Komal Joshi · Oct 29, 2020 . 6min read
Libra appoints former HSBC executive as Chief Financial Officer
Amidst the G7's decision to oppose Libra doing rounds, it has hired Ian Jenkins the HSBC's former executive as its CFO and CRO.
By Komal Joshi · Oct 17, 2020 . 5min read
Yet another HSBC executive is going to head the Facebook-backed Libra cryptocurrency project. Ian Jenkins will serve as a Chief Financial Officer (CFO) and Chief Risk Officer of Libra Networks, the Libra Association operating subsidiary. Earlier, Libra Networks announced that executive HSBC Bank CEO James Emmett would take up the Managing Director role at Libra Networks. Moreover, both executives James Emmett and Ian Jenkins, are British. However, another former HSBC executive, Stuart Levey, is the CEO of the Libra Association.
Ian Jenkins brings global senior leadership.
Ian Jenkins contributed more than 12 years at HSBC. He departed in March last year. Ian Jenkins carries three decades of senior leadership experience in financial services over several executive roles in risk, operations, and strategy to Libra Networks.
As a distinguished industry leader with a comprehensive global background, he has served as CFO, CRO, and COO positions at top international banks. The U.K. qualified Chartered Accountant was also the Chief Risk Officer at Santander for three years. He also contributed 12 years at Credit Suisse. However, recently he served as the Head of Business Finance and Group General Manager of HSBC.
G7 opposes Libra until proper regulations are inline.
The news of appointing Ian Jenkins as CFO comes only days after the multi-governmental group G7 explained that the project requires proper regulatory measures in place before launch. They intend to oppose the launch of Facebook’s Libra stablecoin until it is appropriately regulated. Earlier the co-creator of the proposed Libra digital currency, Morgan Beller, left Facebook. She went to become a general partner with the early stage startup-focused V.C. firm NFX.
Libra exploded onto the global scene with its white paper released in June 2019. However, consequently, it underwent several regulatory delays. Although the project published an updated white paper in 2020, the modifications still failed to meet U.S. regulatory concerns. It keeps walking forward, no matter what barriers are placed in its path.
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