Facebook targets financial services

Facebook is readying itself to provide financial services in the form of remittances and electronic money, the Financial Times reports.

The social network is reportedly weeks away from obtaining regulatory approval in Ireland for a service that would allow its users to store money on Facebook, as well as use it pay and exchange money with others.

“Facebook wants to become a utility in the developing world, and remittances are a gateway drug to financial inclusion,” said a person familiar with the company’s strategy.

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