Friday 14 June 2019 9:41 am

Facebook poaches Standard Chartered executive ahead of cryptocurrency launch

Facebook has hired a senior Standard Chartered executive as it gears up to launch a cryptocurrency and financial services business, according to reports.

Standard Chartered’s European head of corporate and public affairs Ed Bowles is set to join the social media giant in September as director of public policy, the Financial Times reported. The role will be based in Facebook’s London office.

Read more: Facebook finalising its own Globalcoin cryptocurrency

A Facebook digital payment system could be launched as soon as March next year.

Facebook founder Mark Zuckerberg met with Bank of England governor Mark Carney earlier this year to discuss the prospect of launching a digital currency.

Representatives from the tech firm have reportedly also spoken to US Treasury officials for advice on the matter.

Last month it emerged that Facebook had established a fintech company focused on blockchain, which provides the infrastructure for cryptocurrency operation.

Read more: Facebook to create 500 tech jobs in London with new engineering hub

Geneva’s commercial register shows Libra Networks, which names Facebook Global Holdings as a stakeholder, will provide fintech services and develop hardware and software necessary to launch a new digital currency.

It will focus on “investing, payments, financing, identity management, analytics, big data, blockchain and other technologies”.