Facebook’s Libra taps ex-HSBC exec as CFO of payments unit

Libra

Another former HSBC executive is heading into the Facebook-backed Libra cryptocurrency project, joining as chief financial officer of a unit tasked with handling the projected digital money’s payments system.

The Geneva-based Libra Association, which intends to issue and regulate the Libra cryptocurrency, said in a statement it has appointed Ian Jenkins as CFO and chief risk officer of Libra Networks.

Jenkins is HSBC’s former small business finance head and team general manager, the institution said. He has also previously worked at Credit Suisse and Santander.

Fiscal leaders of the world’s seven largest economies said on Tuesday that no stablecoin – a sort of cryptocurrency, for example Libra, that’s often backed by traditional assets – should begin operation until it was properly controlled.

The Libra project, unveiled by Facebook last year, was relaunched in slimmed-down type in April after regulators and central banks throughout the world raised concerns it may upset financial stability and erode mainstream power over money.

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Libra is now seeking to issue a series of stablecoins backed by individual currencies that are traditional. It’s hired several senior executives since applying for a Swiss obligations permit in April, many of them are specialised in fiscal compliance and with ties to US authorities and government.

In September the job appointed former HSBC European mind James Emmett to lead Libra Networks. Additionally, it tapped HSBC’s former chief legal officer Stuart Levey – previously a US Treasury official during the Bush and Obama administrations – to head the institution itself.

The team at Platform Executive hope you have enjoyed this news article. Initial reporting via our official content partners at Thomson Reuters. Reporting by Tom Wilson. Editing by Dhara Ranasinghe and Frances Kerry.

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