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PayPal Applies for Utah Industrial Bank License to Launch PayPal Bank

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PayPal has filed for a Utah industrial bank license to launch PayPal Bank, aiming to offer small business loans and interest-bearing savings accounts. The company is also seeking FDIC deposit insurance. CEO Alex Chriss said the move will help small businesses access capital and boost economic growth. The application comes amid regulatory changes, including crypto firms receiving trust charters. The initiative aligns with efforts in Countering the Financing of Terrorism and improving liquidity and crypto markets.
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