Libra appoints former UBS executive Saumya Bhavsar

The Libra Association appoints Saumya Bhavsar, a former UBS executive, as general counsel for its payments operation, Libra Networks.

By · Nov 26, 2020 . 6min read

Libra appoints Saumya Bhavsar latest news

Facebook’s Libra Association appoints Saumya Bhavsar as the General Counsel of Libra Networks. Libra Networks is the payment system subsidiary of the blockchain consortium. Notwithstanding, the development of Facebook’s digital currency is recently ongoing; thus, it is enthusiastically appointing new members and promoting its team with prominent employees, including the recent addition Saumya Bhavsar.

Libra strengthens its team with prominent employees.

Saumya Bhavsar brings two decades of leadership experience in financial services. She specializes in regulatory, legal, and compliance fields. Saumya Bhavsar worked with the Swiss non-profit Credit Suisse as the MD, head of global regulatory affairs. Before that, she served the employment term for a couple of years at UBS. 

Saumya Bhavsar joined the investment bank as Executive Director of Litigation and Regulatory Investigation. She later became Managing Director, first managing the legal department of America and then the US legal and wealth management strategic change. She additionally worked a couple of years at Euroclear. However, she dedicated most of her occupation in the private sector; Bhavsar’s resume also involves time at the Office of the Comptroller of the Currency (OCC). It is an autonomous office of the US Treasury accountable for managing national banks and federal savings associations.

Earlier, in September, the Libra Association appointed James Emmett, former HSBC Europe CEO, as MD of Libra Networks. He leads Libra’s operating subsidiary tasked with running and developing the project’s crypto payments system. Furthermore, recently, it stated that Ian Jenkins would work as a Chief Financial Officer (CFO) and Chief Risk Officer of Libra Networks.

Intricate details about Libra’s journey

Libra had a slightly challenging development process. Moreover, the scope of the project has developed prominently over the past few years. The financial leaders from the world’s seven largest economies (G7) opposed the launch of Facebook’s Libra stablecoin. They propose that it should be appropriately regulated. As per the G7 leaders, digital services regulation is vital to avoid endangering financial stability, consumer protection, privacy, taxation, or cybersecurity. 

However, amidst all the chaos surrounding Libra, it has proposed that its new digital payment system, Fast Pay, would be seven times faster than the Visa payment network. The development of the payment system is on Amazon Web Services. However, we await to see if Fast Pay has the potential to agitate the payment system.

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