Geneva based Libra Association, an independent group organised by Facebook to manage its Libra stablecoin project, announced the appointment of former HSBC head James Emmett, as the Managing Director of Libra Networks.

James Emmett said of his appointment that will take effect from 1 October 2020,

“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.”

Mr. Emmett is a highly experienced financial services leader with a wealth of global experience in business, strategy, technology, and operations, gained through his 25 years with HSBC.

He previously held the Chief Executive role of HSBC Bank plc and Europe, where he was responsible for HSBC’s UK Wholesale Bank and operations across Continental Europe, Sub-Saharan Africa, and Bermuda.

Before his CEO role, Mr. Emmett served as Chief Operating Officer of HSBC Bank plc, where he oversaw technology and operations across the firm. Previous roles at the company include serving as the CEO of Turkey, Global Head of Trade and Receivables Finance, Regional President for Metro New York Retail and Small Business banking, and senior roles in Strategy and Business Management.

Mr. Emmett’s appointment is the latest in a series of major progress updates this year, including the recent appointments of Steve Bunnell as Chief Legal Officer, Sterling Daines as Chief Compliance Officer, and Stuart Levey as Chief Executive Officer, as well as the addition of new members.

In April this year, the association announced that it had initiated the application for payment system license with Swiss Financial Market Supervisory Authority (FINMA).