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Google will offer checking accounts as latest tech company to enter finance

[2019.11.13, Wed 17:05] Google is the latest tech company to enter the financial world by offering checking accounts starting next year. The Wall Street Journal reports that Google's financial project, dubbed as Cache, would have accounts run by Citigroup. The financial institutions would be the main focus on Google's Cache, rather than Google creating its own, separate financial brand. "Our approach is going to be to partner deeply with banks and the financial system," Google executive Caesar Sengupta said to the Wall Street Journal. Google told the Journal that it wouldn't sell checking account users' financial data and that it doesn't use the data from the already established Google Pay for advertising or marketing purposes. According to reports, federal regulators are already looking into whether Google has an unfair advantage in the financial realm, given its other products like search, home speakers, Google suite, and more. Federal regulators have been wary about big tech companies entering into the financial market, such as Facebook with its proposed cryptocurrency, known as Libra.
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