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How many companies have their own digital bank?

Written by CONVEM | Jan 6, 2024 10:16:34 PM

In recent years, several companies across various industries have explored or established their own digital banks or financial services platforms.

 

Companies in sectors such as technology, retail, telecommunications, and finance have been increasingly interested in offering digital banking services to their customers as part of their business strategies. Some prominent examples include:

 

  1. Apple: Apple launched the Apple Card in partnership with Goldman Sachs, providing a digital credit card to its customers.

 

  1. Google: Google offers Google Pay and has explored partnerships to offer digital banking services through Google Plex.

 

  1. Amazon: Amazon introduced Amazon Pay and has ventured into financial services, such as small business loans.

 

  1. Tesla: Elon Musk, CEO of Tesla, has mentioned plans to create a Tesla digital bank to handle financial transactions related to their electric vehicles.

 

  1. Telecommunications Companies: Several telecommunications companies in various countries have launched mobile banking services for their customers.

  2. Retailers: Major retailers worldwide have considered offering digital accounts and credit cards to their customers.

 

The number of companies exploring or establishing their own digital banks may continue to grow as digitalization of financial services expands.

However, it's essential to keep in mind that regulatory requirements for banking services can vary significantly by country, and companies must comply with these regulations when establishing their digital banks. Each case may be unique in terms of how a company chooses to approach this initiative.