Between data breaches, hate speech and smear campaigns, Facebook has set a standard of sorts in Silicon Valley scandals. A new blockchain-based currency, Libra, is an odd choice to change that image. Such digital assets are known for volatility and criminality.

Yet the meeting of big tech and fintech represents a challenge to traditional banks. Facebook hopes to exploit their flaws, most notably slow and expensive transactions. There are good reasons to remain wary of Facebook, but a digital shake-up of banking is long overdue.

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00.