Two landmark names from the banking and technology industries are coming together. The U.S. giants will launch a product they hope will unite the best of the two worlds.
Goldman Sachs (GS) is upping its push into consumer banking, an unfamiliar territory for the investment banking giant. Slated for release in early 2019, the bank is gearing up to release a credit card in partnership with Cupertino-based tech giant Apple.
The new Goldman Sachs Apple card will be issued under the Apple Pay moniker, a scenario already ubiquitous across Asia, «The Wall Street Journal» (behind paywall) reported.
Boosted Presence
Searching for additional revenue streams, Goldman Sachs has boosted its presence in the consumer banking sector this year. In April, the bank acquired personal finance app Clarity Money. That deal followed the January acquisition of Final, an Oakland-based credit card startup.
Apple is not a major player in the financial technology sector for now. But Apple Pay, which allows iPhone and Mac users to link their credit cards to their Apple account, is widely used and growing quickly in the Asian Pacific region.
Digital Payments in Asia
Leading banks in Hong Kong, Singapore, China and Japan have embraced the technology. Another major U.S. bank, Citigroup, was the latest to link with Apple over digital payments in Asia, as finews.asia reported recently.
