UPDATES - Libra Hires Former UBS Executive Saumya Bhavsar

Facebook-led Libra Association announced on Wednesday the hiring of Saumya Bhavsar as the general counsel of Libra Networks, the payment system subsidiary of the blockchain consortium.

Though the development of Facebook’s ambitious digital currency is currently ongoing behind the curtains, the association is actively on-boarding new members and strengthening its team with key hires, Bhavsar being one.

In her new role, Bhavsar is bringing two decades of leadership experience in financial services. She has expertise in legal, regulatory, and compliance fields.

“I am thrilled to be joining the Libra Association as it progresses toward enabling a more inclusive global financial system,” Bhavsar said.

Experiences with Big Banks

She joined the Swiss non-profit from Credit Suisse, where she headed the global regulatory affairs as a managing director. She was also the head of the bank’s data protection office.

Before that, she spent a dozen years at UBS. She joined the investment bank as an executive director of litigation and regulatory investigation and later became a managing director, first heading the legal department of the Americas and then overseeing US legal and wealth management strategic change.

She also had a couple of years’ stint at Euroclear.

Apart from her banking experience, she spent a fair share of her career in the public sector too, with time at the Office of the Comptroller of the Currency, an independent office of the US Treasury.

“Along with many in the banking industry, I have been watching the Libra project from afar and believe the Libra payment system is poised to transform the industry and enable unprecedented financial innovation and inclusion at a time when we need it most,” she added.

Libra’s other key appointments include Stuart Levey, a former top Treasury Department official-turned-general counsel at HSBC Holdings; ex-Credit Suisse MD Sterling Daines; and Stevan Bunnell, who replaced the former general counsel of the Libra Association only after three months.