According to Bloomberg, PayPal, the “American version of Alipay,” has applied to establish a bank in the United States to take advantage of the Trump administration’s openness to financial technology companies entering the banking system. PayPal is currently engaged in the payment business. The company said in a statement released on Monday that it has submitted applications to the Federal Deposit Insurance Corporation and the Utah Financial Institutions Supervision Department to establish an industrial lending company chartered by Utah called PayPal Bank.
PayPal
PayPal said in a statement that if approved, PayPal Bank will help strengthen the company's lending capabilities to small businesses.PayPal also said it has provided more than $30 billion in loans and financing to small businesses since 2013.
"Access to capital continues to be a major obstacle for small businesses seeking to grow and expand. Creating PayPal Bank will strengthen our business and improve efficiency, allowing us to better support the growth and economic opportunity of small businesses across the United States." PayPal CEO Alex Chriss (Alex Chriss) said in a statement.
last week,Several cryptocurrency companies have received preliminary regulatory approval to form banks, including Circle Internet Group, Ripple and Paxos.Since Trump took office as President of the United States in January this year, the interest of companies in applying to establish banks has increased significantly. By contrast, during the Biden administration, very few relevant applications have been filed, let alone entered the review stage, because companies generally believe that it will be difficult to obtain approval.