Facebook nabs financial licence from Central Bank of Ireland

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Facebook has received a licence from the central bank in Ireland to operate as a financial payments service, according to the Sunday Business Post. In news which will see conference speakers around the world adding “I told you so” to their PowerPoint slides, a subsidiary of Facebook can now act as a payments provider and electronic money issuer. The social media giant applied for authorisation two years ago.

Users in America can already use it to make payments to others, but this is the first time it will bring the service global. Facebook has previously partnered with a number of card providers, as well as PayPal, to make use of its messenger service, allowing users to receive transaction confirmation and confirm payments. Whether this confirmation of a new licence is a bold step into the world of banking remains to be seen. The name of the subsidiary company which will be operating under the licence has also not been revealed.

Facebook has also announced that it will be expanding its UK presence with a new headquarters in the country. 500 extra employees will be hired including engineers, sales and engineering staff. “The UK remains one of the best places to be a tech company,” said its London-based executive, Nicola Mendelsohn. The new office will be situated in Fitzrovia, London.

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