Facebook established a financial department to be responsible for the company’s payment projects, with Libra co-founder David Marcus as the head of the department

According to Bloomberg News, the social media giant Facebook has established a new department “Facebook Financial” (Facebook Finance, internally referred to as F2), which will be responsible for all the company’s payment projects, including Facebook Pay. Facebook Pay is a universal payment function that Facebook plans to build in all of its applications. The department will be led by David Marcus, co-founder of Facebook’s cryptocurrency Libra project. At the same time, David Marcus will continue to lead the Facebook digital wallet service “Novi” (formerly “Calibra”). In addition, David Marcus will also be responsible for the payment business of Facebook’s instant messaging application WhatsApp in countries such as India and Brazil. Facebook also hired Stephane Kasriel, the former CEO of Upwork Inc, a freelance trading platform, to serve as the vice president of payment business and report to David Marcus.