SAN FRANCISCO: Facebook on Monday said it has created a new unit devoted to financial services to harmonize payment systems on its platform.
The new group, called Facebook Financial, will be headed by e-commerce veteran David Marcus, who was a president at PayPal before joining the leading social network six years ago.
Marcus is one of the creators of Facebook’s digital money network Libra, and heads the team building a Novi digital wallet tailored for the currency.
The Novi wallet — set to launch when Libra coins debut — promises to give Facebook opportunities to build financial services into its offerings, offer to expand its own commerce and let more small businesses buy ads on the social network.
Facebook Financial will handle management and strategy for all payments and money services across the Silicon Valley company’s platform.
“Today various payments features exist across our apps, and we want to make sure decision making, execution and compliance are not fragmented,” Facebook said in an email reply to an AFP inquiry.
“We want to be able to give people the ability to make a payment however they choose — debit, credit or Libra digital currencies.”
Noting security concerns posed by Facebook’s yet-to-be-launched digital currency Libra, the Federal Reserve last week revealed plans for its own instant payments system.
FedNow will provide households and businesses with instant access to payments, for wages, government benefits or sales, without waiting days for checks to clear, the Fed said.
The system, which is not due to launch for two to three years, “will be designed to maintain uninterrupted 24x7x365 processing with security features to support payment integrity and data security,” the central bank said.
Facebook’s announcement last year of plans to design the Libra cryptocurrency and payments system raised immediate red flags for global finance officials who expressed a barrage of withering criticism about the security and reliability of a private network.
Facebook creates unit devoted to financial services
https://arab.news/82bsc
Facebook creates unit devoted to financial services
- The Novi wallet — set to launch when Libra coins debut — promises to give Facebook opportunities to build financial services into its offerings
- Facebook Financial will handle management and strategy for all payments and money services across the platform
Israel extends foreign media ban law until end of 2027
- Order replaces temporary emergency legislation that allowed authorization of so-called ‘Al Jazeera bill’
- Extension of temporary order empowers Communications Ministry to restrict foreign channels deemed to cause ‘real harm to state security’
LONDON: Israel’s Knesset approved late Monday an extension of the temporary order empowering the Communications Ministry to shut down foreign media outlets, pushing the measure through until Dec. 31, 2027.
The bill, proposed by Likud lawmaker Ariel Kallner, passed its second and third readings by a 22-10 vote, replacing wartime emergency legislation known as the “Al Jazeera Law.”
Under the extended order, the communications minister — with prime ministerial approval and security cabinet or government ratification — can restrict foreign channels deemed to cause “real harm to state security,” even outside states of emergency.
Measures include suspending broadcasts, closing offices, seizing equipment, blocking websites, and directing the defense minister to block satellite signals, including in the West Bank, without disrupting other channels.
Administrative orders last 90 days, with possible extensions. Unlike the temporary measure, the new law does not require court approval to shut down a media outlet.
The move has drawn sharp criticism from human rights and media groups, who warn it entrenches restrictions on Arab and foreign outlets amid a broader erosion of press freedoms.
“Israel is openly waging a battle against media outlets, both local and foreign, that criticize the government’s narrative; that is typical behavior of authoritarian regimes,” International Federation of Journalists General Secretary Anthony Bellanger said in November after the bill’s first reading.
“We are deeply concerned about the Israeli parliament passing this controversial bill, as it would be a serious blow to free speech and media freedom, and a direct attack on the public’s right to know.”
In a parallel development, the Israeli Cabinet unanimously approved on Monday the shutdown of Army Radio (Galei Tzahal) after 75 years, with operations ceasing on March 1, 2026.
In a statement, Attorney General Gali Baharav-Miara warned the decision “undermines public broadcasting in Israel and restricts freedom of expression,” lacking a legal basis.
