World’s largest search engine Google enters banking industry

• Google says it plans to work with existing financial services providers, including its first partners Citigroup and Stanford Federal Credit Union.
• The checking accounts would comply with the same regulations as a traditional account, says Citigroup.

The world’s largest search engine Google has now set its sight to conquer the banking industry, as the tech giant Google is in talks with US banks offering checking accounts to its customers.

The Silicon Valley tech company says that it plans to work with existing financial services providers, including its first partners Citigroup and Stanford Federal Credit Union.

“We’re exploring how we can partner with banks and credit unions in the US to offer smart checking accounts through Google Pay, helping their customers benefit from useful insights and budgeting tools, while keeping their money in an FDIC or NCUA-insured account,” a Google spokesman said in a statement. “We look forward to sharing more details in the coming months.”

As per Financial Times, the accounts would comply with the same regulations as a traditional account, said a Citigroup spokesperson said. Meanwhile, the features and functions of the Google Pay-linked checking accounts were still to be determined.

However, it could be similar to that of Citigroup’s partnership with messaging service WeChat in Asia, where Citibank customers make payments and complete other everyday banking transactions through the WeChat platform.

A number of tech giants are pushing to enter the banking industry. Last year, the US multinational technology company Amazon was reportedly in talks with J.P. Morgan Chase over a checking account. Meanwhile, Cupertino-based Apple launched a credit card for iPhone users earlier this year with Goldman Sachs.