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Libra Association Appoints Ex-HSBC Executive Ian Jenkins As CFO

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The Libra Association, a consortium of major financial partners of Facebook's Libra cryptocurrency project, has appointed former HSBC executive Ian Jenkins as its first chief financial officer and chief risk officer of Libra Network, which manages the licensed Libra cross-border payment system.

Jenkins will manage the operations of the Libra payment system, a licensed blockchain-based payment system supporting financial inclusion and responsible financial services innovation. He brings to Libra three decades of expertise in global finance, operations, risk and strategy.

His senior leadership experience in financial services across a variety of C-suite executive roles comes from holding CFO, CRO, and COO positions at top international banks, including HSBC, Credit Suisse, and Santander. Most recently, he served as the Head of Business Finance and Group General Manager of HSBC.

The appointment of Jenkins follows the appointment of James Emmett as Managing Director of Libra Networks, effective October 1. Emmett is also a former HSBC executive and a highly experienced financial services leader with 25 years at HSBC.

Other senior executive appointments this year include Stuart Levey as CEO and Steve Bunnell as Chief Legal Officer. This followed the appointment Emmett and Sterling Daines as Chief Compliance Officer. Even CEO Levey most recently served as Chief Legal Officer of HSBC Holdings.

Geneva, Switzerland-based Libra Association was formed as an independent not-for-profit organization by the initial 28 financial backers of the Libra cryptocurrency project in June 2019. They were to invest around $10 million each.

However, seven of the 28 initial members, including most of the payment firms, backtracked as they did not want to be publicly seen to be backing the project, fearing regulatory scrutiny.

The companies who withdrew support for the project include Visa, MasterCard, PayPal, Stripe, eBay, and Booking Holdings. Few others have joined recently with Blockchain Capital being the latest.

Faceboook has already launched the Libra stablecoin and payments network, along with its corresponding Calibra wallet last year, which was renamed as Novi cryptocurrency wallet in June.

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