New Facebook Libra CFO comes from HSBC

New Facebook Libra CFO comes from HSBC

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Facebook Libra CFO, i.e., the chief financial officer position, sees another change as Ian Jenkins is on the way to join the Libra Networks as the CF and the chief risk officer.

The latest hire is yet another nail in the resource acquisition saga where Facebook Libra managed to pull an HSBC executive for the upcoming digital currency.

Facebook Libra CFO profile

Facebook Libra CFO Ian Jenkins happens to be the former head of HSBC business finance. He also held another key position, i.e., general manager at the bank. Moreover, Jenkins’ portfolio extends to Credit Suisse and Santander.

The new Facebook Libra CFO would be leading the Facebook Libra digital currency project’s payments system. The associations believe that the acquisition is critical to their operations since the project plans on leveraging traditional assets for its digital currency.

Facebook Libra changing plans

Facebook Libra has been under the heat since the project was announced in 2019. Regulators not only in the United States but also from the G-7 countries expressed security and privacy concerns.

Following the Senate Committee hearing and various concerns raised by regulatory authorities, Libra is now seeking to release a set of stablecoins instead of a single digital currency. The said series of stablecoins are believed to be backed up by different traditional currencies.

The concerns raised by the European Union extend to financial instability, mainstream private sector control over money, and the possible repercussions in case of data breaches. Facebook is notoriously famous for data breaches and privacy leaks. A survey at the time of Libra launch revealed that most of the millennials were skeptical of the social media giant handling their money and investments.

This is not the first HSBC bank employee Facebook has brought onboard the Libra project. Pertinent to mention that Libra Networks previously acquired James Emmett, who happens to have served as the European head at the HSBC bank.

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Saad B. Murtaza

Journalist, Writer, Editor, Researcher, and Strategist with over 10 years of experience in the digital, print and public relations industries, Saad has been working with the mantra, Creativity, Quality and Punctuality. In his waning years promises to build a self-sustaining institute that provides free education. Carrying a diverse portfolio he has studied and written on topics related to cyber crimes, scams, blockchain, and cryptocurrencies.

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