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  • Frank Tian

🍎 Apple’s Inches Into Finance Are Closely Watched.

Apple’s Breakout (from the existing financial system) project was first reported by Bloomberg back in March 2022.

Since then, regulators, financial institutions, and consumer groups are closely watched.

👉 Who else to watch?

Facebook gave up Libra/Diem.

Google abandoned the checking account.

Any big guy left dancing on the financial stage naturally draws attention from everyone.

👉 CFPB warned about Apple’s entry into BNPL.

This is not about how big Apple’s BNPL business is now or in the near term.

It is about the beginning of big tech's direct participation in lending.

And the implication to competition and systematic risk down the road.

👉 Goldman Sachs’ credit card practices are under investigation.

This is a move on Apple - who is literally the face of the credit card issued by GS.

There is no specific regulation for big techs, yet.

However, existing sector regulations allow the reviews of big tech’s financial partners/clients.

Actually, in a recent report, BIS recommended this approach to mitigate growing systematic risk.

All the large FIs should be prepared, either as big techs' partners or as their clients.

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