Cryptocurrency

Former Top HSBC Executive Heads To Facebook's Libra As CFO

Facebook Libra

The Libra Association, the Facebook-backed stablecoin project, has named former HSBC executive Ian Jenkins as chief financial officer (CFO) and chief risk officer (CRO) of Libra Networks, Libra announced on Thursday (Oct. 15). Libra Networks is a subsidiary of the Libra Association and will manage Libra’s payments system.

Jenkins comes with a background spanning the financial services industry, including risk and finance transformation programs, cost leadership, business partnering and global operating model transformation. He previously served as HSBC’s head of business finance and group general manager. He has also held CFO, CRO, and COO positions at HSBC, Credit Suisse and Santander. 

“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,” Jenkins said. 

This is the latest senior executive appointment this year at Libra. In May, Stuart Levey was named CEO. Other appointments included Steve Bunnell, chief legal officer; James Emmett, managing director, Libra Networks; and Sterling Daines, chief compliance officer. 

"Ian’s deep expertise in global finance, risk and strategy will be crucial in bringing the Libra vision to life," Emmett said. "I look forward to working with Ian as we move forward to a more operational phase of the project."

G7 leaders said after a meeting earlier this week that no stablecoin, including Libra, can start operating until regulations are in place.

“The G7 continues to maintain that no global stablecoin project should begin operation until it adequately addresses relevant legal, regulatory, and oversight requirements through appropriate design and by adhering to applicable standards,” according to a draft statement presented on Tuesday (Oct. 13) during a meeting of finance ministers and central bankers from the U.S., Canada, Japan, Germany, France, Italy and Britain. 

When Facebook launched the Libra project in 2019 it raised concerns worldwide that the digital currency could upend financial stability. When Facebook head Mark Zuckerberg went before the U.S. House Committee on Financial Services, he had to both promote and defend Libra.

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