MasterCard CEO talks about his separation from Facebook
Ajay Banga stressed that aspects such as monetization, migration policies and the creation of the Calibra portfolio were key on his company's exit from the Libra project
Ajay Banga, the CEO of the MasterCard company, spoke after four months about his separation from the pound project of Facebook, and the reasons for this decision.
Banga says that until now he cannot understand how the monetization process would be with this digital asset, and that the creation of the Calibra portfolio was not in line with the proposal to promote an asset of global scope.
On the other hand, the Mastercard executive added that the regulatory issue and the business model were an important part of the decision to depart from this project.
He also indicated that the members of the association would not commit to do nothing that did not comply fully with local laws and cited measures such as Meet Your Client (KYC), Money Laundering (AML) and data management.
The reasons for MasterCard to abandon the Libra Association would also be based on the integrity and data management of the participants, mainly because of the scandal that triggered Facebook and the Cambridge Analytica company for the bad practices in the data management of 87 million users of the social network, which could be considered as one of the biggest episodes of violation of user privacy until the date.
K. Tovar
Source: El CEO
