Non-Financial Firms Flock to Banking: Sony, Nissan, and Ripple Lead the Charge
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The traditional divide between industry and finance is rapidly dissolving as major corporations – from manufacturing giants to tech innovators – aggressively pursue banking licenses. This surge in applications, fueled by a more lenient regulatory environment following the Trump administration, signals a fundamental shift in the financial landscape.
The movement extends far beyond the fintech sector, with established companies seeking to integrate financial services directly into their ecosystems. According to a report by Claros Group obtained by Bloomberg on October 28, the number of federal bank applications reached 13 as of October 17 – the highest level since 2020. This influx suggests a deliberate effort to bypass traditional financial intermediaries and exert greater control over customer relationships and capital flow.
Industry Titans Enter the Financial Arena
Japanese conglomerate Sony Group was among the first to signal this trend, applying for a cryptocurrency-specialized bank license last October. Nissan Motor Company followed suit in June, requesting a banking license within the United States. Sony’s expansion into electronics, entertainment, and insurance demonstrates a strategic vision to manage a comprehensive ecosystem, with financial services as a core component.
Other manufacturers are joining the fray. UnitedHealth Group, Harley-Davidson, and Deere & Co. have already secured licenses to perform banking functions, bolstering their ability to offer customer financial products, manage internal funds, and provide consumer lending. “These companies are strengthening their independence,” one analyst noted, “by bringing financial services in-house.”
The “Trump Effect” and Regulatory Shifts
The increase in applications is directly linked to a more permissive regulatory stance adopted after President Trump took office. Claros Group data reveals a significant rise in applications from non-financial companies, either directly or through fintech subsidiaries. This shift effectively neutralized what was once considered the “iron law of separation of finance and industry.”
Digital Assets and the Banking License Rush
Digital asset companies are also capitalizing on the opportunity, viewing banking licenses as crucial for their stablecoin ambitions. Stripe, through its acquisition of stablecoin infrastructure company Bridge, applied for a national bank trust license earlier this year. Leading stablecoin issuers – Paxos, Ripple Labs, and Circle Internet Group – submitted applications between June and September.
Obtaining approval from the Office of the Comptroller of the Currency (OCC) and the Federal Reserve System (Fed) is a key hurdle, though some companies are leveraging state-level Industrial Loan Company (ILC) authorization for limited financial operations. Experts believe that granting stablecoin issuers access to the existing financial payment network could spur innovation in remittance and payment services currently dominated by established banks.
Risks and Concerns Loom
While the entry of non-financial companies into banking is seen as potentially beneficial for funding efficiency and customer service, concerns remain regarding systemic risk. The 2008 bailout of GMAC, GM’s financial subsidiary, serves as a cautionary tale. “We must be wary of the possibility that new banks’ lack of risk management can spread to the entire financial system,” a senior official stated.
Global Implications and the Korean Market
The trend isn’t limited to the United States. In Korea, the impending enactment of a Framework Act on Digital Assets is prompting discussions about opening qualifications for issuing won-denominated stablecoins to general companies. This global movement suggests a broader re-evaluation of the traditional banking model and a willingness to embrace new players in the financial ecosystem.
