November 25, 2020


Facebook-Backed Libra Taps Ex-HSBC Executive as CFO of Payments Unit

Another former Hongkong Shanghai Banking Corporation ltd executive is heading to Libra (which is a cryptocurrency project backed by Facebook) joining as CFO of a unit tasked with handling the prearranged digital currency’s payments system.

As said by the CFO and chief risk officer of Libra networks, the Geneva-based Libra Association is planning to issue and rule the cryptocurrency. He was the former finance head and group general manager of HSBC ltd. He has too earlier worked at Switzerland-based Credit Suisse and Spain-based Santander.

The Financial leaders of the world’s 7 biggest economies said that no stable coin (which is a kind of cryptocurrency, just like Libra and it is often backed by traditional assets) should start the operation until it was correctly planned.

 

Image from HSBC

 

The Libra project, shown by Facebook in 2019, was re-introduced in the slimmed-down form in April after regulators and central banks across the world raised concerns regarding its potential to upset financial stability and corrode the majority of power over money.

Libra is now looking for to print a series of stablecoins backed by discrete outmoded currencies. It has hired numerous senior executives since applying for a Swiss payment license in April, in which many of them are focused on financial obedience and with ties to the United States government and authorities.

In September the project chose the previous HSBC European head to lead Libra Networks. It further tapped HSBC’s former chief legal officer and previously a Treasury official from the United States (during the time of Bush and Obama administrations) to head the association.