As part of a project code-named Cache, the company will become the latest Silicon Valley leader to try its hand at the banking space. Previous attempts by Apple and Facebook faced obstacles, with consumers growing increasingly skeptical over providing big tech companies with their personal information.
"If we can help more people do more stuff in a digital way online, it's good for the internet and good for us," Sengupta said. Last year, Amazon had reportedly been in talks with J.P. Morgan over a checking account. Apple launched a credit card for iPhone users earlier this year with Goldman Sachs. Uber announced its push into financial services last month, and just yesterday Facebook announced a new system to facilitate payments across its social media and messengjng systems.
Facebook's foray into digital currency saw major financial backers drop out over regulatory concerns.
Technological companies, such as Google and Apple, cannot get into the business of providing banking services and issuing credit cards without forming financial alliances with major banks for credit-securing and underwriting purposes.
Is that a joke? The most innovative platforms rose from fields of little or no regulation. It is highly regulated industries where innovation has stopped. Get the govt out of the way!
Your worried about banking? how about google violating MILLIONS of people rights to health data privacy
IngrahamAngle U nailed it Dig deeper..funds to fund what? What do these people have in common? Pelosi's son Kerry's son Romney's son Biden's son Hint: Geo location: Ukraine Hint: Energy Coincidence? When [GS] calls, D's always answer. Nothing can stop what is coming. Nothing!
What so he can get the inside track on new startups and disruptors before they go public? I believe that behavior is how people go to Congress, make $174,000 over 4-6 years and come out multimillionaires.
Jump in there with your bipartisan self, while you all still have a little power.
2 snowflakes on TV.
TheExchange I agree! Why would anyone do this?! (ahem...) I’m nervous about online banking with my own bank let alone a GOOGLE anything-more-than gmail.
The accounts for the project will be run by Citigroup and the Stanford Federal Credit Union, the source said, confirming a report in The Wall Street Journal.
TheExchange will they offer me a new credit score too
But why tho
sure, I'll trust my $$$ to Google Hahahaha!!
Yes, google should do itit will open new opportunities in the market and jobs and new experiences for people around the world..
Yep, be careful, very careful. If google knows how much you have in the bank it can spread that info (your profile) to the businesses it work with and all kinds of manipulation of pricing, marketing can happen. Ugh
The communist speaks.
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