Social media platform, Facebook’s cryptocurrency venture took several turns from the time of its announcement. An array of hurdles were presented before the Libra project and these obstacles continue to stand strong to date. In an attempt to revamp the entire project, the Libra Association has been onboarding several new members. However, most of these new members of the project have one thing in common, HSBC.
Libra Onboards Another Employee Of HSBC
In a recent blog post, the Libra Association revealed that it had appointed Ian Jenkins from HSBC as the Chief Financial Officer and the Chief Risk Officer of Libra Networks. Jenkins’ was recruited taking into account over three decades of his experience in the field. Elaborating on his excitement of bagging his latest job, Jenkins’ pointed out that he was looking forward to being a part of the project as it was working towards transforming the industry.
“I am excited to join the Libra Networks leadership team at a time when innovation in the financial sector has the potential to empower billions of people worldwide.”
The Libra Association has opened up its doors for several members from HSBC including the current Managing Director of Libra Networks LLC, James Emmett. Emmett was previously serving as the head of HSBC Europe. The list goes on as the CEO of the LIbra Association, Stuart Levey was the former Chief Legal Officer at HSBC.
The former and the newly recruited, Jenkins will work for the Libra Networks, which is a fully owned subsidiary of the Libra Association. This platform is said to spearhead the operations of the licensed Libra payment system. Lauding Jenkins’ for his abilities, Managing Director, Emmet said,
“Ian’s deep expertise in global finance, risk and strategy will be crucial in bringing the Libra vision to life. I look forward to working with Ian as we move forward to a more operational phase of the project.”
While Jenkins’ last job was as the Head of Business Finance and Group General Manager of HSBC, over a period of three decades, he served as the CRO, COO as well as CFO at HSBC, Santander, and Credit Suisse.
Facebook seems to be going above and beyond to meet the demand of the regulators. The latest G7 meeting could have induced more stress in the project as the group mandated the pause in the launch of Libra until it met the required regulatory norms.