Google and Apple are pushing into consumer banking without taking on the regulatory restraints that come with being a bank.
and Apple — will undoubtedly push deeper into finance this year, their progress in banking will be "more of a slow creep than big strides," said Sarah Kocianski, head of research at fintech consultancy 11:FS.
"The big tech firms will continue to add services that are peripheral to banking to their existing offerings, without going full-stack banking," she said. "The headache of getting, and maintaining, a banking license would likely be considered too big a risk for these companies. Instead, they will continue to operate with licensed partners."
In Europe, plenty of online banks from Monzo to N26 have emerged, targeting the wallets of younger, tech-savvy consumers. Singapore and Hong Kong are also in the process of introducing new digital bank licenses to make it easier for tech businesses to offer financial services. Kocianski explained that U.S. tech companies would be put off by becoming banks themselves due to the accompanying regulatory restraints.global payments lead, Sulabh Agrawal.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
A bunch of people in tech are setting resolutions to spend less time using techAfter days at the office working on a computer, many tech workers are dead-set on picking up new hobbies in 2020 like painting, playing board games, learning a language or picking up a musical instrument.
Leer más »
Ten years on, why are there still so few women in tech?With the amount of women employed in the digital workforce hovering around 17% for the past decade, more needs to be done to diversify the industry
Leer más »