The new CEO of the Libra Association, who will be behind the project launched by Facebook, has been officially announced.
Stuart Levey, currently CLO of HSBC, one of the largest financial institutions operating in over 60 countries, has been chosen to lead the association. Previously, Libra’s new CEO also served under the Bush and Obama administrations in the field of international financial crimes.
The press release states that Libra’s choice of the new CEO was dictated above all by the need to comply with the various restrictions imposed by regulations: in fact, only a couple of weeks ago Libra applied for a license from the FINMA, the body that oversees the financial markets in Switzerland, where the association’s registered office is located.
The CEO was very enthusiastic and happy to be able to work closely with government institutions to achieve a common vision of the project:
“I am honored to join the Libra Association as it charts a bold path forward to harness the power of technology to transform the global payments landscape. Technology provides us with the opportunity to make it easier for individuals and businesses to send and receive money, and to empower more than a billion people who have been left on the sidelines of the financial system, all with robust controls to detect and deter illicit financial activity. I look forward to working closely with governments, regulators, and all of our stakeholders to realize this vision”.
For David Marcus, director of Libra, this new acquisition of the team represents an important milestone for the Libra Association.
The independence of the Libra Association is essential to the success of its endeavor. Today marks an important milestone as the Libra Association has announced Stuart Levey as its CEO https://t.co/JpZYAVuXcb 1/4
— David Marcus (@davidmarcus) May 6, 2020
The latest news on Libra
Although the launch of the project seems far away this does not mean that it is dormant, quite the contrary.
Since the beginning of the year, there have been several news that have been announced by Libra, such as Shopify‘s entry into the association.