Google is talking to banks about offering current accounts to its customers, accelerating Silicon Valley’s incursion into financial services after Apple’s credit card launch and Facebook’s proposed digital currency Libra.
The move is likely to further alarm lawmakers already anxious about the concentration of personal information within a few big tech companies and comes after Facebook ran into widespread resistance to Libra.
Google suggested a determination to avoid the backlash Facebook has suffered over Libra by working closely with existing financial services providers.
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