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Facebook is just “weeks away” from being able to provide financial services to its users, reports the Financial Times. Currently awaiting regulatory approval in Ireland, the service would allow users to store money on Facebook and use it to pay and exchange money with others.
If approved, Facebook would become an financial institution in Europe, much like PayPal.
Facebook is said to be in talks with three London startups that offer international money transfer services.
It’s unclear if users will take to the service, given their trust issues with the networking site.