Not content with being just a platform to host cat photos and status updates, Facebook is readying itself to provide financial services in the form of remittances and electronic money.

The social network is only weeks away from obtaining regulatory approval in Ireland for a service that would allow its users to store money on Facebook and use it to pay and exchange money with others, according to several people involved in the process. The authorisation from Ireland's central bank to become an "e-money" institution would allow Facebook to issue units of stored monetary value that represent a claim against the company. This e-money would be valid throughout Europe via a process known as "passporting".

Harriet Taylor | CNBC

Facebook has also discussed potential partnerships with at least three London start-ups that offer international money transfer services online and via smartphones: TransferWise, Moni Technologies and Azimo, according to three people involved in the discussions. Read More Facebook buying virtual reality firm Oculus for $2 billion

In the case of Azimo, Facebook offered to pay the company $10 million to recruit one of its co-founders as a director of business development, according to people familiar with the situation. A Facebook spokesperson said the company did not comment on "rumour and speculation". London's financial technology sector has thrived thanks to the high concentration of financial services companies, a congenial timezone for international transactions and a more unified regulatory environment in Europe compared with the US. A foray into migrant remittances is part of Facebook's push to increase its presence in emerging markets. "Facebook wants to become a utility in the developing world, and remittances are a gateway drug to financial inclusion," said a person familiar with the company's strategy. Facebook recently passed 100 million users in India, which is its largest national market outside the United States. More from the Financial Times:

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Oculus founder looks to unlock the impossible But it is unclear that people will trust Facebook to handle their money, given concerns about personal data mining by the social media network to boost advertising on the site.