SINGAPORE (June 24): Facebook is launching a digital currency that can be used seamlessly on mobile phones at near-zero fees. The social networking giant will also build its own mobile wallet, Calibra, which will act almost like a bank, hosting accounts, giving out loans and even having Calibra-branded ATMs.

Libra is developed as part of an association that includes MasterCard, Visa and Paypal Holdings; marketplace eBay; telco Vodafone Group; media service Spotify Technology; ride hailing service Uber Technologies; venture capital firm Andreessen Horowitz; and NGO Mercy Corps. Notably absent are banks. Indeed, when launched next year, Libra is set to undercut fees banks charge and serve the 1.7 billion “unbanked” people.

Have a premium account? Sign in to continue reading.

Unlimited access to all stories from $99.9/year*

The latest reporting and analysis from business and investments to news and views on social issues.


  • Simultaneous logins across all devices
  • Instant access to past digital issues
  • Unlimited access to The Edge Malaysia
  • *For annual subscription plan only. T&Cs apply


Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook