Meta rebrands FinTech division to Novi

Meta, previously known as Facebook, is set to rebrand its FinTech division from F2 to Novi.

All the BigTech firm’s FinTech products, including WhatsApp P2P payments and Instagram e-commerce, will now be categorised under the same name as Facebook's digital wallet, Novi.

The news comes after Facebook changed its name to Meta just under a fortnight ago, as part of a new branding that aims to reflect its focus on developing the metaverse.

The online platform describes the metaverse as a new phase of interconnected virtual experiences using technologies like virtual and augmented reality.

In September, Meta said it was ready to launch digital wallet “Novi”.

The social network said the product was “ready to come to market” and that it had received regulatory approval in “nearly every” US state.

Novi’s underlying infrastructure, Diem Networks, is set to run as a payments system according to Meta, using a new currency known as the “Diem Dollar”.

"Our misson remains to empower everyone, everywhere to access the world’s financial system to accelerate financial inclusion and economic empowerment,” David Marcus, head of Novi at Meta. "I'm excited about the future ahead, and the role Novi will play in enabling people and businesses to move money in more and cheaper ways, and innovate in the Metaverse for creators and consumers alike."

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