Facebook launched a new group within the company that will target an agenda related to financial technology (fintech). It is a range of products to promote the company's “business opportunities”, and will be spearheaded by one of the co-creators of the Libra project, David Marcus.
“Facebook Financial” (F2) will be a platform where the social media giant will execute its payment projects. According to Bloomberg, in addition, the platform will have a built-in Facebook Pay.
Marcus's figure grows notably within the company. Who will lead the new platform is also who is in charge of the Novi (ex Calibra) wallet and who was at the forefront of recent attempts by WhatsApp to provide instant payments.
“We have a lot of commercial things on Facebook. I felt it was the right thing to do to rationalize company-level strategy around all payments, ”Marcus noted.
One of the first objectives of the new group is to introduce payments through WhatsApp in countries with massive influx of customers, such as India or Brazil. In the South American country, the initiative had been launched a few months ago, but less than ten days later the government decided to temporarily suspend it.
As remarked from the Central Bank of Brazil, the risks of the platform for the national financial sector had not yet been evaluated and they decided to suspend the service to "preserve an adequate competitive environment."