Monday, April 14, 2014

Banks’ New Competitors: Starbucks, Google, and Alibaba

Alibaba, China’s equivalent to Amazon, became a $16 billion lender in less than three years, and China’s largest seller of money market funds in only seven months.

Facebook is reportedly prepping an e-money service, and is close to getting approval in Ireland

The report cites sources as saying that Facebook is weeks away from getting regulatory approval in Ireland for a service that lets users store money on Facebook and use it to pay others — what’s known as “e-money”. This means that Facebook will be able to issue units of stored monetary value that represent a claim against the company, and the e-money can be used throughout Europe in a process known as “passporting”.