December 1, 2020 - The Facebook backed Libra Association announced today that it has changed its name to "Diem", along with the recruitment of key executives, "reinforcing its organisational independence as it progresses toward regulatory approval for launch". The Libra Association is now the Diem Association.
The Association has been focused on ensuring that the project is designed to meet regulatory expectations, consistent with the Association’s guiding principles of innovation, inclusion and integrity. “The Diem project will provide a simple platform for fintech innovation to thrive and enable consumers and businesses to conduct instantaneous, low-cost, highly secure transactions,” said Stuart Levey, the Diem Association’s CEO. “We are committed to doing so in a way that promotes financial inclusion - expanding access to those who need it most, and simultaneously protecting the integrity of the financial system by deterring and detecting illicit conduct. We are excited to introduce Diem - a new name that signals the project’s growing maturity and independence.”
As part of the effort to achieve regulatory approval and progress toward launch, Diem has recently attracted a group of world class professionals to help lead the Association and Diem Networks, the subsidiary that is the regulated payment system operator. This includes the appointment of Dahlia Malkhi as the Association’s Chief Technology Officer, Christy Clark as Chief of Staff, Steve Bunnell as Chief Legal Officer, and Kiran Raj as Executive Vice President for Growth and Innovation and Deputy General Counsel.
Additionally, Diem Networks has recently announced the appointment of James Emmett as Managing Director, Sterling Daines, as Chief Compliance Officer, Ian Jenkins as Chief Financial and Risk Officer and Saumya Bhavsar as General Counsel. “This is a stellar group of executives and having the Executive Committee of Diem Networks in place alongside existing leaders and colleagues is a critical step for Diem to operate with appropriate autonomy,” said Levey.
With the top team now in place, the Diem Association is prioritising technological and operational readiness for launch. “The evolution of the project results from constructive ongoing engagement with governments, regulators and other key stakeholders,” said Levey. There is growing consensus around the world on the need to modernise financial infrastructure and regulatory frameworks to meet changing consumer demands and keep pace with global innovation in digital payments. The Association has committed that it will proceed only upon receiving regulatory approval, including a payment systems license for the operational subsidiary of the Association from FINMA. The licensing process is ongoing and the operational subsidiary of the Association is in active and productive dialogue with FINMA."
In April of this year, the Libra Association announced its initiation of the payment system licensing process with the Swiss Financial Markets Supervisory Authority (FINMA). The licensing process is ongoing with input from central banks and other financial regulatory, supervisory and enforcement authorities around the world who have been brought together as a part of FINMA's regulatory supervisory college. The Association has committed that it will proceed only upon receiving regulatory approval, including a payment systems license for the operational subsidiary of the Association from FINMA.
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