There needs to be “very strict scrutiny” on Big Tech entering new businesses, Sen. Mark Warner says. Here's what he thinks about Google getting into banking and its Fitbit acquisition.
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.
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