Payments company PayPal said on Monday that it has applied to establish a bank in the US because various companies are anxious to take advantage of the friendly regulatory environment under the Trump administration. The San Jose, California-based company has applied to the Utah Department of Financial Institutions and the Federal Deposit Insurance Corporation to set up an industrial loan company. The move reflects fintech and cryptocurrency companies seeking banking concessions to expand their business. If approved, the move will help PayPal strengthen loan services for small businesses in the US and reduce reliance on third parties. PayPal also plans to provide customers with interest-bearing savings accounts. The company said it has provided more than $30 billion in loans and funding since 2013.

Payments company PayPal said on Monday that it has applied to establish a bank in the US because various companies are anxious to take advantage of the friendly regulatory environment under the Trump administration. The San Jose, California-based company has applied to the Utah Department of Financial Institutions and the Federal Deposit Insurance Corporation to set up an industrial loan company. The move reflects fintech and cryptocurrency companies seeking banking concessions to expand their business. If approved, the move will help PayPal strengthen loan services for small businesses in the US and reduce reliance on third parties. PayPal also plans to provide customers with interest-bearing savings accounts. The company said it has provided more than $30 billion in loans and funding since 2013.