Facebook Targets Financial Services

Financial Times
Sunday, April 13, 2014

Facebook is readying itself to provide financial services in the form of remittances and electronic money in Europe. The social network is only weeks away from obtaining regulatory approval in Ireland for a service that would allow its users to store money on Facebook, using it to pay and exchange money with others. Facebook would issue units of stored monetary value that represent a claim against the company. This e-money would be valid throughout Europe. Facebook has also discussed potential partnerships with at least three London start-ups that offer international money transfer services online and via smartphones.