Google Entering Finance-Will Offer Checking Accounts

The Wall Street Journal reports that Google’s financial project, aka Cache, would have accounts run by Citigroup. The financial institutions would be the main focus on Google’s Cache, rather than Google creating its own, separate financial brand.

Federal regulators are already looking into whether Google has an unfair advantage in the financial realm, given its other products like search, home speakers, Google suite, and more. Federal regulators have been wary about big tech companies entering into the financial market, such as Facebook with its proposed cryptocurrency, known as Libra.