and Lessons from Facebook’s Missteps Here is a long thread on Twitter’s recent grant of their first money transmitter license and what I think would be happening. Twitter’s recent acquisition of a money transmitter license has sparked discussions about its entry into the payments industry. In this thread, we’ll explore the prospects of Twitter as a payment platform, compare it with other major players like Facebook, Apple, and WhatsApp, and discuss the importance of regulatory approvals for global expansion. Additionally, we’ll examine the mistakes made by David Marcus, who was involved in Fa ..read more

The Money Transfer Bible Starting a money transfer business can be a daunting task. There are many regulations, licenses, and requirements to navigate, and the process can vary from country to country. But fear not, because we have put together one of the most extensive resources online for the money transfer industry: “How to Start a Money Transfer Business?” This comprehensive guide covers everything you would need to start a money transfer business, including the basics of the industry, legal requirements and regulations, choosing the right partners, marketing and customer acquisition ..read more

Comparing results after a decade. In 2011, this question was asked on Quora, and I wrote my answer as follows: This is an excellent question and there are many companies who believe they are shaping this answer (predominantly, SWIFT, Visa, Mastercard, WesternUnion, PayPal, and a whole lot of mobile companies). Very important note to the above, is an external player like say Facebook that can be a huge disruption in the money space, should it enter with a cunning plan, that is pragmatic, worldwide and affordable. Though it is very difficult to predict how the payment system will shap ..read more

How MSBs are leveraging the power of USDC and Circle for cross-border payments to their counterparties. As cross-border payments continue to gain popularity, businesses are constantly looking for faster, more secure, and cost-effective methods to conduct transactions. In my recent walk-through videos, I discussed how US Money Service Businesses (MSBs) with the requisite money transmitter licenses can leverage Circle and their stablecoin USDC for these purposes. With Circle acting as a correspondent bank, using USDC has proven to be a promising solution for reducing counter-party risk and facil ..read more

US Money Transmitter License.Summary table for understanding the US Money Transmitter Licensing Process. A money transmitter license is a type of license issued by a state or federal government that allows a business to engage in the transmission of money or monetary value. This can include activities such as money transfers, currency exchange, and check cashing. In the United States, a money transmitter license is typically required at the state level, with each state having its own set of requirements and regulations. Some states may also require businesses to obtain a license from the ..read more

What is happening in the parallel market? I recently did a series of small podcasts highlighting what was going on in the Nigerian parallel market. For the 1st time in Nigeria, the parallel market rate for the Nigerian Naira against the US Dollar was 100% more than the official rate. Nigeria Economic Background Nigeria is a country located in West Africa. Africa's largest economy has a diverse range of industries, including oil and gas, telecommunications, banking, and agriculture. The Nigerian economy has experienced various ups and downs over the years, with periods of strong growt ..read more

IS Bank in Türkiye is one of the banks that I use. Their mobile app has something I have not witnessed with any other app I may have used. I am sure it exists, but I haven’t seen it with anyone else. It is the welcome screen depending on the time of day it is, and also on holidays & seasons. Something as simple as this welcome screen makes me happy. Faisal Khan, CEO of Faisal Khan LLC. Please find out more about our services for Money, Banking, Payments, Licensing, and Cryptocurrency on our website. Mobile Banking App: Welcome Screen was originally published in Faisal ..read more

A four-part series of curated documentaries to understand banking, money, and economics. Understanding money and the economy. Some excellent documentaries to watch that will excel in your understanding of how the world economy works. This is Part 2 of a Four Part Series. Last week I published a post on the documentaries to watch on banking, money and payments. You can read that article here. This Part II is for folks who want to be more educated (informed?) about the world of banking and finance. The economy is not an easy concept to grasp, but at least having an understanding c ..read more

Twitter PaymentsFramework for monetizing payments on the world’s largest microblogging network. A friend asked me a question the other day: ‘If Twitter were to monetize itself using payments, what would be the natural method of going forward?’ Interesting question. One that I am sure a lot of people So here’s my take on that. Twitter is a vast platform. It has the ability to send micro messages, which is fantastic; it has Spaces where you can host or join live audio conversations and discussions. The platform is used by hundreds of millions of people a day. I think it’s only natural ..read more

A four-part series of curated documentaries to understand banking, money, and economics. If you want to better educate yourself on banking, money, economics, and payments, I highly recommend watching the documentaries below. So here goes in no particular order… 97% Owned — Economic Truth documentary — How is Money Created https://medium.com/media/3ea4db0b9b3385111c55075a454abad9/hrefHow The Economic Machine Works by Ray Dalio https://medium.com/media/06269bb5cb267bb11e4b2dfbbe13248e/hrefFEDERAL RESERVE 100 years of Money for Nothing https://medium.com/media/691e9e3ea5f350d842241 ..read more