1. If Facebook was a country it would be the world’s most populous. Now it could become the world’s most powerful bank and help millions of migrant workers who work in one country and send remittances to family and friends in another (for education, healthcare etc).
2. Facebook’s plan to create GlobalCoin is designed to tap into remittance market. Foreign workers made $600 billion in remittances in 2018, bulk of those facilitated by Western Union and MoneyGram, which charge an average of 7% and 5.6% and as high as 30% in FX transfer fees.
3. Then there are the millions of unbanked in US and across the globe that Facebook could help. Exciting times ahead.
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