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Originally Posted by Hermes
That's quite bold, though popular assumption that epass funds was used for making of that movie, without any proof it's still only wild speculation, and even if true, it doesn't sound very legal move either.
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As ePassporte is a privately held company we will never know precisely who it made loans to however if you look across the board at Mallick's business portfolio, what is publicly known is that ePassporte is the only possible source of those funds outside of external investment. Yes, it is possible Mallick had a spare 20 million bucks in his back pocket independent of ePassporte but very unlikely.
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Also epass is not a bank and doesn't NEED to operate under similar model, IF they get enough profits from other ways than interests. There are many much smaller ewallet systems and I'm sure they don't ALL run on fractional reserve system. Paypal might do so but they also actually operate as a Luxembourg-based bank in europe because of some laws involved.
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Public disclosures by Paypal demonstrate that it does not retain 100% of account holders funds in guaranteed deposits and that some such holdings "may lose value".
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Here's what Moneybookers, another big ewallet system says, should apply to other FSA regulated ewallets too:
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Actually Moneybookers is a different system all together and subject to different regulations because of it falling under the regulatory regimes of the United Kingdom and it's structure forbids it to 'speculate on monies received by it on behalf of individuals or corporations' which is designated to be transferred. However the legislation covering speculative investment of Moneybookers funds only applies to money which originates and has a destination within the greater European economic zones. They can do what they like with money received outside of that.