Facebook eyes foray into financial services - report

The business, launched in 2004 and today worth more than $100bn, has applied for regulatory permission in Ireland to establish a service that would allow members to store money on Facebook and use it to pay others, according to a report in the Financial Times (£). The newspaper, citing several unnamed sources it said are involved in the process, reported that Facebook plans to issue units of stored monetary value that would represent a claim against the company. The 'e-money', it added, would be valid throughout Europe via a process known as 'passporting'. Facebook is a globally-re...