Odaily Frontline｜Facebook establishes a new financial department, which will focus on payment integration business

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2020-08-11 12:50 (UTC+8)

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David Marcus, head of the Libra project, will lead the initiative.

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David Marcus, head of the Libra project, will lead the initiative.

This article comes fromBloomberg、ForbesForbes

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according toBloomberg, by Kurt Wagner, Jason Brett

Odaily Translator |

according to

Bloomberg

According to reports, Facebook created a new team to pursue payment and business opportunities, and put Libra project leader David Marcus in charge of the plan.

The new division Facebook Financial (Facebook Finance, internally referred to as F2) will be responsible for all the company's payment projects, including Facebook Pay. A universal payments feature that the company plans to build across all of its apps.

Marcus will continue to be directly responsible for Facebook's digital wallet service Novi (formerly known as Calibra), which is building a digital wallet to hold the Libra cryptocurrency. He will also work on WhatsApp payments in countries such as India and Brazil. Facebook has hired former Upwork Inc. CEO Stephane Kasriel as vice president of payments under Marcus. Facebook shares fell 1.5 percent to $264.26 on Monday, having hit new highs late last week.

It's the latest step in a company-wide effort to tightly integrate Facebook's various products and applications. Over the past two years, it has rebranded Instagram and WhatsApp to make them known to be owned by Facebook, and Facebook CEO Mark Zuckerberg has announced plans to integrate all of the company's messaging services.

“We have a lot of commerce on Facebook,” Marcus said. “At the company level, it seemed like the right thing to do right at the company level around all of the payments business.”

Marcus is a payments industry veteran and trusted executive within the company. He joined Facebook in 2014 from his position as president of PayPal Holdings Inc. and ran Facebook Messenger for four years before heading up Libra.

Marcus has recently worked on making Libra the cryptocurrency for cross-border payments. That requires negotiating with regulators, an experience that could help with Facebook's other payment plans.

Forbes"Having expertise in financial services regulation helps to structure the business the right way from the start. In financial services, it's very different from traditional tech companies that are not regulated," he said.

secondary title

Forbes: Novi may be seeking payment license from regulators

Forbes

Novi further explained that based on its belief that innovation unlocks value in the economy, it “prioritizes discussions with stakeholders on how technologies such as distributed ledgers and stablecoins can work with or be applied within the financial services sector.” educate."