They’ve got operations spread across seven global centers. Mancini-Griffoli is committing to a five-year term, which suggests the BIS is serious about its innovation agenda. But what exactly *is* that agenda? Well, the BIS is clear that they're looking into major changes in payment systems, digital money frameworks and tokenised financial tools. Mancini-Griffoli's appointment suggests a renewed push into this area.
It's worth noting that the Hub has already completed over 30 projects and has more than 20 ongoing. Those projects include some high-profile initiatives, such as Project Agorá (exploring tokenised cross-border payments) and Project Nexus (improving cross-border payments by linking domestic instant payment systems).
Mancini-Griffoli: Balancing Innovation and Oversight in Digital Finance
Mancini-Griffoli: The Digital Money Guy
Mancini-Griffoli is known as a leading voice on digital money within the IMF. His work touches on CBDCs (central bank digital currencies), payment rails, settlement systems, and regulated digital assets. He's even cautioned against private stablecoins without proper oversight, which is a stance I appreciate. He often argues that secure digital money should blend public oversight and private innovation.
One of his most talked-about ideas is the "synthetic CBDC model." This is where the private sector issues digital money, but it's backed by central bank reserves. It gives private firms room to innovate, while also providing stronger safeguards.
He's also a fan of tokenised financial instruments, *provided* they operate under clear rules. His work emphasizes protecting users from liquidity issues or loss of value. He also warns that poorly designed products can expose users to unnecessary risks. A balanced view, for sure.
Innovation Hub: Activity vs. Actual Impact?
Methodological Question: What Metrics Matter?
Here's where I get a little skeptical. The press releases tout the number of projects the Innovation Hub has completed (30+) and the number currently running (20+). But those are *activity* metrics, not *impact* metrics. What's the actual ROI (return on investment) of these projects? How many have actually been adopted or scaled by central banks? What's the measurable improvement in cross-border payment efficiency or cost reduction as a result of these initiatives?
These are the questions I'd be asking if I were still crunching numbers at a hedge fund. It's not enough to say you're "innovating." You need to show the tangible benefits. And this is the part of the analysis that I find genuinely puzzling: the BIS doesn't seem to be publishing detailed results. The reports are often high on concept, but low on verifiable outcomes.
There is a lot of talk about upgrading traditional payment frameworks by using ideas inspired by blockchain technology. The Hub's projects, like mBridge and Agora, aim to improve cross-border payments and explore tokenised deposits. But what are the real-world results? How do these projects compare to existing systems in terms of speed, cost, and security? These are key questions that deserve more scrutiny.
Until Mancini-Griffoli officially starts in March 2026, Andréa Maechler, BIS deputy general manager, is serving as acting head. That leaves a bit of a leadership gap, but it also gives Mancini-Griffoli time to prepare his strategy.
Show Me the Impact Metrics
Mancini-Griffoli's appointment is interesting, given his background and views on digital money. But the real test will be whether he can translate these ideas into concrete results. The BIS Innovation Hub needs to move beyond just running projects and start demonstrating real-world impact. The number of projects is less important than the quality and scalability of those projects. It's time to see some data-driven evidence of success.
