Facebook is reportedly planning to take a step into financial services, allowing users in select regions to store money online to use for making payments and transferring funds to others. According to the Financial Times, Facebook could obtain regulatory approval in Ireland to begin offering these services as an e-money institution within a matter of weeks. Remittances are a gateway drug to financial inclusion. But despite moving forward in Europe, Facebooks eventual goal seems to be offering financial services in developing countries, where the social network has a chance to become an integral part of the financial infrastructure.
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