Apple and other tech giants – Amazon, Alphabet (Google) and Meta (Facebook) – have attracted antitrust concerns with their latest moves into financial services. The US Consumer Financial Protection Bureau (CFPB) is looking into Apple’s actions, its UK counterpart, the Financial Conduct Authority (FCA) is taking a broader view. Some of Apple’s financial services like Apple Card are actually operated by existing banks like Goldman Sachs. However, Apple is acting as its own bank for the new “Pay Later” feature and that is what drew the attention of the CFPB. Apple introduced Pay Later...
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