Entry into the banking sector

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Or specifically, in the area of ​​money institutions. Facebook has long been authorized to operate as an electronic money institution in the United States, allowing users to send money from person to person via Facebook Messenger. Since December 30, 2016, it has also been able to do so in Spain, as it has been listed in the Official Register of Institutions of the Bank of Spain. Previously, in October, it also obtained a license to operate from the Central Bank of Ireland.

Warnings that "Facebook threatens the banking sector" havecountry email list been swift. But in reality, Facebook's foray into this sector is nothing new either. In fact, Facebook's first relationship with banking dates back to 2012, when, in collaboration with the Australian Commonwealth Bank, it launched an application for making payments through the social network. Later, it reached other types of agreements with institutions such as ASB Bank (New Zealand) and ICICI Bank (India) to provide direct access to their online banking services.

According to the IEB's Third Financial Sector Competitor Ranking, "a potential entry into the global bank transfer business (by Facebook) would significantly reduce the fees charged by financial institutions for these types of transactions." Hence, the company is viewed as a threat by financial institutions.