Facebook creates unit devoted to financial services

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.