The news didn’t make big headlines in Washington: Another financial lobby is forming to convince U.S. politicians of the blessings of the modern monetary economy.
What’s striking, however, is the list of members. The lobby for Financial Innovation Now does not include the usual suspects from Wall Street, but rather five top dogs from Silicon Valley: Apple, Google, Amazon, PayPal and Intuit.
No wonder the seemingly minor news item rang alarm bells at big and small banks around the world. The fact that archrivals such as Google, Amazon and Apple are suddenly pulling together is a clear warning that tech-giants also want to stir up the financial scene.