Facebook’s Libra Shows Banks Can Do More, Singapore MAS Says (1)

Facebook Inc.’s embattled bid to create its own digital currency has laid bare shortcomings in cross-border payments and financial inclusion that banks and regulators must address, according to Singapore’s top central banker.

Central banks “need to answer” the challenge posed by Facebook’s attempt to create a faster and more affordable payments network via Libra, Ravi Menon, managing director of the Monetary Authority of Singapore, said in an interview earlier this week.

Ravi Menon

Photographer: Ore Huiying/Bloomberg

“They are pointing to a correct problem, they are offering a solution,” he said. The challenge is to see if similar results can be achieved “within ...