Facebook to offer online financial services in Ireland

Jeremiah Yap – Fourth Estate Cooperative Writer

San Francisco, CA, United States (4E) – The largest social media website in the world is reportedly gearing up to offer online financial services, starting in Ireland. According to several reports, Facebook is just awaiting approval of the Irish regulatory board. Facebook is planning to offer users several financial transactions including remittances, online payment, and money transfer.

“The authorisation from the Central Bank to become an ‘e-money’ institution would allow Facebook to issue units of stored monetary value that represent a claim against the company. This e-money would be valid throughout Europe via a process known as ‘passporting,’ the Irish Times reported.

Facebook would need a capital of €350,000 to obtain e-money authorization. Last year, Facebook already expanded the size of its office space in the country.

Anonymous sources also report that Facebook financial services may soon expand beyond Ireland. The company has been in talks with at least three London-based money transfer start-ups: TransferWise, Azimo, and Moni Technologies.

Facebook is hoping that offering financial services will help its expansion into emerging markets like India and China.

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