Former HSBC CEO James Emmett to Join Libra Association as Libra Networks Managing Director

UTC by Bhushan Akolkar · 2 min read
Former HSBC CEO James Emmett to Join Libra Association as Libra Networks Managing Director
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James Emmet, the HSBC veteran, will bring along his massive operational experience in financial services and technology and further help Libra to steer ahead innovation in the market.

Despite several regulatory hurdles, the Libra Association continues to expand its footprint while growing its team. On Thursday, September 17, the Libra Association announced the appointment James Emmett, the former CEO of HSBC.

James Emmet will join as the managing director of Libra Networks LLC, a subsidiary of the Libra Association. Emmet will lead Libra’s operational unit for developing and operating its cryptocurrency payment system. Emmet will be joining other top-members who joined the Libra Association this year.

Earlier in May 2020, the Libra Association appointed Stuart Levey as its Chief Executive Officer (CEO). Levey has also been Emmet’s companion serving as a chief legal officer at HSBC. Besides, he has also worked as an Under Secretary for terrorism under President Barack Obama. While welcoming Emmet to the Libra family, Levey also underscored the HSBC veteran’s extensive experience. He said:

“James is a first-class financial services executive with deep substantive expertise and operational experience. I am excited that he is joining us and confident that his leadership will help make Libra’s vision a reality.”

Changes at Libra

Following several regulatory backlashes, Facebook’s Libra has had a tough time in establishing its presence. Facebook has shown its eagerness to adopt new innovations in digital payments. However, it had to ruffle feathers with regulators in its journey.

Facebook has made some important changes to its Libra Project and to work in accordance with the regulators. Earlier in May, Facebook rebranded its Calibra Digital Wallet to Novi to avoid any further confusion with the controversial Libra cryptocurrency. Novi promotes cross-border money transfer and is very much a part of the Libra network.

Emmet’s expertise will help Facebook to traverse through the regulatory channels and helping the Libra Association to establish a strong foothold in the rapidly emerging digital payments industry. Upon his recent appointment, James Emmet said:

“As someone who is passionate about the opportunities for financial services and technology to make a real difference, I am delighted to be joining Libra Networks with a mission to enhance financial innovation and inclusion and to deliver the operationalization of the network.”

The Libra Association can possibly face a new challenge in Europe. The European regulators have proposed stringent operating standards for “global stablecoins”.

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