Mastercard CEO Ajay Banga says his company left The Libra Association after his attitude towards the project deteriorated over proposals to link the coin with its own built-in wallet, Calibra, as well as the lack of a clear business model.

In an interview with the Financial Times, the payment services chief, who has headed up Mastercard since 2009, described the various red flags that led to his decision to pull the company from the project. “It went from this altruistic idea into their own wallet. I’m like: ‘this doesn’t sound right,’" said Banga, adding that, "If ...

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