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I wonder how they're doing this in AU, can't see any info about APRA registration as an ADI/ERS user...

Prepaid accounts, just like Bunnings, Target, Woolies, your favourite restaurant.

You are not making a deposit as you don’t earn interest and you do not have FCS protection. Given the size of FB I don’t think this is a problem.

But because it's redeemable on demand for Australian currency shouldn't that make them a PPF provider? eg: PayPal is a registered PPF provider https://www.brightlaw.com.au/regulatory-challenges-for-purch... https://www.apra.gov.au/sites/default/files/PayPal-auth-and-...