Social media network Facebook is set to enter the financial services market by launching an e-money facility.
Facebook is in the process of obtaining regulatory approval in Ireland that would allow its users to store and exchange money with other users according to the Financial Times.
If Facebook receives authorisation from Ireland’s central bank, it would become an e-money institution and be able to issue units of stored monetary value.
The company has also discussed partnering up with three London start-ups that offer international money transfer services online and through smartphones: TransferWise, Moni Technologies and Azimo.
Facebook would need to hold a capital requirement of €350,000 (£290,000) to obtain e-money authorisation.