According to the Financial Times, Facebook is not satisfied with merely being a social networking giant. Currently, the company is planning to provide convenient financial services to users in the form of electronic money and remittances.
The report, citing sources, states that in a few weeks, Facebook is expected to receive approval from Ireland regulators, allowing users to store money on Facebook and use it for payments, which is known as an "electronic money" service. This means that Facebook can issue stored monetary value units representing the company's debt, and this electronic money can also circulate widely throughout Europe in the form of "passporting".
It is said that Facebook has already held discussions with at least three London-based startups that provide international internet and mobile remittance services, including TransferWise, Moni Technologies, and Azimo. A Facebook spokesperson stated that they "do not comment or speculate" on the aforementioned reports.
Electronic money and remittances will help Facebook connect more closely with emerging markets and further advance its business in these regions. For example, last week, the number of Facebook users in India exceeded 100 million. Currently, Chinese internet giants including Alibaba and Tencent have already launched mobile payment initiatives, seeking to bridge the gap caused by the lack of bank-issued credit cards and tap into the development potential of e-commerce by replacing traditional payment methods.