In addition to having all your services online, Google also wants to be your bank.

Google is looking to expand its horizons with a new project to fully enter the financial industry.

In addition to having all your services online, Google also wants to be your bank.
In addition to having all your services online, Google also wants to be your bank.


Alphabet Inc's Google will offer personal checking accounts starting sometime next year in partnership with Citigroup Inc, and a small financial institution at Stanford University, a source with knowledge of the internet search giant's plans said Wednesday.

The details of the project, called Cache, were initially reported by the Wall Street Journal and are known after initiatives by tech giants such as Apple Inc and Facebook Inc for entering the financial industry this year.

Facebook's plan to launch the digital currency "Libra" has faced the skepticism of regulators, who are concerned about issues such as money laundering, transaction security, and user data.

There are also significant concerns about how large technology companies will use their enormous influence in other areas of business and economic infrastructure.

Our focus will be to partner strictly with banks and the financial system, "said Caesar Sengupta, general manager and vice president of payments for Google, to the Journal in an interview." It could be a bit longer, but it is more sustainable, "he added.

On Tuesday, Facebook also launched a unified payment service through which users of its platforms can make transactions without leaving the application, called Facebook Pay, which is independent of its Libra project. 

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