Future Finance
Facebook’s Libra Shows Banks Can Do More, Singapore MAS Says
- Facebook project points to gaps in payments, inclusion
- Singapore central banker says Libra has sparked ‘new thinking’
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Facebook Inc.’s embattled bid to create its own digital currency has laid bare shortcomings in cross-border payments and financial inclusion that banks and regulators must address, according to Singapore’s top central banker.
Central banks “need to answer” the challenge posed by Facebook’s attempt to create a faster and more affordable payments network via Libra, Ravi Menon, managing director of the Monetary Authority of Singapore, said in an interview earlier this week.