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Google has cancelled plans to offer bank accounts to its users, the company confirmed.
In a statement to The Hill, a Google spokesperson said the company is “updating our approach to focus primarily on delivering digital enablement for banks and other financial services providers rather than us serving as the provider of these services.”
“We strongly believe that this is the best way for Google to help consumers gain better access to financial services and to help the financial services ecosystem connect more deeply with their customers in a digital environment,” the spokesperson said.
News of the plan was first reported by The Wall Street Journal.