The Libra Association has hired Saumya Bhavsar, a former banking regulator and leading industry veteran as its general counsel for its payments subsidiary. The new hire will help launch and manage a compliant system in the Libra network. Bhavsar comes with over 25 years of experience in banking regulation from both the public and private sectors. With such a vast experience in regulation, the new hire can potentially help Libra face global legislators regarding their regulatory concerns.
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Bhavsar had previously worked in regulatory roles for private sectors in Euroclear, UBS, and Credit Suisse. Bhavsar will join Libra after serving in Credit Suisse Group in Zurich, where she was the managing director, global head of regulatory affairs, and group head of data protection.
She is also a former senior attorney in the Enforcement and Compliance division at the Treasury’s Office of the Comptroller of the Currency. Bhavsar has also worked at the European Commission and the British Parliament.
In a statement, Bhavsar stated:
“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.”
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Libra’s other key hires 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.
James Emmett, Managing Director of Libra Networks stated:
“Saumya is a strategic leader with demonstrated ability and success in legal, regulatory, and operational roles in one of the most highly-regulated industries. I am looking forward to working with Saumya and know that her expertise will be crucial in launching and managing a compliant payment system.”
Bhavsar will bring in Libra her two decades of experience in financial services. Her expertise and skillsets lie in the legal, regulatory, and compliance fields.